POLARIS INC., 10-K filed on 2/13/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 06, 2026
Jun. 30, 2025
Oct. 31, 2023
Cover [Abstract]        
Document Type 10-K      
Document Annual Report true      
Document Period End Date Dec. 31, 2025      
Current Fiscal Year End Date --12-31      
Document Transition Report false      
Entity File Number 001-11411      
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      
Title of 12(b) Security Common Stock, $.01 par value      
Trading Symbol PII      
Security Exchange Name NYSE      
Entity Well-known Seasoned Issuer Yes      
Entity Voluntary Filers No      
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 Public Float     $ 2,285,523,000  
Entity Common Stock, Shares Outstanding   56,690,669    
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE:
Portions of the definitive Proxy Statement for the registrant’s Annual Meeting of Shareholders to be held on or about April 30, 2026, to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this report (the “2026 Proxy Statement”), are incorporated by reference into Part III of this Form 10-K.
      
Amendment Flag false      
Document Fiscal Year Focus 2025      
Document Fiscal Period Focus FY      
Entity Central Index Key 0000931015      
ICFR Auditor Attestation Flag true      
Document Financial Statement Error Correction [Flag] false      
Share Repurchase Program, Remaining Authorized, Amount $ 1,100,000,000     $ 1,000,000,000
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Minneapolis, Minnesota
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 138.0 $ 287.8
Trade receivables, net 237.5 192.3
Inventories, net 1,412.4 1,741.5
Prepaid expenses and other 366.9 395.7
Income taxes receivable 2.0 15.1
Current assets held for sale 49.8 0.0
Total current assets 2,206.6 2,632.4
Property and equipment, net 1,030.6 1,186.7
Investment in finance affiliate 131.5 136.7
Deferred tax assets 525.5 384.6
Goodwill and other intangible assets, net 800.0 936.2
Operating lease assets 121.0 127.2
Other long-term assets 78.5 121.4
Total assets 4,893.7 5,525.2
Current liabilities:    
Current financing obligations 34.8 434.3
Accounts payable 762.5 562.8
Total accrued expenses 1,355.0 1,259.7
Other current liabilities 40.5 36.4
Current liabilities held for sale 50.5 0.0
Total current liabilities 2,243.3 2,293.2
Total long-term financing obligations 1,504.7 1,638.1
Other long-term liabilities 306.1 293.4
Total liabilities 4,054.1 4,224.7
Deferred compensation 6.7 6.4
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, 56.5 and 56.1 shares issued and outstanding, respectively 0.6 0.6
Additional paid-in capital 1,328.9 1,265.9
(Accumulated deficit) retained earnings (469.0) 148.9
Accumulated other comprehensive loss, net (32.1) (125.5)
Total shareholders’ equity 828.4 1,289.9
Noncontrolling interest 4.5 4.2
Total equity 832.9 1,294.1
Total liabilities and equity $ 4,893.7 $ 5,525.2
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 20,000,000.0 20,000,000.0
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 160,000,000.0 160,000,000.0
Common stock, shares issued 56,500,000 56,100,000
Common stock, shares outstanding 56,500,000 56,100,000
v3.25.4
Consolidated Statements Of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sales $ 7,152.0 $ 7,175.4 $ 8,934.4
Cost of sales 5,783.3 5,708.6 6,974.5
Gross profit 1,368.7 1,466.8 1,959.9
Operating expenses:      
Selling and marketing 505.0 500.4 542.3
Research and development 371.9 336.9 374.3
General and administrative 541.8 436.5 422.8
Goodwill, Impairment Loss 52.6 0.0 0.0
Loss on disposal group held for sale 330.4 0.0 0.0
Total operating expenses 1,801.7 1,273.8 1,339.4
Operating (loss) income (348.7) 290.6 700.9
Non-operating expense:      
Interest expense 131.4 137.0 125.0
Other expense (income), net 52.6 12.8 (44.5)
(Loss) income before income taxes (532.7) 140.8 620.4
(Benefit) provision for income taxes (67.9) 29.6 117.7
Net (loss) income (464.8) 111.2 502.7
Net (income) loss attributable to noncontrolling interest (0.7) (0.4) 0.1
Net (loss) income $ (465.5) $ 110.8 $ 502.8
Net (loss) income per share attributable to Polaris Inc. common shareholders:      
Basic (in dollars per share) $ (8.18) $ 1.96 $ 8.80
Diluted (in dollars per share) $ (8.18) $ 1.95 $ 8.71
Weighted average shares outstanding:      
Basic (in shares) 56.9 56.5 57.1
Diluted (in shares) 56.9 56.8 57.7
Financial Service      
Operating expenses:      
Income from financial services $ 84.3 $ 97.6 $ 80.4
v3.25.4
Consolidated Statements Of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net (loss) income $ (464.8) $ 111.2 $ 502.7
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustments 88.8 (61.9) 32.2
Unrealized gain (loss) on derivative instruments 5.1 (5.5) (8.8)
Retirement plan and other activity (0.5) (0.6) 6.6
Comprehensive (loss) income (371.4) 43.2 532.7
Comprehensive (income) loss attributable to noncontrolling interest (0.7) (0.4) 0.1
Comprehensive (loss) income $ (372.1) $ 42.8 $ 532.8
v3.25.4
Consolidated Statements Of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated other Comprehensive Income (Loss)
Non Controlling Interest
Beginning Balance at Dec. 31, 2022 $ 1,101.5 $ 0.6 $ 1,152.1 $ 33.8 $ (87.5) $ 2.5
Beginning Balance (in shares) at Dec. 31, 2022   57.0        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Employee stock compensation 57.4   57.4      
Deferred compensation 2.3   1.6 0.7    
Employee stock compensation (in shares)   0.6        
Proceeds from stock issuances under employee plans 52.8   52.8      
Proceeds from stock issuances under employee plans (in shares)   0.5        
Cash dividends declared ($2.32 per share, $2.20 per share and $2.12 per share in 2017, 2016, and 2015 respectively) [1] (147.3)     (147.3)    
