Polaris Inc. (PII) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.71	$1.97	+177.5%	—	—	—
Q4 26	-$0.4	$0.13	+132.5%	—	—	—
Q3 26	$0.04	$0.08	+100.0%	—	—	—
Q2 26	$0.23	$0.41	+78.3%	—	—	—
Q1 26	-$0.02	$0.4	+2100.0%	—	—	—
Q4 25	-$0.91	-$0.9	+1.1%	—	—	—
Q3 25	$0.9	$0.92	+2.2%	—	—	—
Q2 25	$0.91	$0.73	-19.8%	—	—	—
Q1 25	$2.26	$1.38	-38.9%	—	—	—
Q4 24	$0.09	$0.23	+155.6%	—	—	—
Q3 24	$2.6	$1.98	-23.8%	—	—	—
Q2 24	$2.7	$2.71	+0.4%	—	—	—
Q1 24	$2.23	$2.42	+8.5%	—	—	—
Q4 23	$1.71	$2.05	+19.9%	—	—	—
Q3 23	$3.26	$3.46	+6.1%	—	—	—
Q2 23	$2.78	$3.25	+16.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$8.18	—	—	$7.2B	—
FY24	—	$1.96	—	—	$7.2B	—
FY23	—	$8.8	—	—	$8.9B	—
FY22	—	$7.54	—	—	$8.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.5B	$5.4B	$6.1B	$6.8B	$7B	$7.4B	$8.6B	$8.9B	$7.2B	$7.2B
YoY change	-4.29%	+20.2%	+12%	+11.6%	+3.62%	+5.85%	+15.5%	+4.02%	-19.7%	-0.33%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.5B	5.4B	6.1B	6.8B	7B	7.4B	8.6B	8.9B	7.2B	7.2B
Cost of revenue	3.4B	4.1B	4.6B	5.1B	5.3B	5.7B	6.6B	7B	5.7B	5.8B
Gross profit	1.1B	1.3B	1.5B	1.6B	1.7B	1.8B	2B	2B	1.5B	1.4B
Gross margin	24.5%	24.4%	24.7%	24.3%	24.3%	23.5%	22.8%	21.9%	20.4%	19.1%
Research & development	185.1M	238.3M	259.7M	292.9M	295.6M	328.7M	366.7M	374.3M	336.9M	371.9M
Selling, general & administrative	648.7M	803M	841.5M	953.1M	903.5M	764M	836.7M	965.1M	936.9M	1B
Operating expenses	755.3M	965M	1B	1.2B	1.1B	1B	1.2B	1.3B	1.2B	1.3B
Operating income	350.3M	359.7M	487.4M	483.7M	591.5M	712M	804.5M	700.9M	290.6M	34.3M
Operating margin	7.76%	6.63%	8.02%	7.13%	8.42%	9.57%	9.37%	7.84%	4.05%	0.48%
Non-operating income, net	-20.7M	-8.7M	-1.2M	1.7M	-383.4M	-39.1M	28.6M	44.5M	-12.8M	-435.6M
Pretax 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	93.9M	83.9M	16.5M	132.1M	158M	117.7M	29.6M	-67.9M
Net income	212.9M	172.5M	335.3M	323.9M	124.9M	494.3M	447.6M	502.7M	111.2M	-464.8M
Net margin	4.71%	3.18%	5.52%	4.78%	1.78%	6.64%	5.21%	5.63%	1.55%	-6.5%
EBITDA	497.1M	542.1M	697.2M	719.9M	848M	926.1M	1.1B	1B	564.1M	268.2M
EPS	3.31	2.74	5.36	5.27	2.02	8.06	7.54	8.8	1.96	-8.18
Diluted EPS	3.27	2.69	5.24	5.2	1.99	7.88	7.44	8.71	1.95	-8.18

