Polaris (PII)

NYSE Consumer Discretionary Leisure Products S&P MidCap 400

$63.07

-1.23 (-1.91%)

Close of Nov 06, 2026 · end-of-day data

Source: Polaris's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$4.52B	$5.43B	$6.08B	$6.78B	$6.28B	$7.44B	$8.59B	$8.93B	$7.18B	$7.15B
Cost of revenue	$3.41B	$4.10B	$4.58B	$5.13B	$4.75B	$5.69B	$6.63B	$6.97B	$5.71B	$5.78B
Gross profit	$1.11B	$1.32B	$1.50B	$1.65B	$1.54B	$1.75B	$1.96B	$1.96B	$1.47B	$1.37B
Research & development	$185.13M	$238.30M	$259.70M	$292.90M	$288.10M	$328.70M	$366.70M	$374.30M	$336.90M	$371.90M
Operating income	$350.28M	$359.66M	$487.40M	$483.70M	$521.00M	$712.00M	$804.50M	$700.90M	$290.60M	-$348.70M
Interest expense	$16.32M	$32.16M	$57.00M	$77.60M	$66.80M	$44.20M	$71.70M	$125.00M	$137.00M	$131.40M
Pre-tax income	$313.25M	$318.79M	$429.20M	$407.80M	$450.40M	$628.70M	$761.40M	$620.40M	$140.80M	-$532.70M
Income tax	$100.30M	$146.30M	$93.90M	$83.90M	$89.90M	$132.10M	$158.00M	$117.70M	$29.60M	-$67.90M
Net income	$212.95M	$172.49M	$335.30M	$324.00M	$124.80M	$493.90M	$447.10M	$502.80M	$110.80M	-$465.50M
EBITDA	$517.79M	$550.76M	$698.40M	$718.20M	$756.80M	$928.40M	$1.04B	$959.80M	$576.90M	-$62.20M
EPS (basic)	$3.31	$2.74	$5.36	$5.27	$2.02	$8.06	$7.54	$8.80	$1.96	$-8.18
EPS (diluted)	$3.27	$2.69	$5.24	$5.20	$1.99	$7.88	$7.44	$8.71	$1.95	$-8.18
Diluted shares	65.16M	64.18M	63.90M	62.30M	62.60M	62.70M	60.10M	57.70M	56.80M	56.90M
Gross margin	24.5%	24.4%	24.7%	24.3%	24.4%	23.5%	22.8%	21.9%	20.4%	19.1%
Operating margin	7.8%	6.6%	8.0%	7.1%	8.3%	9.6%	9.4%	7.8%	4.0%	-4.9%
Net margin	4.7%	3.2%	5.5%	4.8%	2.0%	6.6%	5.2%	5.6%	1.5%	-6.5%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$127.33M	$138.34M	$161.20M	$157.10M	$631.70M	$502.30M	$324.50M	$367.80M	$287.80M	$138.00M
Receivables	$174.83M	$200.14M	$197.08M	$190.40M	$257.20M	$227.90M	$343.00M	$306.40M	$192.30M	$237.50M
Inventory	$746.53M	$783.96M	$969.51M	$1.12B	$1.18B	$1.51B	$1.90B	$1.81B	$1.74B	$1.41B
Total current assets	$1.19B	$1.25B	$1.49B	$1.63B	$2.21B	$2.56B	$2.77B	$2.69B	$2.63B	$2.21B
Goodwill	$421.56M	$433.37M	$647.10M	$659.90M	$397.30M	$391.30M	$386.20M	$394.40M	$393.50M	$348.80M
Total assets	$3.10B	$3.09B	$4.12B	$4.43B	$4.63B	$5.05B	$5.22B	$5.52B	$5.53B	$4.89B
Total current liabilities	$959.75M	$1.13B	$1.20B	$1.53B	$1.89B	$2.23B	$2.33B	$1.93B	$2.29B	$2.24B
Short-term debt	$3.85M	$47.75M	$66.54M	$166.70M	$142.10M	$553.30M	$553.60M	$54.00M	$434.30M	$34.80M
Long-term debt	$1.14B	$865.27M	$1.90B	$1.53B	$1.31B	$1.25B	$1.50B	$1.86B	$2.03B	$1.51B
Total debt	$1.14B	$913.01M	$1.96B	$1.69B	$1.45B	$1.80B	$2.06B	$1.91B	$2.47B	$1.55B
Total liabilities	$2.22B	$2.15B	$3.25B	$3.31B	$3.48B	$3.81B	$4.10B	$4.09B	$4.22B	$4.05B
Shareholders' equity	$867.04M	$931.70M	$867.00M	$1.11B	$1.14B	$1.22B	$1.10B	$1.42B	$1.29B	$828.40M

