Filing Flows › Polaris (PII) › Q3 2026 › vs Q3 2025
Polaris (PII) Q3 2026 vs Q3 2025 (year over year)
Polaris's revenue rose $201M (+11%) from $1.8B in Q3 2025 to $2.0B in Q3 2026. The biggest changes: Wholegoods +$140M (+10%); PG&A +$61.5M (+12%). Gross margin 21.2% against 20.7% (+0.5 pts).
Polaris, Q3 2026: revenue $2.0B (+11% year over year), operating margin 3.6%, net earnings $38.6M, operating cash flow $382M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 21.2% | 20.7% | +0.5 pts |
| Operating margin | 3.6% | 1.1% | +2.5 pts |
| Net margin | 1.9% | -0.9% | +2.7 pts |
| Free cash flow margin | 15.4% | 6.3% | +9.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Wholegoods | $1.5B | $1.3B | $140M | +10% |
| PG&A | $568M | $506M | $61.5M | +12% |
| Revenue | $2.0B | $1.8B | $201M | +11% |
| Gross profit | $432M | $380M | $52.1M | +14% |
| Cost of revenue | $1.6B | $1.5B | $149M | +10% |
| Operating profit | $73.4M | $20.4M | $53.0M | +260% |
| Operating expenses | $359M | $360M | −$900K | -0.3% |
| Pre-tax earnings | $56.2M | −$12.1M | $68.3M | — |
| Other expense, net | $17.2M | $32.5M | −$15.3M | -47% |
| Net earnings | $38.6M | −$15.7M | $54.3M | — |
| Income tax | $17.6M | $3.6M | $14.0M | +389% |
| Depreciation & amortization | $67.6M | $72.6M | −$5.0M | -7% |
| Share-based compensation | $14.0M | $16.3M | −$2.3M | -14% |
| Working capital & other | $262M | $85.6M | $176M | +206% |
| Operating cash flow | $382M | $159M | $223M | +140% |
| Free cash flow (OCF − capex) | $315M | $117M | $199M | +170% |
| Capital expenditures | $66.5M | $42.1M | $24.4M | +58% |
Questions
How much did Polaris's revenue grow year over year in Q3 2026?
Polaris's revenue rose $201M (+11%) from $1.8B in Q3 2025 to $2.0B in Q3 2026.
What drove Polaris's revenue change in Q3 2026?
Wholegoods +$140M (+10%); PG&A +$61.5M (+12%).