POLARIS INC., 10-Q filed on 4/28/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 21, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 1-11411  
Entity Registrant Name POLARIS INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 41-1790959  
Entity Address, Address Line One 2100 Highway 55,  
Entity Address, City or Town Medina  
Entity Address, State or Province MN  
Entity Address, Postal Zip Code 55340  
City Area Code (763)  
Local Phone Number 542-0500  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   56,886,167
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000931015  
Current Fiscal Year End Date --12-31  
NEW YORK STOCK EXCHANGE, INC.    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $.01 par value  
Trading Symbol PII  
Security Exchange Name NYSE  
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 282.0 $ 138.0
Trade receivables, net 249.0 237.5
Inventories, net 1,567.5 1,412.4
Prepaid expenses and other 434.0 366.9
Income taxes receivable 35.7 2.0
Current assets held for sale 21.8 49.8
Total current assets 2,590.0 2,206.6
Property and equipment, net 996.0 1,030.6
Investment in finance affiliate 133.8 131.5
Deferred tax assets 521.1 525.5
Goodwill and other intangible assets, net 795.0 800.0
Operating lease assets 113.1 121.0
Other long-term assets 92.5 78.5
Total assets 5,241.5 4,893.7
Current liabilities:    
Current financing obligations 34.8 34.8
Accounts payable 833.5 762.5
Accrued expenses 1,226.1 1,355.0
Other current liabilities 33.0 40.5
Current liabilities held for sale 6.5 50.5
Total current liabilities 2,133.9 2,243.3
Total long-term financing obligations 2,056.2 1,504.7
Other long-term liabilities 290.5 306.1
Total liabilities 4,480.6 4,054.1
Deferred compensation 5.8 6.7
Shareholders’ equity:    
Preferred stock $0.01 par value per share, 20.0 shares authorized, no shares issued and outstanding 0.0 0.0
Common stock $0.01 par value per share, 160.0 shares authorized, 56.9 and 56.5 shares issued and outstanding, respectively 0.6 0.6
Additional paid-in capital 1,348.8 1,328.9
Accumulated deficit (560.3) (469.0)
Accumulated other comprehensive loss, net (38.7) (32.1)
Total shareholders’ equity 750.4 828.4
Noncontrolling interest 4.7 4.5
Total equity 755.1 832.9
Total liabilities and equity $ 5,241.5 $ 4,893.7
v3.26.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 20,000,000.0 20,000,000.0
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 160,000,000.0 160,000,000.0
Common stock, shares issued (in shares) 56,900,000 56,500,000
Common stock, shares outstanding (in shares) 56,900,000 56,500,000
v3.26.1
Consolidated Statements Of Loss - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Sales $ 1,658.7 $ 1,535.8
Cost of sales 1,323.9 1,290.8
Gross profit 334.8 245.0
Operating expenses:    
Selling and marketing 113.6 117.6
Research and development 82.3 82.9
General and administrative 162.5 102.7
Loss on disposal groups 31.6 0.0
Total operating expenses 390.0 303.2
Operating loss (39.1) (36.1)
Non-operating expense:    
Interest expense 30.4 34.1
Other (income) expense, net (11.8) 0.9
Loss before income taxes (57.7) (71.1)
Benefit for income taxes (10.5) (4.4)
Net loss (47.2) (66.7)
Net income attributable to noncontrolling interest (0.2) (0.1)
Net loss attributable to Polaris Inc. $ (47.4) $ (66.8)
Basic (in usd per share) $ (0.83) $ (1.17)
Diluted (in usd per share) $ (0.83) $ (1.17)
Weighted average shares outstanding:    
Basic (in shares) 57.4 56.9
Diluted (in shares) 57.4 56.9
Income from financial services    
Operating expenses:    
Income from financial services $ 16.1 $ 22.1
v3.26.1
Consolidated Statements Of Comprehensive Loss - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net loss $ (47.2) $ (66.7)
Other comprehensive income (loss), net of tax:    
Foreign currency translation adjustments (14.3) 22.2
Unrealized gain on derivative instruments 7.8 5.2
Retirement plan and other activity (0.1) (0.1)
Comprehensive loss (53.8) (39.4)
Comprehensive income attributable to noncontrolling interest (0.2) (0.1)
Comprehensive loss attributable to Polaris Inc. $ (54.0) $ (39.5)
v3.26.1
Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared and paid per common share (in dollars per share) $ 0.68 $ 0.67
v3.26.1
Consolidated Statements of Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Non Controlling Interest
Beginning balance (in shares) at Dec. 31, 2024   56.1        
Beginning balance at Dec. 31, 2024 $ 1,294.1 $ 0.6 $ 1,265.9 $ 148.9 $ (125.5) $ 4.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Employee stock compensation (in shares)   0.2        
Employee stock compensation 12.6   12.6      
Deferred compensation 1.9   0.1 1.8    
Proceeds from stock issuances under employee plans 1.4   1.4      
Cash dividends paid [1] (37.5)     (37.5)    
Repurchase and retirement of common shares (in shares)   (0.1)        
Repurchase and retirement of common shares (2.4)   (1.2) (1.2)    
Cash dividend to noncontrolling interest (0.1)         (0.1)
Net loss (66.7)     (66.8)   0.1
Other comprehensive loss 27.3       27.3  
Ending balance (in shares) at Mar. 31, 2025   56.2        
Ending balance at Mar. 31, 2025 1,230.6 $ 0.6 1,278.8 45.2 (98.2) 4.2
Beginning balance (in shares) at Dec. 31, 2025   56.5        
Beginning balance at Dec. 31, 2025 832.9 $ 0.6 1,328.9 (469.0) (32.1) 4.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Employee stock compensation (in shares)   0.5        
Employee stock compensation 20.7   20.7      
Deferred compensation 0.9     0.9    
Proceeds from stock issuances under employee plans 2.6   2.6      
Cash dividends paid [1] (39.0)     (39.0)    
Repurchase and retirement of common shares (in shares)   (0.1)        
Repurchase and retirement of common shares (9.2)   (3.4) (5.8)    
Net loss (47.2)     (47.4)   0.2
Other comprehensive loss (6.6)       (6.6)  
Ending balance (in shares) at Mar. 31, 2026   56.9        
Ending balance at Mar. 31, 2026 $ 755.1 $ 0.6 $ 1,348.8 $ (560.3) $ (38.7) $ 4.7
[1] Polaris Inc. declared and paid a dividend of $0.68 and $0.67 per share for the three-month periods ended March 31, 2026 and March 31, 2025, respectively.
v3.26.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities:    
Net loss $ (47.2) $ (66.7)
Adjustments to reconcile net loss to net cash (used for) provided by operating activities:    
Depreciation and amortization 63.2 73.4
Noncash compensation 20.7 12.6
Noncash income from financial services 9.7 11.7
Deferred income taxes 4.3 5.6
Loss on disposal groups 31.6 0.0
Other, net (1.6) 0.5
Changes in operating assets and liabilities:    
Trade receivables (17.1) (15.0)
Inventories (173.0) 1.2
Accounts payable 47.5 158.4
Accrued expenses (137.1) (151.8)
Income taxes payable/receivable (40.3) (15.9)
Prepaid expenses and other, net (64.7) 93.6
Net cash (used for) provided by operating activities (320.2) 83.2
Investing Activities:    
Purchase of property and equipment, net (29.7) (35.6)
Distributions from (investment in) finance affiliate, net 7.4 7.3
Investments in other affiliates (20.0) 0.0
Sale of business (79.3) 0.0
Net cash used for investing activities (121.6) (28.3)
Financing Activities:    
Borrowings (repayments) under revolving loan facility, net 558.6 (11.4)
Repayments under financing obligations (6.7) (6.9)
Repurchase and retirement of common shares (9.2) (2.4)
Cash dividends to shareholders (38.7) (37.5)
Payments of Ordinary Dividends, Noncontrolling Interest 0.0 (0.1)
Proceeds from stock issuances under employee plans 2.6 1.4
Net cash provided by (used for) financing activities 506.6 (56.9)
Impact of currency exchange rates on cash balances (2.9) 6.1
Net increase in cash, cash equivalents and restricted cash 61.9 4.1
Cash, cash equivalents and restricted cash at beginning of period 236.3 303.0
Cash, cash equivalents and restricted cash at end of period 298.2 307.1
Supplemental Cash Flow Information:    
Interest paid on financing obligations 40.0 37.1
Income taxes paid 28.2 8.1
Leased assets obtained for operating lease liabilities 2.4 2.5
Cash and cash equivalents 282.0 291.7
Other long-term assets 16.2 15.4
Total $ 298.2 $ 307.1
v3.26.1
Basis of Presentation and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies
Basis of presentation. The accompanying unaudited consolidated financial statements of Polaris Inc. (“Polaris” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and, therefore, do not include all information and disclosures of results of operations, financial position, and changes in cash flow in conformity with accounting principles generally accepted in the United States for complete financial statements. Accordingly, such statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 previously filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, such statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, equity, and cash flows for the periods presented. Due to the seasonality trends for certain products and certain changes in production and shipping cycles, results of such periods are not necessarily indicative of the results to be expected for the complete year.
Reclassifications. Reclassifications of certain prior year reportable segment results have been made to conform to the current-year presentation. See Note 11 for additional information. The reclassifications had no impact on the consolidated balance sheets, statements of loss, comprehensive loss, equity, or cash flows, as previously reported. In addition, the prior year presentation of revolving loan facility activity in the consolidated statements of cash flows has been conformed to the current-year presentation. The reclassifications had no impact on net cash used for financing activities.
Fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:
Level  1 — Quoted prices in active markets for identical assets or liabilities.
Level  2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company utilizes the market approach to measure fair value for its non-qualified deferred compensation assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Non-qualified deferred compensation assets and liabilities
As of March 31, 2026 and December 31, 2025, the fair value of the Company’s non-qualified deferred compensation assets was $50.7 million and $53.5 million, respectively. As of March 31, 2026 and December 31, 2025, the fair value of the Company’s non-qualified deferred compensation liabilities was $50.7 million and $53.5 million, respectively. The fair value of these assets and liabilities was determined using Level 1 inputs.
Fair value of other financial instruments. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents, trade receivables, accounts payable and current financing obligations, approximate their fair values due to their short-term nature. As of March 31, 2026 and December 31, 2025, the fair value of the Company’s financing obligations was approximately $2,111.1 million and $1,575.9 million, respectively, and was determined primarily using Level 2 inputs by discounting projected cash flows based on quoted market rates at which similar amounts of debt could currently be borrowed. The carrying value of financing obligations was $2,091.0 million and $1,539.5 million as of March 31, 2026 and December 31, 2025, respectively.
Property and equipment. The Company recorded $58.6 million and $67.4 million of depreciation expense for the three months ended March 31, 2026 and 2025, respectively. A majority of the Company’s property and equipment is located in North America.
Product warranties. The activity in the warranty reserve during the periods presented was as follows (in millions):
Three months ended March 31,
20262025
Balance at beginning of period $135.5 $162.8 
Additions charged to expense 30.4 29.5 
Warranty claims paid, net (37.1)(39.5)
Balance at end of period $128.8 $152.8 
New accounting pronouncements.
Apart from the item discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, there are no other new accounting pronouncements that are expected to have a significant impact on the Company’s consolidated financial statements or related disclosures.
v3.26.1
Supplemental Balance Sheet Information
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
In millionsMarch 31, 2026December 31, 2025
Inventories
Raw materials and purchased components$690.3 $623.7 
Service parts, garments and accessories268.9 268.9 
Finished goods700.7 615.4 
Less: reserves(92.4)(95.6)
Inventories, net$1,567.5 $1,412.4 
Property and equipment
Land, buildings and improvements$667.5 $665.8 
Equipment and tooling1,672.8 1,659.7 
2,340.3 2,325.5 
Less: accumulated depreciation(1,344.3)(1,294.9)
Property and equipment, net$996.0 $1,030.6 
Accrued expenses
Compensation$126.6 $266.1 
Warranties128.8 135.5 
Sales promotions and incentives261.2 278.4 
Dealer holdback117.8 135.9 
Other accrued expenses591.7 539.1 
Total accrued expenses$1,226.1 $1,355.0 
Other current liabilities
Current operating lease liabilities$24.5 $28.1 
Income taxes payable8.5 12.4 
Total other current liabilities$33.0 $40.5 
Other long-term liabilities
Long-term operating lease liabilities$90.1 $97.1 
Long-term income taxes payable17.8 19.9 
Deferred tax liabilities7.2 7.3 
Other long-term liabilities175.4 181.8 
Total other long-term liabilities$290.5 $306.1 
v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue Recognition [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or service to a customer. Revenue is measured based on the amount of consideration that the Company expects to be entitled to in exchange for the goods or services transferred. Sales, value add, and other taxes that are collected from a customer concurrent with revenue-producing activities are excluded from revenue. Revenue from goods and services transferred to customers at a point-in-time accounts for the majority of the Company’s revenue. Revenue from products or services transferred over time is discussed in the contract liabilities section below.
The following tables disaggregate the Company's revenue by major product type and geography (in millions):
Three months ended March 31, 2026
Polaris PowersportsMarineAixam & GoupilCorporateTotal
Revenue by product type
Wholegoods$990.6

