Polaris Inc. (PII) Income Statement
PII 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPII revenue and net income
Where PII's revenue goes
2025Each bar shows an amount and its share of revenue. PII kept −6.5% of revenue as net income.
PII profit margins
PII growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −0.3% | −5.9% | +0.4% | +4.2% |
| Gross profit | −5.6% | −11.5% | −4.0% | −0.1% |
| Operating income | −112.8% | — | — | — |
| Net income | −520.1% | — | — | — |
| EPS (diluted) | −100.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PII quarterly EPS vs estimates
Polaris beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.62).
PII income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.15B | $7.18B | $8.93B | $8.59B | $7.44B | $7.03B | $6.78B | $6.08B | $5.43B | $4.52B |
| Cost of revenue | $5.83B | $5.77B | $13.95B | $6.68B | $5.74B | $5.40B | $5.21B | $4.65B | $4.02B | $3.41B |
| Gross profit | $1.32B | $1.40B | $1.96B | $1.91B | $1.70B | $1.63B | $1.57B | $1.43B | $1.41B | $1.10B |
| Research & development | $371.9M | $336.9M | $374.3M | $366.7M | $328.7M | $295.6M | $292.9M | $259.7M | $238.3M | $185.1M |
| Sales, general & admin | $981.0M | $436.5M | $965.1M | $355.9M | $305.8M | $359.2M | $393.9M | $349.8M | $331.2M | $648.7M |
| Total operating expenses | $1.35B | $1.18B | $1.34B | $1.15B | $1.04B | $1.11B | $1.17B | $1.03B | $1.01B | $833.8M |
| Operating income | −$28.3M | $220.4M | $700.9M | $754.0M | $657.7M | $513.5M | $401.9M | $399.3M | $400.2M | $268.6M |
| Interest income | $131.4M | $137.0M | $125.0M | $71.7M | $44.2M | $66.7M | $82.7M | $86.2M | $38.9M | $23.2M |
| Interest expense | $132.8M | $142.3M | $125.0M | $72.7M | $36.1M | $60.6M | $76.7M | $57.0M | $32.2M | $16.3M |
| Income before taxes | −$532.7M | $140.8M | $620.4M | $761.4M | $628.7M | $141.4M | $407.8M | $429.2M | $318.8M | $313.3M |
| Income taxes | −$67.9M | $29.6M | $117.7M | $158.0M | $132.1M | $16.5M | $83.9M | $94.0M | $146.3M | $100.3M |
| Net income | −$465.5M | $110.8M | $502.8M | $589.7M | $493.9M | $124.8M | $324.0M | $335.3M | $172.5M | $212.9M |
| EBITDA | −$114.0M | $569.4M | $700.9M | $1.07B | $881.2M | $462.7M | $719.0M | $697.3M | $542.1M | $497.1M |
| EPS (diluted) | −$0.01 | $3.26 | $9.17 | $10.42 | $9.14 | $7.71 | $6.32 | $6.52 | $4.84 | $3.48 |
| Gross margin | 18.5% | 19.6% | 21.9% | 22.2% | 22.8% | 23.1% | 23.2% | 23.4% | 25.9% | 24.4% |
| Operating margin | −0.4% | 3.1% | 7.8% | 8.8% | 8.8% | 7.3% | 5.9% | 6.6% | 7.4% | 5.9% |
| Net margin | −6.5% | 1.5% | 5.6% | 6.9% | 6.6% | 1.8% | 4.8% | 5.5% | 3.2% | 4.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.02B | $1.66B | $1.92B | $1.84B | $1.85B | $1.54B | $1.76B | $1.72B | $1.96B | $1.74B | $2.29B | $2.25B |
| Cost of revenue | $1.54B | $1.32B | $1.53B | $1.48B | $1.51B | $1.31B | $1.42B | $1.38B | $1.56B | $1.43B | $1.83B | $1.75B |
| Gross profit | $478.3M | $334.8M | $388.6M | $361.6M | $344.0M | $230.4M | $339.4M | $339.8M | $403.8M | $311.4M | $462.6M | $494.5M |
| Research & development | $93.6M | $82.3M | $105.9M | $92.8M | $90.3M | $82.9M | $78.2M | $84.1M | $86.8M | $87.8M | $92.8M | $91.8M |
| Sales, general & admin | $255.2M | $276.1M | $330.0M | $117.8M | $127.4M | $102.7M | $126.2M | $100.9M | $110.4M | $99.0M | $136.9M | $91.3M |
