Revenue
$7.15B
Fiscal year ended 2025-12-31Operating income
-$348.70M
Fiscal year ended 2025-12-31Free cash flow
$558.10M
Fiscal year ended 2025-12-31Polaris Inc. (PII) reported revenue of $7.15B and net income of -$465.50M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Polaris Inc.’s SEC filings, each linked to the filing it came from.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.15B | $7.18B | $8.93B | $8.59B | $7.44B | $6.28B | $6.78B | $6.08B | $5.43B | $4.52B |
| Cost of revenue | $5.78B | $5.71B | $6.97B | $6.63B | $5.69B | $4.75B | $5.13B | $4.58B | $4.10B | $3.41B |
| Gross profit | $1.37B | $1.47B | $1.96B | $1.96B | $1.75B | $1.54B | $1.65B | $1.50B | $1.32B | $1.11B |
| Operating income | -$348.70M | $290.60M | $700.90M | $804.50M | $712.00M | $521.00M | $483.70M | $487.40M | $359.66M | $350.28M |
| Net income | -$465.50M | $110.80M | $502.80M | $447.10M | $493.90M | $124.80M | $324.00M | $335.30M | $172.49M | $212.95M |
| Research & development | $371.90M | $336.90M | $374.30M | $366.70M | $328.70M | $288.10M | $292.90M | $259.70M | $238.30M | $185.13M |
| Weighted-average diluted shares | shares 56.90M | shares 56.80M | shares 57.70M | shares 60.10M | shares 62.70M | shares 62.60M | shares 62.30M | shares 63.90M | shares 64.18M | shares 65.16M |
| Pretax income | -$532.70M | $140.80M | $620.40M | $761.40M | $628.70M | $450.40M | $407.80M | $429.20M | $318.79M | $313.25M |
| Income tax expense | -$67.90M | $29.60M | $117.70M | $158.00M | $132.10M | $89.90M | $83.90M | $93.90M | $146.30M | $100.30M |
| Diluted EPS | $-8.18 | $1.95 | $8.71 | $7.44 | $7.88 | $1.99 | $5.20 | $5.24 | $2.69 | $3.27 |
| Selling, general & administrative | $1.05B | $936.90M | $965.10M | $836.70M | $764.00M | $725.90M | $953.10M | $841.50M | $803.00M | $648.68M |
| General & administrative | $541.80M | $436.50M | $422.80M | $355.90M | $305.80M | $296.10M | $393.90M | $349.70M | $331.20M | $306.44M |
| Selling & marketing | $505.00M | $500.40M | $542.30M | $480.80M | $458.20M | $429.80M | $559.20M | $491.80M | $471.80M | $342.24M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $138.00M | $287.80M | $367.80M | $324.50M | $502.30M | $631.70M | $157.10M | $161.20M | $138.34M | $127.32M |
| Total assets | $4.89B | $5.53B | $5.52B | $5.22B | $5.05B | $4.63B | $4.43B | $4.12B | $3.09B | $3.10B |
| Current assets | $2.21B | $2.63B | $2.69B | $2.77B | $2.56B | $2.21B | $1.63B | $1.49B | $1.25B | $1.19B |
| Total liabilities | $4.05B | $4.22B | $4.09B | $4.10B | $3.81B | $3.48B | $3.31B | $3.25B | $2.15B | $2.22B |
| Current liabilities | $2.24B | $2.29B | $1.93B | $2.33B | $2.23B | $1.89B | $1.53B | $1.20B | $1.13B | $959.75M |
| Total equity incl. NCI | $832.90M | $1.29B | $1.42B | $1.10B | $1.23B | $1.14B | $1.11B | $867.00M | $931.70M | $867.04M |
| Temporary (mezzanine) equity | $6.70M | $6.40M | $10.30M | $12.60M | $11.20M | $12.30M | $13.60M | $6.84M | $11.72M | $8.73M |
| Inventory | $1.41B | $1.74B | $1.81B | $1.90B | $1.51B | $1.18B | $1.12B | $969.51M | $783.96M | $746.53M |
| Accounts receivable | $237.50M | $192.30M | $306.40M | $343.00M | $227.90M | $257.20M | $190.40M | $197.08M | $200.14M | $174.83M |