$125.2$55.3

$43.8$1,214.9
PG&A428.6

0.111.43.7443.8
Total revenue $1,419.2

$125.3$66.7

$47.5$1,658.7

Revenue by geography

United States$1,173.3$122.3$—$38.7$1,334.3
Canada87.52.7—1.291.4
EMEA91.30.166.74.9163.0
APLA67.10.2—2.770.0
Total revenue $1,419.2$125.3$66.7$47.5$1,658.7
Three months ended March 31, 2025
Polaris PowersportsMarineAixam & GoupilCorporateTotal
Revenue by product type
Wholegoods$862.3$115.3$51.4$96.4$1,125.4
PG&A377.40.19.723.2410.4
Total revenue $1,239.7$115.4$61.1$119.6$1,535.8
Revenue by geography
United States$1,001.4$112.8$—$78.5$1,192.7
Canada90.32.0—5.397.6
EMEA93.9—61.124.9179.9
APLA54.10.6—10.965.6
Total revenue $1,239.7$115.4$61.1$119.6$1,535.8

For the majority of wholegood vehicles, boats, and parts, garments, and accessories (“PG&A”), the Company transfers control and recognizes a sale when it ships the product from its manufacturing facility, distribution center, or vehicle holding center to the customer. The amount of consideration the Company receives and revenue it recognizes varies with changes in marketing incentives and rebates it offers to its customers. Payment terms vary by customer and most of the Company’s sales are financed by the customer under floorplan financing arrangements whereby the Company receives payment within a few days of shipment of the product.
When the right of return exists, the Company adjusts the consideration for the estimated effect of returns. The Company estimates expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer, and a projection of this experience into the future. The Company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration it expects to receive changes or when the consideration becomes fixed.
Depending on the terms of the arrangement, the Company may also defer the recognition of a portion of the consideration received because it has to satisfy a future obligation. The Company uses an observable price to determine the stand-alone
selling price for separate performance obligations. The Company has elected to recognize the cost for freight and shipping as an expense in cost of sales when control over vehicles, boats, or PG&A has transferred to the customer.
The Company sells separately-priced extended service contracts (“ESCs”) that extend mechanical coverages beyond the base limited warranty as well as prepaid maintenance agreements to vehicle owners. Including the base limited warranty, these separately-priced service contracts have a duration ranging from 12 months to 84 months. The Company typically receives payment at the inception of the contract and recognizes revenue over the term of the agreement in proportion to the costs expected to be incurred in satisfying the obligations under the contract.
Contract liabilities. Contract liabilities relate to deferred revenue recognized for cash consideration received at contract inception in advance of the Company's performance under the respective contract and generally relate to the sale of separately-priced ESCs. The Company finances its self-insured risks related to ESCs. The premiums for ESCs are primarily recognized in income over the term of the agreement in proportion to the costs expected to be incurred in satisfying obligations under the contract. Warranty costs are recognized as incurred.
The activity in the deferred revenue reserve for ESCs during the periods presented was as follows (in millions):
Three months ended March 31,
20262025
Balance at beginning of period$115.4 $111.3 
New contracts sold12.3 12.2 
Revenue recognized on existing contracts(12.4)(13.4)
Balance at end of period$115.3 $110.1 
The Company expects to recognize approximately $36.9 million of the unearned amount over the 12 months following March 31, 2026, compared to $35.2 million as of March 31, 2025. These amounts were recorded in accrued expenses in the consolidated balance sheets. The amount recorded in other long-term liabilities totaled $78.4 million and $74.9 million as of March 31, 2026 and 2025, respectively.
v3.26.1
Divestitures and Assets and Liabilities Held for Sale
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures and Assets and Liabilities Held for Sale Divestitures and Assets and Liabilities Held for Sale
On February 2, 2026, the Company completed the sale of a majority interest in the Indian Motorcycle business. Indian Motorcycle was a vertically integrated manufacturer and distributor of a full line of motorcycles that was previously included in the Company’s On Road reportable segment. In addition to charges recorded in 2025, the sale resulted in an incremental loss of $13.4 million which was included in loss on disposal groups in the consolidated statements of loss for the three months ended March 31, 2026.
The Company has agreed to provide certain transition services to the buyer following the sale, generally for a period up to eighteen months, depending on the nature of the service, pursuant to a transition services agreement (“TSA”). The TSA covers services such as logistics, information technology, engineering, finance, human resources and legal services. The fees to be paid for these services are generally intended to allow the Company to recover all of its costs and expenses incurred in providing such services. In connection with the closing of the transaction, the Company also entered into supply agreements, pursuant to which the Company has agreed to sell certain wholegoods, wholegood component parts and PG&A to the buyer. Fees paid under the supply agreements are intended to allow the Company to recover all of its related costs and expenses plus a markup. Depending on the nature of the services or goods provided under the TSA and supply agreements, the related income or reimbursements are recorded in sales, cost of sales, or other (income) expense, net in the consolidated statements of loss.
Related to the TSA and supply agreements, during the three months ended March 31, 2026, the Company recorded sales of $24.8 million and cost reimbursements of $15.3 million, of which $3.5 million was recorded in cost of sales and $11.8 million was recorded in other (income) expense, net in the consolidated statements of loss. Costs incurred under the TSA and supply agreements totaled $37.9 million during the three months ended March 31, 2026, of which $32.4 million was recorded in cost of sales and $5.5 million was recorded in operating expenses in the consolidated statements of loss.
Certain other PG&A assets met the criteria to be classified as held for sale as of March 31, 2026. Accordingly, the Company recorded the assets of the disposal group at fair value less cost to sell. For the three months ended March 31, 2026, the Company recorded total charges of $18.2 million related to the disposal group, which were included in loss on disposal
groups in the consolidated statements of loss. The fair value of the assets and liabilities in the disposal group were measured based on an executed letter of intent, which is considered a Level 3 input in the fair value hierarchy.
The Company’s motorcycle manufacturing facility located in Vietnam was classified as held for sale as of March 31, 2026. The assets and liabilities of that manufacturing facility also represent a disposal group. The combined carrying amounts of major classes of assets and liabilities classified as held for sale were as follows (in millions):
March 31, 2026December 31, 2025
Cash and cash equivalents$— $82.2 
Trade receivables, net3.5 — 
Inventories, net11.8 176.6 
Prepaid expenses and other2.1 4.3 
Property and equipment, net17.9 17.9 
Deferred tax assets— 0.8 
Valuation allowance on disposal group held for sale(13.5)(232.0)
Current assets held for sale21.8 49.8 
Accounts payable1.5 2.7 
Accrued expenses and other2.1 47.8 
Other current liabilities2.9 — 
Current liabilities held for sale $6.5 $50.5 
v3.26.1
Share-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Total share-based compensation expenses were as follows (in millions):
Three months ended March 31,
20262025
Option awards$6.8 $3.2 
Other share-based awards 8.5 3.9 
Total share-based compensation before tax 15.3 7.1 
Tax benefit 3.7 1.8 
Total share-based compensation expense included in net (loss) income$11.6 $5.3 
In addition to the above share-based compensation expenses, the Company sponsors a qualified non-leveraged employee stock ownership plan (“ESOP”). Shares allocated to eligible participants’ accounts vest at various percentage rates based on years of service and require no cash payments from the recipient.
As of March 31, 2026, there was $62.3 million of total unrecognized share-based compensation expense related to unvested share-based equity awards. Unrecognized share-based compensation expense is expected to be recognized over a weighted-average period of 1.6 years. Included in unrecognized share-based compensation expense was approximately $9.0 million related to stock options and $53.3 million for restricted stock.
v3.26.1
Financing Agreements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Financing Agreements Financing Agreements
The carrying value of financing obligations and the average related interest rates were as follows (in millions):
Average interest rate as of March 31, 2026MaturityMarch 31, 2026December 31, 2025
Senior notes due 20296.95%March 2029500.0 500.0 
Revolving loan facility5.32%December 2029593.8 35.4 
Term loan facility5.77%December 2029468.8 475.0 
Senior notes due 20315.60%March 2031500.0 500.0 
Finance lease obligations5.24%Various through 20296.6 7.3 
Notes payable and other4.30%Various through 203038.0 39.2 
Unamortized debt issuance costs and discounts(16.2)(17.4)
Total financing obligations$2,091.0 $1,539.5 
Less: Current financing obligations34.8 34.8 
Total long-term financing obligations$2,056.2 $1,504.7 
Debt issuance costs and discounts are recognized as a reduction in the carrying value of the related long-term debt in the consolidated balance sheets and are amortized to interest expense in the consolidated statements of loss over the expected remaining terms of the related debt.
As of March 31, 2026, the Company had open letters of credit totaling $57.1 million. The amounts are primarily related to inventory purchases and are reduced as the purchases are received.
Unsecured credit facility. The Company maintains an unsecured credit facility which consists of a term loan facility (the “Term Loan Facility”) and a revolving loan facility (the “Revolving Loan Facility”). An amendment was completed in December 2024 that reduced the Term Loan Facility to $500.0 million, of which $468.8 million was outstanding as of March 31, 2026, and extended the maturity date of the Term Loan Facility to December 2029. The Company is required to make principal payments under the Term Loan Facility totaling $25.0 million over the next 12 months. The amendment, completed in December 2024, also increased the Revolving Loan Facility to $1.4 billion, of which $593.8 million was outstanding as of March 31, 2026, and extended the maturity date to December 2029. In June 2025, the Company further amended the credit facility (the “Credit Facility Amendment”) to modify the financial covenants in the existing credit agreement for each quarter ending June 30, 2025 through and including June 30, 2026 (the “Covenant Relief Period”). During the Covenant Relief Period, the Credit Facility Amendment limits the Company from repurchasing shares and paying dividends other than regular quarterly dividends and certain other exceptions, and limits the amount of debt certain subsidiaries of the Company may incur. Interest under the Term Loan Facility and Revolving Loan Facility is charged at rates based on adjusted Term SOFR plus the applicable add-on percentage, as defined in the credit agreement.
The agreements governing the credit facility contain covenants that require the Company to maintain certain financial ratios, including minimum interest coverage and maximum leverage ratios. The agreements require the Company to maintain an interest coverage ratio of not less than 3.00 to 1.00 and a leverage ratio of not more than 3.50 to 1.00 on a rolling four quarter basis. The interest coverage ratio is calculated as Adjusted EBITDA to interest expense for the then most-recently ended four fiscal quarters. The leverage ratio is calculated as consolidated funded indebtedness less cash and cash equivalents, capped at $300 million, to Adjusted EBITDA for the then most-recently ended four fiscal quarters. The Credit Facility Amendment completed in June 2025 modified the requirements related to the interest coverage ratio and leverage ratio during the Covenant Relief Period. During the Covenant Relief Period, the interest coverage ratio is 2.50 to 1.00 for the quarters ending June 30, 2025, September 30, 2025 and December 31, 2025, and 2.00 to 1.00 for the quarters ending March 31, 2026 and June 30, 2026. During the Covenant Relief Period, the leverage ratio is 4.00 to 1.00 for the quarter ending June 30, 2025, 4.50 to 1.00 for the quarter ending September 30, 2025, and 5.50 to 1.00 for the quarters ending December 31, 2025, March 31, 2026 and June 30, 2026. The Company was in compliance with all such covenants as of March 31, 2026.
Senior notes. In November 2023, the Company issued $500 million aggregate principal amount of 6.95% Senior Notes due 2029 (the “6.95% Senior Notes”) in an underwritten public offering. The Company received approximately $492 million in net proceeds from the offering after deducting the underwriting discount and other fees and expenses. The 6.95% Senior Notes bear interest at a rate of 6.95% per year and mature in March 2029. In November 2025, the Company issued $500 million aggregate principal amount of 5.60% Senior Notes due 2031 (the “5.60% Senior Notes” and together with the 6.95% Senior Notes, the “senior notes”) in an underwritten public offering. The Company received approximately $497 million in net proceeds from the offering after deducting the underwriting discount and other fees and expenses. The 5.60% Senior Notes bear interest at a rate of 5.60% and mature in March 2031. All of the Company’s senior notes are governed by an indenture and are subject to customary covenants and make-whole provisions upon early redemption.
Acquisition-related deferred payments. On July 2, 2018, pursuant to the Agreement and Plan of Merger dated May 29, 2018, the Company completed the acquisition of Boat Holdings, LLC, a privately held Delaware limited liability company, headquartered in Elkhart, Indiana that manufactures boats (“Boat Holdings”). As a component of the Boat Holdings merger agreement, the Company has committed to make a series of deferred payments to the former owners following the closing date of the merger through July 2030. The original discounted payable was for $76.7 million, of which $36.8 million was outstanding as of March 31, 2026. The outstanding balance is included in long-term financing obligations and current financing obligations in the consolidated balance sheets.
v3.26.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and other intangible assets, net of accumulated amortization, as of March 31, 2026 and December 31, 2025 were as follows (in millions):
March 31, 2026December 31, 2025
Goodwill$348.8 $348.8 
Other intangible assets, net446.2 451.2 
Total goodwill and other intangible assets, net$795.0 $800.0 
The changes in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2026 and 2025 were as follows (in millions):
Polaris PowersportsMarineAixam & GoupilTotal
Balance as of December 31, 2025$118.2 $230.6 $— $348.8 
No activity— — — — 
Balance as of March 31, 2026$118.2 $230.6 $— $348.8 

