Detailed financial statements for Polaris Inc. (PII): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Polaris Inc. is a global enterprise specializing in the design, engineering, production, and distribution of powersports vehicles. Its business is structured across three primary segments: Off-Road, On-Road, and Marine. The company's off-road lineup features all-terrain vehicles (ATVs), side-by-side utility vehicles, snowmobiles, and innovative snow bike conversion systems. This segment also produces low-emission, light-duty transport, passenger, and industrial vehicles.
Analysis Summary
Polaris Inc. reported revenue of $7.15B in the most recent fiscal year, growing at a 5-year CAGR of 0.4%.
Trailing-twelve-month margins: gross margin 21.4%, operating margin 1.3%, net margin -2.7%. Free cash flow grew at -7.1% CAGR over 5 years.
At $59.41 (closing price, October 30, 2026), PII has negative trailing earnings (P/E not meaningful) and an ROE of -25.30%. Market capitalisation stands at $3.4B.
Balance sheet quality for PII: current ratio of 1.0, net debt of $1.40B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $4.52B | $5.43B | $6.08B | $6.78B | $7.03B | $7.44B | $8.59B | $8.93B | $7.18B | $7.15B |
| Cost of Revenue | $3.41B | $4.02B | $4.65B | $5.21B | $5.40B | $5.74B | $6.68B | $7.03B | $5.77B | $5.83B |
| Gross Profit | $1.10B | $1.41B | $1.43B | $1.57B | $1.63B | $1.70B | $1.91B | $1.91B | $1.40B | $1.32B |
| Research & Development | $185.1M | $238.3M | $259.7M | $292.9M | $295.6M | $328.7M | $366.7M | $374.3M | $336.9M | $371.9M |
| Selling, General & Admin | $453.7M | $624.1M | $661.2M | $877.5M | $817.7M | $710.2M | $787.5M | $902.5M | $846.6M | $981.0M |
| Operating Expenses | $833.8M | $1.01B | $1.03B | $1.17B | $1.11B | $1.04B | $1.15B | $1.28B | $1.18B | $1.35B |
| Operating Income | $268.6M | $400.2M | $399.3M | $401.9M | $513.5M | $657.7M | $754.0M | $629.2M | $220.4M | -$28.3M |
| EBITDA | $497.1M | $542.1M | $697.3M | $719.0M | $462.7M | $881.2M | $1.07B | $1.01B | $569.4M | -$113.4M |
| Interest Expense | $16.3M | $32.2M | $57.0M | $76.7M | $60.6M | $36.1M | $72.7M | $133.8M | $142.3M | $132.8M |
| Pre-tax Income | $313.3M | $318.8M | $429.2M | $407.8M | $141.4M | $628.7M | $761.4M | $620.4M | $140.8M | -$532.7M |
| Income Tax | $100.3M | $146.3M | $94.0M | $83.9M | $16.5M | $132.1M | $158.0M | $117.7M | $29.6M | -$67.9M |
| Net Income | $212.9M | $172.5M | $335.3M | $324.0M | $124.8M | $493.9M | $589.7M | $502.8M | $110.8M | -$465.5M |
| EPS | $3.31 | $2.74 | $5.36 | $5.27 | $2.02 | $8.06 | $9.94 | $8.81 | $1.96 | $-8.18 |
| EPS (Diluted) | $3.27 | $2.69 | $5.25 | $5.20 | $1.99 | $7.88 | $9.81 | $8.71 | $1.95 | $-8.18 |
| Shares Outstanding (Diluted) | 65.2 M | 64.2 M | 63.9 M | 62.3 M | 62.6 M | 62.7 M | 60.1 M | 57.7 M | 56.8 M | 56.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $1.92B | $1.66B | $2.02B | $2.04B |
| Gross Profit | $388.6M | $334.8M | $478.3M | $432.4M |
| Operating Income | -$47.3M | -$55.2M | $132.0M | $73.4M |
| EBITDA | -$258.9M | $35.9M | $245.0M | $152.0M |
| Net Income | -$303.6M | -$47.4M | $106.4M | $38.4M |
| EPS | $-5.34 | $-0.83 | $1.86 | $0.67 |
