Polaris Inc. (PII) financial statements: income statement, balance sheet and cash flow
Polaris Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Polaris Inc. reported revenue of $7.2B (-0.3% year on year).
Income statement
Polaris Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Sales
$7.2B
$7.2B
$8.9B
$8.6B
Cost of sales
$5.8B
$5.7B
$7.0B
$6.6B
Gross profit
$1.4B
$1.5B
$2.0B
$2.0B
Selling and marketing
$505.0M
$500.4M
$542.3M
$480.8M
Research and development
$371.9M
$336.9M
$374.3M
$366.7M
General and administrative
$541.8M
$436.5M
$422.8M
$355.9M
Goodwill, Impairment Loss
$52.6M
—
—
$0
Loss on disposal group held for sale
$330.4M
—
—
—
Total operating expenses
$1.8B
$1.3B
$1.3B
$1.2B
Income from financial services
$84.3M
$97.6M
$80.4M
$48.4M
Operating (loss) income
($348.7M)
$290.6M
$700.9M
$804.5M
Interest expense
$131.4M
$137.0M
$125.0M
$71.7M
Other expense (income), net
$52.6M
$12.8M
($44.5M)
($28.6M)
(Loss) income before income taxes
($532.7M)
$140.8M
$620.4M
$761.4M
(Benefit) provision for income taxes
($67.9M)
$29.6M
$117.7M
$158.0M
Net (loss) income
($464.8M)
$111.2M
$502.7M
$447.6M
Net (income) loss attributable to noncontrolling interest
($700.0K)
($400.0K)
$100.0K
($500.0K)
Net (loss) income
($465.5M)
$110.8M
$502.8M
$447.1M
Basic (in dollars per share)
-$8.18
$1.96
$8.80
$7.54
Diluted (in dollars per share)
-$8.18
$1.95
$8.71
$7.44
Basic (in shares)
56.9M
56.5M
57.1M
59.3M
Diluted (in shares)
56.9M
56.8M
57.7M
60.1M
Polaris Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Sales
$2.0B
$1.7B
$1.8B
$1.9B
Cost of sales
$1.5B
$1.3B
$1.5B
$1.5B
Gross profit
$478.3M
$334.8M
$380.3M
$359.2M
Selling and marketing
$112.3M
$113.6M
$126.7M
$124.6M
Research and development
$93.6M
$82.3M
$92.8M
$90.3M
General and administrative
$142.9M
$162.5M
$117.8M
$127.4M
Goodwill impairment
$0
—
$0
$52.6M
(Gain) loss on disposal groups
($2.5M)
$31.6M
—
—
Total operating expenses
$346.3M
$390.0M
$379.6M
$394.9M
Income from financial services
$16.8M
$16.1M
$19.7M
$22.8M
Operating income (loss)
$148.8M
($39.1M)
$20.4M
($12.9M)
Interest expense
$33.7M
$30.4M
$33.1M
$33.2M
Other (income) expense, net
($18.3M)
($11.8M)
($600.0K)
$46.5M
Income (loss) before income taxes
$133.4M
($57.7M)
($12.1M)
($92.6M)
Provision (benefit) for income taxes
$26.8M
($10.5M)
$3.6M
($13.5M)
Net income (loss)
$106.6M
($47.2M)
($15.7M)
($79.1M)
Net income attributable to noncontrolling interest
($200.0K)
($200.0K)
($100.0K)
($200.0K)
Net income (loss) attributable to Polaris Inc.