Off RoadMarineOn RoadTotal
Balance as of December 31, 2024$116.2 $230.6 $46.7 $393.5 
Currency translation effect on foreign goodwill balances0.1 — 2.7 2.8 
Balance as of March 31, 2025$116.3 $230.6 $49.4 $396.3 

Following the Company’s segment reorganization in the first quarter of 2026, goodwill balances in the former Off Road reportable segment were fully allocated to reporting units in the Company’s Polaris Powersports reportable segment. Goodwill balances in the Marine reportable segment were unaffected by the segment reorganization. The Company assessed goodwill for impairment immediately before and immediately after the reorganization and concluded that goodwill was not impaired. Prior period balances were not recast in the current period.
The components of other intangible assets were as follows (in millions):
March 31, 2026December 31, 2025
Weighted-average useful life (years)CostAccumulated amortizationNetCostAccumulated amortizationNet
Amortizable - dealer/customer related and other19$342.5 $(137.1)$205.4 $342.5 $(132.6)$209.9 
Non-amortizable - brand/trade names240.8 — 240.8 241.3 — 241.3 
Total other intangible assets, net$583.3 $(137.1)$446.2 $583.8 $(132.6)$451.2 
Amortization expense for other intangible assets was $4.6 million and $6.0 million for the three months ended March 31, 2026 and 2025, respectively. Estimated future amortization expense for identifiable other intangible assets during the next five years is as follows (in millions):
Remainder 202620272028202920302031
Estimated amortization expense$13.8 $18.3 $17.7 $17.7 $17.7 $17.7 
The preceding expected amortization expense is an estimate and actual amounts could differ due to additional other intangible asset acquisitions, changes in foreign currency rates, or impairments of other intangible assets.
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share repurchase program. The Company did not repurchase shares of its common stock in open-market transactions under the share repurchase program during the three months ended March 31, 2026. As of March 31, 2026, the Board of Directors has authorized the Company to repurchase up to an additional $1.1 billion of the Company’s common stock.
Dividends. Cash dividends declared and paid per common share for the three months ended March 31, 2026 and 2025 were as follows: 
 Three months ended March 31,
 20262025
Cash dividends declared and paid per common share$0.68 $0.67 
Net loss per share. Basic net loss per share was computed by dividing net loss available to common shareholders by the weighted-average number of common shares outstanding during each period, including shares earned under the Deferred Compensation Plan for Directors (“Director Plan”), the ESOP and deferred stock units under the 2024 Omnibus Incentive Plan (“Omnibus Plan”). Diluted net loss per share was computed under the treasury stock method and was calculated to compute the dilutive effect of outstanding stock options and certain share-based awards issued under the Omnibus Plan. As a result of the Company’s net loss during the three months ended March 31, 2026 and 2025, outstanding stock options and certain share-based awards were not included in the computation of diluted net loss per share because the effect would have been anti-dilutive. Reconciliations of these amounts are as follows (in millions):
Three months ended March 31,
20262025
Weighted average number of common shares outstanding 56.7 56.1 
Director Plan and deferred stock units 0.4 0.3 
ESOP 0.3 0.5 
Common shares outstanding—basic 57.4 56.9 
Dilutive effect of restricted stock units— — 
Dilutive effect of stock option awards— — 
Common and potential common shares outstanding—diluted 57.4 56.9 
During the three months ended March 31, 2026, the number of options that were not included in the computation of diluted net loss per share because the option exercise price was greater than the market price, and therefore the effect would have
been anti-dilutive, was 2.8 million compared to 3.2 million for the same period in 2025. As a result of the Company’s net loss during the three months ended March 31, 2026 and 2025, an additional 0.8 million and 0.2 million, respectively, of outstanding stock options and certain share-based awards under the Omnibus Plan were not included in the computation of diluted net loss per share because the effect would have been anti-dilutive.
Accumulated other comprehensive loss. Changes in the accumulated other comprehensive loss balance were as follows (in millions):
Foreign Currency TranslationCash Flow Hedging DerivativesRetirement Plan ActivityAccumulated Other Comprehensive Loss
Balance as of December 31, 2025$(35.7)$1.3 $2.3 $(32.1)
Reclassification to the statement of income — (2.0)(0.1)(2.1)
Change in fair value (14.3)9.8 — (4.5)
Balance as of March 31, 2026$(50.0)$9.1 $2.2 $(38.7)
v3.26.1
Financial Services Arrangements
 3 Months Ended
Mar. 31, 2026
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Financial Services Arrangements Financial Services Arrangements
Polaris Acceptance, a joint venture between the Company and Wells Fargo Commercial Distribution Finance Corporation, a direct subsidiary of Wells Fargo Bank, N.A., which is supported by a partnership agreement between their respective wholly owned subsidiaries, finances substantially all of the Company’s United States sales of off-road vehicles, snowmobiles, boats, and related PG&A, whereby the Company receives payment within a few days of shipment of the product. As of March 31, 2026, the total amount of receivables due from Polaris Acceptance was $22.9 million.
The Company’s subsidiary has a 50 percent equity interest in Polaris Acceptance. The Company’s allocable share of the income of Polaris Acceptance has been included as a component of income from financial services in the consolidated statements of loss. The partnership agreement is effective through February 2027.
The Company’s total investment in Polaris Acceptance was $133.8 million as of March 31, 2026 and is accounted for under the equity method and recorded in investment in finance affiliate in the consolidated balance sheets. As of March 31, 2026, the outstanding amount of net receivables financed for dealers under this arrangement was $1,795.6 million.
The Company has agreed to repurchase products repossessed by Polaris Acceptance up to an annual maximum of 15 percent of the aggregate average month-end outstanding Polaris Acceptance receivables during the prior calendar year. For calendar year 2026, the potential 15 percent aggregate repurchase obligation with respect to products repossessed by Polaris Acceptance is approximately $268.5 million.
Financing of the Company’s United States sales of boats was previously completed by a subsidiary of Huntington Bancshares Incorporated (“Huntington”) and the Company may still be required to repurchase products repossessed by Huntington up to a maximum of 100 percent of the aggregate outstanding Huntington receivables balance. The Company also has other financing arrangements related to its foreign subsidiaries in which it has agreed to repurchase repossessed products. As of March 31, 2026, these potential aggregate repurchase obligations were approximately $56.8 million.
The Company’s financial exposure under these repurchase agreements is limited to the difference between the amounts unpaid by the dealer or distributor with respect to the repossessed product plus costs of repossession and the amount received on the resale of the repossessed product. No material losses have been incurred under these agreements during the periods presented.
The Company has agreements with third-party finance companies to provide financing options to end consumers of the Company’s products. The Company has no material contingent liabilities for residual value or credit collection risk under these agreements. The Company’s income generated from these agreements has been included as a component of income from financial services in the consolidated statements of loss.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Product liability. The Company is subject to product liability claims in the normal course of business. The Company purchases excess insurance coverage annually for product liability claims, which is subject to self-insured retention and aggregate limits. The estimated costs resulting from any losses are charged to operating expenses when it is probable a loss has been incurred and the amount of the loss is reasonably estimable. The Company utilizes actuarial analysis, which considers claims experience and historical trends, along with an analysis of current claims, to assist in determining the appropriate loss reserve levels. As of March 31, 2026 and December 31, 2025, the Company had an accrual of $442.3 million and $374.1 million, respectively, for the probable payment of pending claims related to product liability litigation associated with the Company’s products. This accrual is included as a component of accrued expenses in the consolidated balance sheets. Amounts due from insurance carriers, to the extent applicable, reduce our financial exposures to product liability claims and are included as a component of prepaid expenses and other in the consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the Company recorded $223.9 million and $182.5 million, respectively, for probable insurance recoveries related to product liability accruals.
Litigation. The Company is subject to lawsuits and claims arising in the normal course of business, including matters related to intellectual property, commercial matters, employment, warranty, product liability claims and putative class actions. Additional details about certain of the pending class actions and putative class actions are provided in Part II, Item 1 – Legal Proceedings.