| EPS (Diluted) | $-5.34 | $-0.83 | $1.84 | $0.66 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $127.3M | $138.3M | $161.2M | $157.1M | $634.7M | $502.3M | $324.5M | $367.8M | $287.8M | $138.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $225.5M | $229.7M | $233.6M | $222.9M | $261.1M | $231.9M | $363.3M | $315.4M | $207.4M | $239.5M |
| Inventory | $746.5M | $784.0M | $969.5M | $1.12B | $1.18B | $1.51B | $1.90B | $1.81B | $1.74B | $1.41B |
| Total Current Assets | $1.19B | $1.25B | $1.49B | $1.63B | $2.21B | $2.56B | $2.77B | $2.69B | $2.63B | $2.21B |
| Property, Plant & Equipment | $727.6M | $747.2M | $843.1M | $1.01B | $1.01B | $1.02B | $1.13B | $1.35B | $1.31B | $1.15B |
| Goodwill | $421.6M | $433.4M | $647.1M | $659.9M | $397.3M | $391.3M | $386.2M | $394.4M | $393.5M | $348.8M |
| Intangible Assets | $371.4M | $347.2M | $870.5M | $830.3M | $686.4M | $543.9M | $524.4M | $512.0M | $542.7M | $451.2M |
| Total Assets | $3.10B | $3.09B | $4.12B | $4.43B | $4.63B | $5.05B | $5.22B | $5.52B | $5.53B | $4.89B |
| Accounts Payable | $273.7M | $317.4M | $346.3M | $450.2M | $782.2M | $776.0M | $847.6M | $713.1M | $562.8M | $762.5M |
| Short-term Debt | $3.8M | $47.7M | $66.5M | $166.7M | $142.1M | $553.3M | $553.6M | $54.0M | $434.3M | $34.8M |
| Total Current Liabilities | $959.8M | $1.13B | $1.20B | $1.53B | $1.89B | $2.23B | $2.33B | $1.93B | $2.29B | $2.24B |
| Long-term Debt | $1.12B | $846.9M | $1.88B | $1.51B | $1.29B | $1.24B | $1.50B | $1.85B | $1.64B | $1.50B |
| Total Liabilities | $2.23B | $2.16B | $3.26B | $3.32B | $3.49B | $3.82B | $4.12B | $4.10B | $4.23B | $4.05B |
| Retained Earnings | $300.1M | $242.8M | $121.1M | $287.3M | $218.4M | $157.3M | $33.8M | $243.5M | $148.9M | -$469.0M |
| Total Equity | $867.0M | $931.7M | $866.7M | $1.11B | $1.14B | $1.22B | $1.10B | $1.42B | $1.29B | $828.4M |
| Total Debt | $1.14B | $913.0M | $1.96B | $1.81B | $1.58B | $1.89B | $2.17B | $2.05B | $2.20B | $1.54B |
| Net Debt | $1.01B | $774.7M | $1.80B | $1.65B | $943.0M | $1.39B | $1.84B | $1.69B | $1.91B | $1.40B |
| Working Capital | $231.2M | $123.2M | $288.3M | $99.0M | $318.1M | $328.9M | $439.0M | $757.9M | $339.2M | -$36.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $138.0M | $282.0M | $302.1M | $301.7M |
| Total Assets | $4.89B | $5.24B | $5.20B | $5.05B |
| Total Liabilities | $4.05B | $4.49B | $4.36B | $4.20B |
| Total Equity | $828.4M | $750.4M | $836.5M | $844.5M |
| Total Debt | $1.54B | $2.21B | $1.95B | $1.63B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $212.9M | $172.5M | $335.3M | $323.9M | $124.9M | $494.3M | $603.4M | $502.8M | $111.2M | -$464.8M |
| Depreciation & Amortization | $167.5M | $191.1M | $211.0M | $234.5M | $260.7M | $216.4M | $232.8M | $258.9M | $286.3M | $286.5M |
| Stock-based Compensation | $57.9M | $50.1M | $64.0M | $75.0M | $65.3M | $60.6M | $62.9M | $57.4M | $49.2M | $59.9M |
| Change in Working Capital | $179.7M | $90.9M | -$142.2M | $58.5M | $288.8M | -$547.7M | -$300.1M | $235.9M | -$67.6M | $552.4M |
| Operating Cash Flow | $571.8M | $580.0M | $477.1M | $655.0M | $1.02B | $293.7M | $508.6M | $925.8M | $268.2M | $741.0M |
| Capital Expenditure | -$209.1M | -$184.4M | -$225.4M | -$251.4M | -$213.9M | -$298.3M | -$306.6M | -$412.6M | -$261.7M | -$182.9M |
