PII · Polaris Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.66B | - | $1.84B | $1.85B | $1.54B | - | $1.72B | $1.96B | $1.74B | - |
| Cost of Revenue | $1.32B | - | $1.46B | $1.49B | $1.29B | - | $1.37B | $1.54B | $1.41B | - |
| Gross Profit | $334.80M | - | $380.30M | $359.20M | $245.00M | - | $354.60M | $424.00M | $330.30M | - |
| R&D | $82.30M | - | $92.80M | $90.30M | $82.90M | - | $84.10M | $86.80M | $87.80M | - |
| SG&A | $162.50M | - | $117.80M | $127.40M | $102.70M | - | $100.90M | $110.40M | $99.00M | - |
| Total Operating Expenses | $390.00M | - | $379.60M | $394.90M | $303.20M | - | $312.60M | $329.80M | $313.20M | - |
| D&A | $63.20M | - | $66.70M | $66.90M | $73.40M | - | $68.40M | $64.10M | $62.90M | - |
| Operating Income | ($39.10M) | - | $20.40M | ($12.90M) | ($36.10M) | - | $66.10M | $119.70M | $39.00M | - |
| Interest Expense | $30.40M | - | $36.20M | $33.20M | $34.10M | - | $32.50M | $34.60M | $31.90M | - |
| Income Tax | ($10.50M) | - | $3.60M | ($13.50M) | ($4.40M) | - | $7.40M | $17.00M | $3.80M | - |
| Net Income | ($47.40M) | - | ($15.80M) | ($79.30M) | ($66.80M) | - | $27.70M | $68.70M | $3.80M | - |
| EPS - Basic | ($0.83) | - | ($0.28) | ($1.39) | ($1.17) | - | $0.49 | $1.21 | $0.07 | - |
| EPS - Diluted | ($0.83) | - | ($0.28) | ($1.39) | ($1.17) | - | $0.49 | $1.21 | $0.07 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $282.00M | $138.00M | $335.50M | $324.30M | $291.70M | $287.80M | $291.30M | $322.70M | $318.80M | $367.80M |
| Accounts Receivable | $249.00M | $237.50M | $230.30M | $225.20M | $211.30M | $192.30M | $223.70M | $254.90M | $254.10M | $306.40M |
| Inventory | $1.57B | $1.41B | $1.70B | $1.70B | $1.75B | $1.74B | $2.00B | $2.00B | $1.95B | $1.81B |
| Accounts Payable | $833.50M | $762.50M | $808.80M | $773.90M | $723.60M | $562.80M | $700.70M | $785.40M | $779.00M | $713.10M |
| Current Assets | $2.59B | $2.21B | $2.60B | $2.61B | $2.59B | $2.63B | $2.73B | $2.80B | $2.73B | $2.69B |
| Total Assets | $5.24B | $4.89B | $5.31B | $5.39B | $5.45B | $5.53B | $5.63B | $5.71B | $5.57B | $5.52B |
| Current Liabilities | $2.13B | $2.24B | $2.55B | $2.50B | $2.31B | $2.29B | $2.25B | $1.98B | $1.86B | $1.93B |
| Long-term Debt | - | $1.51B | - | - | - | $2.03B | - | - | - | $1.86B |
| Total Liabilities | $4.48B | $4.05B | $4.14B | $4.19B | $4.22B | $4.22B | $4.27B | $4.36B | $4.18B | $4.09B |
| Stockholders' Equity | $750.40M | $828.40M | $1.15B | $1.19B | $1.23B | $1.29B | $1.34B | $1.34B | $1.38B | $1.42B |
| Retained Earnings | ($560.30M) | ($469.00M) | ($127.30M) | ($71.70M) | $45.20M | $148.90M | $173.00M | $182.60M | $197.30M | $243.50M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($320.20M) | - | - | - | $83.20M | - | - | - | ($105.40M) | - |
| Investing Cash Flow | ($121.60M) | - | - | - | ($28.30M) | - | - | - | ($56.70M) | - |
| Financing Cash Flow | $506.60M | - | - | - | ($56.90M) | - | - | - | $115.70M | - |
| CapEx | $29.70M | - | - | - | $35.60M | - | - | - | $72.10M | - |
| Free Cash Flow | ($349.90M) | - | - | - | $47.60M | - | - | - | ($177.50M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 20.2% | - | 20.7% | 19.4% | 16.0% | - | 20.6% | 21.6% | 19.0% | - |
| Operating margin | -2.4% | - | 1.1% | -0.7% | -2.4% | - | 3.8% | 6.1% | 2.2% | - |
| EBITDA margin | 1.5% | - | 4.7% | 2.9% | 2.4% | - | 7.8% | 9.4% | 5.9% | - |
| Net margin | -2.9% | - | -0.9% | -4.3% | -4.3% | - | 1.6% | 3.5% | 0.2% | - |
| Free cash flow margin | -21.1% | - | - | - | 3.1% | - | - | - | -10.2% | - |
| FCF / Net income | 7.38 | - | - | - | -0.71 | - | - | - | -46.71 | - |
| R&D / Revenue | 5.0% | - | 5.0% | 4.9% | 5.4% | - | 4.9% | 4.4% | 5.1% | - |
| SG&A / Revenue | 9.8% | - | 6.4% | 6.9% | 6.7% | - | 5.9% | 5.6% | 5.7% | - |
| Effective tax rate | - | - | - | - | - | - | 21.1% | 19.8% | 50.0% | - |
| Return on assets | -0.9% | - | -0.3% | -1.5% | -1.2% | - | 0.5% | 1.2% | 0.1% | - |