In the opinion of management, it is presently unlikely that any legal proceedings pending against or involving the Company will have a material adverse effect on the Company’s financial position, results of operations, or cash flows. However, in many of these matters, it is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of the possible loss given the variety of potential outcomes of actual and potential claims, including legal proceedings resulting in verdicts that exceed policy limits for a given year or seeking punitive damages for certain policy years for which we may not be insured, the uncertainty of future rulings, possible class certification, the behavior or incentives of adverse parties, and other factors outside of the control of the Company. Accordingly, the Company’s loss reserve may change from time to time, and actual losses could exceed the amounts accrued by an amount that could be material to the Company’s consolidated financial position, results of operations, or cash flows in any particular reporting period.
Regulatory. In the normal course of business, the Company’s products are subject to extensive laws and regulations relating to safety, environmental, and other regulations promulgated by the United States federal government and individual states, as well as international regulatory authorities. Failure to comply with applicable regulations could result in fines, penalties, or other costs.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
In the first quarter of 2026, the Company began management of its portfolio of businesses under a new basis following the divestiture of the Indian Motorcycle business. All historical results were reclassified for comparability, including the divested Indian Motorcycle business, which is included in corporate and corporate costs and other.
The Company’s reportable segments are based on the Company’s method of internal reporting and are comprised of various product offerings that serve multiple end markets. These results are not necessarily indicative of the results of operations that would have occurred had each reportable segment been an independent, stand-alone entity during the periods presented. The internal reporting of these operating segments is based, in part, on the reporting and review process used by the Company’s chief operating decision maker (“CODM”), its Chief Executive Officer. The Company primarily uses gross profit, a measure that is determined in accordance with U.S. GAAP, to evaluate segment profitability and make decisions about resource allocation. The Company’s CODM does not utilize segment asset information to evaluate performance and make resource allocation decisions, and thus such disclosures are not provided. The Company has six operating segments: 1) Off-Road Vehicles (“ORV”), 2) Seasonal, 3) Commercial, 4) Government/Defense, 5) Marine, and 6) Aixam & Goupil, and three reportable segments: 1) Polaris Powersports, 2) Marine, and 3) Aixam & Goupil.
The Polaris Powersports reportable segment includes the aggregated results of the Company’s ORV, Seasonal, Commercial, and Government/Defense operating segments. The Marine and Aixam & Goupil reportable segments include the results for those respective operating segments. Corporate and corporate costs and other includes revenues and costs of previously divested businesses including Indian Motorcycle, income and costs related to TSA and supply agreements, and costs that are not allocated to reportable segments, including certain manufacturing costs, the impacts of certain foreign currency transactions, and certain incentive compensation costs and related adjustments.
The Company has determined its significant segment expense categories based on amounts regularly provided to the Company’s CODM to evaluate segment profitability and drive strategic decision making. Reportable segment sales and significant reportable segment expense categories and amounts included in the Company’s measure of segment profit or loss, gross profit, were as follows (in millions):
For the Three Months Ended March 31, 2026
Polaris PowersportsMarineAixam & GoupilTotal
Reportable segment sales$1,419.2 $125.3 $66.7 $1,611.2 
Reconciliation of consolidated sales
Corporate47.5 
Consolidated sales1,658.7 
Purchased materials, logistics and labor1,057.7 103.7 44.3 1,205.7 
Depreciation and amortization38.8 2.4 2.5 43.7 
Warranty26.7 2.9 0.8 30.4 
Reportable segment gross profit$296.0 $16.3 $19.1 $331.4 
Corporate costs and other - gross profit3.4 
Total gross profit$334.8 
For the Three Months Ended March 31, 2025
Polaris PowersportsMarineAixam & GoupilTotal
Reportable segment sales$1,239.7 $115.4 $61.1 $1,416.2 
Reconciliation of consolidated sales
Corporate119.6 
Consolidated sales1,535.8 
Purchased materials, logistics and labor965.5 96.6 42.5 1,104.6 
Depreciation and amortization45.7 2.2 2.1 50.0 
Warranty22.2 2.3 0.8 25.3 
Reportable segment gross profit$206.3 $14.3 $15.7 $236.3 
Corporate costs and other - gross profit8.7 
Total gross profit$245.0 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation. The accompanying unaudited consolidated financial statements of Polaris Inc. (“Polaris” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and, therefore, do not include all information and disclosures of results of operations, financial position, and changes in cash flow in conformity with accounting principles generally accepted in the United States for complete financial statements. Accordingly, such statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 previously filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, such statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, equity, and cash flows for the periods presented. Due to the seasonality trends for certain products and certain changes in production and shipping cycles, results of such periods are not necessarily indicative of the results to be expected for the complete year.
Reclassifications. Reclassifications of certain prior year reportable segment results have been made to conform to the current-year presentation. See Note 11 for additional information. The reclassifications had no impact on the consolidated balance sheets, statements of loss, comprehensive loss, equity, or cash flows, as previously reported. In addition, the prior year presentation of revolving loan facility activity in the consolidated statements of cash flows has been conformed to the current-year presentation. The reclassifications had no impact on net cash used for financing activities.
Fair value measurements
Fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:
Level  1 — Quoted prices in active markets for identical assets or liabilities.
Level  2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company utilizes the market approach to measure fair value for its non-qualified deferred compensation assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Non-qualified deferred compensation assets and liabilities
As of March 31, 2026 and December 31, 2025, the fair value of the Company’s non-qualified deferred compensation assets was $50.7 million and $53.5 million, respectively. As of March 31, 2026 and December 31, 2025, the fair value of the Company’s non-qualified deferred compensation liabilities was $50.7 million and $53.5 million, respectively. The fair value of these assets and liabilities was determined using Level 1 inputs.
Fair value of other financial instruments. The carrying values of the Company’s short-term financial instruments, including cash and cash equivalents, trade receivables, accounts payable and current financing obligations, approximate their fair values due to their short-term nature. As of March 31, 2026 and December 31, 2025, the fair value of the Company’s financing obligations was approximately $2,111.1 million and $1,575.9 million, respectively, and was determined primarily using Level 2 inputs by discounting projected cash flows based on quoted market rates at which similar amounts of debt could currently be borrowed. The carrying value of financing obligations was $2,091.0 million and $1,539.5 million as of March 31, 2026 and December 31, 2025, respectively.
Product warranties Product warranties.
New Accounting Pronouncements
New accounting pronouncements.
Apart from the item discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, there are no other new accounting pronouncements that are expected to have a significant impact on the Company’s consolidated financial statements or related disclosures.
Property, Plant, and Equipment
Property and equipment. The Company recorded $58.6 million and $67.4 million of depreciation expense for the three months ended March 31, 2026 and 2025, respectively. A majority of the Company’s property and equipment is located in North America.
v3.26.1
Basis of Presentation and Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of activity in the warranty reserve The activity in the warranty reserve during the periods presented was as follows (in millions):
Three months ended March 31,
20262025
Balance at beginning of period $135.5 $162.8 
Additions charged to expense 30.4 29.5 
Warranty claims paid, net (37.1)(39.5)
Balance at end of period $128.8 $152.8 
v3.26.1
Supplemental Balance Sheet Information (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Amounts Recognized in Balance Sheet
In millionsMarch 31, 2026December 31, 2025
Inventories
Raw materials and purchased components$690.3 $623.7 
Service parts, garments and accessories268.9 268.9 
Finished goods700.7 615.4 
Less: reserves(92.4)(95.6)
Inventories, net$1,567.5 $1,412.4 
Property and equipment
Land, buildings and improvements$667.5 $665.8 
Equipment and tooling1,672.8 1,659.7 
2,340.3 2,325.5 
Less: accumulated depreciation(1,344.3)(1,294.9)
Property and equipment, net$996.0 $1,030.6 
Accrued expenses
Compensation$126.6 $266.1 
Warranties128.8 135.5 
Sales promotions and incentives261.2 278.4 
Dealer holdback117.8 135.9 
Other accrued expenses591.7 539.1 
Total accrued expenses$1,226.1 $1,355.0 
Other current liabilities
Current operating lease liabilities$24.5 $28.1 
Income taxes payable8.5 12.4 
Total other current liabilities$33.0 $40.5 
Other long-term liabilities
Long-term operating lease liabilities$90.1 $97.1 
Long-term income taxes payable17.8 19.9 
Deferred tax liabilities7.2 7.3 
Other long-term liabilities175.4 181.8 
Total other long-term liabilities$290.5 $306.1 
v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue Recognition [Abstract]  
Disaggregation of Revenue
The following tables disaggregate the Company's revenue by major product type and geography (in millions):
Three months ended March 31, 2026
Polaris PowersportsMarineAixam & GoupilCorporateTotal
Revenue by product type
Wholegoods$990.6

