Filing Flows › Polaris (PII) › Q2 2025
Polaris (PII) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Polaris (PII) reported revenue of $1.9B for the second quarter 2025 (Q2 2025), -6% from a year earlier and +21% from the quarter before. Operating margin was -0.7%, net loss $79.1M (4.3% of revenue).
Polaris, Q2 2025: revenue $1.9B (-6% year over year), operating margin -0.7%, net loss $79.1M, operating cash flow $320M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +21% | -6% |
| Operating profit | −$12.9M | — | — |
| Net earnings | −$79.1M | — | — |
| Operating cash flow | $320M | +285% | +119% |
| Free cash flow | $280M | +488% | +254% |
What changed
Revenue was $1.9B in Q2 2025, down 6% year over year and up 21% from the previous quarter. Off Road was the largest line at 76% of revenue. Off Road lost $0.13B year over year (down 8%), 116% of the total change.
Gross margin was 19.4%, down 2.2 points from a year earlier. Operating costs exceeded revenue by $0.01B, an operating margin of -0.7%. Operating expenses grew 22% against a revenue fall of 6%. The quarter ended with a net loss of $0.08B, wider than the previous quarter's $0.07B loss. Net interest and other expense of $0.08B was the main reason.
Operating cash flow was $0.32B (up 119% year over year). Non-cash charges added back $0.07B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.31B. Capital expenditures of $0.04B left free cash flow of $0.28B.
Questions
What was Polaris' revenue in the second quarter 2025?
Polaris (PII) reported revenue of $1.9B for the second quarter 2025 (Q2 2025), -6% from a year earlier and +21% from the quarter before.
Was Polaris profitable in the second quarter 2025?
Operating loss was $12.9M (-0.7% of revenue) and net loss $79.1M.
Source: Polaris 10-Q on SEC EDGAR.