| Total operating expenses | $346.3M | $390.0M | $435.9M | $316.0M | $321.8M | $279.2M | $304.7M | $282.7M | $305.0M | $298.6M | $335.7M | $314.8M |
| Operating income | $132.0M | −$55.2M | −$47.3M | $45.6M | $22.2M | −$48.8M | $34.7M | $57.1M | $98.8M | $12.8M | $126.9M | $179.7M |
| Interest income | — | — | $31.0M | $33.1M | $33.2M | $34.1M | $34.3M | $36.2M | — | — | — | $32.5M |
| Interest expense | $33.7M | $30.4M | $31.0M | $33.6M | $33.6M | $34.6M | $35.1M | $37.7M | $36.1M | $33.4M | $34.2M | $34.8M |
| Income before taxes | $146.0M | −$57.7M | −$356.9M | −$12.1M | −$92.6M | −$71.1M | $12.2M | $35.0M | $85.9M | $7.7M | $120.8M | $181.7M |
| Income taxes | $26.8M | −$10.3M | −$53.6M | $3.6M | −$13.5M | −$4.4M | $1.4M | $7.4M | $17.0M | $3.8M | $17.5M | $30.2M |
| Net income | $106.4M | −$47.4M | −$303.6M | −$15.8M | −$79.3M | −$66.8M | $10.6M | $27.7M | $68.7M | $3.8M | $103.4M | $151.7M |
| EBITDA | $245.0M | $35.9M | −$258.9M | $94.1M | $13.9M | $36.9M | $126.8M | $147.1M | $191.5M | $104.0M | $227.0M | $282.9M |
| EPS (diluted) | $1.97 | $0.13 | $0.08 | $0.41 | $0.40 | −$0.90 | $0.92 | $0.73 | $1.38 | $0.23 | $1.98 | $2.72 |
| Gross margin | 23.6% | 20.2% | 20.2% | 19.6% | 18.6% | 15.0% | 19.3% | 19.7% | 20.6% | 17.9% | 20.2% | 22.0% |
| Operating margin | 6.5% | −3.3% | −2.5% | 2.5% | 1.2% | −3.2% | 2.0% | 3.3% | 5.0% | 0.7% | 5.5% | 8.0% |
| Net margin | 5.3% | −2.9% | −15.8% | −0.9% | −4.3% | −4.3% | 0.6% | 1.6% | 3.5% | 0.2% | 4.5% | 6.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PII's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PII financial results
In fiscal year 2025 (ended December 31, 2025), Polaris reported revenue of $7.2 billion, down 0.3% from the year before. It had a net loss of $465.5 million, a net profit margin of −6.5%. Diluted earnings per share came to −$0.01. Over five years revenue grew at an average rate of 0.4% a year.
See the PII stock overview for the latest quote and news, or the PII chart for price history and technical indicators.
PII income statement FAQ
What is Polaris's annual revenue?
Polaris reported total revenue of $7.2 billion for fiscal year 2025, which ended on December 31, 2025. That was down 0.3% from $7.2 billion the previous year.
Is Polaris profitable?
No. Polaris reported a net loss of $465.5 million in fiscal 2025, a net profit margin of −6.5%; its operating margin was −0.4%.
What is Polaris's gross margin?
Polaris's gross margin was 18.5% in fiscal 2025: for every $100 of revenue, Polaris kept $19 after the direct cost of its products and services.
How much does Polaris spend on research and development?
Polaris spent $371.9 million on research and development in fiscal 2025, 5.2% of revenue.
How fast is Polaris growing?
Revenue grew 0.4% a year on average over the last five fiscal years, from $7.0 billion to $7.2 billion.
What are Polaris's earnings per share?
Polaris earned $-0.01 per diluted share in fiscal 2025, compared with $3.26 a year earlier.
When will Polaris report its next earnings?
Polaris is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Polaris's fiscal year end?
Polaris's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.