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 | -56.2% | -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 | 40.7% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8,589 | 8,934.40 | 7,175.40 | 7,152 |
| Operating 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 |
| Research And Development | - | 366.70 | 374.30 | 336.90 | 371.90 |
| Selling General And Administration | - | 836.70 | 965.10 | 936.90 | 1,046.80 |
| Total Expenses | - | 7,784.50 | 8,233.50 | 6,884.80 | 7,117.70 |
| Operating Income | - | 804.50 | 700.90 | 290.60 | 34.30 |
| Total Operating Income As Reported | - | 804.50 | 700.90 | 290.60 | -348.70 |
| EBITDA | - | 1,065.90 | 1,004.30 | 564.10 | -114.80 |
| Normalized EBITDA | - | 1,065.90 | 1,004.30 | 564.10 | 268.20 |
| EBIT | - | 833.10 | 745.40 | 277.80 | -401.30 |
| Interest Expense | - | 71.70 | 125 | 137 | 131.40 |
| Net Interest Income | - | -71.70 | -125 | -137 | -131.40 |
| Other Non Operating Income Expenses | - | 28.60 | 44.50 | -12.80 | -52.60 |
| Other Income Expense | - | 28.60 | 44.50 | -12.80 | -435.60 |
| Interest Expense Non Operating | - | 71.70 | 125 | 137 | 131.40 |
| Net Non Operating Interest Income Expense | - | -71.70 | -125 | -137 | -131.40 |
| Pretax Income | - | 761.40 | 620.40 | 140.80 | -532.70 |
| Tax Provision | - | 158 | 117.70 | 29.60 | -67.90 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | -49.02 |
| Net Income Continuous Operations | - | 603.40 | 502.70 | 111.20 | -464.80 |
| Net Income From Continuing And Discontinued Operation | - | 447.10 | 502.80 | 110.80 | -465.50 |
| Net Income From Continuing Operation Net Minority Interest | - | 602.90 | 502.80 | 110.80 | -465.50 |
| Net Income | - | 447.10 | 502.80 | 110.80 | -465.50 |
| Net Income Common Stockholders | - | 447.10 | 502.80 | 110.80 | -465.50 |
| Net Income Including Noncontrolling Interests | - | 447.60 | 502.70 | 111.20 | -464.80 |
| Normalized Income | - | 602.90 | 502.80 | 110.80 | -131.52 |
| Diluted NI Availto Com Stockholders | - | 447.10 | 502.80 | 110.80 | -465.50 |
| Basic Average Shares | - | 59.30 | 57.10 | 56.50 | 56.90 |
| Diluted Average Shares | - | 60.10 | 57.70 | 56.80 | 56.90 |
| 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 |
| Total Unusual Items | - | 0 | 0 | 0 | -383 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | 0 | -383 |
| Minority Interests | - | -0.50 | 0.10 | -0.40 | -0.70 |
| Net Income Discontinuous Operations | -2.30 | -155.80 | 0 | 0 | - |
| 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 |
| General And Administrative Expense | - | 355.90 | 422.80 | 436.50 | 541.80 |
| Other Gand A | - | 355.90 | 422.80 | 436.50 | 541.80 |
| Other Operating Expenses | - | -48.40 | -80.40 | -97.60 | -84.30 |
| Selling And Marketing Expense | - | 480.80 | 542.30 | 500.40 | 505 |
| Earnings From Equity Interest | 0 | - | - | - | - |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Polaris Inc.this co. | PII | $3.9B | -8.41 | 4.73 | -56.2% | -47.42 |
| Global Business Travel Group, Inc. | GBTG | $4.9B | 44.73 | 3.03 | 6.8% | 13.70 |
| Ermenegildo Zegna N.V. | ZGN | $4.0B | 40.60 | 3.88 | 9.6% | 10.82 |
| Hilton Grand Vacations Inc. | HGV | $3.8B | 47.51 | 2.99 | 6.3% | 14.44 |
| Greif, Inc. | GEF | $3.6B | 13.40 |
| - |
| - |
| - |
| - |
| 1.73 |
| 12.9% |
| 10.88 |
| Abercrombie & Fitch Co. | ANF | $3.5B | 6.88 | 2.49 | 36.1% | 4.44 |
| Madison Square Garden Entertainment Corp. | MSGE | $3.4B | 90.07 | -253.49 | -281.4% | 26.05 |
| KB Home | KBH | $3.3B | 7.60 | 0.84 | 11.0% | 8.43 |
| Visteon Corporation | VC | $3.3B | 16.18 | 2.07 | 12.8% | 6.33 |
| Peer Median | - | 28.39 | 2.28 | 10.3% | 10.85 | |