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PII

Polaris Inc.

PII

Polaris Inc. • NYSE
$66.36 ▼ -0.05% (-0.03)
Market Cap $3.73 B
52w High $75.25
52w Low $30.92
Dividend Yield 2.67%
P/E -25.04
Volume 466.41K
Outstanding Shares 56.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.842B ▼ $316M ▼ $-15.8M ▲ -0.858% ▲ $-0.28 ▲ $94.1M ▲
Q2-2025 $1.853B ▲ $321.8M ▲ $-79.3M ▼ -4.28% ▲ $-1.39 ▼ $13.9M ▼
Q1-2025 $1.536B ▼ $279.2M ▼ $-66.8M ▼ -4.35% ▼ $-1.17 ▼ $36.9M ▼
Q4-2024 $1.755B ▲ $304.7M ▲ $10.6M ▼ 0.604% ▼ $0.19 ▼ $126.8M ▼
Q3-2024 $1.722B $282.7M $27.7M 1.608% $0.49 $147.1M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $335.5M ▲ $5.305B ▼ $4.145B ▼ $1.149B ▼
Q2-2025 $324.3M ▲ $5.388B ▼ $4.199B ▼ $1.185B ▼
Q1-2025 $291.7M ▲ $5.45B ▼ $4.22B ▼ $1.226B ▼
Q4-2024 $287.8M ▼ $5.525B ▼ $4.231B ▼ $1.29B ▼
Q3-2024 $291.3M $5.63B $4.284B $1.341B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-15.7M ▲ $158.8M ▼ $-17.1M ▲ $-130.3M ▲ $11.6M ▼ $116.7M ▼
Q2-2025 $-79M ▼ $320.3M ▲ $-31.4M ▼ $-272M ▼ $32.8M ▲ $279.8M ▲
Q1-2025 $-66.8M ▼ $83.2M ▼ $-28.3M ▲ $-56.9M ▲ $4.1M ▲ $47.6M ▼
Q4-2024 $10.8M ▼ $206.3M ▲ $-52.7M ▼ $-142M ▼ $-3.4M ▲ $137.3M ▲
Q3-2024 $27.6M $21M $-52.4M $-4.6M $-31.2M $-47.3M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
PGA
PGA
 $420.00M ▲$410.00M ▼$450.00M ▲$510.00M ▲
Wholegoods
Wholegoods
 $1.33Bn ▲$1.13Bn ▼$1.41Bn ▲$1.34Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the multi‑year period but appears to have peaked recently and then stepped back, showing how sensitive Polaris is to the economic cycle and dealer inventory corrections. Profitability was solid a few years ago but has narrowed meaningfully, with operating and net income now much thinner than at the prior peak. This suggests more discounting, higher costs, or less favorable product mix pressuring margins. Overall, it still looks like a profitable business, but currently in a weaker earnings phase compared to its recent history.

Balance Sheet

Balance Sheet The balance sheet has expanded moderately over time, but not dramatically, which fits a mature, established manufacturer. Debt has crept higher while equity has stayed roughly steady, meaning leverage has risen and the company relies more on borrowing than it used to. Cash on hand has trended down from earlier, leaving less of a cushion than during stronger periods, though not alarmingly low. In short, the balance sheet looks serviceable but less conservative than it once was, with more dependence on debt funding.

Cash Flow

Cash Flow Cash generation has been quite up‑and‑down, reflecting swingy demand, inventory moves, and the timing of dealer orders. Some years produced very strong operating cash flow and healthy free cash flow, while others, including the most recent period, were much weaker with very little cash left after investment spending. Capital spending itself has been consistently sizable, signaling ongoing investment in plants, tools, and new products, but this also pressures free cash flow when earnings soften. The pattern points to a business that can throw off cash in good years but is not consistently cash‑rich across the cycle.

Competitive Edge

Competitive Edge Polaris holds a strong position in powersports with well‑known brands across off‑road vehicles, snowmobiles, and heavyweight motorcycles, plus a meaningful presence in defense and commercial applications. Its wide dealer network, brand loyalty, and broad product range create real barriers for smaller or newer competitors. Manufacturing know‑how, a flexible supply chain, and the ability to reuse core technologies across consumer, commercial, and military lines further support its moat. The flip side is that the company still faces intense competition from other global powersports and motorcycle manufacturers and remains exposed to discretionary spending cycles and weather‑driven demand.

Innovation and R&D

Innovation and R&D Polaris has leaned heavily into technology, especially with its RIDE COMMAND and RIDE COMMAND+ platforms, which turn vehicles into connected, data‑rich products and deepen customer engagement. The long‑term partnership with Zero Motorcycles underpins a serious push into electric powersports, already visible in electric utility side‑by‑sides and with ambitions to electrify more of the lineup. Defense projects, including optionally manned and potentially autonomous off‑road vehicles, showcase advanced engineering that could eventually spill over into consumer models. The main watchpoints are execution risk in electrification, the pace of customer adoption, and ensuring that R&D and capital spending stay well aligned with the company’s more cyclical earnings base.

Summary

Polaris looks like a mature powersports leader that is currently in a softer earnings period after several stronger years. Its financials show a business that is still profitable but facing margin pressure, somewhat higher leverage, and uneven cash generation, all consistent with cyclical, discretionary products. At the same time, it retains a strong competitive position built on brands, dealers, and manufacturing depth, and is actively investing in connected vehicles, electrification, and defense technologies. The long‑term story hinges on how well it can translate those innovations into renewed growth and more resilient profitability while managing the normal ups and downs of the powersports cycle.

NEWS

November 24, 2025 · 8:00 AM UTC

Applied Digital Completes Phase II Ready for Service at Polaris Forge 1, Fully Energizing First 100 MW Building

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November 19, 2025 · 9:03 AM UTC

GODFREY PONTOONS LAUNCHES REDESIGNED MONACO AND SANPAN FOR 2026

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November 19, 2025 · 3:53 AM UTC

KHB Highlights the Polaris V150 Automatic Chemiluminescence Immunoassay Analyzer at MEDICA 2025

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November 17, 2025 · 5:01 PM UTC

CAYDEN MACCACHREN'S RELENTLESS PERFORMANCE CLAIMS BAJA 1000 WIN, SECURES SCORE DESERT SERIES SWEEP FOR POLARIS RZR FACTORY RACING

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November 13, 2025 · 10:03 AM UTC

Polaris Donates More Than $135,000 to Off-Road and Snow Organizations Through Its Fall 2025 TRAILS GRANTS

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