Repurchase and retirement of common shares $ (178.6)   (32.1) (146.5)    
Repurchase and retirement of common shares (in shares) (1.6) (1.6)        
Net (loss) income $ 502.7     502.8   (0.1)
Other comprehensive income 30.0       30.0  
Ending Balance at Dec. 31, 2023 1,420.8 $ 0.6 1,231.8 243.5 (57.5) 2.4
Ending Balance (in shares) at Dec. 31, 2023   56.5        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Employee stock compensation 49.2   49.2      
Deferred compensation 3.9   (0.1) 4.0    
Employee stock compensation (in shares)   0.5        
Proceeds from stock issuances under employee plans 6.0   6.0      
Proceeds from stock issuances under employee plans (in shares)   0.1        
Cash dividends declared ($2.32 per share, $2.20 per share and $2.12 per share in 2017, 2016, and 2015 respectively) [1] (147.7)     (147.7)    
Repurchase and retirement of common shares $ (82.7)   (21.0) (61.7)    
Repurchase and retirement of common shares (in shares) (1.0) (1.0)        
Noncontrolling Interest, Increase from Subsidiary Equity Issuance $ 2.0          
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders (0.6)         (0.6)
Net (loss) income 111.2     110.8   0.4
Other comprehensive income (68.0)       (68.0)  
Ending Balance at Dec. 31, 2024 1,294.1 $ 0.6 1,265.9 148.9 (125.5) 4.2
Ending Balance (in shares) at Dec. 31, 2024   56.1        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Employee stock compensation 59.9   59.9      
Deferred compensation (0.3)   0.6 (0.9)    
Employee stock compensation (in shares)   0.4        
Proceeds from stock issuances under employee plans 3.7   3.7      
Proceeds from stock issuances under employee plans (in shares)   0.1        
Cash dividends declared ($2.32 per share, $2.20 per share and $2.12 per share in 2017, 2016, and 2015 respectively) [1] (150.3)     (150.3)    
Repurchase and retirement of common shares $ (2.4)   (1.2) (1.2)    
Repurchase and retirement of common shares (in shares) (0.1) (0.1)        
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders $ (0.4)         (0.4)
Net (loss) income (464.8)     (465.5)   0.7
Other comprehensive income 93.4       93.4  
Ending Balance at Dec. 31, 2025 $ 832.9 $ 0.6 $ 1,328.9 $ (469.0) $ (32.1) $ 4.5
Ending Balance (in shares) at Dec. 31, 2025   56.5        
[1] Polaris Inc. declared and paid cash dividends of $2.68, $2.64, and $2.60 per share for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]            
Quarterly dividend declared and paid per common share $ 0.67 $ 0.66 $ 0.65 $ 2.68 $ 2.64 $ 2.60
v3.25.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Net (loss) income $ (464.8) $ 111.2 $ 502.7
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 286.5 286.3 258.9
Noncash compensation 59.9 49.2 57.4
Noncash income from financial services (42.1) (53.8) (41.5)
Deferred income taxes (139.1) (86.7) (86.8)
Impairment charges 155.9 29.5 0.0
Loss on disposal group held for sale 327.1 0.0 0.0
Other, net 5.2 0.1 (0.8)
Changes in operating assets and liabilities:      
Trade receivables (34.1) 103.4 49.0
Inventories 183.6 39.5 115.1
Accounts payable 196.7 (141.8) (143.8)
Accrued expenses 137.4 158.8 217.1
Income taxes payable/receivable 24.3 (11.0) 18.6
Prepaid expenses and other, net 44.5 (216.5) (20.1)
Net cash provided by operating activities 741.0 268.2 925.8
Investing Activities:      
Purchase of property and equipment, net (182.9) (261.7) (412.6)
Investments in finance affiliate (14.2) (10.0) (43.5)
Distributions from finance affiliate 61.5 68.2 37.0
Investments in and distributions from other affiliates (3.9) (4.7) (20.2)
Acquisition of developed technology assets 0.0 (62.7) 0.0
Acquisitions of businesses, net of cash acquired 0.0 0.0 (22.7)
Net cash used for investing activities (139.5) (270.9) (462.0)
Financing Activities:      
Borrowings under financing obligations 3,141.7 3,694.6 2,770.0
Repayments under financing obligations (3,685.3) (3,528.8) (2,928.2)
Repurchase and retirement of common shares (2.4) (82.7) (178.6)
Cash dividends to shareholders (150.3) (147.7) (147.3)
Cash dividend to noncontrolling interest (0.4) (0.6) 0.0
Proceeds from stock issuances under employee plans 3.7 6.0 52.8
Net cash used for financing activities (693.0) (59.2) (431.3)
Impact of currency exchange rates on cash balances 24.8 (18.0) 10.7
Net (decrease) increase in cash, cash equivalents and restricted cash (66.7) (79.9) 43.2
Cash, cash equivalents and restricted cash at beginning of period 303.0 382.9 339.7
Cash, cash equivalents and restricted cash at end of period 236.3 303.0 382.9
Supplemental Cash Flow Information [Abstract]      
Interest paid on financing obligations 125.5 141.5 120.6
Income taxes paid 47.2 123.6 187.2
Cash and cash equivalents 138.0 287.8 367.8
Cash and cash equivalents 82.2 0.0 0.0
Other long-term assets 16.1 15.2 15.1
Total $ 236.3 $ 303.0 $ 382.9
v3.25.4
Organization and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Organization and Significant Accounting Policies
Polaris Inc. (“Polaris” or the “Company”), a Delaware corporation, and its subsidiaries are engaged in the design, engineering, manufacturing and marketing of powersports vehicles, which include: off-road vehicles (“ORV”), including all-terrain vehicles (“ATV”) and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; moto-roadsters; quadricycles; boats; and related Parts, Garments and Accessories (“PG&A”), which includes aftermarket accessories and apparel. Polaris products are sold worldwide online and through a network of independent dealers and distributors. The primary markets for the Company’s products are the United States, Canada, Western Europe, Australia and Mexico.
