Polaris Inds Financials
This page shows Polaris Inds (PII) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 cash generation was driven by working-capital release even as core earnings power slipped into loss.
The swing from-$466M of net loss to$741M of operating cash flow in FY2025 points to working-capital release, and the inventory draw confirms cash came largely from shrinking stock on hand rather than healthier margins. Free cash flow stayed positive at$558M even as gross margin fell to19.1% , so the year's cash strength and earnings power were moving in opposite directions.
From FY2023 to FY2025, revenue fell from
Leverage looks worse partly because equity shrank to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Polaris Inds's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Polaris Inds has an operating margin of -4.9%, meaning the company retains $-5 of operating profit per $100 of revenue. This below-average margin results in a low score of 23/100, suggesting thin profitability after operating expenses. This is down from 4.0% the prior year.
Polaris Inds's revenue declined 0.3% year-over-year, from $7.2B to $7.2B. This contraction results in a growth score of 16/100.
Polaris Inds carries a low D/E ratio of 1.82, meaning only $1.82 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.
Polaris Inds's current ratio of 0.98 is below the typical benchmark, resulting in a score of 15/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Polaris Inds has a free cash flow margin of 7.8%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.
Polaris Inds generates a -56.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 8.6% the prior year.
Polaris Inds passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Polaris Inds generates $-1.59 in operating cash flow ($741.0M OCF vs -$465.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Polaris Inds earns $-2.7 in operating income for every $1 of interest expense (-$348.7M vs $131.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Polaris Inds generated $7.2B in revenue in fiscal year 2025. This represents a decrease of 0.3% from the prior year.
Polaris Inds's EBITDA was -$62.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 110.8% from the prior year.
Polaris Inds reported -$465.5M in net income in fiscal year 2025. This represents a decrease of 520.1% from the prior year.
Polaris Inds earned $-8.18 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 519.5% from the prior year.
Cash & Balance Sheet
Polaris Inds generated $558.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 8486.2% from the prior year.
Polaris Inds held $138.0M in cash against $1.5B in long-term debt as of fiscal year 2025.
Polaris Inds paid $2.68 per share in dividends in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Polaris Inds had 57M shares outstanding in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Margins & Returns
Polaris Inds's gross margin was 19.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.3 percentage points from the prior year.
Polaris Inds's operating margin was -4.9% in fiscal year 2025, reflecting core business profitability. This is down 8.9 percentage points from the prior year.
Polaris Inds's net profit margin was -6.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.1 percentage points from the prior year.
Polaris Inds's ROE was -56.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 64.8 percentage points from the prior year.
Capital Allocation
Polaris Inds invested $371.9M in research and development in fiscal year 2025. This represents an increase of 10.4% from the prior year.
Polaris Inds spent $2.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 97.1% from the prior year.
Polaris Inds invested $182.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 30.1% from the prior year.