| Acquisitions | -$700.1M | $33.3M | -$734.1M | $12.1M | $63.2M | -$5.6M | -$12.7M | -$22.7M | 0 | 0 |
| Stock Repurchased | -$245.8M | -$90.5M | -$348.7M | -$8.4M | -$50.3M | -$461.6M | -$505.0M | -$178.6M | -$82.7M | -$2.4M |
| Dividends Paid | -$140.3M | -$145.4M | -$149.0M | -$149.1M | -$152.5M | -$153.4M | -$150.0M | -$147.3M | -$147.7M | -$150.3M |
| Free Cash Flow | $362.6M | $395.6M | $251.7M | $403.7M | $804.7M | -$4.6M | $202.0M | $513.2M | $6.5M | $558.1M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $178.7M | -$320.2M | $230.2M | $381.8M |
| Capital Expenditure | -$64.7M | -$29.7M | -$44.1M | -$66.5M |
| Free Cash Flow | $114.0M | -$349.9M | $186.1M | $315.3M |
| Dividends Paid | -$37.3M | -$38.7M | -$38.9M | -$38.7M |
| Stock-based Compensation | 0 | $20.7M | $14.2M | $14.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +20.2% | +12.0% | +11.6% | +3.6% | +5.9% | +15.5% | +4.0% | -19.7% | -0.3% |
| Net Income Growth (YoY) | | -19.0% | +94.4% | -3.4% | -61.5% | +295.8% | +19.4% | -14.7% | -78.0% | -520.1% |
| EPS Growth (YoY) | | -17.2% | +95.6% | -1.7% | -61.7% | +299.0% | +23.3% | -11.4% | -77.8% | -517.3% |
| Shares Change (YoY) | | -1.5% | -0.4% | -2.5% | +0.5% | +0.2% | -4.1% | -4.0% | -1.6% | +0.2% |
| FCF Growth (YoY) | | +9.1% | -36.4% | +60.4% | +99.3% | -100.6% | +4,491.3% | +154.1% | -98.7% | +8,486.2% |
| Gross Margin | 24.4% | 25.9% | 23.4% | 23.2% | 23.1% | 22.8% | 22.2% | 21.3% | 19.6% | 18.5% |
| Operating Margin | 5.9% | 7.4% | 6.6% | 5.9% | 7.3% | 8.8% | 8.8% | 7.0% | 3.1% | -0.4% |
| EBITDA Margin | 11.0% | 10.0% | 11.5% | 10.6% | 6.6% | 11.8% | 12.4% | 11.3% | 7.9% | -1.6% |
| Net Margin | 4.7% | 3.2% | 5.5% | 4.8% | 1.8% | 6.6% | 6.9% | 5.6% | 1.5% | -6.5% |
| FCF Margin | 8.0% | 7.3% | 4.1% | 6.0% | 11.5% | -0.1% | 2.4% | 5.7% | 0.1% | 7.8% |
| Effective Tax Rate | 32.0% | 45.9% | 21.9% | 20.6% | 11.7% | 21.0% | 20.8% | 19.0% | 21.0% | 12.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $5.57 | $6.16 | $3.94 | $6.48 | $12.85 | $-0.07 | $3.36 | $8.89 | $0.11 | $9.81 |
| Dividends Per Share | $2.15 | $2.27 | $2.33 | $2.39 | $2.44 | $2.45 | $2.50 | $2.55 | $2.60 | $2.64 |
| Shares Outstanding (Basic) | 64.3 M | 62.9 M | 62.5 M | 61.4 M | 61.9 M | 61.3 M | 59.3 M | 57.1 M | 56.5 M | 56.9 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -25.30% |
| Return on Invested Capital | 3.35% |
| Return on Assets | -4.08% |
| Gross Margin | 21.37% |
| Operating Margin | 1.35% |
| Net Margin | -2.70% |
Financial Health
| Debt / Equity | 1.93 |
| Current Ratio | 1.06 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 1.83 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 24.89 | 45.25 | 14.31 | 19.30 | 47.17 | 13.64 | 10.16 | 10.76 | 29.40 | -7.73 |
| P/B | 6.11 | 8.37 | 5.53 | 5.64 | 5.15 | 5.50 | 5.45 | 3.82 | 2.52 | 4.34 |
| P/S | 1.17 | 1.44 | 0.79 | 0.92 | 0.84 | 0.91 | 0.70 | 0.61 | 0.45 | 0.50 |
| Gross Margin | 24.4% | 25.9% | 23.4% | 23.2% | 23.1% | 22.8% | 22.2% | 21.3% | 19.6% | 18.5% |
| Operating Margin | 5.9% | 7.4% | 6.6% | 5.9% | 7.3% | 8.8% | 8.8% | 7.0% | 3.1% | -0.4% |
| Net Margin | 4.7% | 3.2% | 5.5% | 4.8% | 1.8% | 6.6% | 6.9% | 5.6% | 1.5% | -6.5% |