| Goodwill | $348.80M | $393.50M | $394.40M | $386.20M | $391.30M | $397.30M | $659.90M | $647.10M | $433.37M | $421.56M |
| Long-term debt | $1.50B | $1.64B | $1.86B | $1.99B | $1.73B | $1.36B | $1.60B | $1.86B | $883.00M | $1.11B |
| Accounts payable | $762.50M | $562.80M | $713.10M | $847.60M | $776.00M | $782.20M | $450.20M | $346.29M | $317.38M | $273.74M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $741.00M | $268.20M | $925.80M | $508.60M | $293.70M | $1.02B | $655.10M | $477.10M | $585.41M | $589.63M |
| Capital expenditures | $182.90M | $261.70M | $412.60M | $306.60M | $282.80M | $204.30M | $251.40M | $225.40M | $184.39M | $209.14M |
| Investing cash flow | -$139.50M | -$270.90M | -$462.00M | -$324.60M | -$303.90M | -$150.70M | -$239.30M | -$959.50M | -$151.10M | -$909.26M |
| Financing cash flow | -$693.00M | -$59.20M | -$431.30M | -$363.20M | -$107.60M | -$415.40M | -$411.80M | $523.40M | -$427.68M | $314.49M |
| Net change in cash | -$66.70M | -$79.90M | $43.20M | -$189.40M | -$128.40M | $461.20M | $3.20M | $31.50M | $16.45M | -$10.18M |
| Stock-based compensation | $59.90M | $49.20M | $57.40M | $62.90M | $60.60M | $65.30M | $75.00M | $64.00M | $50.05M | $57.93M |
| Common dividends paid | $150.30M | $147.70M | $147.30M | $150.00M | $153.40M | $152.50M | $149.10M | $149.00M | $145.42M | $140.34M |
| Common share repurchases | $2.40M | $82.70M | $178.60M | $505.00M | $461.60M | $50.30M | $8.40M | $348.70M | $90.46M | $245.82M |
| Depreciation & amortization | $286.50M | $286.30M | $258.90M | $232.80M | $216.40M | $235.80M | $234.50M | $211.00M | $191.11M | $167.51M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $558.10M | $6.50M | $513.20M | $202.00M | $10.90M | $814.30M | $403.70M | $251.70M | $401.02M | $380.49M |
| Gross margin | 19.1% | 20.4% | 21.9% | 22.8% | 23.5% | 24.4% | 24.3% | 24.7% | 24.4% | 24.5% |
| Operating margin | -4.9% | 4.0% | 7.8% | 9.4% | 9.6% | 8.3% | 7.1% | 8.0% | 6.6% | 7.8% |
| FCF margin | 7.8% | 0.1% | 5.7% | 2.4% | 0.1% | 13.0% | 6.0% | 4.1% | 7.4% | 8.4% |
| SBC / revenue | 0.8% | 0.7% | 0.6% | 0.7% | 0.8% | 1.0% | 1.1% | 1.1% | 0.9% | 1.3% |
| Current ratio | 0.98x | 1.15x | 1.39x | 1.19x | 1.15x | 1.17x | 1.06x | 1.24x | 1.11x | 1.24x |
| Revenue YoY growth | -0.3% | -19.7% | 4.0% | 15.5% | 18.4% | -7.4% | 11.6% | 12.0% | 20.2% | Unavailable |
| Net margin | -6.5% | 1.5% | 5.6% | 5.2% | 6.6% | 2.0% | 4.8% | 5.5% | 3.2% | 4.7% |
| R&D / revenue | 5.2% | 4.7% | 4.2% | 4.3% | 4.4% | 4.6% | 4.3% | 4.3% | 4.4% | 4.1% |
| CapEx / revenue | 2.6% | 3.6% | 4.6% | 3.6% | 3.8% | 3.3% | 3.7% | 3.7% | 3.4% | 4.6% |
| Long-term debt / equity | 1.81x | Unavailable | 1.31x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | 21.0% | 19.0% | 20.8% | 21.0% | 20.0% | 20.6% | 21.9% | 45.9% | 32.0% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open PII in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-04-28View SEC filing
10-K · Filed 2026-02-13View SEC filing
10-Q · Filed 2025-10-28View SEC filing
10-Q · Filed 2025-07-29View SEC filing
10-Q · Filed 2025-04-30View SEC filing
10-K · Filed 2025-02-18View SEC filing
Companies in the same industry
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.