PII Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B-13.7% | $1.9B+4.4% | $1.8B-0.6% | $1.9B+20.6% | $1.5B-12.5% | $1.8B+1.9% | $1.7B-12.2% | $2.0B |
| Cost of Revenue | $1.3B-13.9% | $1.5B+5.2% | $1.5B-2.2% | $1.5B+15.7% | $1.3B-7.6% | $1.4B+2.2% | $1.4B-11.0% | $1.5B |
| Gross Profit | $334.8M-12.9% | $384.2M+1.0% | $380.3M+5.9% | $359.2M+46.6% | $245.0M-31.5% | $357.9M+0.9% | $354.6M-16.4% | $424.0M |
| R&D Expenses | $82.3M-22.3% | $105.9M+14.1% | $92.8M+2.8% | $90.3M+8.9% | $82.9M+6.0% | $78.2M-7.0% | $84.1M-3.1% | $86.8M |
| SG&A Expenses | $162.5M-16.2% | $193.9M+64.6% | $117.8M-7.5% | $127.4M+24.1% | $102.7M-18.6% | $126.2M+25.1% | $100.9M-8.6% | $110.4M |
| Operating Income | -$39.1M+87.8% | -$320.1M-1669.1% | $20.4M+258.1% | -$12.9M+64.3% | -$36.1M-154.9% | $65.8M-0.5% | $66.1M-44.8% | $119.7M |
| Interest Expense | $30.4M-1.9% | $31.0M-6.3% | $33.1M-0.3% | $33.2M-2.6% | $34.1M-0.6% | $34.3M-5.2% | $36.2M+4.6% | $34.6M |
| Income Tax | -$10.5M+80.4% | -$53.6M-1588.9% | $3.6M+126.7% | -$13.5M-206.8% | -$4.4M-414.3% | $1.4M-81.1% | $7.4M-56.5% | $17.0M |
| Net Income | -$47.4M+84.4% | -$303.6M-1821.5% | -$15.8M+80.1% | -$79.3M-18.7% | -$66.8M-730.2% | $10.6M-61.7% | $27.7M-59.7% | $68.7M |
| EPS (Diluted) | $-0.83 | N/A | $-0.28+79.9% | $-1.39-18.8% | $-1.17 | N/A | $0.49-59.5% | $1.21 |
PII Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.2B+7.1% | $4.9B-7.8% | $5.3B-1.5% | $5.4B-1.1% | $5.5B-1.4% | $5.5B-1.9% | $5.6B-1.4% | $5.7B |
| Current Assets | $2.6B+17.4% | $2.2B-15.2% | $2.6B-0.4% | $2.6B+0.7% | $2.6B-1.5% | $2.6B-3.5% | $2.7B-2.6% | $2.8B |
| Cash & Equivalents | $282.0M+104.3% | $138.0M-58.9% | $335.5M+3.5% | $324.3M+11.2% | $291.7M+1.4% | $287.8M-1.2% | $291.3M-9.7% | $322.7M |
| Inventory | $1.6B+11.0% | $1.4B-16.8% | $1.7B0.0% | $1.7B-2.9% | $1.7B+0.4% | $1.7B-12.9% | $2.0B-0.1% | $2.0B |
| Accounts Receivable | $249.0M+4.8% | $237.5M+3.1% | $230.3M+2.3% | $225.2M+6.6% | $211.3M+9.9% | $192.3M-14.0% | $223.7M-12.2% | $254.9M |
| Goodwill | $348.8M0.0% | $348.8M+0.1% | $348.6M0.0% | $348.6M-12.0% | $396.3M+0.7% | $393.5M-1.4% | $399.1M+0.9% | $395.7M |
| Total Liabilities | $4.5B+10.5% | $4.1B-2.2% | $4.1B-1.2% | $4.2B-0.5% | $4.2B-0.2% | $4.2B-1.2% | $4.3B-1.9% | $4.4B |
| Current Liabilities | $2.1B-4.9% | $2.2B-11.9% | $2.5B+1.7% | $2.5B+8.3% | $2.3B+0.8% | $2.3B+1.8% | $2.3B+14.1% | $2.0B |
| Long-Term Debt | $2.1B+36.1% | $1.5B+16.2% | $1.3B-6.6% | $1.4B-14.1% | $1.6B-20.2% | $2.0B+17.8% | $1.7B-17.4% | $2.1B |
| Total Equity | $750.4M-9.4% | $828.4M-27.9% | $1.1B-3.0% | $1.2B-3.4% | $1.2B-4.9% | $1.3B-3.8% | $1.3B+0.3% | $1.3B |
| Retained Earnings | -$560.3M-19.5% | -$469.0M-268.4% | -$127.3M-77.5% | -$71.7M-258.6% | $45.2M-69.6% | $148.9M-13.9% | $173.0M-5.3% | $182.6M |
PII Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$320.2M-279.2% | $178.7M+12.5% | $158.8M-50.4% | $320.3M+285.0% | $83.2M-59.7% | $206.3M+882.4% | $21.0M-85.6% | $146.3M |
| Capital Expenditures | $29.7M-54.1% | $64.7M+53.7% | $42.1M+4.0% | $40.5M+13.8% | $35.6M-48.4% | $69.0M+29.2% | $53.4M-20.5% | $67.2M |
| Free Cash Flow | -$349.9M-406.9% | $114.0M-2.3% | $116.7M-58.3% | $279.8M+487.8% | $47.6M-65.3% | $137.3M+523.8% | -$32.4M-141.0% | $79.1M |
| Investing Cash Flow | -$121.6M-93.9% | -$62.7M-266.7% | -$17.1M+45.5% | -$31.4M-11.0% | -$28.3M+46.3% | -$52.7M-0.6% | -$52.4M+52.0% | -$109.1M |
| Financing Cash Flow | $506.6M+316.7% | -$233.8M-79.4% | -$130.3M+52.1% | -$272.0M-378.0% | -$56.9M+59.9% | -$142.0M-2987.0% | -$4.6M+83.7% | -$28.3M |
| Dividends Paid | $38.7M+3.8% | $37.3M-1.6% | $37.9M+0.8% | $37.6M+0.3% | $37.5M+1.4% | $37.0M+1.1% | $36.6M-0.5% | $36.8M |
| Share Buybacks | $9.2M | $0 | $0 | $0-100.0% | $2.4M+500.0% | $400K | $0-100.0% | $66.3M |
PII Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.2%+0.2pp | 20.0%-0.7pp | 20.6%+1.3pp | 19.4%+3.4pp | 16.0%-4.4pp | 20.4%-0.2pp | 20.6%-1.0pp | 21.6% |
