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Polaris Inc. (PII)

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Polaris Inc. (PII) reported revenue of $2.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.2% on the same quarter a year earlier. Net income was $106 million, and diluted earnings per share $1.82. The figures are the company's own, from the 10-Q it filed with the SEC on 28 July 2026.

Revenue$2.0 billionup 9.2%
Net income$106 million
Diluted EPS$1.82
QuarterQ2 FY2026ended 30 June 2026

Polaris (PII) in brief

Polaris (PII) reported revenue of $7.2 billion for fiscal 2025, the year ended 31 December 2025, down 0.3% on the year before.
Read moreNet loss was $466 million and the diluted loss per share $8.18. Revenue was $7.2 billion in fiscal 2024, $8.9 billion in fiscal 2023, $8.6 billion in fiscal 2022 and $7.4 billion in fiscal 2021. Net income in the same years was $111 million, $503 million, $447 million and $494 million. Over the twelve months to 30 June 2026, Polaris reported revenue of $7.4 billion and net loss of $260 million. Revenue grew 2.6% a year, compounded, over the five years to fiscal 2025. Polaris declared $2.70 a share in dividends over the last four quarters and had 57 million shares outstanding at the latest filed count. At 30 June 2026 it carried $1.9 billion of debt and $302 million of cash. At the close of 8 October 2026 the market cap of Polaris was $3.0 billion.

Ratios

From the filings

ROE-31.1%
ROCE-6.9%
Operating margin-2.6%
Net margin-3.5%
FCF margin0.9%
Interest cover-1.48
Debt to equity2.29
Cash conversionn/a
Share count, 1 year1.2%
Sales CAGR, 3 years-5.9%
Profit CAGR, 3 yearsn/a
EPS, TTM-$4.63

At the close of 8 October 2026

Price$52.81
Market cap$3.0 billion
Stock P/En/a
Price to book3.59
EV / EBITDA58.69
Dividend yield5.1%
Market cap / sales0.40
52-week high$74.70
52-week low$47.88
Price, 1 year-17.9%
Price CAGR, 3 years-18.7%
Price CAGR, 5 years-16.2%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on the one borrowings figure Polaris Inc. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.
PIIgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on PII

