Filing Flows › Polaris (PII) › Q4 2025
Polaris (PII) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Polaris (PII) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before. Operating margin was -16.7%, net loss $303M (15.8% of revenue).
Polaris, Q4 2025: revenue $1.9B (+10% year over year), operating margin -16.7%, net loss $303M, operating cash flow $179M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +4% | +9% |
| Operating profit | −$320M | -1669% | — |
| Net earnings | −$303M | — | — |
| Operating cash flow | $179M | +13% | -13% |
| Free cash flow | $114M | -2% | -17% |
What changed
Revenue was $1.9B in Q4 2025, up 9% year over year and up 4% from the previous quarter. Off Road was the largest line at 83% of revenue.
Gross margin was 20.0%, down 0.4 points from a year earlier. Operating costs exceeded revenue by $0.32B, an operating margin of -16.7%. Operating expenses grew 141% against revenue growth of 9%. The quarter ended with a net loss of $0.30B, wider than the previous quarter's $0.02B loss.
Operating cash flow was $0.18B (down 13% year over year). Non-cash charges added back $0.07B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.40B. Capital expenditures of $0.06B left free cash flow of $0.11B.
Questions
What was Polaris' revenue in the fourth quarter 2025?
Polaris (PII) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before.
Was Polaris profitable in the fourth quarter 2025?
Operating loss was $320M (-16.7% of revenue) and net loss $303M.
Source: Polaris 10-K on SEC EDGAR.