Polaris Inc. (PII)

Polaris Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-206.2	-465.5	110.8	502.8	447.1	493.9
Depreciation & Amortization	263.7	286.5	286.3	258.9	232.8	216.4
Loss (Gain) From Sale of Assets	315.7	327.1	-	-	-	34.8
Asset Writedown & Restructuring Costs	4.5	106.5	9.5	-	-	-
Loss (Gain) From Sale of Investments	49.4	49.4	20	-	-	-
Stock-Based Compensation	59.7	59.9	49.2	57.4	62.9	60.6
Other Operating Activities	-139	-175.3	-140	-129.2	91.8	17.3
Change in Accounts Receivable	-55.6	-34.1	103.4	49	-122.6	1.8
Change in Inventory	-47.4	183.6	39.5	115.1	-391.1	-490.1
Change in Accounts Payable	79.5	196.7	-141.8	-143.8	71.7	31.2
Change in Income Taxes	18.4	24.3	-11	18.6	18.4	-3.8
Change in Other Net Operating Assets	127.8	181.9	-57.7	197	123.5	-75.3
Operating Cash Flow	470.5	741	268.2	925.8	508.6	293.7
Operating Cash Flow Growth	-38.78%	176.29%	-71.03%	82.03%	73.17%	-71.17%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-205	-182.9	-261.7	-412.6	-306.6	-282.8
Cash Acquisitions	-	-	-	-22.7	-	-
Divestitures	-78.6	-	-	-	42.2	-
Sale (Purchase) of Intangibles	-	-	-62.7	-	-	-
Investment in Securities	50.3	43.4	53.5	-26.7	-54.9	-5.6
Other Investing Activities	-	-	-	-	-5.3	-15.5
Investing Cash Flow	-233.3	-139.5	-270.9	-462	-324.6	-303.9

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	3,142	3,695	2,770	2,988	2,424
Long-Term Debt Repaid	-	-3,685	-3,529	-2,928	-2,730	-2,073
Net Debt Issued (Repaid)	-108.8	-543.6	165.8	-158.2	257.7	351.3
Issuance of Common Stock	5.1	3.7	6	52.8	34.1	156.1
Repurchase of Common Stock	-9.3	-2.4	-82.7	-178.6	-505	-461.6
Common Dividends Paid	-153.6	-150.3	-147.7	-147.3	-150	-153.4
Other Financing Activities	-0.9	-0.4	-0.6	-	-	-
Financing Cash Flow	-267.5	-693	-59.2	-431.3	-363.2	-107.6

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-3.1	24.8	-18	10.7	-10.2	-10.6
Net Cash Flow	-33.4	-66.7	-79.9	43.2	-189.4	-128.4

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	265.5	558.1	6.5	513.2	202	10.9
Free Cash Flow Growth	-54.33%	8486.15%	-98.73%	154.06%	1753.21%	-98.66%
Free Cash Flow Margin	3.44%	7.71%	0.09%	5.69%	2.34%	0.14%
Free Cash Flow Per Share	4.63	9.81	0.11	8.89	3.36	0.17
Levered Free Cash Flow	472.18	766.3	72.24	479.34	170.2	-113.23
Unlevered Free Cash Flow	549.24	848.43	157.86	557.46	215.01	-85.6

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	127.9	125.5	141.5	120.6	71.2	44.8
Cash Income Tax Paid	75.7	47.2	123.6	187.2	194.4	124.4
Change in Working Capital	122.7	552.4	-67.6	235.9	-300.1	-536.2

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Oct 27, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 13, 2026

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