NYSE : PII
Polaris Inc. — Financial statements
Consumer Discretionary · Recreational Vehicles · United States
Last price 59.41 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.38B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Polaris Inc. (PII) reported revenue of 7.72B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 7.65B | 7.15B | 7.18B | 8.93B | 8.59B | 7.44B |
| Other Revenue | 69.10M | 84.30M | 97.60M | 80.40M | 48.40M | 53.80M |
| Revenue | 7.72B | 7.24B | 7.27B | 9.01B | 8.64B | 7.49B |
| Cost of Revenue | 6.02B | 5.78B | 5.71B | 6.97B | 6.63B | 5.69B |
| Gross Profit | 1.70B | 1.45B | 1.56B | 2.04B | 2.01B | 1.80B |
| Selling, General & Admin | 1.09B | 992.90M | 927.40M | 965.10M | 836.70M | 764.00M |
| Research & Development | 370.00M | 371.90M | 336.90M | 374.30M | 366.70M | 328.70M |
| Operating Expenses | 1.46B | 1.36B | 1.26B | 1.34B | 1.20B | 1.09B |
| Operating Income | 235.90M | 88.20M | 300.10M | 700.90M | 804.50M | 712.00M |
| Interest Expense | -123.30M | -131.40M | -137.00M | -125.00M | -71.70M | -44.20M |
| Other Non Operating Income (Expenses) | 35.30M | -3.20M | 7.20M | 44.50M | 28.60M | -2.30M |
| EBT Excluding Unusual Items | 147.90M | -46.40M | 170.30M | 620.40M | 761.40M | 665.50M |
| Impairment of Goodwill | -52.60M | |||||
| Gain (Loss) on Sale of Investments | -49.40M | -20.00M | ||||
| Gain (Loss) on Sale of Assets | -319.00M | -330.40M | -36.80M | |||
| Asset Writedown | -53.90M | -53.90M | -9.50M | |||
| Pretax Income | -225.00M | -532.70M | 140.80M | 620.40M | 761.40M | 628.70M |
| Income Tax Expense | -19.70M | -67.90M | 29.60M | 117.70M | 158.00M | 132.10M |
| Earnings From Continuing Operations | -205.30M | -464.80M | 111.20M | 502.70M | 603.40M | 496.60M |
| Earnings From Discontinued Operations | -155.80M | -2.30M | ||||
| Net Income to Company | -205.30M | -464.80M | 111.20M | 502.70M | 447.60M | 494.30M |
| Minority Interest in Earnings | -900.00K | -700.00K | -400.00K | 100.00K | -500.00K | -400.00K |
| Net Income | -206.20M | -465.50M | 110.80M | 502.80M | 447.10M | 493.90M |
| Net Income to Common | -206.20M | -465.50M | 110.80M | 502.80M | 447.10M | 493.90M |
| Shares Outstanding (Basic) | 57.35M | 56.90M | 56.50M | 57.10M | 59.30M | 61.30M |
| Shares Outstanding (Diluted) | 57.35M | 56.90M | 56.80M | 57.70M | 60.10M | 62.70M |
| EPS (Basic) | -3.60 | -8.18 | 1.96 | 8.81 | 7.54 | 8.06 |
| EPS (Diluted) | -3.60 | -8.18 | 1.95 | 8.71 | 7.45 | 7.88 |
| Free Cash Flow | 265.50M | 558.10M | 6.50M | 513.20M | 202.00M | 10.90M |
| Free Cash Flow Per Share | 4.63 | 9.81 | 0.11 | 8.89 | 3.36 | 0.17 |
| Dividend Per Share | 2.71 | 2.68 | 2.64 | 2.60 | 2.56 | 2.52 |
| Gross Margin | 22.02% | 20.08% | 21.51% | 22.63% | 23.25% | 24.09% |
| Operating Margin | 3.06% | 1.22% | 4.13% | 7.78% | 9.31% | 9.50% |
| Profit Margin | -2.67% | -6.43% | 1.52% | 5.58% | 5.18% | 6.59% |
| Free Cash Flow Margin | 3.44% | 7.71% | 0.09% | 5.69% | 2.34% | 0.14% |
| EBITDA | 499.60M | 374.70M | 586.40M | 959.80M | 1.04B | 928.40M |
| EBITDA Margin | 6.48% | 5.18% | 8.06% | 10.65% | 12.01% | 12.39% |
| D&A For EBITDA | 263.70M | 286.50M | 286.30M | 258.90M | 232.80M | 216.40M |
