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Stocks · Industrials · Miscellaneous Transportation Equipment

Polaris Inc.

PII Clue Score27
United States Fiscal year ends December CIK 0000931015
$51.60 -2.29% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $51.60 −59.38% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 11 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue4,516.6Operating income350.3Net income212.9EPS, diluted3.27Fiscal year 2017Revenue5,428.5 +20.2%Operating income359.7Net income172.5 −19.0%EPS, diluted2.69 −17.7%Fiscal year 2018Revenue6,078.5 +12.0%Operating income487.4Net income335.3 +94.4%EPS, diluted5.24 +94.8%Fiscal year 2019Revenue6,782.5 +11.6%Operating income483.7Net income324.0 −3.4%EPS, diluted5.20 −0.8%Fiscal year 2020Revenue6,281.4 −7.4%Operating income521.0Net income124.8 −61.5%EPS, diluted1.99 −61.7%Fiscal year 2021Revenue7,439.2 +18.4%Operating income712.0Net income493.9 +295.8%EPS, diluted7.88 +296.0%Fiscal year 2022Revenue8,589.0 +15.5%Operating income804.5Net income447.1 −9.5%EPS, diluted7.44 −5.6%Fiscal year 2023Revenue8,934.4 +4.0%Operating income700.9Net income502.8 +12.5%EPS, diluted8.71 +17.1%Fiscal year 2024Revenue7,175.4 −19.7%Operating income290.6Net income110.8 −78.0%EPS, diluted1.95 −77.6%Fiscal year 2025Revenue7,152.0 −0.3%Operating income−348.7Net income−465.5 −520.1%EPS, diluted−8.18 −519.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4,516.6 5,428.5 6,078.5 6,782.5 6,281.4 7,439.2 8,589.0 8,934.4 7,175.4 7,152.0
Growth +20.2% +12.0% +11.6% −7.4% +18.4% +15.5% +4.0% −19.7% −0.3%
Operating income 350.3 359.7 487.4 483.7 521.0 712.0 804.5 700.9 290.6 −348.7
Net income 212.9 172.5 335.3 324.0 124.8 493.9 447.1 502.8 110.8 −465.5
Growth −19.0% +94.4% −3.4% −61.5% +295.8% −9.5% +12.5% −78.0% −520.1%
EPS, diluted 3.27 2.69 5.24 5.20 1.99 7.88 7.44 8.71 1.95 −8.18
Growth −17.7% +94.8% −0.8% −61.7% +296.0% −5.6% +17.1% −77.6% −519.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin24.5%Operating margin7.8%Net margin4.7%Free cash flow margin8.4%Fiscal year 2017Gross margin24.4%Operating margin6.6%Net margin3.2%Free cash flow margin7.4%Fiscal year 2018Gross margin24.7%Operating margin8.0%Net margin5.5%Free cash flow margin4.1%Fiscal year 2019Gross margin24.3%Operating margin7.1%Net margin4.8%Free cash flow margin6.0%Fiscal year 2020Gross margin24.4%Operating margin8.3%Net margin2.0%Free cash flow margin13.0%Fiscal year 2021Gross margin23.5%Operating margin9.6%Net margin6.6%Free cash flow margin0.1%Fiscal year 2022Gross margin22.8%Operating margin9.4%Net margin5.2%Free cash flow margin2.4%Fiscal year 2023Gross margin21.9%Operating margin7.8%Net margin5.6%Free cash flow margin5.7%Fiscal year 2024Gross margin20.4%Operating margin4.0%Net margin1.5%Free cash flow margin0.1%Fiscal year 2025Gross margin19.1%Operating margin−4.9%Net margin−6.5%Free cash flow margin7.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 24.5% 24.4% 24.7% 24.3% 24.4% 23.5% 22.8% 21.9% 20.4% 19.1%
Operating margin 7.8% 6.6% 8.0% 7.1% 8.3% 9.6% 9.4% 7.8% 4.0% −4.9%
Net margin 4.7% 3.2% 5.5% 4.8% 2.0% 6.6% 5.2% 5.6% 1.5% −6.5%
Free cash flow margin 8.4% 7.4% 4.1% 6.0% 13.0% 0.1% 2.4% 5.7% 0.1% 7.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow589.6Capital expenditure−209.1Free cash flow380.5Buybacks−245.8Dividends paid−140.3Fiscal year 2017Operating cash flow585.4Capital expenditure−184.4Free cash flow401.0 +5.4%Buybacks−90.5Dividends paid−145.4Fiscal year 2018Operating cash flow477.1Capital expenditure−225.4Free cash flow251.7 −37.2%Buybacks−348.7Dividends paid−149.0Fiscal year 2019Operating cash flow655.1Capital expenditure−251.4Free cash flow403.7 +60.4%Buybacks−8.4Dividends paid−149.1Fiscal year 2020Operating cash flow1,018.6Capital expenditure−204.3Free cash flow814.3 +101.7%Buybacks−50.3Dividends paid−152.5Fiscal year 2021Operating cash flow293.7Capital expenditure−282.8Free cash flow10.9 −98.7%Buybacks−461.6Dividends paid−153.4Fiscal year 2022Operating cash flow508.6Capital expenditure−306.6Free cash flow202.0 +1,753.2%Buybacks−505.0Dividends paid−150.0Fiscal year 2023Operating cash flow925.8Capital expenditure−412.6Free cash flow513.2 +154.1%Buybacks−178.6Dividends paid−147.3Fiscal year 2024Operating cash flow268.2Capital expenditure−261.7Free cash flow6.5 −98.7%Buybacks−82.7Dividends paid−147.7Fiscal year 2025Operating cash flow741.0Capital expenditure−182.9Free cash flow558.1 +8,486.2%Buybacks−2.4Dividends paid−150.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 589.6 585.4 477.1 655.1 1,018.6 293.7 508.6 925.8 268.2 741.0
Capital expenditure −209.1 −184.4 −225.4 −251.4 −204.3 −282.8 −306.6 −412.6 −261.7 −182.9
Free cash flow 380.5 401.0 251.7 403.7 814.3 10.9 202.0 513.2 6.5 558.1
Growth +5.4% −37.2% +60.4% +101.7% −98.7% +1,753.2% +154.1% −98.7% +8,486.2%
Buybacks −245.8 −90.5 −348.7 −8.4 −50.3 −461.6 −505.0 −178.6 −82.7 −2.4
Dividends paid −140.3 −145.4 −149.0 −149.1 −152.5 −153.4 −150.0 −147.3 −147.7 −150.3