Basis of presentation. The accompanying consolidated financial statements include the accounts of Polaris and its majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Income from financial services is reported as a component of operating income to better reflect income from ongoing operations, of which financial services has a significant impact.
The Company evaluates consolidation of entities under Accounting Standards Codification (ASC) Topic 810. This Topic requires management to evaluate whether an entity or interest is a variable interest entity and whether the company is the primary beneficiary. The Company used the guidelines to analyze the Company’s relationships and concluded that there were no variable interest entities requiring consolidation by the Company.
Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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, and the income approach for foreign currency contracts, interest rate contracts, and commodity contracts. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities, and for the income approach, the Company uses significant other observable inputs to value its derivative instruments used to hedge foreign currency, interest rate transactions, and commodity transactions.
Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):
 Input LevelDecember 31, 2025December 31, 2024
Assets
Non-qualified deferred compensation assetsLevel 1$53.5 $50.1 
Foreign currency contracts, netLevel 21.5 — 
Interest rate contracts, netLevel 2— 1.0 
Commodity contracts, netLevel 20.6 — 
Liabilities
Non-qualified deferred compensation liabilitiesLevel 1$(53.5)$(50.1)
Foreign currency contracts, netLevel 2— (0.9)
Interest rate contracts, netLevel 2(0.1)— 
Commodity contracts, netLevel 2— (1.6)
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 December 31, 2025 and December 31, 2024, the fair value of the Company’s financing obligations was approximately $1,575.9 million and $2,103.5 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 $1,539.5 million and $2,072.4 million as of December 31, 2025 and December 31, 2024, respectively.
The Company measures certain assets and liabilities at fair value on a nonrecurring basis. This includes assets and liabilities of disposal groups held for sale, which are measured at the lower of carrying value or fair value less cost to sell. Refer to Note 4 for additional information. The Company will impair an investment and recognize a loss if and when events or circumstances indicate that impairment has occurred. The amount of loss is determined by measuring the investment at fair value. Refer to Note 12 for additional information.
Cash equivalents. The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. Such investments consist principally of money market mutual funds.
Restricted cash. The Company classifies amounts of cash that are restricted in terms of their use and withdrawal separately within other long-term assets in the consolidated balance sheets. The Company’s restricted cash is comprised primarily of cash held in trust accounts not available for general use due to contractual restrictions.
Allowance for doubtful accounts. The Company’s exposure to credit losses on accounts receivable is limited due to its agreements with certain finance companies. For receivables not serviced through these finance companies, the Company establishes a reserve for doubtful accounts based on historical credit loss experience, the age of receivables, credit quality of our customers, current and expected economic conditions, and other factors that may affect our ability to collect from customers.
Inventories. Inventory costs include material, labor and manufacturing overhead costs, including depreciation expense associated with the manufacture and distribution of the Company’s products. Inventories are stated at the lower of cost or net realizable value with substantially all inventories recorded using the first-in, first-out method. Finished goods include products that are completed and ready for sale or substantially completed as the product has gone through the primary manufacturing and assembly process.
Investment in finance affiliate. The caption investment in finance affiliate in the consolidated balance sheets represents the Company’s 50 percent equity interest in Polaris Acceptance, which is accounted for under the equity method. 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) income. Refer to Note 11 for additional information.
Investment in other affiliates. The Company’s investments in other affiliates are included within other long-term assets in the consolidated balance sheets, and represent the Company’s strategic investments in nonmarketable securities of other companies. For each investment, the Company assesses the level of influence in determining whether to account for the
investment under the cost method or equity method. The Company will impair an investment and recognize a loss if and when events or circumstances indicate that impairment has occurred. Refer to Note 12 for additional information.
Property and equipment. Property and equipment is stated at historical cost. Depreciation is determined using the straight-line method over the estimated useful life of the respective assets, ranging from 10-40 years for buildings and improvements and 3-7 years for equipment and tooling. Depreciation of assets recorded under finance leases is included within depreciation expense. Fully depreciated tooling is eliminated from the accounting records annually. The Company recorded $263.5 million, $264.4 million, and $241.2 million of depreciation expense for the years ended December 31, 2025, 2024 and 2023, respectively. A majority of the Company’s property and equipment is located in North America.
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. As of December 31, 2025, as a result of entering into a definitive agreement for the sale of the Indian Motorcycle business, the Company determined the carrying amount of certain property and equipment and operating lease assets in the disposal group were not be recoverable and tested such assets for impairment. Fair value was measured based on a definitive sale agreement and the analysis resulted in impairment charges of $77.8 million which were included in loss on disposal group held for sale in the consolidated statements of (loss) income.
Goodwill and other intangible assets. Goodwill is tested at least annually for impairment and is tested for impairment more frequently when events or changes in circumstances indicate that the asset might be impaired. The Company completes its annual goodwill impairment test as of the first day of the fourth quarter.
