Polaris Inc
polaris.comWhat Do They Do?
Builds and sells off-road vehicles, snowmobiles and boats for recreational users, businesses and government customers.
10-K for FY2025, filed Feb 13, 2026Polaris Inc., formerly known as Polaris Industries Inc., a Delaware corporation, was formed in 1994 and is the successor to Polaris…View ↗
Our commercial and government/defense businesses design and manufacture vehicles that support various commercial and government…View ↗
Our Marine segment designs and manufactures boats that are designed to compete in key segments of the recreational marine industry…View ↗
How Do They Make Money?
Polaris usually receives payment within a few days after vehicles, boats and parts ship; most sales use dealer floor-plan financing. Buyers pay for separately priced service plans at the start, and the company earns that money over the plan term.
10-K for FY2025, filed Feb 13, 2026
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10-K for FY2025, filed Feb 13, 2026
FY2025 revenue by product or service ↗
$7.2B
-
10-K for FY2025, filed Feb 13, 2026
$7.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Wholegoods
Sold outright
10-K for FY2025, filed Feb 13, 2026 |
74%
FY2022: 81%
|
Wholegoods, FY2025
$5.3B Sources
|
Sold outright |
|
PG&A
Sold outright
10-K for FY2025, filed Feb 13, 2026 |
26%
FY2022: 19%
|
PG&A, FY2025
$1.9B Sources
|
Sold outright |
Who Are Their Customers?
Customers include recreational users, commercial operators and government/defense buyers. Products are sold online and through dealers or distributors; some commercial and industrial vehicles are sold directly to customers.
10-K for FY2025, filed Feb 13, 2026Polaris Inc., formerly known as Polaris Industries Inc., a Delaware corporation, was formed in 1994 and is the successor to Polaris…View ↗
The Off Road segment primarily consists of ORVs and snowmobiles. ORVs are four-wheel vehicles designed for off-road use and traversing a…View ↗
Our commercial and government/defense businesses design and manufacture vehicles that support various commercial and government…View ↗
Our commercial and government/defense businesses each have their own distribution networks outside of our traditional dealer channels…View ↗
We also design and manufacture vehicles that support various commercial and industrial work applications and include products in the…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $465.5M in FY2025, but brought in more cash than it spent: $558.1M of free cash flow.
10-K for FY2025, filed Feb 13, 2026
−$348.7MView ↗
10-K for FY2025, filed Feb 13, 2026
−$465.5MView ↗
10-K for FY2025, filed Feb 13, 2026
$558.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 27, 2026
$38.4MView ↗
- ▲ Now profitable
- vs −$15.8M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 27, 2026
Open tableView ↗
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Jul 28, 2026
Polaris raised its full-year sales and earnings guidance
Adjusted earnings-per-share guidance rose to $3.00 to $3.10 from $1.60 to $1.70; adjusted sales guidance rose to $7.30 billion to $7.50 billion.
Sources
8-K, filed Jul 28, 2026
The Company is raising 2026 full year adjusted sales and adjusted EPS guidance. The Company now expects 2026 adjusted sales to be between…View ↗
Flat. Revenue was $7.2B in FY2025, about the same as the $7.4B of FY2021.
Indian Motorcycle exit
The On Road business has shifted away from Indian Motorcycle: the older report lists it in the lineup, while the latest reports the sale of a majority interest and describes moto-roadsters, light-duty hauling and passenger vehicles.
10-K for FY2022, filed Feb 17, 2023 10-K for FY2025, filed Feb 13, 2026Our On Road segment historically designed and manufactured motorcycles, moto-roadsters, light duty hauling, and passenger vehicles. On…View ↗
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