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.2B	2.3B	1.7B	2B	1.7B	1.8B	1.5B	1.9B	1.8B	1.9B	1.7B	2B
Cost of revenue	1.7B	1.8B	1.4B	1.5B	1.4B	1.4B	1.3B	1.5B	1.5B	1.5B	1.3B	1.5B
Gross profit	508.8M	476.9M	330.3M	424M	354.6M	357.9M	245M	359.2M	380.3M	384.2M	334.8M	478.3M
Gross margin	22.6%	20.8%	19%	21.6%	20.6%	20.4%	16%	19.4%	20.7%	20%	20.2%	23.6%
Research & development	91.8M	92.8M	87.8M	86.8M	84.1M	78.2M	82.9M	90.3M	92.8M	105.9M	82.3M	93.6M
Selling, general & administrative	236.4M	263.9M	225.4M	243M	228.5M	240M	220.3M	252M	244.5M	330M	276.1M	255.2M
Operating expenses	307.7M	334.2M	291.3M	304.3M	288.5M	292.1M	281.1M	319.5M	317.6M	416.2M	342.3M	332M
Operating income	201.1M	142.7M	39M	119.7M	66.1M	65.8M	-36.1M	39.7M	62.7M	-32M	-7.5M	146.3M
Operating margin	8.94%	6.23%	2.25%	6.1%	3.84%	3.75%	-2.35%	2.14%	3.4%	-1.67%	-0.45%	7.23%
Non-operating income, net	13.1M	10.9M	600K	800K	5.1M	-19.3M	-900K	-99.1M	-41.7M	-293.9M	-19.8M	20.8M
Pretax income	181.7M	120.8M	7.7M	85.9M	35M	12.2M	-71.1M	-92.6M	-12.1M	-356.9M	-57.7M	133.4M
Income tax	30.2M	17.5M	3.8M	17M	7.4M	1.4M	-4.4M	-13.5M	3.6M	-53.6M	-10.5M	26.8M
Net income	151.5M	103.3M	3.9M	68.9M	27.6M	10.8M	-66.7M	-79.1M	-15.7M	-303.3M	-47.2M	106.6M
Net margin	6.74%	4.51%	0.22%	3.51%	1.6%	0.62%	-4.34%	-4.27%	-0.85%	-15.8%	-2.85%	5.27%
EBITDA	280.6M	225.6M	102.5M	190M	145.6M	126M	36.4M	66.1M	135.9M	29.8M	67.5M	229.9M
EPS	2.66	1.82	0.07	1.21	0.49	0.19	-1.17	-1.39	-0.28	-5.34	-0.83	1.85
Diluted EPS	2.62	1.81	0.07	1.21	0.49	0.19	-1.17	-1.39	-0.28	-5.34	-0.83	1.82

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.3B	7.8B	4.8B	6.2B	5.9B	6.7B	6B	5.4B	3.3B	3.6B	3B
Enterprise value	6.3B	8.6B	6.6B	7.9B	6.8B	8.1B	7.8B	7.1B	5.2B	5.1B	4.8B
Shares outstanding	64.3M	62.9M	62.5M	61.4M	61.9M	61.3M	59.3M	57.1M	56.5M	56.9M	56.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	24.9	45.2	14.3	19.3	47.2	13.6	13.4	10.8	29.3	—	80.8
P/S	1.17	1.44	0.79	0.92	0.84	0.91	0.7	0.61	0.45	0.5	0.4
P/B	6.11	8.37	5.53	5.64	5.15	5.49	5.44	3.81	2.52	4.32	3.61
EV/EBITDA	12.7	15.8	9.46	11	8.07	8.78	7.35	7.07	9.16	19.1	9.71
EV/Sales	1.4	1.58	1.08	1.16	0.97	1.09	0.91	0.79	0.72	0.72	0.64
Earnings yield	4.02%	2.21%	6.99%	5.18%	2.12%	7.34%	7.47%	9.29%	3.42%	—	1.24%
FCF yield	7.18%	5.14%	5.25%	6.46%	13.6%	0.16%	3.37%	9.48%	-1.73%	15.5%	9.31%
PEG	—	—	—	—	—	—	—	—	—	—	-0.35