The Company may first perform a qualitative assessment to determine whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount. A qualitative assessment requires that the Company considers events or circumstances including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in the composition or carrying amount of a reporting unit’s net assets, and changes in the Company’s stock price. If, after assessing the totality of events and circumstances, it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if the Company elects to bypass the qualitative test and proceed to a quantitative test, then the quantitative goodwill impairment test is performed. A quantitative test includes comparing the fair value of each reporting unit to the carrying amount of the reporting unit, including goodwill. If the estimated fair value is less than the carrying amount of the reporting unit, an impairment is recognized in an amount equal to the difference, limited to the total amount of goodwill allocated to that reporting unit.
Under the quantitative goodwill impairment test, the fair value of each reporting unit is determined considering a discounted cash flow analysis and market approach. Determining the fair value of the reporting units requires the use of significant judgment, including as it relates to assumptions in the Company’s long-term business plan about future revenues and expenses, capital expenditures, and changes in working capital, which are dependent on internal forecasts, estimation of long-term growth for each reporting unit, and determination of the discount rate. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, changes in raw material prices, and growth expectations for the industries and end markets in which the Company participates.
In the second quarter of 2025, as a result of a continued decline in financial performance and prolonged deterioration of industry conditions, the Company determined it was more-likely-than-not that the fair value of the On Road reporting unit was less than its carrying value. As a result, the Company performed an interim quantitative goodwill impairment test of the On Road reporting unit in the second quarter of 2025. As a result of this analysis, the Company recorded an impairment charge of $52.6 million in the second quarter of 2025 related to goodwill of the On Road reporting unit. Subsequent to the impairment charge, there is no remaining goodwill balance for the On Road reporting unit.
For its annual test in the fourth quarter of 2025, the Company elected to perform a quantitative goodwill test for the Off Road and Marine reporting units. No assessment was performed for the On Road reporting unit as it did not have a goodwill balance as of the annual testing date.
The Company’s primary identifiable intangible assets include: dealer/customer relationships and brand/trade names. Identifiable intangible assets with finite lives are amortized and those identifiable intangible assets with indefinite lives are not amortized. Identifiable intangible assets that are subject to amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets with indefinite lives are tested for impairment annually or more frequently when events or changes in circumstances indicate that the asset might be impaired. The Company’s identifiable intangible assets with indefinite
lives include brand/trade names. The impairment test consists of a comparison of the fair value of the brand/trade name with its carrying value. The Company completes its annual impairment test as of the first day of the fourth quarter each year for identifiable intangible assets with indefinite lives.
Refer to Note 8 for additional information on goodwill and other intangible assets.
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 of Note 3.
For the majority of wholegood vehicles, boats, and 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.
Sales promotions and incentives. The Company accrues for estimated sales promotion and incentive expenses, which are recognized as a component of sales in measuring the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Examples of sales promotion and incentive programs include dealer and consumer rebates, volume incentives, retail financing programs and sales associate incentives. Sales promotion and incentive expenses are estimated based on current programs, planned programs, and historical rates for each product line. The Company records these amounts as a liability within accrued expenses in the consolidated balance sheets until they are ultimately paid. Adjustments to sales promotions and incentives accruals are made as actual usage becomes known in order to properly estimate the amounts necessary to generate consumer demand based on market conditions as of the balance sheet date.
Dealer holdback programs. Dealer holdback represents a portion of the invoiced sales price that is expected to be subsequently returned to the dealer or distributor as a sales incentive upon the ultimate retail sale of the product. Holdback amounts reduce the ultimate net price of the products purchased by the Company’s dealers or distributors and, therefore, reduce the amount of sales the Company recognizes. The portion of the invoiced sales price estimated as the holdback is recognized as a liability within accrued expenses in the Company’s consolidated balance sheets until paid or forfeited. The minimal holdback adjustments in the estimated holdback liability due to forfeitures are recognized in net sales. Payments are made to dealers or distributors at various times during the year subject to previously established criteria.
Shipping and handling costs. The Company records shipping and handling costs as a component of cost of sales when control has transferred to the customer.
Research and development expenses. The Company records research and development expenses in the period in which they are incurred as a component of operating expenses.
Advertising expenses. The Company records advertising expenses as a component of selling and marketing expenses in the period in which they are incurred. In the years ended December 31, 2025, 2024 and 2023, the Company incurred $85.7 million, $85.5 million and $94.1 million of advertising expenses, respectively.
Restructuring expenses. The Company periodically initiates certain corporate restructuring programs to drive operating efficiencies. In the years ended December 31, 2025, 2024 and 2023, the Company incurred costs of $20.1 million, $23.4 million and $8.2 million, respectively, related to such activities, which primarily consisted of severance and other employee-related expenses. These activities are generally completed within a year of when they are initiated.
Product warranties. The Company typically provides a limited warranty for its vehicles and boats for a period of six months to ten years, depending on the product. The Company provides longer warranties in certain geographical markets as determined by local regulations and customary practice and may also provide longer warranties related to certain promotional programs. The Company’s standard warranties require the Company, generally through its dealer network, to repair or replace defective products during such warranty periods. The warranty reserve is established at the time of sale to the dealer or distributor based on management’s best estimate using historical rates and trends. The Company records these amounts as a liability within accrued expenses in the consolidated balance sheets until they are ultimately paid. Adjustments to the warranty reserve are made based on actual claims experience in order to properly estimate the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. The warranty reserve includes the estimated costs related to recalls, which are accrued when probable and estimable. Factors that could have an impact on the warranty reserve include: changes in manufacturing quality, shifts in product mix, changes in warranty coverage periods, impacts on product usage (including weather), product recalls and changes in sales volume.