| Operating Margin | -2.4%+14.3pp | -16.7%-17.8pp | 1.1%+1.8pp | -0.7%+1.7pp | -2.4%-6.1pp | 3.8%-0.1pp | 3.8%-2.3pp | 6.1% |
| Net Margin | -2.9%+12.9pp | -15.8%-14.9pp | -0.9%+3.4pp | -4.3%+0.1pp | -4.3%-4.9pp | 0.6%-1.0pp | 1.6%-1.9pp | 3.5% |
| Return on Equity | -6.3%+30.3pp | -36.6%-35.3pp | -1.4%+5.3pp | -6.7%-1.2pp | -5.5%-6.3pp | 0.8%-1.2pp | 2.1%-3.1pp | 5.1% |
| Return on Assets | -0.9%+5.3pp | -6.2%-5.9pp | -0.3%+1.2pp | -1.5%-0.2pp | -1.2%-1.4pp | 0.2%-0.3pp | 0.5%-0.7pp | 1.2% |
| Current Ratio | 1.21+0.2 | 0.98-0.0 | 1.02-0.0 | 1.04-0.1 | 1.12-0.0 | 1.15-0.1 | 1.21-0.2 | 1.42 |
| Debt-to-Equity | 2.74+0.9 | 1.82+0.7 | 1.13-0.0 | 1.17-0.1 | 1.32-0.3 | 1.58+0.3 | 1.29-0.3 | 1.56 |
| FCF Margin | -21.1%-27.0pp | 5.9%-0.4pp | 6.3%-8.8pp | 15.1%+12.0pp | 3.1%-4.7pp | 7.8%+9.7pp | -1.9%-5.9pp | 4.0% |
Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Polaris Inds's annual revenue?
Polaris Inds (PII) reported $7.2B in total revenue for fiscal year 2025. This represents a -0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Polaris Inds's revenue growing?
Polaris Inds (PII) revenue declined by 0.3% year-over-year, from $7.2B to $7.2B in fiscal year 2025.
Is Polaris Inds profitable?
No, Polaris Inds (PII) reported a net income of -$465.5M in fiscal year 2025, with a net profit margin of -6.5%.
What is Polaris Inds's EBITDA?
Polaris Inds (PII) had EBITDA of -$62.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Polaris Inds have?
As of fiscal year 2025, Polaris Inds (PII) had $138.0M in cash and equivalents against $1.5B in long-term debt.
What is Polaris Inds's gross margin?
Polaris Inds (PII) had a gross margin of 19.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Polaris Inds's operating margin?
Polaris Inds (PII) had an operating margin of -4.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Polaris Inds's net profit margin?
Polaris Inds (PII) had a net profit margin of -6.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Polaris Inds pay dividends?
Yes, Polaris Inds (PII) paid $2.68 per share in dividends during fiscal year 2025.
What is Polaris Inds's return on equity (ROE)?
Polaris Inds (PII) has a return on equity of -56.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Polaris Inds's free cash flow?
Polaris Inds (PII) generated $558.1M in free cash flow during fiscal year 2025. This represents a 8486.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Polaris Inds's operating cash flow?
Polaris Inds (PII) generated $741.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Polaris Inds's total assets?
Polaris Inds (PII) had $4.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Polaris Inds's capital expenditures?
Polaris Inds (PII) invested $182.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Polaris Inds spend on research and development?
Polaris Inds (PII) invested $371.9M in research and development during fiscal year 2025.
What is Polaris Inds's current ratio?
Polaris Inds (PII) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Polaris Inds's debt-to-equity ratio?
Polaris Inds (PII) had a debt-to-equity ratio of 1.82 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Polaris Inds's return on assets (ROA)?
Polaris Inds (PII) had a return on assets of -9.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Polaris Inds's Piotroski F-Score?
Polaris Inds (PII) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Polaris Inds's earnings high quality?
Polaris Inds (PII) has an earnings quality ratio of -1.59x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Polaris Inds cover its interest payments?
Polaris Inds (PII) has an interest coverage ratio of -2.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Polaris Inds?
Polaris Inds (PII) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.