$106.4M
($47.4M)
($15.8M)
($79.3M)
Basic (in usd per share)
$1.85
-$0.83
-$0.28
-$1.39
Diluted (in usd per share)
$1.82
-$0.83
-$0.28
-$1.39
Basic (in shares)
57.5M
57.4M
56.9M
57.0M
Diluted (in shares)
58.3M
57.4M
56.9M
57.0M
Balance sheet
Polaris Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$138.0M
$287.8M
$367.8M
$324.5M
Trade receivables, net
$237.5M
$192.3M
$306.4M
$343.0M
Inventories, net
$1.4B
$1.7B
$1.8B
$1.9B
Prepaid expenses and other
$366.9M
$395.7M
$198.0M
$183.7M
Income taxes receivable
$2.0M
$15.1M
$9.0M
$20.3M
Current assets held for sale
$49.8M
—
—
$0
Total current assets
$2.2B
$2.6B
$2.7B
$2.8B
Property and equipment, net
$1.0B
$1.2B
$1.2B
$1.0B
Investment in finance affiliate
$131.5M
$136.7M
$141.1M
$93.1M
Deferred tax assets
$525.5M
$384.6M
$295.9M
$210.5M
Goodwill and other intangible assets, net
$800.0M
$936.2M
$906.4M
$910.6M
Operating lease assets
$121.0M
$127.2M
$143.9M
$111.0M
Other long-term assets
$78.5M
$121.4M
$135.8M
$106.7M
Total assets
$4.9B
$5.5B
$5.5B
$5.2B
Current financing obligations
$34.8M
$434.3M
$54.0M
$553.6M
Accounts payable
$762.5M
$562.8M
$713.1M
$847.6M
Total accrued expenses
$1.4B
$1.3B
$1.1B
$896.8M
Other current liabilities
$40.5M
$36.4M
$43.1M
—
Current liabilities held for sale
$50.5M
—
—
$0
Total current liabilities
$2.2B
$2.3B
$1.9B
$2.3B
Total long-term financing obligations
$1.5B
$1.6B
$1.9B
—
Other long-term liabilities
$306.1M
$293.4M
$297.0M
$167.7M
Total liabilities
$4.1B
$4.2B
$4.1B
$4.1B
Deferred compensation
$6.7M
$6.4M
$10.3M
$12.6M
Preferred stock $0.01 par value per share, 20.0 shares authorized, no shares issued and outstanding
$0.00
$0.00
$0.00
$0.00
Common stock $0.01 par value per share, 160.0 shares authorized, 56.5 and 56.1 shares issued and outstanding, respectively
$600000.00
$600000.00
$600000.00
$600000.00
Additional paid-in capital
$1.3B
$1.3B
$1.2B
$1.2B
(Accumulated deficit) retained earnings
($469.0M)
$148.9M
$243.5M
$33.8M
Accumulated other comprehensive loss, net
($32.1M)
($125.5M)
($57.5M)
($87.5M)
Total shareholders’ equity
$828.4M
$1.3B
$1.4B
$1.1B
Noncontrolling interest
$4.5M
$4.2M
$2.4M
$2.5M
Total equity
$832.9M
$1.3B
$1.4B
$1.1B
Total liabilities and equity
$4.9B
$5.5B
$5.5B
$5.2B
Polaris Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$302.1M
$282.0M
$335.5M
$324.3M
Trade receivables, net
$284.9M
$249.0M
$230.3M
$225.2M
Inventories, net
$1.6B
$1.6B
$1.7B
$1.7B
Prepaid expenses and other
$360.4M
$434.0M
$311.1M
$320.6M
Income taxes receivable
$29.3M
$35.7M
$29.0M
$44.8M
Current assets held for sale
$25.0M
$21.8M
—
—
Total current assets
$2.6B
$2.6B
$2.6B
$2.6B
Property and equipment, net
$975.5M
$996.0M
$1.1B
$1.1B
Investment in finance affiliate
$130.6M
$133.8M
$127.6M
$142.9M
Deferred tax assets
$530.7M
$521.1M
$423.7M
$406.2M
Goodwill and other intangible assets, net
$790.2M
$795.0M
$874.7M
$880.8M
Operating lease assets
$106.6M
$113.1M
$118.8M
$124.5M
Other long-term assets
$98.1M
$92.5M
$75.8M
$73.6M
Total assets
$5.2B
$5.2B
$5.3B
$5.4B
