Short answer
Polaris Inc. (PII) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $7.2B (−0.3% year over year) and net income of −$466M.
- Top risk flagged: Regulatory risk: Increased restrictions on per-and polyfluoroalkyl substances (PFAS) may disrupt supply chain, impacting product costs and availability
FY2025 key financial metrics · XBRL
- Revenue
- $7.2B
- −0.3% YoY
- Net income
- −$466M
- −520.1% YoY
- Operating margin
- -4.9%
- −8.9 pp YoY
- Gross margin
- 19.1%
- −1.3 pp YoY
- EPS (diluted)
- −$8.18
- −519.5% YoY
- ROE
- -56.2%
- −64.8 pp YoY
- Operating cash flow
- $741M
- +176.3% YoY
Source: XBRL data from the Polaris Inc. (PII) FY2025 10-K on SEC EDGAR. USD.
Polaris Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Manufacturer and seller of powersports vehicles and related products
- New 2025 Deferred Tax Asset Valuation Allowance increased sharply to $55.4 million from $21.4 million in 2024
- Strategic emphasis on corporate governance and executive compensation transparency through Proxy Statement incorporation by reference
- Inventory reserve reduced to $95.6 million in 2025 from $109.6 million in 2024, indicating improved inventory management
- Amendment No. 9 to Fourth Amended and Restated Credit Agreement executed June 27, 2025, updating financing terms
Management Discussion & Analysis
- Revenue $7.15B, flat YoY vs $7.18B in 2024; 3% volume decline offset by 3% price/mix increase
- Gross profit $1.37B down 7%, margin 19.1% vs 20.4% in 2024; operating loss $(348.7)M vs income $290.6M
- Best segment: Off Road $5.71B sales flat, 20.2% margin; Worst segment: On Road $926M sales down 6%, 17.0% margin
- Operating cash flow $741M up $473M YoY; financing used $(693)M including $544M debt repayment; no stock buybacks
- 2026 Q1 dividend raised 1% to $0.68/share; risks include tariff impacts, supply chain challenges, economic uncertainty
Risk Factors
- Regulatory risk: Increased restrictions on per-and polyfluoroalkyl substances (PFAS) may disrupt supply chain, impacting product costs and availability
- Geopolitical risk: Tariffs on imports to U.S. from certain countries increase supply chain challenges; manufacturing partly in Mexico exposes sales to tariff impacts
- Operational risk: Dependence on single-source suppliers and geographic concentration risks supply disruptions, affecting production schedules and revenues
- Competitive risk: Need to innovate in digital and electrification markets to compete with technologically advanced rivals investing in AI and product development
- Financial risk: Customer financing arrangements with Wells Fargo and Huntington Bancshares involve repurchase obligations that could strain liquidity amid higher loan defaults
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