Filing Flows › Polaris (PII) › Q2 2026 › vs Q2 2025
Polaris (PII) Q2 2026 vs Q2 2025 (year over year)
Polaris's revenue rose $170M (+9%) from $1.9B in Q2 2025 to $2.0B in Q2 2026. The biggest changes: Wholegoods +$114M (+8%); PG&A +$56.1M (+13%). Gross margin 23.6% against 19.4% (+4.3 pts).
Polaris, Q2 2026: revenue $2.0B (+9% year over year), operating margin 7.4%, net earnings $107M, operating cash flow $230M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 23.6% | 19.4% | +4.3 pts |
| Operating margin | 7.4% | -0.7% | +8.1 pts |
| Net margin | 5.3% | -4.3% | +9.5 pts |
| Free cash flow margin | 9.2% | 15.1% | -5.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Wholegoods | $1.5B | $1.4B | $114M | +8% |
| PG&A | $503M | $447M | $56.1M | +13% |
| Revenue | $2.0B | $1.9B | $170M | +9% |
| Gross profit | $478M | $359M | $119M | +33% |
| Cost of revenue | $1.5B | $1.5B | $51.0M | +3% |
| Operating profit | $149M | −$12.9M | $162M | — |
| Operating expenses | $330M | $372M | −$42.6M | -11% |
| Pre-tax earnings | $133M | −$92.6M | $226M | — |
| Other expense, net | $15.4M | $79.7M | −$64.3M | -81% |
| Net earnings | $107M | −$79.1M | $186M | — |
| Income tax | $26.8M | −$13.5M | $40.3M | — |
| Depreciation & amortization | $65.3M | $72.9M | −$7.6M | -10% |
| Share-based compensation | $14.2M | $20.2M | −$6.0M | -30% |
| Working capital & other | $44.1M | $306M | −$262M | -86% |
| Operating cash flow | $230M | $320M | −$90.1M | -28% |
| Free cash flow (OCF − capex) | $186M | $280M | −$93.7M | -33% |
| Capital expenditures | $44.1M | $40.5M | $3.6M | +9% |
Questions
How much did Polaris's revenue grow year over year in Q2 2026?
Polaris's revenue rose $170M (+9%) from $1.9B in Q2 2025 to $2.0B in Q2 2026.
What drove Polaris's revenue change in Q2 2026?
Wholegoods +$114M (+8%); PG&A +$56.1M (+13%).