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24.5%	24.4%	24.7%	24.3%	24.3%	23.5%	22.8%	21.9%	20.4%	19.1%	23.6%
Operating margin	7.76%	6.63%	8.02%	7.13%	8.42%	9.57%	9.37%	7.84%	4.05%	0.48%	7.17%
Net margin	4.71%	3.18%	5.52%	4.78%	1.78%	6.64%	5.21%	5.63%	1.55%	-6.5%	-3.46%
ROE	24.6%	18.5%	38.7%	29.2%	10.9%	40.3%	40.6%	35.4%	8.59%	-55.8%	-25.6%
ROA	6.87%	5.58%	8.13%	7.31%	2.7%	9.79%	8.58%	9.11%	2.01%	-9.5%	2.64%
ROIC	12.7%	11.4%	14.3%	13.9%	25%	21.5%	21.6%	18.3%	7.16%	1.45%	6.52%
Return on tangible assets	14.1%	11.3%	30.8%	22.3%	5.07%	15.6%	13.2%	13.6%	3.04%	-14.1%	-7.17%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.24	1.11	1.24	1.06	1.17	1.15	1.19	1.39	1.15	0.98	1.2
Quick ratio	0.46	0.42	0.43	0.33	0.55	0.47	0.37	0.46	0.39	0.35	0.47
Debt / equity	1.32	0.98	2.26	1.63	1.38	1.54	1.97	1.44	1.7	2	2.45
Debt / assets	0.37	0.3	0.48	0.41	0.34	0.37	0.42	0.37	0.4	0.34	0.4
Net debt / EBITDA	2.04	1.43	2.58	2.29	1.11	1.5	1.73	1.68	3.39	5.69	3.8
Interest coverage	20.2	10.9	8.53	6.26	3.12	15.2	11.6	5.96	2.03	-3.05	-1.29
Effective tax rate	32%	45.9%	21.9%	20.6%	11.7%	21%	20.8%	19%	21%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	70.2	86.3	97.2	110.4	113.5	121.4	144.8	156.5	127	125.7	131.5
EPS (basic)	3.31	2.74	5.36	5.27	2.02	8.06	7.54	8.8	1.96	-8.18	-8.18
EPS (diluted)	3.27	2.69	5.24	5.2	1.99	7.88	7.44	8.71	1.95	-8.18	-4.6
Book value per share	13.5	14.8	13.9	18	18.5	20	18.6	24.9	22.9	14.6	14.7
FCF per share	5.92	6.37	4.03	6.57	13	0.18	3.41	8.99	-0.99	9.81	1.15
Cash per share	1.98	2.2	2.58	2.56	10.3	8.19	5.47	6.44	5.09	2.43	5.31
Capex per share	3.25	2.93	3.61	4.09	3.46	4.61	5.17	7.23	4.63	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.63%	3.4%	3.71%	3.71%	3.04%	3.8%	3.57%	4.62%	3.65%	—	—
Capex / operating cash flow	47.4%	38.2%	48.9%	44.7%	35.3%	86.4%	74.6%	56.6%	88.3%	—	—
Payout ratio	65.9%	84.3%	44.4%	46%	122.1%	31%	33.5%	29.3%	132.8%	-32.3%	373.2%
Dividend yield	2.65%	1.86%	3.11%	2.39%	2.59%	2.28%	2.5%	2.72%	4.54%	4.18%	5.2%

Yield

5.2%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.68

ex-dividend Sep 1, 2026

Payout ratio

373%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.68
Jun 1, 2026	$0.68
Mar 2, 2026	$0.68

