Polaris Inc. (PII) quarterly cash flow statement — complete operating, investing & financing history
Polaris Inc. (PII) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 230.2M | -320.2M | 178.7M | 158.8M | 320.3M | 83.2M | 206.3M | 21M | 146.3M | -105.4M | 586.8M | 28.1M | 223.7M | 124.2M | 395M | 170.6M | -7.9M | -49.1M | 140.3M | -42.2M |
| Operating CF Margin % | 11.38% | -19.3% | 9.3% | 8.62% | 17.29% | 5.42% | 11.75% | 1.22% | 7.46% | -6.07% | 25.63% | 1.25% | 10.09% | 5.7% | 16.43% | 7.29% | -0.38% | -2.76% | 7.04% | -2.37% |
| Operating CF Growth % | -28.13% | -484.86% | -13.38% | 656.19% | 118.93% | 178.94% | -64.84% | -25.27% | -34.6% | -184.86% | 48.56% | -83.53% | 2931.65% | 352.95% | 181.54% | 504.27% | -105.66% | -187.68% | -59.08% | -111.53% |
| Net Income | 106.6M | -47.2M | -303.6M | -15.7M | -79M | -66.8M | 10.8M | 27.6M | 68.7M | 3.8M | 103.4M | 151.5M | 134.3M | 113.6M | 196.6M | 190.7M | 142M | 74.1M | 86.8M | 117.2M |
| Depreciation & Amortization | 65.3M | 63.2M | 67M | 72.6M | 72.9M | 73.4M | 79.5M | 74.4M | 69.5M | 62.9M | 72M | 66.4M | 58.7M | 61.8M | 62.9M | 56.2M | 57.1M | 56.6M | 58.9M | 54.6M |
| Stock-Based Compensation | 14.2M | 20.7M | 0 | 16.3M | 20.2M | 12.6M | 10.8M | 10M | 10.2M | 12.5M | 12.6M | 15.2M | 14.9M | 14.7M | 15.4M | 18.7M | 15.5M | 13.3M | 15.4M | 20M |
| Deferred Taxes | -9.4M | 4.3M | -101.4M | -17.5M | -25.8M | 5.6M | -52.2M | -12.7M | -17.5M | -4.3M | -50.3M | -9.9M | -16.1M | -10.5M | -60.8M | 44.9M | -42.4M | 9.4M | -1.9M | -1.3M |
| Other Non-Cash Items | -24.4M | 23.5M | 346.5M | 33.7M | 89.7M | -12.1M | 18.4M | -14.9M | -7.4M | -14.3M | 29.9M | -16.6M | -9.3M | -9.4M | -6.6M | -12.9M | -8.2M | -13.8M | 39.9M | -24.2M |
| Working Capital Changes | 77.9M | -384.7M | 170.2M | 69.4M | 242.3M | 70.5M | 139M | -63.4M | 22.8M | -166M | 419.2M | -178.5M | 41.2M | -46M | 187.5M | -127M | -171.9M | -188.7M | -58.8M | -208.5M |
| Change in Receivables | -36.5M | -17.1M | -8.5M | -5.3M | -5.3M | -15M | 22.2M | 36.6M | -1.8M | 46.4M | 180.5M | -182M | 31.4M | 19.1M | -1.9M | -41.7M | -67M | -12M | -8.4M | -25.3M |
| Change in Inventory | 3.2M | -173M | 106.5M | 1.3M | 74.6M | 1.2M | 230.8M | 18.6M | -48.9M | -161M | 267M | -29.6M | -74.7M | -47.6M | 51.4M | -33.3M | -188.9M | -220.3M | 100.9M | -249.2M |
| Change in Payables | 50M | 47.5M | -40M | 34.5M | 43.8M | 158.4M | -131.4M | -72.8M | -6.2M | 68.6M | -175.2M | -14.6M | 25.7M | 20.3M | -11.2M | -125.1M | 27.9M | 180.1M | -123M | 34.7M |
| Cash from Investing | -31.4M | -121.6M | -62.5M | -17.1M | -31.4M | -28.3M | -52.7M | -52.4M | -109.1M | -56.7M | -153.1M | -155.8M | -101M | -89.1M | -166.4M | -50.3M | -68.7M | -39.2M | -138.3M | -85.5M |
| Capital Expenditures | -44.1M | -29.7M | -64.7M | -42.1M | -40.5M | -35.6M | -69M | -53.4M | -115M | -72.1M | -100.9M | -105.5M | -111.8M | -94.4M | -113M | -74.2M | -63.6M | -55.8M | -99M | -80.1M |
| CapEx % of Revenue | 2.18% | 1.79% | 3.37% | 2.29% | 2.19% | 2.32% | 3.93% | 3.1% | 5.86% | 4.15% | 4.41% | 4.69% | 5.04% | 4.33% | 4.7% | 3.17% | 3.08% | 3.13% | 4.97% | 4.51% |
