At a glance
Polaris Industries Inc is worth $3.34B. Revenue fell 0.3% to $7.15B in fiscal 2025, at a loss; over 5 years it has grown 2.6% a year. It pays a 4.62% dividend yield, raised every year for at least 9 years, and returned $1.98B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −9.2% over the past year with dividends reinvested and −9.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.5% in the 2020 crash (S&P 500: 33.7%) and 24.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 14 months after the lows.
The business in plain English
Polaris designs, builds and sells powersports vehicles: off-road vehicles (ORVs) such as all-terrain vehicles (ATVs) and side-by-sides, plus snowmobiles, three-wheel roadsters, small work vehicles and pontoon and deck boats. It also sells parts, garments and accessories (PG&A), from winches and plows to helmets. It sells mainly through independent dealers, about 2,400 in North America and more than 1,500 elsewhere, as well as through 70 distributors and online. In fiscal 2025, vehicles made up 73.8% of $7.15 billion in revenue and PG&A 26.2%.
Off Road is the largest segment, at 79.9% of fiscal 2025 revenue. It covers the RZR, RANGER and GENERAL side-by-sides, Sportsman ATVs, snowmobiles and military models. Polaris says it led North America in off-road vehicle market share in 2025 and ranked second in North American snowmobiles in the season ended March 31, 2025. Marine (7.2%) makes Bennington, Godfrey and Hurricane boats; Polaris believes Bennington and Godfrey together lead the pontoon market.
On Road made up 13%. Polaris sold a majority stake in Indian Motorcycle in the first quarter of 2026, leaving the Slingshot three-wheel roadster and the Goupil and Aixam work and passenger vehicles sold mainly in Western Europe. By region, 79.2% of fiscal 2025 revenue came from the United States, 11% from Europe, the Middle East and Africa, 5.9% from Canada and 3.9% from Asia-Pacific and Latin America.
Price history
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PII -9.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Wholegoods | $5.28B | 73.8% |
| PG&A | $1.87B | 26.2% |
By business segment
| Off Road | $5.71B | 79.9% |
| On Road | $926.5M | 13% |
| Marine | $512.4M | 7.2% |
By geography
| United States | $5.66B | 79.2% |
| EMEA | $790.0M | 11% |
| Canada | $419.9M | 5.9% |
| APLA | $279.8M | 3.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.04B, up 10.9% from a year earlier, and net income was $38.4M.
- For fiscal 2025, revenue was $7.15B (-0.3% year over year; +2.6% a year from FY2020 to FY2025) with a -6.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.6% watch |
|---|---|
| Operating margin | -4.9% weak |
| Free cash flow margin | 7.8% watch |
| Return on equity (FY2025) | -56.2% weak |
| Return on assets (FY2025) | -9.5% weak |
| Net cash (cash minus debt) | $-1.33B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.28B | $124.8M | $814.3M |
| FY2021 | $7.44B | $493.9M | $10.9M |
| FY2022 | $8.59B | $447.1M | $202.0M |
| FY2023 | $8.93B | $502.8M | $513.2M |
| FY2024 | $7.18B | $110.8M | $6.5M |
| FY2025 | $7.15B | $-465.5M | $558.1M |
Valuation snapshot
| Market value | $3.34B |
|---|---|
| P/E ratio | — |
| Dividend yield | 4.62% |
Rank among 1514 US companies
Market value at each year end
Polaris Industries’s market value went from $5.28B at the end of 2016 to $3.34B on Oct 28, 2026, down 37%; since the end of 2025 it is down 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.34B | -6.2% |
| 2025 | $3.56B | +10.7% |
| 2024 | $3.21B | -40.0% |
| 2023 | $5.35B | -8.6% |
| 2022 | $5.85B | -12.2% |
| 2021 | $6.67B | +13.5% |
| 2020 | $5.88B | -5.5% |
| 2019 | $6.22B | +31.3% |
| 2018 | $4.74B | -38.9% |
| 2017 | $7.75B | +46.9% |
| 2016 | $5.28B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PII price data to Oct 28, 2026 | -4.2% | -9.2% | -7.9% | -9.6% | +0.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.2% |
| 2025 | +16.0% |
| 2024 | -37.2% |
| 2023 | -3.8% |
| 2022 | -6.0% |
| 2021 | +17.8% |
| 2020 | -3.8% |
| 2019 | +36.5% |
| 2018 | -36.8% |
| 2017 | +54.2% |
| 2016 | -1.7% |
| 2015 | -42.3% |
| 2014 | +5.3% |
| 2013 | +75.9% |
| 2012 | +53.3% |
| 2011 | +46.1% |
| 2010 | +83.8% |
| 2009 | +59.9% |
| 2008 | -37.7% |
| 2007 | +4.8% |
| 2006 | -5.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 68% over that stretch · deepest drop along the way 71.4%, back to its old high 11.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 54.8% over that stretch · deepest drop along the way 55.5%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.7% over that stretch · deepest drop along the way 24.7%, back to its old high 14.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.3% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.17% | Jun 30, 2026 |
| Vanguard Capital Management | 5.01% | Jun 30, 2026 |
| STATE STREET CORPORATION | 4.5% | Mar 31, 2026 |
| Capital World Investors | 2.8% | Jun 30, 2026 |
ETFs with the most weight in PII
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.16% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 1.46% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 0.78% |
| MOTE VanEck Morningstar ESG Moat ETF | 0.76% |
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 0.74% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.62% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 0.62% |
| SRHQ SRH U.S. Quality GARP ETF | 0.61% |
What could go wrong
- Tariffs on parts and Mexico-made products. Polaris imports components from countries facing U.S. tariffs for its U.S. and Mexico plants, and some sales come from Mexico-made products. The company says tariffs have already cut into profits and could again.