The activity in the warranty reserve during the periods presented was as follows (in millions):
For the Years Ended December 31,
202520242023
Balance at beginning of year $162.8 $181.1 $172.9 
Additions charged to expense 135.9 165.4 209.1 
Warranty claims paid, net(163.2)(183.7)(200.9)
Balance at end of year$135.5 $162.8 $181.1 
Leases. The Company leases certain manufacturing facilities, warehouses, distribution centers, office space, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that lease component as a single lease component for all underlying asset classes. As most of the Company's leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.
Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to 10 years or more. Such options are included in the lease term when it is reasonably certain that the option will be exercised. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option that the Company is reasonably certainty to exercise. Certain lease agreements include rental payments that are variable based on usage or are adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Share-based employee compensation. The Company accounts for share-based compensation awards, including stock options and other equity-based compensation issued to employees, on a fair value basis. Determining the appropriate fair-value model and calculating the fair value of share-based awards at the date of grant requires judgment. The Company utilizes the Black-Scholes option pricing model to estimate the fair value of employee stock options, and the Monte Carlo model to estimate the fair value of employee performance restricted stock units that include a market condition. These pricing models also require the use of input assumptions, including expected volatility, expected life, expected dividend yield, and expected risk-free rate of return. The Company utilizes historical volatility as the Company believes this is reflective of market conditions. The expected life of the awards is based on historical exercise patterns.
The risk-free interest rate assumption is based on observed interest rates appropriate for the terms of awards. The dividend yield assumption is based on the Company’s history of dividend payouts.
The amount of compensation cost for share-based awards recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company analyzes historical data to estimate pre-vesting forfeitures and records share-based compensation expense for those awards expected to vest. If forfeiture adjustments are made, they would affect gross profit and operating expenses.
All stock options have time-based vesting conditions. The Company estimates the likelihood and the rate of achievement for performance share-based awards, specifically long-term compensation grants of performance-based restricted stock unit awards. Changes in the estimated rate of achievement can have a significant effect on reported share-based compensation expenses as the effect of a change in the estimated achievement level is recognized in the period that the likelihood factor changes. If adjustments in the estimated rate of achievement are made, they would be reflected in gross profit and operating expenses. Fluctuations in the Company’s stock price can have an effect on reported share-based compensation expenses for liability-based awards. The impact from fluctuations in the Company’s stock price is recognized in the period of the change and is reflected in gross profit and operating expenses. Refer to Note 5 for additional information.
Derivative instruments and hedging activities. Changes in the fair values of derivative instruments are recognized in earnings unless the derivative qualifies as a hedge. To qualify as a hedge, the Company must formally document, designate and assess the effectiveness of transactions that receive hedge accounting. The Company does not use any financial contracts for trading purposes.
The Company enters into foreign exchange contracts to mitigate the potential impact of currency exposures from certain of its purchase commitments denominated in foreign currencies and transfers of funds from its foreign subsidiaries. These contracts met the criteria to be accounted for as cash flow hedges during the periods presented. Gains and losses on the Company’s foreign exchange contracts at settlement are recorded in cost of sales in the consolidated statements of (loss) income. The contracts are recorded in prepaid expenses and other or other current liabilities in the consolidated balance sheets. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss, net.
The Company enters into interest rate swaps to hedge the variable interest rate payments associated with the Company’s debt. These contracts met the criteria to be accounted for as cash flow hedges during the periods presented. Gains and losses on the Company’s interest rate swaps at settlement are recorded in interest expense in the consolidated statements of (loss) income. The contracts are recorded in prepaid expenses and other or other current liabilities in the consolidated balance sheets. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss, net.
The Company enters into commodity hedging contracts in order to manage fluctuating market prices of certain purchased commodities and raw materials that are integrated into the Company’s products. Gains and losses on the Company’s commodity hedging contracts at settlement are recorded in cost of sales in the consolidated statements of (loss) income. The contracts are recorded in prepaid expenses and other or other current liabilities in the consolidated balance sheets. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss, net.
Refer to Note 15 for additional information regarding derivative instruments and hedging activities.
Foreign currency translation. The functional currency for the Company’s foreign subsidiaries is typically their respective local currencies. The assets and liabilities in the Company’s foreign entities are translated at the foreign exchange rate in effect at the balance sheet date. Translation gains and losses are reflected as a component of accumulated other comprehensive loss, net in the shareholders’ equity section of the consolidated balance sheets. Revenues and expenses in all of the Company’s foreign entities are translated at the average foreign exchange rate in effect for each month of the quarter. Transaction gains and losses including intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in other expense (income), net in the consolidated statements of (loss) income.
New accounting pronouncements.
Disaggregation of Income Statement Expenses. In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 is intended to enhance transparency into the nature and function of expenses. The amendments require, on an annual and interim basis, new financial statement disclosures disaggregating prescribed expense categories within relevant income
statement expense captions. This standard will be applicable for the Company’s Annual Report on Form 10-K for the year ending December 31, 2027 and in periodic reports thereafter. The adoption of ASU 2024-03 is not expected to have a material impact on the Company’s consolidated financial statements, but will require additional disclosures when adopted in the Company’s Annual Report on Form 10-K for the year ending December 31, 2027 and in periodic reports thereafter.
