Polaris Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Polaris Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,517	5,428	6,079	6,783	6,281	7,439	8,589	8,934	7,175	7,152
Cost of revenue	3,411	4,104	4,577	5,134	4,746	5,688	6,630	6,975	5,709	5,783
Gross profit	1,106	1,325	1,501	1,649	1,536	1,751	1,960	1,960	1,467	1,369
Research and development	185	238	260	293	288	329	367	374	337	372
Selling and marketing	342	472	492	559	430	458	481	542	500	505
General and administrative	306	331	350	394	296	306	356	423	437	542
Operating expenses	834	1,041	1,101	1,246	1,095	1,093	1,203	1,339	1,274	1,802
Operating income	350	360	487	484	521	712	805	701	291	-349
Interest expense	16.3	32.2	57	77.6	66.8	44.2	71.7	125	137	131
Other non-operating income	-13.8	-1.95	28.1	6.8	-3.8	-2.3	28.6	44.5	-12.8	-52.6
Pre-tax income	313	319	429	408	450	629	761	620	141	-533
Income tax	100	146	93.9	83.9	89.9	132	158	118	29.6	-67.9
Income from continuing operations					360	496	603	503	111
Net income to minority interests		0	0	-0.1	0.1	0.4	0.5	-0.1	0.4	0.7
Net income	213	172	335	324	125	494	447	503	111	-466
EBITDA	518	551	698	718	757	928	1,037	960	577	-62.2
EPS, basic	3.31	2.74	5.36	5.27	2.02	8.06	7.54	8.80	1.96	-8.18
EPS, diluted	3.27	2.69	5.24	5.20	1.99	7.88	7.44	8.71	1.95	-8.18
Shares, basic (weighted)	64.3	62.9	62.5	61.4	61.9	61.3	59.3	57.1	56.5	56.9
Shares, diluted (weighted)	65.2	64.2	63.9	62.3	62.6	62.7	60.1	57.7	56.8	56.9
Dividend per share	2.20	2.32	2.40	2.44	2.48	2.52	2.56	2.60	2.64	2.68