- Repurchase duties on repossessed financed vehicles. Under financing deals with Wells Fargo and Huntington subsidiaries, Polaris must repurchase certain repossessed vehicles. More loan defaults in a downturn could drain its cash, and tighter credit could keep buyers away.
- Costly warranty claims and recalls. If many vehicles need repairs or replacement under warranty or a recall, the costs could be large enough to hurt results. Quality problems could also weaken the brand, which Polaris says its success depends on.
- Sizable debt and restrictive loan terms. As of September 30, 2026, Polaris had about $1.63 billion of debt and $302 million of cash and investments. Its loan agreements carry covenants, or lender-set rules, that could limit flexibility in a downturn.
- Weather and limits on off-road riding. Poor snowfall or other weather can reduce demand and production for some products, such as snowmobiles. Public disapproval of off-road vehicles, or new limits on where they may be ridden, could also hurt sales.
- Big purchases buyers can easily postpone. Off-road vehicles, snowmobiles and boats are mostly optional, big-ticket purchases. Job losses, inflation, higher interest rates or fuel costs can make buyers wait, and Polaris says weak economies have cut demand before.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Other company announcement
For income and retirement investors
Polaris has raised its regular dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $2.48 in fiscal 2020 to $2.68 in fiscal 2025, about 1.6% a year, and the yield was 4.62% as of October 28, 2026. A fiscal 2025 net loss meant earnings did not cover the dividend, though dividends used 26.9% of free cash flow (cash left after paying for operations and equipment). Free cash flow swings: it was $6.5 million in fiscal 2024 against $147.7 million in dividends. Buybacks totaled $1.23 billion over fiscal 2021–2025 but fell to $2.4 million in fiscal 2025.
The stock fell sharply in downturns: 71.4% in the 2008 financial crisis, 55.5% in the 2020 COVID crash and 24.7% in the 2022 bear market, taking roughly 12, 2.4 and 14.4 months to recover from each low. A single stock like Polaris carries more risk than a diversified fund.
Questions investors ask
How does Polaris make money?
Mostly by selling off-road vehicles through independent dealers. In fiscal 2025, the Off Road segment, which includes RZR and RANGER side-by-sides, Sportsman all-terrain vehicles and snowmobiles, brought in 79.9% of Polaris's $7.15 billion in revenue. On Road, which includes the Slingshot three-wheel roadster, added 13%, and Marine, maker of Bennington, Godfrey and Hurricane boats, added 7.2%. Parts, garments and accessories made up 26.2% of total sales. The United States supplied 79.2% of revenue.
Does Polaris raise its dividend every year?
Yes, for at least nine straight years through fiscal 2025, and the streak may be longer. The raises have been small: dividends per share went from $2.48 in fiscal 2020 to $2.68 in fiscal 2025, about 1.6% a year. Polaris posted a net loss in fiscal 2025, so earnings did not cover the payout, but dividends used 26.9% of free cash flow. The dividend yield was 4.62% as of October 28, 2026.
Is Polaris profitable?
Not for fiscal 2025, its latest full year. Polaris reported a net loss of $465.5 million, or $8.18 a share, on $7.15 billion of revenue, after net income of $110.8 million in fiscal 2024 and $502.8 million in fiscal 2023. Free cash flow stayed positive at $558.1 million. In the quarter ended September 30, 2026, Polaris reported net income of $38.4 million, with revenue up 10.9% from a year earlier.
Does Polaris still own Indian Motorcycle?
Not a majority of it. Polaris signed an agreement on October 10, 2025, for the sale of a majority interest in Indian Motorcycle, and the deal closed in the first quarter of 2026. After the sale, Polaris's On Road segment centers on the Slingshot three-wheel roadster and the Goupil and Aixam work and passenger vehicles marketed mainly in Western Europe. On Road made up 13% of fiscal 2025 revenue.
How has Polaris stock performed?
Poorly over five years, judged by share price alone. As of October 28, 2026, the price was down 39% over that span, about 9.6% a year, and up only 5% over ten years. Within the past three years it fell as much as 66.7% from a peak. Its one-year volatility, a measure of price swings, was 46.5%, and a beta of 1.27 means it has tended to move more than the overall market. These price returns leave out dividends.