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$589.63M	$585.41M	$477.10M	$655.10M	$1.02B	$293.70M	$508.60M	$925.80M	$268.20M	$741.00M
Capital expenditures	$209.14M	$184.39M	$225.40M	$251.40M	$204.30M	$282.80M	$306.60M	$412.60M	$261.70M	$182.90M
Free cash flow	$380.49M	$401.02M	$251.70M	$403.70M	$814.30M	$10.90M	$202.00M	$513.20M	$6.50M	$558.10M
Investing cash flow	-$909.26M	-$151.10M	-$959.50M	-$239.30M	-$150.70M	-$303.90M	-$324.60M	-$462.00M	-$270.90M	-$139.50M
Financing cash flow	$314.49M	-$427.68M	$523.40M	-$411.80M	-$415.40M	-$107.60M	-$363.20M	-$431.30M	-$59.20M	-$693.00M
Dividends paid	$140.34M	$145.42M	$149.00M	$149.10M	$152.50M	$153.40M	$150.00M	$147.30M	$147.70M	$150.30M
Share buybacks	$245.82M	$90.46M	$348.70M	$8.40M	$50.30M	$461.60M	$505.00M	$178.60M	$82.70M	$2.40M
Stock-based compensation	$57.93M	$50.05M	$64.00M	$75.00M	$65.30M	$60.60M	$62.90M	$57.40M	$49.20M	$59.90M
Depreciation & amortization	$167.51M	$191.11M	$211.00M	$234.50M	$235.80M	$216.40M	$232.80M	$258.90M	$286.30M	$286.50M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$2.29B	$1.74B	$1.96B	$1.72B	$1.76B	$1.54B	$1.85B	$1.84B	$1.92B	$1.66B	$2.02B	$2.04B
Cost of revenue	$1.81B	$1.41B	$1.54B	$1.37B	$1.40B	$1.29B	$1.49B	$1.46B	$1.54B	$1.32B	$1.54B	$1.61B
Gross profit	$476.90M	$330.30M	$424.00M	$354.60M	$357.90M	$245.00M	$359.20M	$380.30M	$384.20M	$334.80M	$478.30M	$432.40M
Research & development	$92.80M	$87.80M	$86.80M	$84.10M	$78.20M	$82.90M	$90.30M	$92.80M	$105.90M	$82.30M	$93.60M	$88.20M
Operating income	$142.70M	$39.00M	$119.70M	$66.10M	$65.80M	-$36.10M	-$12.90M	$20.40M	-$320.10M	-$39.10M	$148.80M	$73.40M
Interest expense	$32.80M	$31.90M	$34.60M	$36.20M	$34.30M	$34.10M	$33.20M	$33.10M	$31.00M	$30.40M	$33.70M	$28.20M
Pre-tax income	$120.80M	$7.70M	$85.90M	$35.00M	$12.20M	-$71.10M	-$92.60M	-$12.10M	-$356.90M	-$57.70M	$133.40M	$56.20M
Income tax	$17.50M	$3.80M	$17.00M	$7.40M	$1.40M	-$4.40M	-$13.50M	$3.60M	-$53.60M	-$10.50M	$26.80M	$17.60M
Net income	$103.40M	$3.80M	$68.70M	$27.70M	$10.60M	-$66.80M	-$79.30M	-$15.80M	-$303.60M	-$47.40M	$106.40M	$38.40M
EBITDA	$214.70M	$101.90M	$189.20M	$140.50M	$145.30M	$37.30M	$60.00M	$93.00M	-$252.50M	$24.10M	$214.10M	$141.00M
EPS (basic)	$1.82	$0.07	$1.21	$0.49	$0.19	$-1.17	$-1.39	$-0.28	$-5.34	$-0.83	$1.85	$0.67
EPS (diluted)	$1.81	$0.07	$1.21	$0.49	$0.19	$-1.17	$-1.39	$-0.28	$-5.34	$-0.83	$1.82	$0.66
Diluted shares	-200.00K	57.20M	56.90M	56.50M	-100.00K	56.90M	57.00M	56.90M	0	57.40M	58.30M	58.50M
Gross margin	20.8%	19.0%	21.6%	20.6%	20.4%	16.0%	19.4%	20.7%	20.0%	20.2%	23.6%	21.2%
Operating margin	6.2%	2.2%	6.1%	3.8%	3.7%	-2.4%	-0.7%	1.1%	-16.7%	-2.4%	7.4%	3.6%
Net margin	4.5%	0.2%	3.5%	1.6%	0.6%	-4.3%	-4.3%	-0.9%	-15.8%	-2.9%	5.3%	1.9%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$367.80M	$318.80M	$322.70M	$291.30M	$287.80M	$291.70M	$324.30M	$335.50M	$138.00M	$282.00M	$302.10M	$301.70M
Receivables	$306.40M	$254.10M	$254.90M	$223.70M	$192.30M	$211.30M	$225.20M	$230.30M	$237.50M	$249.00M	$284.90M	$276.80M
Inventory	$1.81B	$1.95B	$2.00B	$2.00B	$1.74B	$1.75B	$1.70B	$1.70B	$1.41B	$1.57B	$1.57B	$1.54B
Total current assets	$2.69B	$2.73B	$2.80B	$2.73B	$2.63B	$2.59B	$2.61B	$2.60B	$2.21B	$2.59B	$2.57B	$2.44B
Goodwill	$394.40M	$392.40M	$395.70M	$399.10M	$393.50M	$396.30M	$348.60M	$348.60M	$348.80M	$348.80M	$348.60M	$348.70M
Total assets	$5.52B	$5.57B	$5.71B	$5.63B	$5.53B	$5.45B	$5.39B	$5.31B	$4.89B	$5.24B	$5.20B	$5.05B
Total current liabilities	$1.93B	$1.86B	$1.98B	$2.25B	$2.29B	$2.31B	$2.50B	$2.55B	$2.24B	$2.13B	$2.14B	$2.29B
Short-term debt	$54.00M	$54.00M	$54.10M	$454.40M	$434.30M	$434.30M	$434.50M	$434.80M	$34.80M	$34.80M	$34.80M	$35.20M
Long-term debt	$1.86B	$2.01B	$2.09B	$1.73B	$2.03B	$1.62B	$1.39B	$1.30B	$1.51B	$2.06B	$1.92B	$1.59B
Total debt	$1.91B	$2.07B	$2.14B	$2.18B	$2.47B	$2.06B	$1.83B	$1.73B	$1.55B	$2.09B	$1.95B	$1.63B
Total liabilities	$4.09B	$4.18B	$4.36B	$4.27B	$4.22B	$4.22B	$4.19B	$4.14B	$4.05B	$4.48B	$4.35B	$4.20B
Shareholders' equity	$1.42B	$1.38B	$1.34B	$1.34B	$1.29B	$1.23B	$1.19B	$1.15B	$828.40M	$750.40M	$836.50M	$844.50M

