What is Polaris's net debt?

Polaris (PII) reported net debt of $1.84B in Q1 2026.

How has Polaris's net debt changed year-over-year?

Polaris's net debt increased by 2.2% year-over-year, from $1.8B to $1.84B.

What is the long-term trend for Polaris's net debt?

Over 5 years (2020 to 2025), Polaris's net debt has grown at a 34.7% compound annual growth rate (CAGR), from -$346.4M to $1.53B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Polaris PII Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

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4.3×-0.6×

PENN Entertainment, Inc.PENN

22.4×—

MattelMAT

2.8×+1.1×

Dorman ProductsDORM

1.5×+0.1×

International Seaways, Inc.INSW

0.6×-0.3×

CoreCivicCXW

3.2×+0.2×

Other financials

Income statement

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Revenue$1.7B+8.0%

Gross profit$334.8M+36.7%

Operating income-$39.1M-8.3%

Net income-$47.4M+29.0%

EPS (diluted)-$0.83+29.1%

Balance sheet

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Cash & equivalents$282.0M-3.3%

Total debt$2.1B+1.4%

Total equity$750.4M-38.8%

Total assets$5.2B-3.8%

Cash flow

See full

Operating cash flow-$320.2M-485%

CapEx$29.7M-16.6%

Free cash flow-$349.9M-835%

Valuation

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Market cap$3.91B+34.8%

Profitability

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Gross margin20%+0.2pp

Operating margin-4.8%-7.9pp

Net margin-6.1%-6.7pp

FCF margin2.2%-1.1pp

Returns & leverage

See full

Return on equity-45.1%-48.2pp

Debt / equity2.8×+1.1×

Current ratio1.2×+0.1×

Where this comes from

Calculated from Polaris’s reported figures.

$2.1Btotal debt−$282.0Mcash and equivalents=$1.84B

The official record: Polaris’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Polaris's net debt?: Polaris (PII) reported net debt of $1.84B in Q1 2026.
How has Polaris's net debt changed year-over-year?: Polaris's net debt increased by 2.2% year-over-year, from $1.8B to $1.84B.
What is the long-term trend for Polaris's net debt?: Over 5 years (2020 to 2025), Polaris's net debt has grown at a 34.7% compound annual growth rate (CAGR), from -$346.4M to $1.53B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.