Polymorphism allows different objects to respond to the same method call in their own way. In the example, Dog and Cat classes both have a speak() method. When we call speak() on a Dog object, it says "Woof!"; on a Cat object, it says "Meow!". We put these objects in a list and loop through them, calling speak() on each. The program automatically uses the right method for each object. This lets us write code that works with many types without changing it. The execution table shows each step: creating objects, calling speak(), and the outputs. The variable tracker shows how the animals list grows and which object is current. This is the purpose of polymorphism: to use one interface for many forms.