Current financing obligations
$34.8M
$34.8M
$434.8M
$434.5M
Accounts payable
$883.0M
$833.5M
$808.8M
$773.9M
Accrued expenses
$1.2B
$1.2B
$1.3B
$1.3B
Other current liabilities
$35.9M
$33.0M
$37.9M
$42.1M
Current liabilities held for sale
$1.7M
$6.5M
—
—
Total current liabilities
$2.1B
$2.1B
$2.5B
$2.5B
Total long-term financing obligations
$1.9B
$2.1B
$1.3B
$1.4B
Other long-term liabilities
$297.1M
$290.5M
$297.7M
$297.9M
Total liabilities
$4.4B
$4.5B
$4.1B
$4.2B
Deferred compensation
$4.3M
$5.8M
$6.5M
$4.5M
Preferred stock $0.01 par value per share, 20.0 shares authorized, no shares issued and outstanding
$0.00
$0.00
$0.00
$0.00
Common stock $0.01 par value per share, 160.0 shares authorized, 56.9 and 56.5 shares issued and outstanding, respectively
$600000.00
$600000.00
$600000.00
$600000.00
Additional paid-in capital
$1.4B
$1.3B
$1.3B
$1.3B
Accumulated deficit
($496.0M)
($560.3M)
($127.3M)
($71.7M)
Accumulated other comprehensive loss, net
($36.3M)
($38.7M)
($40.7M)
($43.7M)
Total shareholders’ equity
$836.5M
$750.4M
$1.1B
$1.2B
Noncontrolling interest
$4.5M
$4.7M
$4.4M
$4.3M
Total equity
$841.0M
$755.1M
$1.2B
$1.2B
Total liabilities and equity
$5.2B
$5.2B
$5.3B
$5.4B
Cash flow statement
Polaris Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net (loss) income
($464.8M)
$111.2M
$502.7M
$447.6M
Depreciation and amortization
$286.5M
$286.3M
$258.9M
$232.8M
Noncash compensation
$59.9M
$49.2M
$57.4M
$62.9M
Noncash income from financial services
($42.1M)
($53.8M)
($41.5M)
($15.1M)
Deferred income taxes
($139.1M)
($86.7M)
($86.8M)
($48.9M)
Impairment charges
$155.9M
$29.5M
—
—
Loss on disposal group held for sale
$327.1M
—
$0
$0
Other, net
$5.2M
$100.0K
($800.0K)
($500.0K)
Trade receivables
($34.1M)
$103.4M
$49.0M
($122.6M)
Inventories
$183.6M
$39.5M
$115.1M
($391.1M)
Accounts payable
$196.7M
($141.8M)
($143.8M)
$71.7M
Accrued expenses
$137.4M
$158.8M
$217.1M
$131.1M
Income taxes payable/receivable
$24.3M
($11.0M)
$18.6M
$18.4M
Prepaid expenses and other, net
$44.5M
($216.5M)
($20.1M)
($7.6M)
Net cash provided by operating activities
$741.0M
$268.2M
$925.8M
$508.6M
Purchase of property and equipment, net
($182.9M)
($261.7M)
($412.6M)
($306.6M)
Investments in finance affiliate
($14.2M)
($10.0M)
($43.5M)
($59.3M)
Distributions from finance affiliate
$61.5M
$68.2M
$37.0M
$30.6M
Investments in and distributions from other affiliates
($3.9M)
($4.7M)
($20.2M)
($26.2M)
Acquisition of developed technology assets
$0
($62.7M)
—
—
Acquisitions of businesses, net of cash acquired
$0
$0
($22.7M)
—
Net cash used for investing activities
($139.5M)
($270.9M)
($462.0M)
($324.6M)
Borrowings under financing obligations
$3.1B
$3.7B
$2.8B
$3.0B
Repayments under financing obligations
($3.7B)
($3.5B)
$2.9B
—
Repurchase and retirement of common shares
-2.4M
-82.7M
-178.6M
-505.0M
Cash dividends to shareholders
($150.3M)
($147.7M)
($147.3M)
($150.0M)
Cash dividend to noncontrolling interest
($400.0K)
($600.0K)
—
—
Proceeds from stock issuances under employee plans
3.7M
6.0M
52.8M
34.1M
