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Recreational vehicles · Consumer Cyclical · Fiscal year ends Dec 31
Polaris reported revenue of $7.2B in the fiscal year ended Dec 2025, down 0.3% from the year before. Operating income was −$349M, an operating margin of −4.9%, and net income was −$466M. Operating cash flow of $741M less capital expenditure of $183M left free cash flow of $558M. Net debt was $1.4B.
Ranks among the 4 recreational vehicles companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 7,439 | 8,589 | 8,934 | 7,175 | 7,152 |
| Cost of revenue | 5,688 | 6,630 | 6,975 | 5,709 | 5,783 |
| Gross profit | 1,751 | 1,960 | 1,960 | 1,467 | 1,369 |
| Research & development | 329 | 367 | 374 | 337 | 372 |
| Selling, general & admin | 764 | 837 | 965 | 937 | 1,047 |
| Operating income | 712 | 805 | 701 | 291 | −349 |
| Interest expense | 44.2 | 71.7 | 125 | 137 | 131 |
| Pre-tax income | 629 | 761 | 620 | 141 | −533 |
| Income tax | 132 | 158 | 118 | 29.6 | −67.9 |
| Net income | 494 | 447 | 503 | 111 | −466 |
| Diluted EPS | 7.88 | 7.44 | 8.71 | 1.95 | −8.18 |
| Diluted shares | 62.7 | 60.1 | 57.7 | 56.8 | 56.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 502 | 325 | 368 | 288 | 138 |
| Receivables | 228 | 343 | 306 | 192 | 238 |
| Inventory | 1,511 | 1,896 | 1,811 | 1,742 | 1,412 |
| Current assets | 2,559 | 2,768 | 2,692 | 2,632 | 2,207 |
| Net PP&E | 928 | 1,018 | 1,202 | 1,187 | 1,031 |
| Goodwill | 391 | 386 | 394 | 394 | 349 |
| Total assets | 5,048 | 5,218 | 5,516 | 5,525 | 4,894 |
| Payables | 776 | 848 | 713 | 563 | 763 |
| Deferred revenue | 34.7 | 35.5 | 35.3 | 35.6 | 36.9 |
| Current liabilities | 2,230 | 2,329 | 1,934 | 2,293 | 2,243 |
| Short-term debt | 553 | 554 | – | – | – |
| Long-term debt | 1,247 | 1,504 | 1,858 | 2,032 | 1,510 |
| Total liabilities | 3,810 | 4,104 | 4,085 | 4,225 | 4,054 |
| Shareholders' equity | 1,224 | 1,099 | 1,418 | 1,290 | 828 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 294 | 509 | 926 | 268 | 741 |
| Capital expenditure | 283 | 307 | 413 | 262 | 183 |
| Free cash flow | 10.9 | 202 | 513 | 6.5 | 558 |
| Depreciation & amortisation | 216 | 233 | 259 | 286 | 287 |
| Stock-based compensation | 60.6 | 62.9 | 57.4 | 49.2 | 59.9 |
| Acquisitions | 0.0 | −42.2 | 22.7 | 0.0 | 0.0 |
| Share buybacks | 462 | 505 | 179 | 82.7 | 2.4 |
| Dividends paid | 153 | 150 | 147 | 148 | 150 |
| Dividend per share | 2.52 | 2.56 | 2.60 | 2.64 | 2.68 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.5% | 4.0% | −19.7% | −0.3% |
| Operating income growth (YoY) | – | 13.0% | −12.9% | −58.5% | −220.0% |
| EPS growth (YoY) | – | −5.6% | 17.1% | −77.6% | −519.5% |
| Gross margin | 23.5% | 22.8% | 21.9% | 20.4% | 19.1% |
| Operating margin | 9.6% | 9.4% | 7.8% | 4.0% | −4.9% |
| Net margin | 6.6% | 5.2% | 5.6% | 1.5% | −6.5% |
| Return on equityBlank when equity is negative | 40.3% | 40.7% | 35.4% | 8.6% | −56.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 25.3% | 27.8% | 19.6% | 9.0% | −13.2% |
| Free cash flow margin | 0.1% | 2.4% | 5.7% | 0.1% | 7.8% |
| Cash conversion (CFO ÷ net income) | 0.59x | 1.14x | 1.84x | 2.42x | −1.59x |
| Receivable days | 11 | 15 | 13 | 10 | 12 |
| Inventory days | 97 | 104 | 95 | 111 | 89 |
| Payable days | 50 | 47 | 37 | 36 | 48 |
| Interest cover | 16.1x | 11.2x | 5.61x | 2.12x | −2.65x |
| Debt ÷ equity | 1.47x | 1.87x | 1.31x | 1.58x | 1.82x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,298 | 1,733 | 1,490 | 1,744 | 1,372 |
| Current ratio | 1.15x | 1.19x | 1.39x | 1.15x | 0.98x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.