Filings18 in twelve months: 9 current reports (8-K), about 5 results of operations; 4 officer or director change; 1 shareholder vote; 1 other events; 1 material impairment
Planned insider sales5 Form 144 notices in twelve months, $4.2 million; latest 12 February 2026
Options tapeput/call 0.7 by open interest at the 8 October 2026 close; the straddle prices a 6.5% move to 16 October 2026
13F holders9 of the followed funds hold it; largest Geode Capital Management; 6 Schedule 13D or 13G filings in twelve months
Insider trading8 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest4.4 million shares short, 6.54 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,2492,2891,7361,9611,7221,7551,5361,8531,8421,9221,6592,023
Cost of revenue1,7401,8121,4061,5371,3681,3981,2911,4941,4611,5381,3241,544
Gross profit509477330424355358245359380384335478
Gross margin23%21%19%22%21%20%16%19%21%20%20%24%
R&D91.892.887.886.884.178.282.990.392.810682.393.6
Operating income20114339.012066.165.8-36.1-12.920.4-320-39.1149
Operating margin9%6%2%6%4%4%-2%-1%1%-17%-2%7%
Interest expense32.532.831.934.636.234.334.133.233.131.030.433.7
Pre-tax income1821217.785.935.012.2-71.1-92.6-12.1-357-57.7133
Tax rate17%14%49%20%21%11%n/an/an/an/an/a20%
Net income1521033.868.727.710.6-66.8-79.3-15.8-304-47.4106
Net margin7%5%0%4%2%1%-4%-4%-1%-16%-3%5%
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
Operating cash flow28.1550-10514621.020683.2320159179-320230
Capital expenditure10610172.167.253.469.035.640.542.164.729.744.1
Free cash flow-77.4449-17879.1-32.413747.6280117114-350186
Buybacks58.319.216.066.30.00.42.40.00.00.09.20.1
Dividends paid36.736.737.336.836.637.037.537.637.937.338.738.9
Shares outstanding56m56m56m56m56m56m56m56m56m56m57m57m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014FY2015FY2016 †FY2017 †FY2018FY2019 †FY2020 †FY2021 †FY2022FY2023FY2024FY2025TTM
Revenue4,4804,7194,5175,4286,0796,7836,2817,4398,5898,9347,1757,1527,445
Cost of revenue3,1603,3803,4114,1044,5775,1344,7465,6886,6306,9745,7095,7835,867
Gross profit1,3191,3391,1061,3251,5011,6491,5361,7511,9601,9601,4671,3691,578
Gross margin29.4%28.4%24.5%24.4%24.7%24.3%24.4%23.5%22.8%21.9%20.4%19.1%21.2%
Research and development148166185238260293288329367374337372375
Operating income715716350360487484521712804701291-349-190
Operating margin16.0%15.2%7.8%6.6%8.0%7.1%8.3%9.6%9.4%7.8%4.0%-4.9%-2.6%
Interest expense11.211.516.332.257.077.666.744.271.7125137131128
Pre-tax income699686313319429408450629761620141-533-293
Income tax24523010014694.083.989.913215811829.6-67.9-33.7
Effective tax rate35.1%33.6%32.0%45.9%21.9%20.6%20.0%21.0%20.8%19.0%21.0%n/an/a
Net income454455213172335324125494447503111-466-260
Net margin10.1%9.6%4.7%3.2%5.5%4.8%2.0%6.6%5.2%5.6%1.5%-6.5%-3.5%
Diluted EPS$6.65$6.75$3.27$2.69$5.24$5.20$1.99$7.88$7.44$8.71$1.95-$8.18-$4.63
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Off Road6,9845,7075,71379.9%
On Road1,18598892613.0%
Marine7654815127.2%
Off RoadOn RoadMarine
8,934FY20237,175FY20247,152FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Wholegoods7,1225,4695,28073.8%
PG&A1,8121,7061,87226.2%
WholegoodsPG&A
8,934FY20237,175FY20247,152FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States7,1225,6295,66279.2%
EMEA88680379011.0%
Canada5844464205.9%
APLA3422972803.9%
United StatesEMEACanadaAPLA
8,934FY20237,175FY20247,152FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014FY2015FY2016 †FY2017 †FY2018FY2019 †FY2020 †FY2021 †FY2022FY2023FY2024FY2025TTM
Operating cash flow5294405905854776551,019294509926268741248
Capital expenditure205249209184225251204283307413262183181
Free cash flow32419138040125240481410.92025136.555866.9
Free cash flow margin7.2%4.0%8.4%7.4%4.1%6.0%13.0%0.1%2.4%5.7%0.1%7.8%0.9%
Cash from investing-247-289-909-151-959-239-151-304-325-462-271-140-233
Cash from financing-223-120314-428523-412-415-108-363-431-59.2-693-36.3
Depreciation and amortisation128152168191211235236216233259286286269
Share-based compensation63.261.957.950.164.075.065.360.662.957.449.259.959.4
Buybacks81.829424690.53498.450.346250517982.72.49.3
Dividends paid127139140145149149152153150147148150153
Dividend per share$1.92$2.12$2.20$2.32$2.40$2.44$2.48$2.52$2.56$2.60$2.64$2.68$2.70
Diluted shares, weighted68m67m65m64m64m62m63m63m60m58m57m57m58m
Shares outstanding at period end66m65m63m63m61m61m62m60m57m56m56m56m57m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015FY2016 †FY2017 †FY2018FY2019 †FY2020 †FY2021 †FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity8619818679328671,1081,1441,2241,0991,4181,290828836
Non-controlling interestn/an/an/an/a0.30.20.32.02.52.44.24.54.5
Redeemable equity13.59.68.711.76.813.612.311.212.610.36.46.74.3
Debt2004261,1128831,8631,6001,3651,7261,9911,8582,0321,5101,916
Operating lease liabilitiesn/an/an/an/an/a77.992.371.387.011599.797.183.2
Finance lease liabilitiesn/an/an/an/a16.114.814.712.19.98.66.55.4n/a
Other liabilities1,0009711,1121,2631,3721,6162,0042,0012,0162,1032,0862,4412,354
Total liabilities and equity2,0752,3873,1003,0904,1254,4314,6335,0485,2185,5165,5254,8945,199
Owned
Fixed assets5556517287478439008899281,0181,2021,1871,031976
Goodwill123131422433647660397391386394394349349
Intangible assets101105371347871830686544524512543451442
Cash and equivalents138155127138161157632502324368288138302
Receivables205151175200197190257228343306192238285
Inventory5667107477849701,1211,1781,5111,8961,8101,7421,4121,566
Other assets3874855304394365725949447259241,1811,2751,281
Total assets2,0752,3873,1003,0904,1254,4314,6335,0485,2185,5165,5254,8945,199
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded4.2%2.6%-5.9%8.4%
Profit growth, compoundedn/an/an/an/a
Return on equity, average19.1%13.8%-4.1%-56.2%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Automobiles and Trucks