$125.2$55.3

$43.8$1,214.9
PG&A428.6

0.111.43.7443.8
Total revenue $1,419.2

$125.3$66.7

$47.5$1,658.7

Revenue by geography

United States$1,173.3$122.3$—$38.7$1,334.3
Canada87.52.7—1.291.4
EMEA91.30.166.74.9163.0
APLA67.10.2—2.770.0
Total revenue $1,419.2$125.3$66.7$47.5$1,658.7
Three months ended March 31, 2025
Polaris PowersportsMarineAixam & GoupilCorporateTotal
Revenue by product type
Wholegoods$862.3$115.3$51.4$96.4$1,125.4
PG&A377.40.19.723.2410.4
Total revenue $1,239.7$115.4$61.1$119.6$1,535.8
Revenue by geography
United States$1,001.4$112.8$—$78.5$1,192.7
Canada90.32.0—5.397.6
EMEA93.9—61.124.9179.9
APLA54.10.6—10.965.6
Total revenue $1,239.7$115.4$61.1$119.6$1,535.8
Deferred Revenue, by Arrangement, Disclosure
The activity in the deferred revenue reserve for ESCs during the periods presented was as follows (in millions):
Three months ended March 31,
20262025
Balance at beginning of period$115.4 $111.3 
New contracts sold12.3 12.2 
Revenue recognized on existing contracts(12.4)(13.4)
Balance at end of period$115.3 $110.1 
v3.26.1
Divestitures and Assets and Liabilities Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Group Activity The combined carrying amounts of major classes of assets and liabilities classified as held for sale were as follows (in millions):
March 31, 2026December 31, 2025
Cash and cash equivalents$— $82.2 
Trade receivables, net3.5 — 
Inventories, net11.8 176.6 
Prepaid expenses and other2.1 4.3 
Property and equipment, net17.9 17.9 
Deferred tax assets— 0.8 
Valuation allowance on disposal group held for sale(13.5)(232.0)
Current assets held for sale21.8 49.8 
Accounts payable1.5 2.7 
Accrued expenses and other2.1 47.8 
Other current liabilities2.9 — 
Current liabilities held for sale $6.5 $50.5 
v3.26.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based compensation expenses
Total share-based compensation expenses were as follows (in millions):
Three months ended March 31,
20262025
Option awards$6.8 $3.2 
Other share-based awards 8.5 3.9 
Total share-based compensation before tax 15.3 7.1 
Tax benefit 3.7 1.8 
Total share-based compensation expense included in net (loss) income$11.6 $5.3 
v3.26.1
Financing Agreements (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Finance Lease Obligations
The carrying value of financing obligations and the average related interest rates were as follows (in millions):
Average interest rate as of March 31, 2026MaturityMarch 31, 2026December 31, 2025
Senior notes due 20296.95%March 2029500.0 500.0 
Revolving loan facility5.32%December 2029593.8 35.4 
Term loan facility5.77%December 2029468.8 475.0 
Senior notes due 20315.60%March 2031500.0 500.0 
Finance lease obligations5.24%Various through 20296.6 7.3 
Notes payable and other4.30%Various through 203038.0 39.2 
Unamortized debt issuance costs and discounts(16.2)(17.4)
Total financing obligations$2,091.0 $1,539.5 
Less: Current financing obligations34.8 34.8 
Total long-term financing obligations$2,056.2 $1,504.7 
v3.26.1
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of intangible assets and goodwill
Goodwill and other intangible assets, net of accumulated amortization, as of March 31, 2026 and December 31, 2025 were as follows (in millions):
March 31, 2026December 31, 2025
Goodwill$348.8 $348.8 
Other intangible assets, net446.2 451.2 
Total goodwill and other intangible assets, net$795.0 $800.0 
Schedule of changes in carrying amount of goodwill
The changes in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2026 and 2025 were as follows (in millions):
Polaris PowersportsMarineAixam & GoupilTotal
Balance as of December 31, 2025$118.2 $230.6 $— $348.8 
No activity— — — — 
Balance as of March 31, 2026$118.2 $230.6 $— $348.8 