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$549.80M	-$105.40M	$146.30M	$21.00M	$206.30M	$83.20M	$320.30M	$158.80M	$178.70M	-$320.20M	$230.20M	$381.80M
Capital expenditures	$100.90M	$72.10M	$67.20M	$53.40M	$69.00M	$35.60M	$40.50M	$42.10M	$64.70M	$29.70M	$44.10M	$66.50M
Free cash flow	$448.90M	-$177.50M	$79.10M	-$32.40M	$137.30M	$47.60M	$279.80M	$116.70M	$114.00M	-$349.90M	$186.10M	$315.30M
Investing cash flow	-$116.10M	-$56.70M	-$109.10M	-$52.40M	-$52.70M	-$28.30M	-$31.40M	-$17.10M	-$62.70M	-$121.60M	-$31.40M	-$17.60M
Financing cash flow	-$369.90M	$115.70M	-$28.30M	-$4.60M	-$142.00M	-$56.90M	-$272.00M	-$130.30M	-$233.80M	$506.60M	-$178.80M	-$361.50M
Dividends paid	$36.70M	$37.30M	$36.80M	$36.60M	$37.00M	$37.50M	$37.60M	$37.90M	$37.30M	$38.70M	$38.90M	$38.70M
Share buybacks	$19.20M	$16.00M	$66.30M	$0	$400.00K	$2.40M	$0	$0	$0	$9.20M	$100.00K	$0
Stock-based compensation	$12.60M	$12.50M	$15.90M	$10.00M	$10.80M	$12.60M	$20.20M	$16.30M	$10.80M	$20.70M	$14.20M	$14.00M
Depreciation & amortization	$72.00M	$62.90M	$69.50M	$74.40M	$79.50M	$73.40M	$72.90M	$72.60M	$67.60M	$63.20M	$65.30M	$67.60M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.