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	127	138	161	157	632	502	325	368	288	138
Receivables	175	200	197	190	257	228	343	306	192	238
Inventory	747	784	970	1,121	1,178	1,511	1,896	1,811	1,742	1,412
Other current assets	91.6	101	121	126	134	151	184	198	396	367
Total current assets	1,191	1,254	1,486	1,627	2,208	2,559	2,768	2,692	2,632	2,207
Property, plant and equipment	728	747	843	900	889	928	1,018	1,202	1,187	1,031
Lease right-of-use assets				110	125	90.5	111	144	127	121
Goodwill	422	433	647	660	397	391	386	394	394	349
Intangible assets	371	347	871	830	686	544	524	512	543	451
Other non-current assets	106	104	99	99.4	90.2	97.2	107	136	121	78.5
Total assets	3,100	3,090	4,125	4,431	4,633	5,048	5,218	5,516	5,525	4,894
Accounts payable	274	317	346	450	782	776	848	713	563	763
Accrued liabilities						757	897	1,124	1,260	1,355
Deferred revenue	11	18.6	25.8	34.3	37.8	34.7	35.5	35.3	35.6	36.9
Short-term debt	3.85	47.7	66.5	167	142	553	554	54	434	34.8
Total current liabilities	960	1,130	1,197	1,528	1,889	2,230	2,329	1,934	2,293	2,243
Long-term debt	1,138	865	1,896	1,527	1,309	1,247	1,504	1,854	1,638	1,505
Lease liabilities				77.9	92.3	71.3	87	115	99.7	97.1
Other non-current liabilities	90.5	120	123	144	167	177	271	297	293	306
Total liabilities	2,224	2,146	3,251	3,309	3,476	3,810	4,104	4,085	4,225	4,054
Total debt	1,112	883	1,863	1,600	1,365	1,726	1,991	1,858	2,032	1,510
Paid-in capital	650	734	808	893	984	1,144	1,152	1,232	1,266	1,329
Retained earnings	300	243	121	287	218	157	33.8	244	149	-469
Other comprehensive income	-83.8	-45.6	-63	-72.7	-58.4	-77.4	-87.5	-57.5	-126	-32.1
Shareholders' equity	867	932	867	1,108	1,145	1,224	1,099	1,418	1,290	828
Minority interests			0.28	0.2	0.3	2	2.5	2.4	4.2	4.5
Total equity	867	932	867	1,108	1,145	1,226	1,102	1,421	1,294	833
Total liabilities and equity	3,100	3,090	4,125	4,431	4,633	5,048	5,218	5,516	5,525	4,894
Shares outstanding	63.1	63.1	60.9	61.4	61.9	60.4	57	56.5	56.1	56.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	213	172	335	324	125	494	448	503	111	-465
Depreciation and amortization	168	191	211	235	236	216	233	259	286	287
Stock-based compensation	57.9	50.1	64	75	65.3	60.6	62.9	57.4	49.2	59.9
Deferred income tax	-26.1	73.6	23.4	-9.5	-83.7	15.2	-48.9	-86.8	-86.7	-139
Change in receivables	2.03	-17.1	20.7	6.8	-64.6	1.8	-123	49	103	-34.1
Change in inventory	112	-27	-150	-150	-61.3	-490	-391	115	39.5	184
Change in payables	-62.7	39.5	-1	104	324	31.2	71.7	-144	-142	197
Cash from operations	590	585	477	655	1,019	294	509	926	268	741
Capital expenditures	-209	-184	-225	-251	-204	-283	-307	-413	-262	-183
Acquisitions	-724	1.65	-760	-1.8	0	0	42.2	-22.7	0	0
Cash from investing	-909	-151	-960	-239	-151	-304	-325	-462	-271	-140
Debt issued				3,369	1,366	2,424	2,988	2,770	3,695	3,142
Share buybacks	-246	-90.5	-349	-8.4	-50.3	-462	-505	-179	-82.7	-2.4
Dividends paid	-140	-145	-149	-149	-153	-153	-150	-147	-148	-150
Cash from financing	314	-428	523	-412	-415	-108	-363	-431	-59.2	-693
Exchange rate effect	-5.04	9.82	-9.5	-0.8	8.7	-10.6	-10.2	10.7	-18	24.8
Net change in cash	-10.2	16.4	31.5	3.2	461	-128	-189	43.2	-79.9	-66.7
Free cash flow	380	401	252	404	814	10.9	202	513	6.5	558
Interest paid	15.8	30.9	51	77	67	44.8	71.2	121	142	126
Income taxes paid	127	46.3	74	87.8	65.5	124	194	187	124	47.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $53.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.0%	Gross profit / revenue.
Operating margin	-4.8%	Operating income / revenue.
EBITDA margin	-1.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.1%	Pre-tax income / revenue.
Net margin	-6.1%	Net income / revenue.
FCF margin	2.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.6%	Cash from operations / revenue.
Return on equity (ROE)	-59.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.5%	Net income / average total assets.
Return on invested capital (ROIC)	-10.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.1%	Research and development expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-220.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-110.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-520.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-519.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	176.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	8,486.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	40.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-7.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-35.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.21x	Current assets / current liabilities.
Quick ratio	0.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.79x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.9%	Total debt / total assets.
Liabilities / assets	85.5%	Total liabilities / total assets.
Net debt	$1.81B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.75x	Operating income / interest expense.
Working capital	$456.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	15.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$44.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.39x	Revenue / average total assets.
Fixed asset turnover	7.30x	Revenue / average property, plant and equipment.
Inventory turnover	3.71x	Cost of revenue / average inventory.
Days inventory	98 days	365 x average inventory / cost of revenue.
Receivables turnover	29.2x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	59 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	52.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$7.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$126.74	Revenue / diluted weighted shares.
FCF per share	$2.80	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.88	Cash from operations / diluted weighted shares.
Book value per share	$13.19	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.78	Tangible book value / shares outstanding.
Cash per share	$4.96	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	94.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	5.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.02B	Share price x shares outstanding.
Enterprise value	$4.83B	Market cap + total debt - cash - short-term investments.
P/S	0.41x	Market cap / revenue.
P/B	4.02x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	18.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.94x	Market cap / cash from operations, when positive.
EV/Sales	0.66x	Enterprise value / revenue.
EV/FCF	30.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.3%	Free cash flow / market cap.
Earnings yield	-14.8%	Net income / market cap (the inverse of P/E).
Dividend yield	5.0%	Dividends paid over the period / market cap.
Shareholder yield	5.3%	(Dividends paid + share buybacks) / market cap.

What was Polaris Inc.'s revenue in fiscal 2025?

Polaris Inc. reported revenue of $7.15B for fiscal 2025, 0.3% lower than the year before.

Was Polaris Inc. profitable in fiscal 2025?

No. It reported a net loss of $465.5M.

How much free cash flow did Polaris Inc. generate in fiscal 2025?

Cash from operations of $741.0M minus capital expenditures of $182.9M left free cash flow of $558.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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