Off RoadMarineOn RoadTotal
Balance as of December 31, 2024$116.2 $230.6 $46.7 $393.5 
Currency translation effect on foreign goodwill balances0.1 — 2.7 2.8 
Balance as of March 31, 2025$116.3 $230.6 $49.4 $396.3 
Following the Company’s segment reorganization in the first quarter of 2026, goodwill balances in the former Off Road reportable segment were fully allocated to reporting units in the Company’s Polaris Powersports reportable segment. Goodwill balances in the Marine reportable segment were unaffected by the segment reorganization. The Company assessed goodwill for impairment immediately before and immediately after the reorganization and concluded that goodwill was not impaired. Prior period balances were not recast in the current period.
Schedule of components of other intangible assets
The components of other intangible assets were as follows (in millions):
March 31, 2026December 31, 2025
Weighted-average useful life (years)CostAccumulated amortizationNetCostAccumulated amortizationNet
Amortizable - dealer/customer related and other19$342.5 $(137.1)$205.4 $342.5 $(132.6)$209.9 
Non-amortizable - brand/trade names240.8 — 240.8 241.3 — 241.3 
Total other intangible assets, net$583.3 $(137.1)$446.2 $583.8 $(132.6)$451.2 
Intangible Asset, Finite-Lived, and Capitalized Cost, Software to be Sold, Leased, or Marketed, Estimated Amortization Expense Estimated future amortization expense for identifiable other intangible assets during the next five years is as follows (in millions):
Remainder 202620272028202920302031
Estimated amortization expense$13.8 $18.3 $17.7 $17.7 $17.7 $17.7 
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of cash dividends declared per common share Cash dividends declared and paid per common share for the three months ended March 31, 2026 and 2025 were as follows: 
 Three months ended March 31,
 20262025
Cash dividends declared and paid per common share$0.68 $0.67 
Schedule of reconciliation of weighted average number of shares econciliations of these amounts are as follows (in millions):
Three months ended March 31,
20262025
Weighted average number of common shares outstanding 56.7 56.1 
Director Plan and deferred stock units 0.4 0.3 
ESOP 0.3 0.5 
Common shares outstanding—basic 57.4 56.9 
Dilutive effect of restricted stock units— — 
Dilutive effect of stock option awards— — 
Common and potential common shares outstanding—diluted 57.4 56.9 
Schedule of changes in accumulated other comprehensive income (loss) balances Changes in the accumulated other comprehensive loss balance were as follows (in millions):
Foreign Currency TranslationCash Flow Hedging DerivativesRetirement Plan ActivityAccumulated Other Comprehensive Loss
Balance as of December 31, 2025$(35.7)$1.3 $2.3 $(32.1)
Reclassification to the statement of income — (2.0)(0.1)(2.1)
Change in fair value (14.3)9.8 — (4.5)
Balance as of March 31, 2026$(50.0)$9.1 $2.2 $(38.7)
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Reportable segment sales and significant reportable segment expense categories and amounts included in the Company’s measure of segment profit or loss, gross profit, were as follows (in millions):
For the Three Months Ended March 31, 2026
Polaris PowersportsMarineAixam & GoupilTotal
Reportable segment sales$1,419.2 $125.3 $66.7 $1,611.2 
Reconciliation of consolidated sales
Corporate47.5 
Consolidated sales1,658.7 
Purchased materials, logistics and labor1,057.7 103.7 44.3 1,205.7 
Depreciation and amortization38.8 2.4 2.5 43.7 
Warranty26.7 2.9 0.8 30.4 
Reportable segment gross profit$296.0 $16.3 $19.1 $331.4 
Corporate costs and other - gross profit3.4 
Total gross profit$334.8 
For the Three Months Ended March 31, 2025
Polaris PowersportsMarineAixam & GoupilTotal
Reportable segment sales$1,239.7 $115.4 $61.1 $1,416.2 
Reconciliation of consolidated sales
Corporate119.6 
Consolidated sales1,535.8 
Purchased materials, logistics and labor965.5 96.6 42.5 1,104.6 
Depreciation and amortization45.7 2.2 2.1 50.0 
Warranty22.2 2.3 0.8 25.3 
Reportable segment gross profit$206.3 $14.3 $15.7 $236.3 
Corporate costs and other - gross profit8.7 
Total gross profit$245.0 
v3.26.1
Basis of Presentation and Significant Accounting Policies - Fair Value Measurements (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt and capital lease obligations $ 2,091.0 $ 1,539.5
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of debt instrument 2,111.1 1,575.9
Carrying value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt and capital lease obligations 2,091.0 1,539.5
Fair value, measurements, recurring | Fair Value, Inputs, Level 1 | Supplemental Employee Retirement Plans, Defined Benefit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Non-qualified deferred compensation assets 50.7 53.5
Non-qualified deferred compensation liabilities $ 50.7 $ 53.5
v3.26.1
Basis of Presentation and Significant Accounting Policies - Property and Equipment, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]      
Land, buildings and improvements $ 667.5   $ 665.8
Equipment and tooling 1,672.8   1,659.7
Property, Plant, and Equipment, before Accumulated Depreciation, Depletion, and Amortization 2,340.3   2,325.5
Less: accumulated depreciation (1,344.3)   (1,294.9)
Property and equipment, net 996.0   $ 1,030.6
Depreciation expense $ 58.6 $ 67.4  
v3.26.1
Basis of Presentation and Significant Accounting Policies - Property and equipment narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounting Policies [Abstract]    
Depreciation expense $ 58.6 $ 67.4
v3.26.1
Basis of Presentation and Significant Accounting Policies - Activity in Polaris Accrued Warranty Reserve (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Activity in Product Warranty Reserve [Roll Forward]    
Balance at beginning of period $ 135.5 $ 162.8
Additions charged to expense 30.4 29.5
Warranty claims paid, net (37.1) (39.5)
Balance at end of period $ 128.8 $ 152.8
v3.26.1
Basis of Presentation and Significant Accounting Policies - Deferred Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Deferred Revenue Arrangement [Line Items]        
Deferred Revenue $ 115.3 $ 110.1 $ 115.4 $ 111.3
New contracts sold 12.3 12.2    
Revenue recognized on existing contracts (12.4) (13.4)    
Deferred revenue, current 36.9 35.2    
Deferred revenue, noncurrent $ 78.4 $ 74.9    
v3.26.1
Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials and purchased components $ 690.3 $ 623.7
Service parts, garments and accessories 268.9 268.9
Finished goods 700.7 615.4
Less: reserves (92.4) (95.6)
Inventories, net 1,567.5 1,412.4
Land, buildings and improvements 667.5 665.8
Equipment and tooling 1,672.8 1,659.7
Property, Plant, and Equipment, before Accumulated Depreciation, Depletion, and Amortization 2,340.3 2,325.5
Less: accumulated depreciation (1,344.3) (1,294.9)
Property and equipment, net 996.0 1,030.6
Compensation 126.6 266.1
Warranties 128.8 135.5
Sales promotions and incentives 261.2 278.4
Dealer holdback 117.8 135.9
Accrued expenses 1,226.1 1,355.0
Other accrued expenses 591.7 539.1
Current operating lease liabilities 24.5 28.1
Income taxes payable 8.5 12.4
Other current liabilities 33.0 40.5
Long-term income taxes payable 17.8 19.9
Deferred tax liabilities 7.2 7.3
Long-term operating lease liabilities 90.1 97.1
Other long-term liabilities 175.4 181.8
Total other long-term liabilities $ 290.5 $ 306.1
v3.26.1
Revenue Recognition - Contract Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Reportable segment sales $ 1,658.7 $ 1,535.8
Wholegoods    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 1,214.9 1,125.4
PG&A    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 443.8 410.4
United States    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 1,334.3 1,192.7
Canada    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 91.4 97.6
EMEA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 163.0 179.9
APLA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 70.0 65.6
Operating segments    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 1,658.7 1,535.8
Operating segments | Polaris Powersports    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 1,419.2 1,239.7
Operating segments | Polaris Powersports | Wholegoods    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 990.6 862.3
Operating segments | Polaris Powersports | PG&A    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 428.6 377.4
Operating segments | Polaris Powersports | United States    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 1,173.3 1,001.4
Operating segments | Polaris Powersports | Canada    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 87.5 90.3
