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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. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; moto-roadsters; quadricycles; and pontoon and deck boats. It also provides source parts, garments, and accessories, such as helmets, jackets, gloves, pants, and hats; and snowmobile accessories comprising covers, traction products, reverse kits, electric starters, tracks, pull-behinds, bags, and windshields, as well as gear and apparel for its snowmobiles consisting of helmets, jackets, goggles, gloves, boots, bibs, pants, and hats. In addition, the company offers ORV accessories, including winches, bumper/brushguards, plows, racks, wheels and tires, cab systems, lighting and audio systems, cargo box accessories, and tracks, as well as replacement parts and lubricants. Further, it provides motorcycle accessories, such as performance enhancements, saddle bags, handlebars, backrests, exhausts, windshields, seats, and various chrome accessories, as well as light duty hauling and passenger vehicles. The company sells its products through dealers and distributors, as well as online. The company was formerly known as Polaris Industries Inc. Polaris Inc. was founded in 1945 and is headquartered in Medina, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.2B | $-115M | $-466M | $558M | -55.9% | -0.3% | -520.1% |
| 2024 | $7.2B | $564M | $111M | $-56M | 8.6% | -19.7% | -78.0% |
| 2023 | $8.9B | $1.0B | $503M | $513M | 35.4% | 4.0% | 12.5% |
| 2022 | $8.6B | $1.1B | $447M | $202M | 40.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 8,589 | 8,934.40 | 7,175.40 | 7,152 |
| Cost Of Revenue | 6,629.50 | 6,974.50 | 5,708.60 | 5,783.30 |
| Gross Profit | 1,959.50 | 1,959.90 | 1,466.80 | 1,368.70 |
| Operating Expense | 1,155 | 1,259 | 1,176.20 | 1,334.40 |
| Operating Income | 804.50 | 700.90 | 290.60 | 34.30 |
| EBITDA | 1,065.90 | 1,004.30 | 564.10 | -114.80 |
| EBIT | 833.10 | 745.40 | 277.80 | -401.30 |
| Pretax Income | 761.40 | 620.40 | 140.80 | -532.70 |
| Tax Provision | 158 | 117.70 | 29.60 | -67.90 |
| Net Income | 447.10 | 502.80 | 110.80 | -465.50 |
| Net Income Common Stockholders | 447.10 | 502.80 | 110.80 | -465.50 |
| Total Expenses | 7,784.50 | 8,233.50 | 6,884.80 | 7,117.70 |
| Interest Expense | 71.70 | 125 | 137 | 131.40 |
| Research And Development | 366.70 | 374.30 | 336.90 | 371.90 |
| Selling General And Administration | 836.70 | 965.10 | 936.90 | 1,046.80 |
| Normalized EBITDA | 1,065.90 | 1,004.30 | 564.10 | 268.20 |
| Normalized Income | 602.90 | 502.80 | 110.80 | -131.52 |
| Basic EPS | 7.54 | 8.80 | 1.96 | -8.18 |
| Diluted EPS | 7.44 | 8.71 | 1.95 | -8.18 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | -49.02 |
| Tax Rate For Calcs | 0.21 | 0.19 | 0.21 | 0.13 |
| Total Unusual Items | 0 | 0 | 0 | -383 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | -383 |
| Net Income From Continuing Operation Net Minority Interest | 602.90 | 502.80 | 110.80 | -465.50 |
| Reconciled Depreciation | 232.80 | 258.90 | 286.30 | 286.50 |
| Reconciled Cost Of Revenue | 6,629.50 | 6,974.50 | 5,708.60 | 5,783.30 |
| Net Interest Income | -71.70 | -125 | -137 | -131.40 |
| Net Income From Continuing And Discontinued Operation | 447.10 | 502.80 | 110.80 | -465.50 |
| Total Operating Income As Reported | 804.50 | 700.90 | 290.60 | -348.70 |
| Diluted Average Shares | 60.10 | 57.70 | 56.80 | 56.90 |
| Basic Average Shares | 59.30 | 57.10 | 56.50 | 56.90 |
| Diluted NI Availto Com Stockholders | 447.10 | 502.80 | 110.80 | -465.50 |
| Minority Interests | -0.50 | 0.10 | -0.40 | -0.70 |
| Net Income Including Noncontrolling Interests | 447.60 | 502.70 | 111.20 | -464.80 |
| Net Income Discontinuous Operations | -155.80 | 0 | 0 | 0 |
| Net Income Continuous Operations | 603.40 | 502.70 | 111.20 | -464.80 |
| Other Income Expense | 28.60 | 44.50 | -12.80 | -435.60 |
| Other Non Operating Income Expenses | 28.60 | 44.50 | -12.80 | -52.60 |
| Special Income Charges | 0 | 0 | 0 | -383 |
| Gain On Sale Of Business | 0 | 0 | 0 | -330.40 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 52.60 |
| Earnings From Equity Interest | 0 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -71.70 | -125 | -137 | -131.40 |
| Interest Expense Non Operating | 71.70 | 125 | 137 | 131.40 |
| Other Operating Expenses | -48.40 | -80.40 | -97.60 | -84.30 |
| Selling And Marketing Expense | 480.80 | 542.30 | 500.40 | 505 |
| General And Administrative Expense | 355.90 | 422.80 | 436.50 | 541.80 |
| Other Gand A | 355.90 | 422.80 | 436.50 | 541.80 |
| Operating Revenue | 8,589 | 8,934.40 | 7,175.40 | 7,152 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Polaris Inc.this co. | PII | $3.8B | - | 4.58 | -55.9% | 16.72 |
| Alliance Laundry Holdings Inc. | ALH | $4.9B | 44.23 | 12.48 | 26.0% | 16.48 |
| Greif, Inc. | GEF | $3.7B | 27.04 | 1.25 | 12.0% | 8.25 |
| Hilton Grand Vacations Inc. | HGV | $3.5B | 48.76 | 2.80 | 5.6% | 12.92 |
| KB Home | KBH | $3.3B | 10.10 | 0.85 |
| 11.0% |
| 9.82 |
| Ermenegildo Zegna N.V. | ZGN | $3.1B | 26.16 | 2.59 | 9.0% | 15.69 |
| Madison Square Garden Entertainment Corp. | MSGE | $3.1B | 59.39 | 84.95 | -281.4% | 18.64 |
| Global Business Travel Group, Inc. | GBTG | $3.0B | 26.18 | 1.87 | 6.6% | 12.80 |
| Visteon Corporation | VC | $2.9B | 18.07 | 1.85 | 12.2% | 6.60 |
| Peer Median | - | 26.61 | 2.23 | 10.0% | 12.86 | |