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Aptiv plc APTV$9.2 billion41.712.5%5.3%-5.4%0.610.0%
XPeng Inc. XPEV *$9.1 billionn/a-3.8%-3.6%87.7%0.42n/a
Allison Transmission Holdings Inc. ALSN$9.0 billion17.3526.7%19.6%37.6%2.071.0%
NIO Inc. NIO *$8.5 billionn/a-374.3%-16.0%33.1%3.36n/a
Autoliv Inc. ALV$8.1 billion13.0825.8%9.2%5.9%0.682.8%
Oshkosh Corp. OSK$7.9 billion14.5712.3%7.5%2.2%0.131.6%
Terex Corp. TEX$6.0 billion26.713.0%5.7%29.2%0.541.3%
Lear Corp. LEA$5.8 billion11.0510.7%3.7%3.5%0.520.6%
Gentex Corp. GNTX$4.5 billion11.1916.0%19.3%10.1%0.002.3%
Thor Industries Inc. THO$3.4 billion19.504.2%n/a0.3%0.203.1%
Polaris Inc. PII$3.0 billionn/a-31.1%-2.6%8.4%2.295.1%
Visteon Corp. VC$2.3 billion11.268.9%n/a-1.1%0.180.4%
All 22 in Automobiles and Trucks
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Tesla, Inc. TSLA$1.48 trillion347.224.4%4.2%11.8%0.09n/a
Toyota Motor Corp. TM *$220.3 billion9.949.6%7.4%5.5%1.083.7%
General Motors Co. GM$72.1 billion41.543.1%1.0%-1.1%2.060.7%
Ferrari N.V. RACE *$68.8 billion38.4940.9%29.5%7.0%0.740.9%
Paccar Inc. PCAR$57.7 billion23.0412.3%n/a-10.6%0.722.5%
Ford Motor Co. F$48.8 billionn/a-20.7%-3.7%1.5%4.516.1%
Honda Motor Co. Ltd. HMC *$42.1 billionn/a-3.6%-1.9%0.5%1.144.5%
Stellantis N.V. STLA *$13.1 billionn/a-41.8%-17.1%-2.1%0.8616.9%
Borgwarner Inc. BWA$12.6 billion30.867.4%5.0%2.2%0.690.9%
Li Auto Inc. LI *$11.1 billion68.221.5%-0.5%-22.3%0.13n/a
Aptiv plc APTV$9.2 billion41.712.5%5.3%-5.4%0.610.0%
XPeng Inc. XPEV *$9.1 billionn/a-3.8%-3.6%87.7%0.42n/a
Allison Transmission Holdings Inc. ALSN$9.0 billion17.3526.7%19.6%37.6%2.071.0%
NIO Inc. NIO *$8.5 billionn/a-374.3%-16.0%33.1%3.36n/a
Autoliv Inc. ALV$8.1 billion13.0825.8%9.2%5.9%0.682.8%
Oshkosh Corp. OSK$7.9 billion14.5712.3%7.5%2.2%0.131.6%
Terex Corp. TEX$6.0 billion26.713.0%5.7%29.2%0.541.3%
Lear Corp. LEA$5.8 billion11.0510.7%3.7%3.5%0.520.6%
Gentex Corp. GNTX$4.5 billion11.1916.0%19.3%10.1%0.002.3%
Thor Industries Inc. THO$3.4 billion19.504.2%n/a0.3%0.203.1%
Polaris Inc. PII$3.0 billionn/a-31.1%-2.6%8.4%2.295.1%
Visteon Corp. VC$2.3 billion11.268.9%n/a-1.1%0.180.4%
No other company here shares its SEC industry code (Miscellaneous Transportation Equipment); these are the names nearest in size in its wider industry, Automobiles and Trucks, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202628 July 2026EDGAR
10-Q31 March 202628 April 2026EDGAR
10-K31 December 202513 February 2026EDGAR
10-Q30 September 202528 October 2025EDGAR
10-Q30 June 202529 July 2025EDGAR
10-Q31 March 202530 April 2025EDGAR
10-K31 December 202418 February 2025EDGAR
10-Q30 September 202422 October 2024EDGAR
10-Q30 June 202423 July 2024EDGAR
10-Q31 March 202423 April 2024EDGAR

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