Operating segments | Polaris Powersports | EMEA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 91.3 93.9
Operating segments | Polaris Powersports | APLA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 67.1 54.1
Operating segments | Marine    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 125.3 115.4
Operating segments | Marine | Wholegoods    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 125.2 115.3
Operating segments | Marine | PG&A    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 0.1 0.1
Operating segments | Marine | United States    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 122.3 112.8
Operating segments | Marine | Canada    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 2.7 2.0
Operating segments | Marine | EMEA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 0.1 0.0
Operating segments | Marine | APLA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 0.2 0.6
Operating segments | Aixam & Goupil    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 66.7 61.1
Operating segments | Aixam & Goupil | Wholegoods    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 55.3 51.4
Operating segments | Aixam & Goupil | PG&A    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 11.4 9.7
Operating segments | Aixam & Goupil | United States    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 0.0 0.0
Operating segments | Aixam & Goupil | Canada    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 0.0 0.0
Operating segments | Aixam & Goupil | EMEA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 66.7 61.1
Operating segments | Aixam & Goupil | APLA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 0.0 0.0
Corporate    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 47.5 119.6
Corporate | Wholegoods    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 43.8 96.4
Corporate | PG&A    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 3.7 23.2
Corporate | United States    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 38.7 78.5
Corporate | Canada    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 1.2 5.3
Corporate | EMEA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales 4.9 24.9
Corporate | APLA    
Disaggregation of Revenue [Line Items]    
Reportable segment sales $ 2.7 $ 10.9
v3.26.1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Deferred revenue, current $ 36.9 $ 35.2
Deferred revenue, noncurrent $ 78.4 $ 74.9
Minimum    
Disaggregation of Revenue [Line Items]    
Extended service warranty period 12 months  
Maximum    
Disaggregation of Revenue [Line Items]    
Extended service warranty period 84 months  
v3.26.1
Revenue Recognition - Deferred Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Movement in Deferred Revenue [Roll Forward]    
Balance at beginning of period $ 115.4 $ 111.3
New contracts sold 12.3 12.2
Revenue recognized on existing contracts (12.4) (13.4)
Balance at end of period $ 115.3 $ 110.1
v3.26.1
Divestitures and Assets and Liabilities Held for Sale - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]    
Loss on disposal groups $ 31.6 $ 0.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Indian Motorcycle Business    
Disposal Group, Including Discontinued Operations [Line Items]    
Loss on disposal groups 13.4  
Disposal Group, Held-for-Sale, Not Discontinued Operations | Transition Services And Supply Agreement    
Disposal Group, Including Discontinued Operations [Line Items]    
Sales 24.8  
Cost reimbursements 15.3  
Costs incurred 37.9  
Loss on disposal groups 18.2  
Disposal Group, Held-for-Sale, Not Discontinued Operations | Transition Services And Supply Agreement | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold    
Disposal Group, Including Discontinued Operations [Line Items]    
Cost reimbursements 3.5  
Costs incurred 32.4  
Disposal Group, Held-for-Sale, Not Discontinued Operations | Transition Services And Supply Agreement | Income Statement Location [Axis]: us-gaap:OperatingExpenses    
Disposal Group, Including Discontinued Operations [Line Items]    
Costs incurred 5.5  
Disposal Group, Held-for-Sale, Not Discontinued Operations | Transition Services And Supply Agreement | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense    
Disposal Group, Including Discontinued Operations [Line Items]    
Cost reimbursements $ 11.8  
v3.26.1
Divestitures and Assets and Liabilities Held for Sale - Summary of Carrying Values (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]    
Current assets held for sale $ 21.8 $ 49.8
Current liabilities held for sale 6.5 50.5
Disposal Group, Held-for-Sale, Not Discontinued Operations | Motorcycle Manufacturing Facility, Vietnam    
Disposal Group, Including Discontinued Operations [Line Items]    
Cash and cash equivalents 0.0 82.2
Trade receivables, net 3.5 0.0
Inventories, net 11.8 176.6
Prepaid expenses and other 2.1 4.3
Property and equipment, net 17.9 17.9
Deferred tax assets 0.0 0.8
Valuation allowance on disposal group held for sale (13.5) (232.0)
Current assets held for sale 21.8 49.8
Accounts payable 1.5 2.7
Accrued expenses and other 2.1 47.8
Other current liabilities 2.9 0.0
Current liabilities held for sale $ 6.5 $ 50.5
v3.26.1
Share-Based Compensation Expenses (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Option awards $ 6.8 $ 3.2
Other share-based awards 8.5 3.9
Total share-based compensation before tax 15.3 7.1
Tax benefit 3.7 1.8
Total share-based compensation expense included in net (loss) income $ 11.6 $ 5.3
v3.26.1
Share-Based Compensation - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized compensation cost related to unvested share-based equity awards $ 62.3
Weighted average period of recognition of unvested share-based equity awards 1 year 7 months 6 days
Unrecognized compensation cost related to unvested share-based equity awards, stock options $ 9.0
Unrecognized compensation cost related to unvested share-based equity awards, restricted stock $ 53.3
v3.26.1
Financing Agreements - Interest Rates and Maturities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Nov. 13, 2025
Dec. 31, 2024
Nov. 16, 2023
Debt Instrument [Line Items]          
Effective interest rate 5.24%        
Finance lease obligations $ 6.6 $ 7.3      
Unamortized debt issuance costs and discounts (16.2) (17.4)      
Total financing obligations 2,091.0 1,539.5      
Less: Current financing obligations 34.8 34.8      
Total long-term financing obligations $ 2,056.2 1,504.7      
Revolving Credit Facility          
Debt Instrument [Line Items]          
Average interest rate as of March 31, 2026 5.32%        
Senior Notes | Public Senior Note Six Point Nine Five Percent Due March Twenty Twenty-Nine          
Debt Instrument [Line Items]          
Stated interest rate 6.95%       6.95%
Long-term debt $ 500.0 500.0      
Senior Notes | Public Senior Note Five Point Six Percent Due March Twenty Thirty-One          
Debt Instrument [Line Items]          
Stated interest rate 5.60%   5.60%    
Long-term debt $ 500.0 500.0      
Notes payable and other          
Debt Instrument [Line Items]          
Stated interest rate 4.30%        
Long-term debt $ 38.0 39.2      
Revolving Credit Facility          
Debt Instrument [Line Items]          
Senior notes due 2029 $ 593.8 35.4      
Term loan          
Debt Instrument [Line Items]          
Average interest rate as of March 31, 2026 5.77%        
Senior notes due 2029 $ 468.8 $ 475.0   $ 500.0  
v3.26.1
Financing Agreements - Additional Information (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2021
USD ($)
Nov. 30, 2023
USD ($)
Jun. 30, 2026
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2025
USD ($)
Nov. 13, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 13, 2024
USD ($)
Nov. 16, 2023
USD ($)
Jul. 02, 2018
USD ($)
Debt Instrument [Line Items]                          
Open letters of credit       $ 57.1                  
Interest coverage ratio       2.00 2.50 2.50 2.50            
Leverage ratio       5.50 5.50 4.50 4.00            
Forecast                          
Debt Instrument [Line Items]                          
Interest coverage ratio     2.00                    
Leverage ratio     5.50                    
Term loan                          
Debt Instrument [Line Items]                          
Senior notes due 2029       $ 468.8 $ 475.0     $ 475.0   $ 500.0      
Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity                     $ 1,400.0    
Senior notes due 2029       593.8 35.4     35.4          
Repayments of principal in next twelve months       25.0                  
