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Polaris Industries Inc (PII) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER CYCLICAL · RECREATIONAL VEHICLES · DATA UPDATED 2026-08-23

Polaris Industries Inc (PII) operates in the RECREATIONAL VEHICLES industry and is headquartered in Medina, United States with about 14,500 employees. Its market capitalization is roughly $3 billion. In the fiscal year ended 2025-12-31, PII reported $7.2B in revenue and ($466M) in net income.

Polaris Inc. designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off Road, On Road, and Marine.

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PII Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$7.4B	$7.2B	$7.2B	$8.9B	$8.6B	$7.4B	$7.0B	$6.8B	$6.1B	$5.4B	$4.5B	$4.7B	$4.5B	$3.8B	$3.2B	$2.7B	$2.0B	$1.6B	$1.9B	$1.8B	$1.7B
Gross Profit	$1.6B	$1.3B	$1.4B	$2.0B	$1.9B	$1.7B	$1.6B	$1.6B	$1.4B	$1.4B	$1.1B	$1.3B	$1.3B	$1.1B	$926M	$742M	$530M	$393M	$446M	$393M	$359M
Gross Margin %	21.0%	18.5%	19.6%	21.9%	22.2%	22.8%	23.2%	23.2%	23.4%	25.9%	24.4%	28.3%	29.5%	29.7%	28.8%	27.9%	26.6%	25.1%	22.9%	22.1%	21.7%
Operating Income (EBIT)	$75M	($28M)	$220M	$701M	$754M	$658M	$514M	$402M	$399M	$400M	$269M	$645M	$658M	$532M	$445M	$327M	$204M	$148M	$162M	$131M	$121M
Operating Margin %	1.0%	-0.4%	3.1%	7.8%	8.8%	8.8%	7.3%	5.9%	6.6%	7.4%	5.9%	13.7%	14.7%	14.1%	13.9%	12.3%	10.2%	9.4%	8.3%	7.3%	7.3%
Net Income	($260M)	($466M)	$111M	$503M	$590M	$494M	$125M	$324M	$335M	$172M	$213M	$455M	$454M	$377M	$312M	$228M	$147M	$101M	$117M	$112M	$112M
Net Margin %	-3.5%	-6.5%	1.5%	5.6%	6.9%	6.6%	1.8%	4.8%	5.5%	3.2%	4.7%	9.7%	10.1%	10.0%	9.7%	8.6%	7.4%	6.5%	6.0%	6.3%	6.8%
EBITDA	$116M	($114M)	$569M	$701M	$1.1B	$881M	$463M	$719M	$697M	$542M	$497M	$849M	$838M	$673M	$556M	$417M	$288M	$220M	$253M	$248M	$245M
Earnings Per Share (EPS)	$-4.61	$-8.18	$1.95	$8.71	$9.81	$7.88	$1.99	$5.20	$5.25	$2.69	$3.27	$6.75	$6.65	$5.35	$4.40	$3.20	$2.14	$1.53	$1.75	$1.54	$1.35
Shares Outstanding (M)	58M	57M	57M	58M	60M	63M	63M	62M	64M	64M	65M	67M	68M	71M	71M	71M	69M	66M	67M	73M	83M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PII Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$2.0B	$1.7B	$1.9B	$1.8B	$1.9B	$1.5B	$1.8B	$1.7B
Gross Profit	$478M	$335M	$389M	$362M	$344M	$230M	$339M	$340M
Gross Margin %	23.6%	20.2%	20.2%	19.6%	18.6%	15.0%	19.3%	19.7%
Operating Income (EBIT)	$132M	($55M)	($47M)	$46M	$22M	($49M)	$35M	$57M
Operating Margin %	6.5%	-3.3%	-2.5%	2.5%	1.2%	-3.2%	2.0%	3.3%
Net Income	$106M	($47M)	($304M)	($16M)	($79M)	($67M)	$11M	$28M
Net Margin %	5.3%	-2.9%	-15.8%	-0.9%	-4.3%	-4.3%	0.6%	1.6%