| Acquisitions | 0 | 0 | 200K | 0 | 0 | 0 | -9.5M | 0 | 0 | 0 | 2.4M | -25.3M | 7.4M | 5.3M | -52.7M | 23.3M | -1.5M | 18.2M | -99.3M | -600K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 12.7M | -91.9M | 0 | 25M | 9.1M | 7.3M | 25.8M | 1M | 0 | 0 | 0 | -3.2M | 3.4M | 0 | -700K | 18.1M | -3.6M | -1.6M | 60M | -4.8M |
| Cash from Financing | -178.8M | 506.6M | -234M | -130.3M | -272M | -56.9M | -142M | -4.6M | -28.3M | 115.7M | -369.9M | 88.8M | -108.6M | -41.6M | -237.9M | -112.3M | 35.5M | -48.5M | 193.5M | 159.4M |
| Debt Issued (Net) | -140.4M | 551.9M | -196.9M | -93.2M | -235.2M | -18.3M | -105.2M | 31.8M | 73.9M | 165.3M | -315.9M | 156.7M | -44M | 45M | -78.3M | 118.5M | 69.7M | 147.8M | 277.6M | 192.8M |
| Equity Issued (Net) | 900K | -6.6M | 600K | 800K | 900K | -2.4M | -400K | 800K | -66.3M | -16M | -19.2M | -58.3M | -38.3M | -62.8M | -126.5M | -206.2M | 3.9M | -172.3M | -50.3M | -800K |
| Dividends Paid | -38.9M | -38.7M | -37.3M | -37.9M | -37.6M | -37.5M | -37M | -36.6M | -36.8M | -37.3M | -36.7M | -36.7M | -36.9M | -37M | -36.5M | -37.5M | -38.1M | -37.9M | -38.2M | -38.2M |
| Share Repurchases | -100K | -9.2M | 0 | 0 | 0 | -2.4M | -400K | 0 | -66.3M | -16M | -19.2M | -58.3M | -38.3M | -62.8M | -126.5M | -206.2M | 0 | -172.3M | -50.3M | -800K |
| Other Financing | -400K | 0 | -400K | 0 | -100K | 1.3M | 600K | -600K | 900K | 3.7M | 1.9M | 27.1M | 10.6M | 13.2M | 3.4M | 12.9M | 0 | 13.9M | 4.4M | 5.6M |
| Net Change in Cash | 20.1M | 61.9M | -197.5M | 11.6M | 32.8M | 4.1M | -3.4M | -31.2M | 3.9M | -49M | 72.5M | -44.9M | 17.3M | -1.6M | 5M | -4.9M | -52.4M | -137.1M | 191.8M | 26.7M |
| Free Cash Flow | 186.1M | -349.9M | 114M | 116.7M | 279.8M | 47.6M | 137.3M | -47.3M | 31.3M | -177.5M | 485.9M | -77.4M | 111.9M | 29.8M | 282M | 96.4M | -71.5M | -104.9M | 41.3M | -122.3M |
| FCF Margin % | 9.2% | -21.09% | 5.93% | 6.34% | 15.1% | 3.1% | 7.82% | -2.75% | 1.6% | -10.22% | 21.23% | -3.44% | 5.05% | 1.37% | 11.73% | 4.12% | -3.47% | -5.89% | 2.07% | -6.88% |
| FCF Growth % | -33.49% | -835.08% | -16.97% | 346.72% | 793.93% | 126.82% | -71.74% | 38.89% | -72.03% | -695.64% | 72.3% | -180.29% | 256.5% | 128.41% | 582.81% | 178.82% | -194.2% | -1089.62% | -84.16% | -137.95% |
| FCF per Share | 3.19 | -6.10 | 2.00 | 2.05 | 4.92 | 0.84 | 2.42 | -0.84 | 0.55 | -3.10 | 8.49 | -1.34 | 1.94 | 0.51 | 4.82 | 1.61 | -1.18 | -1.71 | 0.66 | -1.96 |
| FCF Conversion (FCF/Net Income) | 2.16x | 6.76x | -0.59x | -10.05x | -4.04x | -1.25x | 19.46x | 0.76x | 2.13x | -27.74x | 5.68x | 0.19x | 1.67x | 1.10x | 2.02x | 0.91x | -0.06x | -0.70x | 1.62x | -0.37x |
| Interest Paid | -40M | 40M | 21.7M | 32.9M | 33.8M | 37.1M | 29.6M | 42.4M | 31.9M | 37.6M | 24M | 37.8M | 27M | 31.8M | 20.2M | 25.8M | 10.4M | 14.8M | 6.8M | 16.6M |
| Taxes Paid | -28.2M | 28.2M | 15M | 10M | 14.1M | 8.1M | 17.2M | 62.5M | 28.1M | 15.8M | 30.3M | 60M | 84.7M | 12.2M | 41.5M | 56.5M | 86.3M | 10.1M | 38.1M | 33.1M |