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.2B	$2.3B	$1.7B	$2B	$1.7B	$1.8B	$1.5B	$1.9B	$1.8B	$1.9B	$1.7B	$2B
YoY change	-3.92%	-4.78%	-20.3%	-11.5%	-23.4%	-23.3%	-11.6%	-5.53%	+6.92%	+9.49%	+8%	+9.18%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	127.3M	138.3M	161.2M	157.1M	634.7M	502.3M	324.5M	367.8M	287.8M	138M
Receivables	174.8M	200.1M	197.1M	190.4M	257.2M	227.9M	343M	306.4M	192.3M	237.5M
Inventory	746.5M	784M	969.5M	1.1B	1.2B	1.5B	1.9B	1.8B	1.7B	1.4B
Total current assets	1.2B	1.3B	1.5B	1.6B	2.2B	2.6B	2.8B	2.7B	2.6B	2.2B
Property, plant & equipment	727.6M	747.2M	2.1B	1B	2.5B	1B	1.1B	1.3B	1.3B	1.2B
Goodwill & intangibles	1.6B	1.6B	3B	3B	2.2B	1.9B	1.8B	1.8B	1.9B	1.6B
Total assets	3.1B	3.1B	4.1B	4.4B	4.6B	5B	5.2B	5.5B	5.5B	4.9B
Accounts payable	273.7M	317.4M	346.3M	450.2M	782.2M	776M	847.6M	713.1M	562.8M	762.5M
Short-term debt	3.8M	47.7M	66.5M	201.6M	176.8M	572.7M	577.7M	83.5M	463.1M	62.9M
Total current liabilities	959.8M	1.1B	1.2B	1.5B	1.9B	2.2B	2.3B	1.9B	2.3B	2.2B
Long-term debt	1.1B	865.3M	1.9B	1.6B	1.4B	1.3B	1.6B	2B	1.7B	1.6B
Total liabilities	2.2B	2.2B	3.3B	3.3B	3.5B	3.8B	4.1B	4.1B	4.2B	4.1B
Shareholders' equity	867M	931.7M	867M	1.1B	1.1B	1.2B	1.1B	1.4B	1.3B	832.9M
Total debt	1.1B	913M	2B	1.8B	1.6B	1.9B	2.2B	2.1B	2.2B	1.7B
Net debt	1B	774.7M	1.8B	1.6B	943M	1.4B	1.8B	1.7B	1.9B	1.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	335.5M	138M	282M	302.1M
Receivables	—	—	—	—	—	—	—	—	230.3M	237.5M	249M	284.9M
Inventory	—	—	—	—	—	—	—	—	1.7B	1.4B	1.6B	1.6B
Total current assets	—	—	—	—	—	—	—	—	2.6B	2.2B	2.6B	2.6B
Property, plant & equipment	—	—	—	—	—	—	—	—	1.2B	1.2B	1.1B	1.1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	1.7B	1.6B	1.6B	1.6B
Total assets	—	—	—	—	—	—	—	—	5.3B	4.9B	5.2B	5.2B
Accounts payable	—	—	—	—	—	—	—	—	808.8M	762.5M	833.5M	883M
Short-term debt	—	—	—	—	—	—	—	—	463.4M	62.9M	59.3M	59.9M
Total current liabilities	—	—	—	—	—	—	—	—	2.5B	2.2B	2.1B	2.1B
Long-term debt	—	—	—	—	—	—	—	—	1.4B	1.6B	2.1B	2B
Total liabilities	—	—	—	—	—	—	—	—	4.2B	4.1B	4.5B	4.4B
Shareholders' equity	—	—	—	—	—	—	—	—	1.2B	832.9M	755.1M	841M
Total debt	—	—	—	—	—	—	—	—	1.9B	1.7B	2.2B	2.1B
Net debt	—	—	—	—	—	—	—	—	1.5B	1.5B	1.9B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	212.9M	172.5M	335.3M	323.9M	124.9M	496.6M	603.4M	502.7M	111.2M	-464.8M
