Polaris Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $7.6 billion, which rose 9.5% on the year before. That growth rate was up 1.0 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | -19.7% | 4.0% | 0.1% |
| FY25 Q1 | -17.9% | 3.1% | 3.3% |
| FY25 Q2 | -16.6% | 1.2% | 6.3% |
| FY25 Q3 | -9.4% | 0.5% | 8.3% |
| FY25 Q4 | -0.3% | -4.9% | 7.8% |
| FY26 Q1 | 4.3% | -4.8% | 2.2% |
| FY26 Q2 | 8.4% | -2.6% | 0.9% |
| FY26 Q3 | 9.5% | -1.8% | 3.5% |
What stands out
Capital spending rose 9.5% while operating cash flow fell 38.8%, so less of the cash generated was left over. Revenue grew 9.5% but the operating margin fell 2.3 percentage points: sales are rising faster than profit.
Profitability
Sales are growing faster than profit, meaning each dollar of revenue is earning less. The trailing gross margin was 21.3%. The trailing operating margin was negative, at −1.8%, down 2.3 percentage points from a year earlier. Alongside that, the trailing net margin was negative, at −2.7%. The company made a net loss of $206.2 million over the twelve months.
Cash flow
Spending is outrunning the cash the business brings in, so less is left over. Operating cash flow over the twelve months was $470.5 million, down 38.8% on the year before. Capital spending was $205.0 million, or 2.7% of revenue. Free cash flow, operating cash flow less capital spending, was $265.5 million, down 54.3% on the year before. Free cash flow was 3.5% of revenue (the free-cash-flow margin), down 4.9 percentage points from a year earlier.
The share base
The average diluted share count rose 1.6% over the year.
Against its own history
Set against the company’s own record: today’s free-cash-flow margin of 3.5% is higher than 34% of the company’s own past quarterly readings, which have ranged from −3.3% to 13.8%. Today’s operating margin of −1.8% is higher than 9% of past readings (−4.9% to 16.7%). Today’s twelve-month revenue growth rate of 9.5% is higher than 61% of past readings (−19.7% to 21.5%).
What it means for our valuation
These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 28.9%, and 5 percentage points higher would raise it by 37.5%. A free-cash-flow margin 1 percentage point lower would lower it by 24.6%.
What to watch
The next filing will show whether the trends above continue, slow or reverse.