Minimum interest coverage ratio 3.00                        
Maximum leverage ratio 3.50                        
Adjusted EBITDA cap $ 300.0                        
Senior Notes | Public Senior Note Six Point Nine Five Percent Due March Twenty Twenty-Nine                          
Debt Instrument [Line Items]                          
Long-term debt       500.0 500.0     500.0          
Debt face amount                       $ 500.0  
Proceeds from issuance of Senior Long-Term debt   $ 492.0                      
Senior Notes | Public Senior Note Five Point Six Percent Due March Twenty Thirty-One                          
Debt Instrument [Line Items]                          
Long-term debt       500.0 500.0     500.0          
Debt face amount                 $ 500.0        
Proceeds from issuance of Senior Long-Term debt               497.0          
Notes payable, other | Boat Holdings, LLC                          
Debt Instrument [Line Items]                          
Long-term debt       36.8                 $ 76.7
Notes payable to banks                          
Debt Instrument [Line Items]                          
Long-term debt       $ 38.0 $ 39.2     $ 39.2          
v3.26.1
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Intangible Asset, Goodwill and Other [Abstract]        
Goodwill $ 348.8 $ 348.8 $ 396.3 $ 393.5
Total other intangible assets, net 446.2 451.2    
Total goodwill and other intangible assets, net $ 795.0 $ 800.0    
v3.26.1
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill [Roll Forward]    
Beginning balance $ 348.8 $ 393.5
No activity 0.0 2.8
Ending balance 348.8 396.3
Polaris Powersports    
Goodwill [Roll Forward]    
Beginning balance 118.2  
No activity 0.0  
Ending balance 118.2  
Off Road    
Goodwill [Roll Forward]    
Beginning balance   116.2
No activity   0.1
Ending balance   116.3
Marine    
Goodwill [Roll Forward]    
Beginning balance 230.6 230.6
No activity 0.0 0.0
Ending balance 230.6 230.6
Aixam & Goupil    
Goodwill [Roll Forward]    
Beginning balance 0.0  
No activity 0.0  
Ending balance $ 0.0  
On Road    
Goodwill [Roll Forward]    
Beginning balance   46.7
No activity   2.7
Ending balance   $ 49.4
v3.26.1
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Intangible Assets by Major Class [Line Items]    
Total other intangible assets, net $ 446.2 $ 451.2
Accumulated amortization (137.1) (132.6)
Total other intangible assets, net 583.3 583.8
Amortizable - dealer/customer related and other    
Intangible Assets by Major Class [Line Items]    
Cost 342.5 342.5
Accumulated amortization (137.1) (132.6)
Net $ 205.4 $ 209.9
Weighted-average useful life (years) 19 years 19 years
Non-amortizable - brand/trade names    
Intangible Assets by Major Class [Line Items]    
Non-amortizable—brand/trade names $ 240.8 $ 241.3
v3.26.1
Goodwill and Other Intangible Assets - Estimated Amortization Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill [Line Items]    
Amortization of intangible assets $ 4.6 $ 6.0
Estimated Future Amortization Expense by Fiscal Year [Abstract]    
Remainder 2026 13.8  
2027 18.3  
2028 17.7  
2029 17.7  
2030 17.7  
2031 $ 17.7  
v3.26.1
Shareholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity, Class of Treasury Stock [Line Items]    
Additional shares authorized $ 1,100.0  
Repurchase and retirement of common stock $ 9.2 $ 2.4
Cash dividend paid during period, per share (in dollars per share) $ 0.68 $ 0.67
Common stock excluded from calculation of diluted earnings per share (shares) 2.8 3.2
Stock Options and Certain Share-based Compensation Awards    
Equity, Class of Treasury Stock [Line Items]    
Common stock excluded from calculation of diluted earnings per share (shares) 0.8 0.2
Common Stock    
Equity, Class of Treasury Stock [Line Items]    
Repurchase and retirement of common stock (shares) 0.1 0.1
v3.26.1
Shareholders' Equity - Cash Dividends Declared Per Common Share (Details) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity [Abstract]    
Cash dividends declared and paid per common share (in dollars per share) $ 0.68 $ 0.67
v3.26.1
Shareholders' Equity - Reconciliation of Weighted Average Number of Shares (Detail) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average number of common shares outstanding (in shares) 56.7 56.1
Director Plan and deferred stock units (in shares) 0.4 0.3
ESOP (in shares) 0.3 0.5
Common shares outstanding - basic (in shares) 57.4 56.9
Common and potential common shares outstanding - diluted (in shares) 57.4 56.9
Restricted stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Dilutive effect of stock (in shares) 0.0 0.0
Stock options award    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Dilutive effect of stock (in shares) 0.0 0.0
v3.26.1
Shareholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) Balances (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Balance as of December 31, 2025 $ (832.9)
Reclassification to the statement of income (2.1)
Change in fair value (4.5)
Balance as of March 31, 2026 (755.1)
Retirement Plan Activity  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Balance as of December 31, 2025 (2.3)
Reclassification to the statement of income (0.1)
Change in fair value 0.0
Balance as of March 31, 2026 (2.2)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Balance as of December 31, 2025 35.7
Reclassification to the statement of income 0.0
Change in fair value (14.3)
Balance as of March 31, 2026 50.0
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Balance as of December 31, 2025 (1.3)
Reclassification to the statement of income (2.0)
Change in fair value 9.8
Balance as of March 31, 2026 (9.1)
Accumulated Other Comprehensive Income (Loss)  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Balance as of December 31, 2025 32.1
Balance as of March 31, 2026 $ 38.7
v3.26.1
Financial Services Arrangements - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Investment in affiliates $ 133.8 $ 131.5
Net amount financed for dealers 1,795.6  
Trade receivables, net 249.0 $ 237.5
Polaris Acceptance    
Schedule of Investments [Line Items]    
Other Receivables $ 22.9  
Polaris Acceptance    
Schedule of Investments [Line Items]    
Equity method investment ownership percentage 50.00%  
Polaris Acceptance    
Schedule of Investments [Line Items]    
Aggregate repurchase obligation, amount $ 268.5  
Other    
Schedule of Investments [Line Items]    
Aggregate repurchase obligation, amount $ 56.8  
Polaris Acceptance | Maximum    
Schedule of Investments [Line Items]    
Aggregate repurchase obligation, percentage 15.00%  
Huntington Bancshares Incorporated | Maximum    
Schedule of Investments [Line Items]    
Aggregate repurchase obligation, percentage 100.00%  
v3.26.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Accrual for the probable payment of pending claims $ 442.3 $ 374.1
Loss contingency receivable $ 223.9 $ 182.5
v3.26.1
Segment Reporting (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Segment Reporting [Abstract]    
Number of operating segments | segment 6  
Number of reportable segments | segment 3  
Segment Reporting [Line Items]    
Corporate costs and other - gross profit $ 3.4 $ 8.7
Reportable segment sales 1,658.7 1,535.8
Gross profit 334.8 245.0
Operating segments    
Segment Reporting [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 1,611.2 1,416.2
Reportable segment sales 1,658.7 1,535.8
Purchased materials, logistics and labor 1,205.7 1,104.6
Depreciation and amortization 43.7 50.0
Warranty 30.4 25.3
Reportable segment gross profit 331.4 236.3
Operating segments | Polaris Powersports    
Segment Reporting [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 1,419.2 1,239.7
Reportable segment sales 1,419.2 1,239.7
Purchased materials, logistics and labor 1,057.7 965.5
Depreciation and amortization 38.8 45.7
Warranty 26.7 22.2
Reportable segment gross profit 296.0 206.3
Operating segments | Marine    
Segment Reporting [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 125.3 115.4
Reportable segment sales 125.3 115.4
Purchased materials, logistics and labor 103.7 96.6
Depreciation and amortization 2.4 2.2
Warranty 2.9 2.3
Reportable segment gross profit 16.3 14.3
Operating segments | Aixam & Goupil    
Segment Reporting [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 66.7 61.1
Reportable segment sales 66.7 61.1
Purchased materials, logistics and labor 44.3 42.5
Depreciation and amortization 2.5 2.1
Warranty 0.8 0.8
Reportable segment gross profit 19.1 15.7
Corporate    
Segment Reporting [Line Items]    
Corporate costs and other - gross profit 47.5 119.6
Reportable segment sales $ 47.5 $ 119.6