Polaris Inc. PII

Consumer discretionary SIC 3790 - Miscellaneous Transportation Equipment NAICS Manufacturing › Transportation Equipment Manufacturing derived NYSE

Polaris Inc., formerly known as Polaris Industries Inc., a Delaware corporation, was formed in 1994 and is the successor to Polaris Industries Partners LP. The terms "Polaris," the "Company," "we," "us," and "our" as used herein refer to the business and operations of Polaris Inc., its subsidiaries and its predecessors, which began doing business in 1954. We design, engineer, manufacture and market powersports vehicles which include: off-road vehicles ("ORV"), including all-terrain vehicles ("ATV") and side-by-side vehicles; military and commercial ORVs; snowmobiles; moto-roadsters; quadricycles; and boats. We also design and manufacture or source parts, garments and accessories ("PG&A"), which includes aftermarket accessories and apparel. Our products are sold online and through dealers and distributors principally located in the United States, Canada, Western Europe, Australia, and Mexico.

Last close 54.82 2026-10-23
Market cap $3.12B 2026-03-31 share count
52-week range 47.14 - 77.98

Valuation FY2025 figures against the last close

P/S0.4x
P/E—
P/FCF5.6x
EV/EBITDA—
Dividend yield4.8%
Diluted EPS-8.18

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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
R&D $371.9M$336.9M$374.3M$366.7M$328.7M$288.1M$292.9M$259.7M$238.3M$185.1M
SG&A $541.8M$436.5M$422.8M$355.9M$305.8M$296.1M$393.9M$349.7M$331.2M$306.4M
Total operating expenses $1.80B$1.27B$1.34B$1.20B$1.09B$1.10B$1.25B$1.10B$1.04B$833.8M
Operating income -$348.7M$290.6M$700.9M$804.5M$712.0M$521.0M$483.7M$487.4M$359.7M$350.3M
Interest expense $131.4M$137.0M$125.0M$71.7M$44.2M$66.8M$77.6M$57.0M$32.2M$16.3M
Pre-tax income -$532.7M$140.8M$620.4M$761.4M$628.7M$450.4M$407.8M$429.2M$318.8M$313.3M
Income tax $67.9M$29.6M$117.7M$158.0M$132.1M$89.9M$83.9M$93.9M$146.3M$100.3M
Net income -$465.5M$110.8M$502.8M$447.1M$493.9M$124.8M$324.0M$335.3M$172.5M$212.9M
EPS, basic -8.181.968.807.548.062.025.275.362.743.31
EPS, diluted -8.181.958.717.447.881.995.205.242.693.27
Shares, diluted (wtd. avg.) 56.9M56.8M57.7M60.1M62.7M62.6M62.3M63.9M64.2M65.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $138.0M$287.8M$367.8M$339.7M$529.1M$657.5M$196.3M$193.1M$161.6M$145.2M
Receivables $237.5M$192.3M$306.4M$343.0M$227.9M$257.2M$190.4M$197.1M$200.1M$174.8M
Inventory $1.41B$1.74B$1.81B$1.90B$1.51B$1.18B$1.12B$969.5M$784.0M$746.5M
Total current assets $2.21B$2.63B$2.69B$2.77B$2.56B$2.21B$1.63B$1.49B$1.25B$1.19B
Property, plant and equipment $1.03B$1.19B$1.20B$1.02B$927.7M$888.8M$899.8M$843.1M$747.2M$727.6M
Goodwill $348.8M$393.5M$394.4M$386.2M$391.3M$397.3M$659.9M$647.1M$433.4M$421.6M
Other intangibles $451.2M$542.7M$512.0M$524.4M$543.9M$686.4M$830.3M$870.5M$347.2M$371.4M
Total assets $4.89B$5.53B$5.52B$5.22B$5.05B$4.63B$4.43B$4.12B$3.09B$3.10B
Accounts payable $762.5M$562.8M$713.1M$847.6M$776.0M$782.2M$450.2M$346.3M$317.4M$273.7M
Short-term debt ———$553.6M$553.3M$142.1M$166.7M$66.5M$47.7M$3.8M
Total current liabilities $2.24B$2.29B$1.93B$2.33B$2.23B$1.89B$1.53B$1.20B$1.13B$959.8M
Long-term debt $1.51B$2.03B$1.86B$1.99B$1.73B$1.36B$1.60B$1.86B$883.0M$1.11B
Total liabilities $4.05B$4.22B$4.09B$4.10B$3.81B$3.48B$3.31B$3.25B$2.15B$2.22B
Retained earnings -$469.0M$148.9M$243.5M$33.8M$157.3M$218.4M$287.3M$121.1M$242.8M$300.1M
Total equity $828.4M$1.29B$1.42B$1.10B$1.23B$1.14B$1.11B$867.0M$931.7M$867.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $741.0M$268.2M$925.8M$508.6M$293.7M$1.02B$655.1M$477.1M$585.4M$589.6M
Depreciation and amortisation $286.5M$286.3M$258.9M$232.8M$216.4M$235.8M$234.5M$211.0M$191.1M$167.5M
Stock-based compensation $59.9M$49.2M$57.4M$62.9M$60.6M$65.3M$75.0M$64.0M$50.1M$57.9M
Capital expenditure $182.9M$261.7M$412.6M$306.6M$282.8M$204.3M$251.4M$225.4M$184.4M$209.1M
Investing cash flow -$139.5M-$270.9M-$462.0M-$324.6M-$303.9M-$150.7M-$239.3M-$959.5M-$151.1M-$909.3M
Financing cash flow -$693.0M-$59.2M-$431.3M-$363.2M-$107.6M-$415.4M-$411.8M$523.4M-$427.7M$314.5M
Dividends paid $150.3M$147.7M$147.3M$150.0M$153.4M$152.5M$149.1M$149.0M$145.4M$140.3M
Buybacks $2.4M$82.7M$178.6M$505.0M$461.6M$50.3M$8.4M$348.7M$90.5M$245.8M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-008033.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2.5B 0 2.5B 5B 7.5B 10B Revenue, FY2016: 4.5B Gross profit, FY2016: 1.1B Net income, FY2016: 212.9M Revenue, FY2017: 5.4B Gross profit, FY2017: 1.3B Net income, FY2017: 172.5M Revenue, FY2018: 6.1B Gross profit, FY2018: 1.5B Net income, FY2018: 335.3M Revenue, FY2019: 6.8B Gross profit, FY2019: 1.6B Net income, FY2019: 324M Revenue, FY2020: 6.3B Gross profit, FY2020: 1.5B Net income, FY2020: 124.8M Revenue, FY2021: 7.4B Gross profit, FY2021: 1.8B Net income, FY2021: 493.9M Revenue, FY2022: 8.6B Gross profit, FY2022: 2B Net income, FY2022: 447.1M Revenue, FY2023: 8.9B Gross profit, FY2023: 2B Net income, FY2023: 502.8M Revenue, FY2024: 7.2B Gross profit, FY2024: 1.5B Net income, FY2024: 110.8M Revenue, FY2025: 7.2B Gross profit, FY2025: 1.4B Net income, FY2025: -465.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $4.52B $5.43B $6.08B $6.78B $6.28B $7.44B $8.59B $8.93B $7.18B $7.15B
Gross profit $1.11B $1.32B $1.50B $1.65B $1.54B $1.75B $1.96B $1.96B $1.47B $1.37B
Net income $212.9M $172.5M $335.3M $324.0M $124.8M $493.9M $447.1M $502.8M $110.8M -$465.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Material impairment The company has written down the carrying value of an asset - often goodwill from an acquisition that did not work out. Item 2.06

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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