| Return on equity | -6.3% | - | -1.4% | -6.7% | -5.4% | - | 2.1% | 5.1% | 0.3% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.21 | 0.98 | 1.02 | 1.04 | 1.12 | 1.15 | 1.21 | 1.42 | 1.47 | 1.39 |
| Quick ratio | 0.48 | 0.35 | 0.36 | 0.37 | 0.37 | 0.39 | 0.32 | 0.40 | 0.42 | 0.46 |
| Cash ratio | 0.13 | 0.06 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.16 | 0.17 | 0.19 |
| Leverage | ||||||||||
| Debt / Equity | - | 1.82 | - | - | - | 1.58 | - | - | - | 1.31 |
| Debt / Assets | - | 0.31 | - | - | - | 0.37 | - | - | - | 0.34 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -1.3x | - | 0.6x | -0.4x | -1.1x | - | 2.0x | 3.5x | 1.2x | - |
| Equity multiplier | 6.98 | 5.91 | 4.62 | 4.55 | 4.44 | 4.28 | 4.20 | 4.27 | 4.04 | 3.89 |
| Liabilities / Assets | 0.85 | 0.83 | 0.78 | 0.78 | 0.77 | 0.76 | 0.76 | 0.76 | 0.75 | 0.74 |
| Efficiency | ||||||||||
| Asset turnover | 0.32 | - | 0.35 | 0.34 | 0.28 | - | 0.31 | 0.34 | 0.31 | - |
| Inventory turnover | 0.84 | - | 0.86 | 0.88 | 0.74 | - | 0.68 | 0.77 | 0.72 | - |
| Days sales outstanding | 55d | - | 46d | 44d | 50d | - | 47d | 47d | 53d | - |
| Days inventory outstanding | 432d | - | 424d | 415d | 494d | - | 533d | 475d | 507d | - |
| Days payable outstanding | 230d | - | 202d | 189d | 205d | - | 187d | 186d | 202d | - |
| Cash conversion cycle | 257d | - | 268d | 270d | 340d | - | 394d | 336d | 358d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | 169.9x | 64.7x | 1430.3x | - |
| P / B | 4.2x | - | 2.9x | 2.0x | 1.9x | - | 3.5x | 3.3x | 4.2x | - |
| P / S | 1.9x | - | 1.8x | 1.3x | 1.5x | - | 2.7x | 2.3x | 3.3x | - |
| EV / EBITDA | 118.1x | - | 34.1x | 36.9x | 54.6x | - | 32.8x | 22.5x | 53.1x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 8.0% | - | 6.9% | -5.5% | -11.6% | - | -23.4% | -11.5% | -20.3% | - |
| Revenue CAGR (3y) | -8.7% | - | -7.7% | -3.5% | -7.8% | - | -4.2% | -2.5% | -3.8% | - |
| Revenue CAGR (5y) | -3.2% | - | -1.2% | 4.2% | 1.8% | - | -0.6% | 2.0% | 3.0% | - |
| Gross profit growth (YoY) | 36.7% | - | 7.2% | -15.3% | -25.8% | - | -30.3% | -16.0% | -29.6% | - |
| Operating income growth (YoY) | -8.3% | - | -69.1% | - | - | - | -67.1% | -38.9% | -75.8% | - |
| Net income growth (YoY) | 29.0% | - | - | - | - | - | -81.7% | -48.8% | -96.6% | - |
| EPS growth (YoY) | 29.1% | - | - | - | - | - | -81.3% | -47.8% | -96.4% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | -35.7% | -21.7% | -67.9% | - |
| EPS CAGR (5y) | - | - | - | - | - | - | -19.2% | -3.2% | -38.3% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -38.8% | -35.8% | -14.3% | -11.4% | -11.0% | -9.1% | 0.7% | 7.3% | 19.6% | 29.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$7.15B totalOff Road Segment$5.71B · 79.9%
On Road Segment$926.50M · 13.0%
Marine Segment$512.40M · 7.2%
Product / service
$5.71B totalWholegoods$4.03B · 70.6%
PGA$1.68B · 29.4%
Geographic
$5.71B totalUS$4.73B · 82.8%
CA$381.10M · 6.7%
EMEA$367.70M · 6.4%
APLA$231.30M · 4.0%
Peer comparison
Same SIC group: Miscellaneous Transportation Equipment
Comparing Polaris Inc. against the 2 most active filers in the same SIC group.
Dividends
$2.70/share trailing 12 months · +1.5% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $0.6800 |
| Mar 2, 2026 | $0.6800 |
| Dec 1, 2025 | $0.6700 |
| Sep 2, 2025 | $0.6700 |
| Jun 2, 2025 | $0.6700 |
| Mar 3, 2025 | $0.6700 |
| Dec 2, 2024 | $0.6600 |
| Sep 3, 2024 | $0.6600 |
| Jun 3, 2024 | $0.6600 |
| Feb 29, 2024 | $0.6600 |
| Nov 30, 2023 | $0.6500 |
| Aug 31, 2023 | $0.6500 |
| May 31, 2023 | $0.6500 |
| Feb 28, 2023 | $0.6500 |
| Nov 30, 2022 | $0.6400 |
| Aug 31, 2022 | $0.6400 |
| May 31, 2022 | $0.6400 |
| Feb 28, 2022 | $0.6400 |
| Nov 30, 2021 | $0.6300 |
| Aug 31, 2021 | $0.6300 |
| May 28, 2021 | $0.6300 |
| Feb 26, 2021 | $0.6300 |
| Nov 30, 2020 | $0.6200 |
| Aug 31, 2020 | $0.6200 |