| EBIT | 235.90M | 88.20M | 300.10M | 700.90M | 804.50M | 712.00M |
| EBIT Margin | 3.06% | 1.22% | 4.13% | 7.78% | 9.31% | 9.50% |
| Effective Tax Rate | 21.02% | 18.97% | 20.75% | 21.01% | ||
| Advertising Expenses | 85.70M | 85.50M | 94.10M | 87.60M | 90.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 301.70M | 138.00M | 287.80M | 367.80M | 324.50M | 502.30M |
| Trading Asset Securities | 1.00M | 900.00K | 5.90M | |||
| Cash & Short-Term Investments | 301.70M | 138.00M | 288.80M | 368.70M | 330.40M | 502.30M |
| Accounts Receivable | 276.80M | 237.50M | 192.30M | 306.40M | 343.00M | 227.90M |
| Other Receivables | 21.10M | 2.00M | 15.10M | 9.00M | 20.30M | 4.00M |
| Receivables | 297.90M | 239.50M | 207.40M | 315.40M | 363.30M | 231.90M |
| Inventory | 1.54B | 1.41B | 1.74B | 1.81B | 1.90B | 1.51B |
| Prepaid Expenses | 209.30M | 365.40M | 394.70M | 192.50M | 169.40M | 148.50M |
| Other Current Assets | 85.40M | 51.30M | 4.60M | 8.40M | 165.60M | |
| Total Current Assets | 2.44B | 2.21B | 2.63B | 2.69B | 2.77B | 2.56B |
| Property, Plant & Equipment | 1.10B | 1.15B | 1.31B | 1.35B | 1.13B | 1.02B |
| Long-Term Investments | 7.50M | 54.40M | 71.90M | 50.30M | 23.00M | |
| Goodwill | 348.70M | 348.80M | 393.50M | 394.40M | 386.20M | 391.30M |
| Other Intangible Assets | 436.90M | 451.20M | 542.70M | 512.00M | 524.40M | 543.90M |
| Long-Term Deferred Tax Assets | 536.30M | 525.50M | 384.60M | 295.90M | 210.50M | 162.90M |
| Other Long-Term Assets | 95.90M | 71.00M | 67.00M | 63.90M | 56.40M | 300.20M |
| Total Assets | 5.05B | 4.89B | 5.53B | 5.52B | 5.22B | 5.05B |
| Accounts Payable | 903.40M | 762.50M | 562.80M | 713.10M | 847.60M | 776.00M |
| Accrued Expenses | 1.17B | 1.22B | 1.09B | 937.20M | 723.90M | 510.50M |
| Current Portion of Long-Term Debt | 35.20M | 32.90M | 432.70M | 52.30M | 552.10M | 559.70M |
| Current Portion of Leases | 24.80M | 30.00M | 30.40M | 31.20M | 25.60M | 20.80M |
| Current Income Taxes Payable | 17.10M | 12.40M | 7.60M | 13.60M | 6.50M | 17.10M |
| Current Unearned Revenue | 34.70M | |||||
| Other Current Liabilities | 144.90M | 187.60M | 171.20M | 186.40M | 172.90M | 311.30M |
| Total Current Liabilities | 2.29B | 2.24B | 2.29B | 1.93B | 2.33B | 2.23B |
| Long-Term Debt | 1.59B | 1.50B | 1.63B | 1.85B | 1.49B | 1.24B |
| Long-Term Leases | 110.60M | 102.50M | 106.20M | 123.70M | 96.90M | 83.40M |
| Long-Term Unearned Revenue | 73.60M | |||||
| Pension & Post-Retirement Benefits | 52.40M | |||||
| Long-Term Deferred Tax Liabilities | 7.10M | 7.30M | 6.10M | 2.70M | 4.60M | 5.50M |
| Other Long-Term Liabilities | 204.40M | 208.40M | 194.00M | 189.50M | 192.00M | 141.20M |
| Total Liabilities | 4.20B | 4.06B | 4.23B | 4.10B | 4.12B | 3.82B |
| Common Stock | 600.00K | 600.00K | 600.00K | 600.00K | 600.00K | 600.00K |
| Additional Paid-In Capital | 1.38B | 1.33B | 1.27B | 1.23B | 1.15B | 1.14B |
| Retained Earnings | -496.30M | -469.00M | 148.90M | 243.50M | 33.80M | 157.30M |
| Comprehensive Income & Other | -44.10M | -32.10M | -125.50M | -57.50M | -87.50M | -77.40M |
| Total Common Equity | 844.50M | 828.40M | 1.29B | 1.42B | 1.10B | 1.22B |
| Minority Interest | 4.40M | 4.50M | 4.20M | 2.40M | 2.50M | 2.00M |