Net cash used for financing activities
($693.0M)
($59.2M)
($431.3M)
($363.2M)
Impact of currency exchange rates on cash balances
$24.8M
($18.0M)
$10.7M
($10.2M)
Net (decrease) increase in cash, cash equivalents and restricted cash
($66.7M)
($79.9M)
$43.2M
($189.4M)
Cash, cash equivalents and restricted cash at beginning of period
$303.0M
$382.9M
$339.7M
$529.1M
Cash, cash equivalents and restricted cash at end of period
$236.3M
$303.0M
$382.9M
$339.7M
Interest paid on financing obligations
$125.5M
$141.5M
$120.6M
$71.2M
Income taxes paid
$47.2M
$123.6M
$187.2M
$194.4M
Cash and cash equivalents
$138.0M
$287.8M
$367.8M
$324.5M
Cash and cash equivalents
$82.2M
—
—
—
Other long-term assets
$16.1M
$15.2M
$15.1M
$15.2M
Total
$236.3M
$303.0M
$382.9M
$339.7M
Polaris Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$59.4M
($47.2M)
($161.5M)
($145.8M)
Depreciation and amortization
$128.5M
$63.2M
$218.9M
$146.3M
Noncash compensation
$34.9M
$20.7M
$49.1M
$32.8M
Noncash income from financial services
$19.2M
$9.7M
$32.3M
$22.6M
Deferred income taxes
($5.1M)
$4.3M
($37.7M)
($20.2M)
Asset, Impairment Loss
$0
—
$144.3M
—
Loss on disposal groups
$29.1M
$31.6M
—
—
Other, net
($2.6M)
($1.6M)
$700.0K
$1.8M
Trade receivables
($53.6M)
($17.1M)
($25.6M)
($20.3M)
Inventories
($169.8M)
($173.0M)
$77.1M
$75.8M
Accounts payable
$97.5M
$47.5M
$236.7M
$202.2M
Accrued expenses
($171.2M)
($137.1M)
($100.0K)
($17.7M)
Income taxes payable/receivable
($27.4M)
($40.3M)
($6.6M)
($18.3M)
Prepaid expenses and other, net
$4.3M
($64.7M)
$100.7M
$91.1M
Net cash (used for) provided by operating activities
($90.0M)
($320.2M)
$562.3M
$403.5M
Purchase of property and equipment, net
($73.8M)
($29.7M)
($118.2M)
($76.1M)
Distributions from finance affiliate, net
$20.1M
$7.4M
$41.4M
$16.4M
Investments in other affiliates
($20.0M)
($20.0M)
$0
$0
Sale of business
($79.3M)
($79.3M)
—
—
Net cash used for investing activities
($153.0M)
($121.6M)
($76.8M)
($59.7M)
Borrowings (repayments) under revolving loan facility, net
$424.9M
$558.6M
—
—
Repayments under financing obligations
($13.4M)
($6.7M)
($2.2B)
($1.6B)
Repurchase and retirement of common shares
-9.3M
-9.2M
-2.4M
-2.4M
Cash dividends to shareholders
($77.6M)
($38.7M)
($113.0M)
($75.1M)
Payments of Ordinary Dividends, Noncontrolling Interest
($400.0K)
$0
($200.0K)
($200.0K)
Proceeds from stock issuances under employee plans
3.6M
2.6M
3.1M
2.3M
Net cash provided by (used for) financing activities
$327.8M
$506.6M
($459.2M)
($328.9M)
Impact of currency exchange rates on cash balances
($2.8M)
($2.9M)
$22.2M
$22.0M
Net increase in cash, cash equivalents and restricted cash
$82.0M
$61.9M
$48.5M
$36.9M
Cash, cash equivalents and restricted cash at beginning of period
$236.3M
$236.3M
$303.0M
$303.0M
Cash, cash equivalents and restricted cash at end of period
$318.3M
$298.2M
$351.5M
$339.9M
Interest paid on financing obligations
$57.5M
$40.0M
$103.8M
$70.9M
Income taxes paid
$51.9M
$28.2M
$32.2M
$22.2M
Leased assets obtained for operating lease liabilities