Depreciation & amortization	167.5M	191.1M	211M	234.5M	260.7M	216.4M	232.8M	258.9M	286.3M	286.5M
Stock-based compensation	57.9M	50.1M	64M	75M	65.3M	60.6M	62.9M	57.4M	49.2M	59.9M
Change in working capital	49.3M	18.9M	-134.5M	-34.4M	256M	-460.9M	-423.6M	38.9M	-9.9M	370.5M
Operating cash flow	441.4M	482.5M	460.6M	562.2M	606.6M	327.3M	411M	728.8M	296.4M	741M
Capital expenditure	-209.1M	-184.4M	-225.4M	-251.4M	-213.9M	-282.8M	-306.6M	-412.6M	-261.7M	—
Investing cash flow	-953.1M	-208.6M	-998.6M	-270.1M	-251.1M	-348.4M	-349.9M	-499M	-276.4M	-18.1M
Dividends paid	-140.3M	-145.4M	-149M	-149.1M	-152.5M	-153.4M	-150M	-147.3M	-147.7M	-150.3M
Share repurchases	-245.8M	-90.5M	-348.7M	-8.4M	-50.3M	-461.6M	-505M	-178.6M	-82.7M	-2.4M
Financing cash flow	296.8M	-470.4M	476M	-427.5M	-449M	-263.7M	-397.3M	-484.1M	-65.2M	-696.7M
Net change in cash	-214.8M	-196.5M	-62M	-135.4M	-93.5M	-284.8M	-336.2M	-254.3M	-45.2M	26.2M
Free cash flow	380.5M	401M	251.7M	403.7M	804.7M	10.9M	202M	513.2M	-56.2M	558.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	151.5M	103.3M	3.9M	68.9M	27.6M	10.8M	-66.7M	-79.1M	-15.7M	-303.3M	-47.2M	106.6M
Depreciation & amortization	66.4M	72M	62.9M	69.5M	74.4M	79.5M	73.4M	72.9M	72.6M	67.6M	63.2M	65.3M
Stock-based compensation	15.2M	12.6M	12.5M	15.9M	10M	10.8M	12.6M	20.2M	16.3M	10.8M	20.7M	14.2M
Change in working capital	-246.1M	309.8M	-51.9M	-53.6M	-63.9M	159.5M	128.7M	110.7M	42.2M	88.9M	-182.9M	29.6M
Operating cash flow	-39.5M	440.4M	8.7M	69.9M	20.5M	197.3M	141.4M	86.7M	158.8M	178.7M	-320.2M	230.2M
Capital expenditure	-105.5M	-100.9M	-72.1M	-67.2M	-53.4M	-69M	-35.6M	-40.5M	—	—	—	—
Investing cash flow	-155.6M	-174.7M	-72.1M	-67.2M	-53.4M	-78.5M	-35.6M	-40.5M	0	-18.1M	-99.3M	0
Dividends paid	-36.7M	-36.7M	-37.3M	-36.8M	-36.6M	-37M	-37.5M	-37.6M	-37.9M	-37.3M	-38.7M	-38.9M
Share repurchases	-58.3M	-19.2M	-16M	-66.3M	0	-400K	-2.4M	0	0	0	-9.2M	-100K
Financing cash flow	61.7M	-371.8M	112M	-29.2M	-4.8M	-142.6M	-58.3M	-977.4M	-131.1M	-234.4M	504M	-179.4M
Net change in cash	-133.4M	-106.1M	48.6M	-26.5M	-37.7M	-23.8M	47.5M	-931.2M	27.7M	-73.8M	84.5M	50.8M
Free cash flow	-77.4M	448.9M	-177.5M	31.3M	-47.3M	137.3M	47.6M	279.8M	116.7M	114M	-349.9M	186.1M

Date	Ratio
Sep 13, 2011	2:1
Mar 9, 2004	2:1
Oct 18, 1995	3:2
Aug 19, 1993	2:1

Polaris Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history