Filing Flows › Polaris (PII) › Q3 2025
Polaris (PII) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Polaris (PII) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +7% from a year earlier and -0.6% from the quarter before. Operating margin was 1.1%, net loss $15.7M (0.9% of revenue).
Polaris, Q3 2025: revenue $1.8B (+7% year over year), operating margin 1.1%, net loss $15.7M, operating cash flow $159M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -0.6% | +7% |
| Operating profit | $20.4M | — | — |
| Net earnings | −$15.7M | — | — |
| Operating cash flow | $159M | -50% | +656% |
| Free cash flow | $117M | -58% | — |
What changed
Revenue was $1.8B in Q3 2025, up 7% year over year and down 1% from the previous quarter. Off Road was the largest line at 82% of revenue. Off Road added $0.11B year over year (up 8%), 92% of the total change. On Road declined 3%.
Gross margin was 20.7%, up 0.1 points from a year earlier. Operating profit was $0.02B, a 1.1% margin (down 2.7 points year over year). Operating profit fell $0.05B even though revenue rose $0.12B versus a year earlier, so costs grew faster than sales. Operating expenses grew 25% against revenue growth of 7%. The quarter ended with a net loss of $0.02B, narrower than the previous quarter's $0.08B loss. Net interest and other expense of $0.03B was the main reason.
Operating cash flow was $0.16B (up 656% 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 $0.09B. Capital expenditures of $0.04B left free cash flow of $0.12B.
Questions
What was Polaris' revenue in the third quarter 2025?
Polaris (PII) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +7% from a year earlier and -0.6% from the quarter before.
Was Polaris profitable in the third quarter 2025?
Operating profit was $20.4M (1.1% of revenue) and net loss $15.7M.
Source: Polaris 10-Q on SEC EDGAR.