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.
v3.25.4
Organization, Consolidation and Presentation of Financial Statements
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
In millionsDecember 31, 2025December 31, 2024
Inventories
Raw materials and purchased components$623.7 $580.7 
Service parts, garments and accessories268.9 327.2 
Finished goods615.4 943.2 
Less: reserves(95.6)(109.6)
Inventories, net$1,412.4 $1,741.5 
Property and equipment
Land, buildings and improvements$665.8 $691.2 
Equipment and tooling1,659.7 1,779.2 
2,325.5 2,470.4 
Less: accumulated depreciation(1,294.9)(1,283.7)
Property and equipment, net$1,030.6 $1,186.7 
Accrued expenses
Compensation$266.1 $145.9 
Warranties135.5 162.8 
Sales promotions and incentives278.4 249.0 
Dealer holdback135.9 157.3 
Other accrued expenses539.1 544.7 
Total accrued expenses$1,355.0 $1,259.7 
Other current liabilities
Current operating lease liabilities$28.1 $28.8 
Income taxes payable12.4 7.6 
Total other current liabilities $40.5 $36.4 
Other long-term liabilities
Long-term operating lease liabilities$97.1 $99.7 
Long-term income taxes payable19.9 12.5 
Deferred tax liabilities7.3 6.1 
Other long-term liabilities181.8 175.1 
Total other long-term liabilities$306.1 $293.4 
v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue Recognition [Abstract]  
Revenue Recognition Revenue Recognition
The following tables disaggregate the Company’s revenue by major product type and geography (in millions):
For the Year Ended December 31, 2025
Off RoadOn RoadMarineTotal
Revenue by product type
Wholegoods$4,033.6 $734.9 $511.9 $5,280.4 
PG&A1,679.5 191.6 0.5 1,871.6 
Total revenue $5,713.1 $926.5 $512.4 $7,152.0 
Revenue by geography
United States$4,733.0 $429.3 $500.0 $5,662.3 
Canada381.1 28.5 10.3 419.9 
EMEA367.7 422.1 0.2 790.0 
APLA231.3 46.6 1.9 279.8 
Total revenue $5,713.1 $926.5 $512.4 $7,152.0 
For the Year Ended December 31, 2024
Off RoadOn RoadMarineTotal
Revenue by product type
Wholegoods$4,183.8 $804.7 $480.5 $5,469.0 
PG&A1,522.9 183.1 0.4 1,706.4 
Total revenue $5,706.7 $987.8 $480.9 $7,175.4 
Revenue by geography
United States$4,709.8 $452.5 $466.7 $5,629.0 
Canada396.2 38.9 11.1 446.2 
EMEA355.2 447.4 0.3 802.9 
APLA245.5 49.0 2.8 297.3 
Total revenue $5,706.7 $987.8 $480.9 $7,175.4 
For the Year Ended December 31, 2023
Off RoadOn RoadMarineTotal
Revenue by product type
Wholegoods$5,374.9 $981.8 $765.4 $7,122.1 
PG&A1,609.5 202.8 — 1,812.3 
Total revenue $6,984.4 $1,184.6 $765.4 $8,934.4 
Revenue by geography
United States$5,787.3 

$591.4 

$743.5 $7,122.2 
Canada522.7 43.1 18.2 584.0 
EMEA405.3 480.2 0.7 886.2 
APLA269.1 69.9 3.0 342.0 
Total revenue $6,984.4 $1,184.6 $765.4 $8,934.4 
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 the 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):
For the Years Ended December 31,
202520242023
Balance at beginning of year$111.3 $110.3 $111.1 
New contracts sold51.8 50.0 49.1 
Revenue recognized on existing contracts(47.7)(49.0)(49.9)
Balance at end of year$115.4 $111.3 $110.3 
The Company expects to recognize approximately $36.9 million of the unearned amount over the 12 months following December 31, 2025, compared to $35.6 million as of December 31, 2024. These amounts were recorded in accrued expenses in the consolidated balance sheets. The amount recorded in other long-term liabilities totaled $78.5 million and $75.7 million as of December 31, 2025 and 2024, respectively.
v3.25.4
Assets and Liabilities Held for Sale
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Assets and Liabilities Held for Sale Assets and Liabilities Held for Sale
On October 10, 2025, the Company entered into a definitive agreement to sell a majority interest in the Indian Motorcycle business for a nominal sales price. Indian Motorcycle is a vertically integrated manufacturer and distributor of a full line of motorcycles included in the Company’s On Road segment. The Company has also agreed to provide certain transition services to the buyer generally for a period up to one year, depending on the nature of the service.
Related to the Indian Motorcycle business, the Company recorded impairment charges related to brand/trade name intangible assets, property and equipment, and operating lease assets. For additional information regarding the impairments, refer to Notes 1 and 8. The Indian Motorcycle business has been classified as held for sale as of December 31, 2025. Accordingly, the Company recorded the assets of the disposal group at fair value less cost to sell. For the year ended December 31, 2025, the Company recorded total charges of $330.4 million related to the disposal group, including amounts related to cash owed to the buyer, which were included in loss on disposal group held for sale in the consolidated statements of (loss) income. The charges resulted in a $52.4 million income tax benefit. The fair value of the assets and liabilities in the disposal group were measured based on a definitive sale agreement, which is considered a Level 3 input in the fair value hierarchy.
In addition to the definitive agreement to sell the Indian Motorcycle business, the Company has committed to a plan to divest its motorcycle manufacturing facility located in Vietnam. The assets and liabilities of that manufacturing facility also represent a disposal group. The combined carrying amounts of major classes of assets and liabilities of the disposal groups were as follows (in millions):
December 31, 2025
Cash and cash equivalents$82.2 
Inventories, net176.6 
Prepaid expenses and other4.3 
Property and equipment, net17.9 
Deferred tax assets0.8 
Valuation allowance on disposal group held for sale(232.0)
Current assets held for sale49.8 
Accounts payable2.7 
Accrued expenses and other47.8 
Current liabilities held for sale$50.5 
The sale was completed on February 2, 2026. The loss on the sale of the Indian Motorcycle business to be recognized in the first quarter of 2026 is subject to customary closing adjustments and is not expected to be material to the Company’s consolidated financial statements.
v3.25.4
Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Share-based plans. The Company grants long-term equity-based incentives and awards for the benefit of its employees and directors under the shareholder approved Polaris Inc. 2024 Omnibus Incentive Plan (the “Omnibus Plan”). A maximum of 4,404,739 shares of common stock are available for issuance under the Omnibus Plan.
