Polaris Inc. balance sheet

At the end of fiscal 2025, Polaris Inc. had total assets of $4.89bn, total liabilities of $4.05bn and shareholders' equity of $828m. It held $138m in cash against $1.54bn of debt: net debt of $1.40bn.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Polaris Inc.: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash and equivalents	140	394	325	417	92	138	155	127	138	161	157	632	502	325	368	288	138	302
Receivables	90	89	115	120	186	205	151	175	200	197	190	257	228	343	306	192	238	277
Inventory	179	236	298	345	418	566	710	747	784	970	1,121	1,178	1,511	1,896	1,811	1,742	1,412	1,545
Total current assets	492	808	875	1,018	866	1,097	1,153	1,191	1,254	1,486	1,627	2,208	2,559	2,768	2,692	2,632	2,207	2,439
Goodwill	26	28	45	56	127	123	131	422	433	647	660	397	391	386	394	394	349	349
Total assets	764	1,062	1,228	1,489	1,685	2,075	2,386	3,100	3,090	4,125	4,431	4,633	5,048	5,218	5,516	5,525	4,894	5,051
Accounts payable	76	113	147	169	238	343	300	274	317	346	450	782	776	848	713	563	763	903
Deferred revenue (current)	—	—	—	—	—	—	—	11	19	26	34	38	35	36	35	36	37	35
Total current liabilities	343	584	586	631	748	851	827	960	1,130	1,197	1,528	1,889	2,230	2,329	1,934	2,293	2,243	2,293
Short-term debt	—	—	—	—	3	3	5	4	48	67	167	142	553	554	—	—	—	—
Long-term debt	—	200	100	100	284	224	456	1,138	865	1,896	1,527	1,309	1,247	1,504	1,858	2,032	1,510	1,593
Total debt	0	200	100	100	288	226	461	1,142	913	1,963	1,694	1,451	1,801	2,058	1,908	2,072	1,540	1,628
Total liabilities	559	691	728	798	1,141	1,200	1,395	2,224	2,146	3,251	3,309	3,476	3,810	4,104	4,085	4,225	4,054	4,200
Shareholders' equity	205	371	500	691	536	861	981	867	932	867	1,108	1,145	1,224	1,099	1,418	1,290	828	845
Net debt (negative = net cash)	−140	−194	−225	−317	195	89	306	1,015	775	1,801	1,536	819	1,298	1,733	1,541	1,785	1,402	1,327
Shares outstanding	65m	68m	68m	69m	66m	66m	65m	63m	63m	61m	61m	62m	60m	57m	57m	56m	57m	57m

US$ millions unless shown otherwise. Fiscal quarters.

Polaris Inc.: balance sheet, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Receivables	192	211	225	230	238	249	285	277
Inventory	1,742	1,748	1,698	1,697	1,412	1,568	1,566	1,545
Total current assets	2,632	2,594	2,613	2,603	2,207	2,590	2,568	2,439
Goodwill	394	396	349	349	349	349	349	349
Total assets	5,525	5,450	5,388	5,305	4,894	5,242	5,199	5,051
Accounts payable	563	724	774	809	763	834	883	903
Deferred revenue (current)	36	35	36	36	37	37	36	35
Total current liabilities	2,293	2,312	2,504	2,548	2,243	2,134	2,141	2,293
Long-term debt	2,032	1,621	1,392	1,300	1,510	2,056	1,917	1,593
Total debt	2,032	1,621	1,392	1,300	1,510	2,056	1,917	1,593
Total liabilities	4,225	4,215	4,194	4,145	4,054	4,481	4,354	4,200
Shareholders' equity	1,290	1,226	1,185	1,150	828	750	837	845
Shares outstanding	56m	56m	56m	56m	57m	57m	57m	57m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Polaris Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Polaris Inc.