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash127.3Total debt1,141.9Net cash (debt)−1,014.6Shareholders’ equity867.0Debt to equity1.32Fiscal year 2017Cash138.3Total debt913.0Net cash (debt)−774.7Shareholders’ equity931.7Debt to equity0.98Fiscal year 2018Cash161.2Total debt1,962.6Net cash (debt)−1,801.4Shareholders’ equity867.0Debt to equity2.26Fiscal year 2019Cash157.1Total debt1,693.5Net cash (debt)−1,536.4Shareholders’ equity1,108.2Debt to equity1.53Fiscal year 2020Cash631.7Total debt1,450.7Net cash (debt)−819.0Shareholders’ equity1,144.8Debt to equity1.27Fiscal year 2021Cash502.3Total debt1,800.7Net cash (debt)−1,298.4Shareholders’ equity1,224.3Debt to equity1.47Fiscal year 2022Cash324.5Total debt2,057.8Net cash (debt)−1,733.3Shareholders’ equity1,099.0Debt to equity1.87Fiscal year 2023Cash367.8Total debt1,858.2Net cash (debt)−1,490.4Shareholders’ equity1,418.4Debt to equity1.31Fiscal year 2024Cash287.8Total debt2,032.0Net cash (debt)−1,744.2Shareholders’ equity1,289.9Debt to equity1.58Fiscal year 2025Cash138.0Total debt1,510.4Net cash (debt)−1,372.4Shareholders’ equity828.4Debt to equity1.82
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 127.3 138.3 161.2 157.1 631.7 502.3 324.5 367.8 287.8 138.0
Total debt 1,141.9 913.0 1,962.6 1,693.5 1,450.7 1,800.7 2,057.8 1,858.2 2,032.0 1,510.4
Net cash (debt) −1,014.6 −774.7 −1,801.4 −1,536.4 −819.0 −1,298.4 −1,733.3 −1,490.4 −1,744.2 −1,372.4
Shareholders’ equity 867.0 931.7 867.0 1,108.2 1,144.8 1,224.3 1,099.0 1,418.4 1,289.9 828.4
Debt to equity 1.32 0.98 2.26 1.53 1.27 1.47 1.87 1.31 1.58 1.82

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
4,516.6 5,428.5 6,078.5 6,782.5 6,281.4 7,439.2 8,589.0 8,934.4 7,175.4 7,152.0
Growth +20.2% +12.0% +11.6% −7.4% +18.4% +15.5% +4.0% −19.7% −0.3%
3,411.0 4,103.8 4,577.3 5,133.7 4,745.7 5,688.3 6,629.5 6,974.5 5,708.6 5,783.3
1,105.6 1,324.7 1,501.2 1,648.8 1,535.7 1,750.9 1,959.5 1,959.9 1,466.8 1,368.7
Growth +19.8% +13.3% +9.8% −6.9% +14.0% +11.9% +0.0% −25.2% −6.7%
185.1 238.3 259.7 292.9 288.1 328.7 366.7 374.3 336.9 371.9
306.4 331.2 349.7 393.9 296.1 305.8 355.9 422.8 436.5 541.8
350.3 359.7 487.4 483.7 521.0 712.0 804.5 700.9 290.6 −348.7
Growth +2.7% +35.5% −0.8% +7.7% +36.7% +13.0% −12.9% −58.5% −220.0%
313.3 318.8 429.2 407.8 450.4 628.7 761.4 620.4 140.8 −532.7
100.3 146.3 93.9 83.9 89.9 132.1 158.0 117.7 29.6 −67.9
212.9 172.5 335.3 324.0 124.8 493.9 447.1 502.8 110.8 −465.5
Growth −19.0% +94.4% −3.4% −61.5% +295.8% −9.5% +12.5% −78.0% −520.1%
Per share
3.31 2.74 5.36 5.27 2.02 8.06 7.54 8.80 1.96 −8.18
3.27 2.69 5.24 5.20 1.99 7.88 7.44 8.71 1.95 −8.18
Growth −17.7% +94.8% −0.8% −61.7% +296.0% −5.6% +17.1% −77.6% −519.5%
64.3 62.9 62.5 61.4 61.9 61.3 59.3 57.1 56.5 56.9
65.2 64.2 63.9 62.3 62.6 62.7 60.1 57.7 56.8 56.9
Growth −1.5% −0.4% −2.5% +0.5% +0.2% −4.1% −4.0% −1.6% +0.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 2.6% a year over five years.
  • The diluted share count fell 9.1% in five years, so buybacks did some of the work per share.
  • Operating margin is down 13.2 points on five years ago, at -4.9%.
  • A net loss in 1 of 10 years on file.