 Stock option awards granted to date under the Omnibus Plan generally vest one to three years from the award date and expire after ten years. In addition, since 2007, the Company has granted a total of 329,000 deferred stock units to its non-employee directors under the Omnibus Plan (with grants of 49,000, 22,000 and 16,000 units in 2025, 2024 and 2023, respectively), which will be converted into common stock when the directors’ board service ends or upon a change in control. Restricted units and performance-based restricted units (collectively, “restricted stock”) awarded under the Omnibus Plan generally vest one to three years from the award date. The final number of shares issued under performance-based awards are dependent on achievement of certain performance measures.
Under the Polaris Inc. Deferred Compensation Plan for Directors (“Director Plan”) and the Omnibus Plan, members of the Board of Directors who are not Polaris officers or employees may annually elect to receive common stock equivalents in lieu of director fees, which will be converted into common stock when board service ends. Alternatively, these common stock equivalents may be diversified into other investments until board service ends, pursuant to the terms of the Director Plan. Shares authorized under the Director Plan were exhausted in 2017, and of the 500,000 shares of common stock authorized, 73,000 common stock equivalents have been earned and 427,000 shares have been issued to retired directors as of December 31, 2025. Since 2017, the Company has granted a total of 110,000 common stock equivalents to its non-employee directors under the Omnibus Plan (with grants of 19,000, 12,000 and 12,000 units in 2025, 2024 and 2023, respectively). As of December 31, 2025 and 2024, the Company’s liability under the plans for the common stock equivalents totaled $8.4 million and $6.5 million, respectively.
The Company maintains a long-term incentive program under which awards are issued for certain employees. Long-term incentive program awards are granted in restricted stock units and stock options and are accounted for as equity awards.
Share-based compensation expense. The amount of compensation cost for share-based awards recognized during a period is based on the portion of the awards that are ultimately expected to vest.  
Total share-based compensation expenses were as follows (in millions):
For the Years Ended December 31,
202520242023
Option awards$10.8$12.0$11.5
Other share-based awards 37.421.230.7
Total share-based compensation before tax 48.233.242.2
Tax benefit 11.88.110.3
Total share-based compensation expense included in net income $36.4$25.1$31.9
These share-based compensation expenses are reflected in cost of sales and operating expenses in the consolidated statements of (loss) income. As of December 31, 2025, there was $41.6 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 1.1 years. Included in unrecognized share-based compensation expense is approximately $4.2 million related to stock options and $37.4 million for restricted stock.
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. See Note 6 for additional information.
General stock option and restricted stock information. The following summarizes stock option activity and the weighted-average exercise price for the Omnibus Plan for the year ended December 31, 2025:
Omnibus Plan
(Active)
Options OutstandingWeighted-Average Exercise Price
Balance as of December 31, 20242,685,251 $103.66
Granted
887,888 48.76
Exercised
— —
Forfeited/Expired
(335,506)131.21
Balance as of December 31, 20253,237,633 $85.78
Options exercisable as of December 31, 2025
2,117,071 $99.56
 The weighted-average remaining contractual life of options outstanding and of options outstanding and exercisable as of December 31, 2025 was 5.4 years and 3.7 years, respectively. Substantially all unvested outstanding options are expected to vest.
The following assumptions were used to estimate the weighted-average fair value of options granted of $13.58, $31.79 and $43.39 during the years ended December 31, 2025, 2024 and 2023, respectively:
For the Years Ended December 31,
202520242023
Weighted-average volatility
44%44%45%
Expected dividend yield
5.5%2.9%2.2%
Expected term (in years)
5.95.85.4
Weighted-average risk-free interest rate
4.3%3.9%3.5%
No options were exercised during the year ended December 31, 2025. As of December 31, 2025, options outstanding had an intrinsic value of $12.5 million, and options outstanding and exercisable had zero intrinsic value. Intrinsic values are based on the Company’s closing stock price on the last trading day of the applicable year for in-the-money options.
The grant date fair value for performance awards with a total shareholder return (TSR) market condition were estimated using a Monte Carlo simulation model utilizing the following weighted-average assumptions:
20242023
Weighted-average volatility
35%50%
Expected dividend yield
2.9%2.2%
Expected term (in years)
3.03.0
Weighted-average risk-free interest rate
4.2%3.9%
The Company used its historical stock price as the basis for the Company’s volatility assumption. The assumed risk-free interest rates were based on U.S. Treasury rates in effect at the time of grant. The expected term was based on the vesting period. There were no TSR performance share awards granted during 2025. The weighted-average fair value used to record compensation expense for TSR performance share awards in 2024 and 2023 was $95.00 and $138.98 per award, respectively.
The following table summarizes restricted stock activity for the year ended December 31, 2025:
Shares OutstandingWeighted-Average Grant Price
Balance as of December 31, 2024926,667 $115.76
Granted
912,601 40.76
Vested
(169,068)120.98
Forfeited/Cancelled
(132,649)85.75
Balance as of December 31, 20251,537,551 $64.05
Expected to vest as of December 31, 2025
1,432,037 $61.39
The shares granted above include zero performance restricted stock unit awards as none were granted during 2025.