EBITDA	$245M	$36M	($259M)	$94M	$14M	$37M	$127M	$147M
Earnings Per Share (EPS)	$1.83	$-0.83	$-5.34	$-0.28	$-1.39	$-1.17	$0.19	$0.49
Shares Outstanding (M)	58M	57M	57M	57M	57M	57M	57M	56M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PII Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$248M	$741M	$268M	$926M	$509M	$294M	$1.0B	$655M	$477M	$580M	$572M	$440M	$529M	$492M	$416M	$303M	$298M	$193M	$176M	$210M	$146M
Capital Expenditures (CapEx)	$181M	$183M	$262M	$413M	$307M	$298M	$214M	$251M	$225M	$184M	$209M	$249M	$205M	$251M	$103M	$84M	$56M	$44M	$77M	$64M	$53M
Free Cash Flow (FCF)	$67M	$558M	$6M	$513M	$202M	($5M)	$805M	$404M	$252M	$396M	$363M	$191M	$324M	$241M	$313M	$218M	$242M	$149M	$99M	$146M	$93M
FCF Margin %	0.9%	7.8%	0.1%	5.7%	2.4%	-0.1%	11.5%	5.9%	4.1%	7.3%	8.0%	4.0%	7.2%	6.4%	9.8%	8.2%	12.2%	9.5%	5.1%	8.2%	5.6%
Dividends Paid	$153M	$150M	$148M	$147M	$150M	$153M	$152M	$149M	$149M	$145M	$140M	$139M	$127M	$114M	$102M	$62M	$53M	$50M	$50M	$48M	$50M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PII Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$230M	($320M)	$179M	$159M	$320M	$83M	$206M	$21M
Capital Expenditures (CapEx)	$44M	$30M	$65M	$42M	$40M	$36M	$69M	$68M
Free Cash Flow (FCF)	$186M	($350M)	$114M	$117M	$280M	$48M	$137M	($47M)
FCF Margin %	9.2%	-21.1%	5.9%	6.3%	15.1%	3.1%	7.8%	-2.8%
Dividends Paid	$39M	$39M	$37M	$38M	$38M	$38M	$37M	$37M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PII Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$5.2B	$4.9B	$5.5B	$5.5B	$5.2B	$5.0B	$4.6B	$4.4B	$4.1B	$3.1B	$3.1B	$2.4B	$2.1B	$1.7B	$1.5B	$1.2B	$1.1B	$764M	$751M	$770M	$779M
Cash & Cash Equivalents	$302M	$138M	$288M	$368M	$324M	$502M	$635M	$157M	$161M	$138M	$127M	$155M	$138M	$92M	$417M	$325M	$394M	$140M	$27M	$63M	$20M
Total Liabilities	$4.4B	$4.1B	$4.2B	$4.1B	$4.1B	$3.8B	$3.5B	$3.3B	$3.3B	$2.2B	$2.2B	$1.4B	$1.2B	$1.1B	$798M	$728M	$691M	$559M	$614M	$597M	$611M
Total Debt (Short + Long-Term)	$2.0B	$1.5B	$2.1B	$1.9B	$2.1B	$1.8B	$1.5B	$1.7B	$1.9B	$895M	$1.1B	$444M	$205M	$284M	$107M	$103M	$200M	$200M	$200M	$200M	$250M
Total Shareholders' Equity	$836M	$828M	$1.3B	$1.4B	$1.1B	$1.2B	$1.1B	$1.1B	$867M	$932M	$867M	$981M	$861M	$536M	$691M	$500M	$371M	$205M	$137M	$173M	$167M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive PII viewer.

Other Companies in RECREATIONAL VEHICLES

BC · Brunswick Corporation — $4 billion
DOO · BRP Inc. — $4 billion
THO · Thor Industries Inc — $4 billion
HOG · Harley-Davidson Inc — $3 billion
PATK · Patrick Industries Inc — $2 billion

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