| Shareholders' Equity | 848.90M | 832.90M | 1.29B | 1.42B | 1.10B | 1.23B |
| Total Liabilities & Equity | 5.05B | 4.89B | 5.53B | 5.52B | 5.22B | 5.05B |
| Total Debt | 1.76B | 1.66B | 2.20B | 2.05B | 2.17B | 1.90B |
| Net Cash (Debt) | -1.46B | -1.53B | -1.91B | -1.68B | -1.84B | -1.40B |
| Net Cash Per Share | -25.39 | -26.83 | -33.66 | -29.19 | -30.59 | -22.28 |
| Filing Date Shares Outstanding | 56.93M | 56.69M | 56.10M | 56.40M | 57.08M | 60.05M |
| Total Common Shares Outstanding | 56.90M | 56.50M | 56.10M | 56.50M | 57.00M | 60.40M |
| Working Capital | 146.40M | -36.70M | 339.20M | 757.90M | 439.00M | 328.90M |
| Book Value Per Share | 14.84 | 14.66 | 22.99 | 25.10 | 19.28 | 20.27 |
| Tangible Book Value | 58.90M | 28.40M | 353.70M | 512.00M | 188.40M | 289.10M |
| Tangible Book Value Per Share | 1.04 | 0.50 | 6.30 | 9.06 | 3.31 | 4.79 |
| Land | 651.50M | 665.80M | 691.20M | 653.40M | 539.10M | 501.10M |
| Machinery | 1.77B | 1.66B | 1.78B | 1.73B | 1.65B | 1.60B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -206.20M | -465.50M | 110.80M | 502.80M | 447.10M | 493.90M |
| Depreciation & Amortization | 263.70M | 286.50M | 286.30M | 258.90M | 232.80M | 216.40M |
| Loss (Gain) From Sale of Assets | 315.70M | 327.10M | 34.80M | |||
| Asset Writedown & Restructuring Costs | 4.50M | 106.50M | 9.50M | |||
| Loss (Gain) From Sale of Investments | 49.40M | 49.40M | 20.00M | |||
| Stock-Based Compensation | 59.70M | 59.90M | 49.20M | 57.40M | 62.90M | 60.60M |
| Other Operating Activities | -139.00M | -175.30M | -140.00M | -129.20M | 91.80M | 17.30M |
| Change in Accounts Receivable | -55.60M | -34.10M | 103.40M | 49.00M | -122.60M | 1.80M |
| Change in Inventory | -47.40M | 183.60M | 39.50M | 115.10M | -391.10M | -490.10M |
| Change in Accounts Payable | 79.50M | 196.70M | -141.80M | -143.80M | 71.70M | 31.20M |
| Change in Income Taxes | 18.40M | 24.30M | -11.00M | 18.60M | 18.40M | -3.80M |
| Change in Other Net Operating Assets | 127.80M | 181.90M | -57.70M | 197.00M | 123.50M | -75.30M |
| Operating Cash Flow | 470.50M | 741.00M | 268.20M | 925.80M | 508.60M | 293.70M |
| Capital Expenditures | -205.00M | -182.90M | -261.70M | -412.60M | -306.60M | -282.80M |
| Cash Acquisitions | -22.70M | |||||
| Divestitures | -78.60M | 42.20M | ||||
| Sale (Purchase) of Intangibles | -62.70M | |||||
| Investment in Securities | 50.30M | 43.40M | 53.50M | -26.70M | -54.90M | -5.60M |
| Other Investing Activities | -5.30M | -15.50M | ||||
| Investing Cash Flow | -233.30M | -139.50M | -270.90M | -462.00M | -324.60M | -303.90M |
| Long-Term Debt Issued | 3.14B | 3.69B | 2.77B | 2.99B | 2.42B | |
| Long-Term Debt Repaid | -3.69B | -3.53B | -2.93B | -2.73B | -2.07B | |
| Net Debt Issued (Repaid) | -108.80M | -543.60M | 165.80M | -158.20M | 257.70M | 351.30M |
| Issuance of Common Stock | 5.10M | 3.70M | 6.00M | 52.80M | 34.10M | 156.10M |
| Repurchase of Common Stock | -9.30M | -2.40M | -82.70M | -178.60M | -505.00M | -461.60M |
| Common Dividends Paid | -153.60M | -150.30M | -147.70M | -147.30M | -150.00M | -153.40M |
| Other Financing Activities | -900.00K | -400.00K | -600.00K | |||
| Financing Cash Flow | -267.50M | -693.00M | -59.20M | -431.30M | -363.20M | -107.60M |
