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Polaris cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$315M in Q3 2026 · $266M over twelve months

Operating cash flow$382M
Capital spending−$66.5M
Free cash flow+$315M
Cash / net income9.9×
Cash conversion cycle50 days

Analysis

In Q3 2026, Polaris generated $382M of operating cash flow and spent $66.5M on capital projects, leaving free cash flow of $315M. That is $199M more than in Q3 2025 ($117M).

Over the twelve months to Sep 30, 2026, operating cash flow was $470M; the largest uses were net borrowing (+) / repaid (−) ($3.3B), capital spending ($205M), dividends ($154M); besides operations, cash came from other financing ($3.2B), shares issued ($5.1M); the cash balance fell by $33.4M.

Operating cash flow was $382M against net income of $38.6M — 9.9× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$123M, prepaid and other assets +$90.4M, depreciation & amortization +$67.6M.

Its cash conversion cycle was 50 days (receivables 13 + inventory 89 − payables 51).

Free cash flow

Polaris: free cash flow by quarterPolaris: free cash flow by quarter$137MQ4 2024$47.6MQ1 2025$280MQ2 2025$117MQ3 2025$114MQ4 2025−$350MQ1 2026$186MQ2 2026$315MQ3 2026
Operating cash flow less capital spending.
Polaris: operating cash flow against capital spendingPolaris: operating cash flow against capital spendingOperating cash flowCapital spending$206M$69.0MQ4 2024$83.2M$35.6MQ1 2025$320M$40.5MQ2 2025$159M$42.1MQ3 2025$179M$64.7MQ4 2025−$320M$29.7MQ1 2026$230M$44.1MQ2 2026$382M$66.5MQ3 2026
Latest (Q3 2026): Operating cash flow $382M, Capital spending $66.5M.

Capital allocation, year by year

Polaris: where the cash came from (up) and went (down), by fiscal yearPolaris: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $294MFY2021: Net borrowing $351MFY2021: Shares issued $156MFY2021: Capital spending −$283MFY2021: Buybacks −$462MFY2021: Dividends −$153M$801MFY2021FY2022: Operating cash flow $509MFY2022: Net borrowing $258MFY2022: Shares issued $34.1MFY2022: Asset sales $42.2MFY2022: Capital spending −$307MFY2022: Acquisitions $42.2MFY2022: Buybacks −$505MFY2022: Dividends −$150M$885MFY2022FY2023: Operating cash flow $926MFY2023: Net borrowing −$158MFY2023: Shares issued $52.8MFY2023: Capital spending −$413MFY2023: Acquisitions −$22.7MFY2023: Buybacks −$179MFY2023: Dividends −$147M$979MFY2023FY2024: Operating cash flow $268MFY2024: Net borrowing $166MFY2024: Shares issued $6.0MFY2024: Capital spending −$262MFY2024: Buybacks −$82.7MFY2024: Dividends −$148M$440MFY2024FY2025: Operating cash flow $741MFY2025: Net borrowing −$544MFY2025: Shares issued $3.7MFY2025: Capital spending −$183MFY2025: Buybacks −$2.4MFY2025: Dividends −$150M$745MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were capital spending ($1.4B) and buybacks ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$302M
Debt$1.5B
Net debt$1.2B
Due within a year$35.2M

Polaris funds itself: free cash flow was $266M over the last twelve months, and $302M of cash and investments stands against $1.5B of debt ($35.2M due within a year, 8.6× covered by cash).

Where the cash came from and went

Polaris: sources (+) and uses (−) of cash, Q3 2026Polaris: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$382MNet borrowing (+) / repaid (−)−$323MCapital spending−$66.5MOther investing$48.9MDividends−$38.7MExchange rates−$2.9MShares issued$900KPartners−$300KCash drawn (+) / kept (−)$200K
Polaris: sources (+) and uses (−) of cash, TTM to Q3 2026Polaris: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$3.3BOther financing$3.2BOperating cash flow$470MCapital spending−$205MDividends−$154MCash drawn (+) / kept (−)$33.4MOther investing−$28.3MBuybacks−$9.3MShares issued$5.1MExchange rates−$3.1MPartners−$900K

From profit to cash

Polaris: net income to operating cash flow, Q3 2026Polaris: net income to operating cash flow, Q3 2026Net income$38.6MDepreciation & amortization$67.6MStock-based pay$14.0MDeferred taxes−$6.2MOther non-cash$1.3MReceivables$6.5MInventory$15.9MPayables$22.0MAccrued liabilities$123MPrepaid and other assets$90.4MIncome taxes payable$14.9MOperating cash flow$382M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202613895150
Q2 202612925154
Q1 2026131015460
Q4 202511934757
Q3 2025111075068
Q2 2025111054670
Q1 2025121224589
Q4 2024111234292

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$382M−$66.5M—−$38.7M−$323M$900K$200K$315M
Q2 2026$230M−$44.1M−$100K−$38.9M−$140M$1.0M−$20.1M$186M
Q1 2026−$320M−$29.7M−$9.2M−$38.7M$552M$2.6M−$61.9M−$350M
Q4 2025$179M−$64.7M—−$37.3M−$2.0B$600K$115M$114M
Q3 2025$159M−$42.1M—−$37.9M−$93.2M$800K−$11.6M$117M
Q2 2025$320M−$40.5M—−$37.6M$1.2B$900K−$32.8M$280M
Q1 2025$83.2M−$35.6M−$2.4M−$37.5M−$18.3M$1.4M−$4.1M$47.6M
Q4 2024$206M−$69.0M−$400K−$37.0M−$105M$600K$3.4M$137M

Polaris: income statement and cash flow

Polaris, Q3 2026: revenue $2.0B (+11% year over year), operating margin 3.6%. The chart follows the revenue to costs, profit and cash.

Polaris: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.