| Foreign Exchange Rate Adjustments | -3.10M | 24.80M | -18.00M | 10.70M | -10.20M | -10.60M |
| Net Cash Flow | -33.40M | -66.70M | -79.90M | 43.20M | -189.40M | -128.40M |
| Free Cash Flow | 265.50M | 558.10M | 6.50M | 513.20M | 202.00M | 10.90M |
| Free Cash Flow Margin | 3.44% | 7.71% | 0.09% | 5.69% | 2.34% | 0.14% |
| Free Cash Flow Per Share | 4.63 | 9.81 | 0.11 | 8.89 | 3.36 | 0.17 |
| Levered Free Cash Flow | 472.18M | 766.30M | 72.24M | 479.34M | 170.20M | -113.22M |
| Unlevered Free Cash Flow | 549.24M | 848.42M | 157.86M | 557.46M | 215.01M | -85.60M |
| Cash Interest Paid | 127.90M | 125.50M | 141.50M | 120.60M | 71.20M | 44.80M |
| Cash Income Tax Paid | 75.70M | 47.20M | 123.60M | 187.20M | 194.40M | 124.40M |
| Change in Working Capital | 122.70M | 552.40M | -67.60M | 235.90M | -300.10M | -536.20M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.54B | 3.56B | 3.21B | 5.35B | 5.85B | 6.67B |
| Enterprise Value | 5.00B | 5.08B | 5.24B | 7.39B | 7.77B | 8.06B |
| Last Close Price | 59.41 | 61.29 | 52.88 | 84.19 | 87.51 | 93.10 |
| PE Ratio | 29.00 | 10.64 | 13.09 | 13.50 | ||
| Forward PE | 21.84 | 50.06 | 18.80 | 10.41 | 9.51 | 11.84 |
| PS Ratio | 0.44 | 0.49 | 0.44 | 0.59 | 0.68 | 0.89 |
| PB Ratio | 4.00 | 4.27 | 2.48 | 3.77 | 5.31 | 5.44 |
| P/TBV Ratio | 57.42 | 125.27 | 9.09 | 10.45 | 31.07 | 23.07 |
| P/FCF Ratio | 12.74 | 6.38 | 494.38 | 10.43 | 28.98 | 611.88 |
| P/OCF Ratio | 7.19 | 4.80 | 11.98 | 5.78 | 11.51 | 22.71 |
| PEG Ratio | 3.09 | 3.39 | 2.53 | 2.53 | 2.53 | |
| EV/Sales Ratio | 0.63 | 0.70 | 0.72 | 0.82 | 0.90 | 1.07 |
| EV/EBITDA Ratio | 9.68 | 13.56 | 8.93 | 7.70 | 7.49 | 8.68 |
| EV/EBIT Ratio | 20.51 | 57.62 | 17.46 | 10.55 | 9.66 | 11.32 |
| EV/FCF Ratio | 18.22 | 9.11 | 806.00 | 14.41 | 38.47 | 739.26 |
| Debt / Equity Ratio | 2.07 | 2.00 | 1.70 | 1.45 | 1.97 | 1.55 |
| Debt / EBITDA Ratio | 3.19 | 3.90 | 3.45 | 2.04 | 2.01 | 1.98 |
| Debt / FCF Ratio | 6.62 | 2.98 | 338.60 | 4.00 | 10.74 | 174.24 |
| Net Debt / Equity Ratio | 1.72 | 1.83 | 1.48 | 1.19 | 1.67 | 1.14 |
| Net Debt / EBITDA Ratio | 2.92 | 4.07 | 3.26 | 1.75 | 1.77 | 1.50 |
| Net Debt / FCF Ratio | 5.49 | 2.74 | 294.17 | 3.28 | 9.10 | 128.16 |
| Asset Turnover | 1.49 | 1.39 | 1.32 | 1.68 | 1.68 | 1.55 |
| Inventory Turnover | 3.71 | 3.67 | 3.21 | 3.76 | 3.89 | 4.23 |
| Quick Ratio | 0.26 | 0.17 | 0.22 | 0.35 | 0.30 | 0.33 |
| Current Ratio | 1.06 | 0.98 | 1.15 | 1.39 | 1.19 | 1.15 |
| Return on Equity (ROE) | -20.50% | -43.70% | 8.19% | 39.86% | 51.84% | 41.89% |
| Return on Assets (ROA) | 2.85% | 1.06% | 3.40% | 8.16% | 9.80% | 9.19% |
| Return on Invested Capital (ROIC) | 9.62% | 3.17% | 7.51% | 18.79% | 22.92% | 23.78% |
| Return on Capital Employed (ROCE) | 8.60% | 3.30% | 9.30% | 19.60% | 27.80% | 25.30% |
| Earnings Yield | -5.79% | -13.08% | 3.45% | 9.40% | 7.64% | 7.41% |
| FCF Yield | 7.85% | 15.69% | 0.20% | 9.59% | 3.45% | 0.16% |
| Dividend Yield | 4.37% | 4.26% | 4.61% | 2.74% | 2.49% | 2.28% |
| Payout Ratio | 133.30% | 29.30% | 33.55% | 31.06% | ||
| Buyback Yield / Dilution | -1.10% | -0.18% | 1.56% | 3.99% | 4.15% | -0.16% |
| Total Shareholder Return | 3.48% | 4.08% | 6.17% | 6.74% | 6.64% | 2.12% |