The total intrinsic value of restricted stock expected to vest as of December 31, 2025 was $90.6 million. Intrinsic values are based on the Company’s closing stock price on the last trading day of the year. The weighted-average fair values at the grant dates of grants awarded under the Omnibus Plan for the years ended December 31, 2025, 2024 and 2023 were $40.76, $107.33 and $110.39, respectively.
v3.25.4
Employee Savings Plans
 12 Months Ended
Dec. 31, 2025
Disclosure Employee Savings Plans [Abstract]  
Employee Savings Plans Employee Savings Plans
Employee Stock Ownership Plan (ESOP). The Company sponsors a qualified non-leveraged ESOP under which a maximum of 8,200,000 shares of common stock can be awarded. The shares are allocated to eligible participants’ accounts based on total cash compensation earned during the calendar year. An employee’s ESOP account vests equally after two and three years of service and requires no cash payments from the recipient. Participants may instruct the Company to pay respective dividends directly to the participant in cash or reinvest the dividends into the participants’ ESOP accounts. Employees who meet eligibility requirements can participate in the ESOP. Participants that meet certain age and service requirements are allowed to transfer balances, subject to limitation, to the Polaris 401(k) Retirement Savings Plan to diversify their investments. Total expense related to the ESOP was $16.2 million, $15.2 million and $17.3 million in 2025, 2024 and 2023, respectively. As of December 31, 2025, there were 3,010,487 shares held in the plan.
Defined contribution plan. The Company sponsors a 401(k) defined contribution retirement plan covering substantially all U.S. employees. The Company matches 100 percent of employee contributions up to a maximum of five percent of eligible compensation. All contributions vest immediately. The cost of the defined contribution retirement plan was $28.3 million, $31.2 million and $31.9 million in 2025, 2024 and 2023, respectively.
Supplemental Executive Retirement Plan (SERP). The Company sponsors a SERP that provides executive officers of the Company an alternative to defer portions of their salary, cash incentive compensation, and Company matching contributions. The deferrals and contributions are held in a rabbi trust and are in funds to match the liabilities of the plan. The assets of the rabbi trust are recorded in other long-term assets in the consolidated balance sheets and the SERP liability is included in other long-term liabilities in the consolidated balance sheets. The asset and liability balances were $53.5 million and $50.1 million as of December 31, 2025 and 2024, respectively.
Executive officers and directors of the Company have the opportunity to defer certain restricted stock units. These restricted stock units are redeemable in Polaris common stock or in cash. After a holding period, the executive officer has the option to diversify the vested award into other funds available under the SERP. If the award is diversified, it must be redeemed in cash. Awards probable of vesting, for which the executive has not yet made an election to defer, and awards that have been deferred but have not yet vested and are probable of vesting are reported as deferred compensation in the temporary equity section of the consolidated balance sheets, as these awards have redemption features that are not yet solely within the control of the Company. The awards recorded in temporary equity are recognized at fair value as though the reporting date is also the redemption date, with any difference from stock-based compensation recorded in retained earnings. As of December 31, 2025, 106,000 shares were recorded at a fair value of $6.7 million in temporary equity, which includes $10.5 million of compensation cost and a $3.8 million cumulative fair value adjustment recorded through retained earnings.
v3.25.4
Financing Agreement
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Financing Agreement Financing Agreements
The carrying value of financing obligations and the average related interest rates were as follows (in millions):
Average interest rate as of December 31, 2025MaturityDecember 31, 2025December 31, 2024
Incremental term loan facility——$— $400.0 
Private senior notes——— 350.0 
Senior notes due 20296.95%March 2029500.0 500.0 
Revolving loan facility2.23%December 202935.4 282.0 
Term loan facility5.82%December 2029475.0 500.0 
Senior notes due 20315.60%March 2031500.0 — 
Finance lease obligations5.24%
Various through 2029
7.3 8.1 
Notes payable and other4.28%
Various through 2030
39.2 47.1 
Unamortized debt issuance costs and discounts(17.4)(14.8)
Total financing obligations$1,539.5 $2,072.4 
Less: Current financing obligations34.8 434.3 
Total long-term financing obligations$1,504.7 $1,638.1 
The following summarizes activity under the Company’s credit arrangements (in millions):
202520242023
Total borrowings as of December 31
$1,510.4$2,032.0$1,858.2
Average outstanding borrowings during year
$1,987.2$2,175.5$2,159.3
Maximum outstanding borrowings during year
$2,241.6$2,329.3$2,386.6
Weighted-average interest rate as of December 31
5.82%5.77%5.67%
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) income over the expected remaining terms of the related debt.
As of December 31, 2025, the Company had open letters of credit totaling $58.4 million. The amounts are primarily related to inventory purchases and are reduced as the purchases are received.
Private senior notes. In December 2010, the Company entered into an unsecured Master Note Purchase Agreement. In July 2018, the Company issued $350 million of unsecured senior notes due in July 2028 pursuant to the Master Note Purchase Agreement. All outstanding unsecured senior notes were prepaid in full in June 2025 using proceeds of revolving loans under the Company’s unsecured credit facility.
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”). In July 2018, the Company amended the credit facility to increase its Term Loan Facility to $1,180 million. An amendment was also completed in December 2024 that reduced the Term Loan Facility to $500.0 million, of which $475.0 million was outstanding as of December 31, 2025, and extend 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 $35.4 million was outstanding as of December 31, 2025, 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.
In July 2024, the Company amended the credit facility to provide for a new incremental 364-day term loan in the amount of $400 million (the “Incremental Term Loan Facility”). At the time of issuance, the Incremental Term Loan Facility had a term ending in July 2025. The Credit Facility Amendment extended the maturity date of the Incremental Term Loan Facility to June 26, 2026. The Incremental Term Loan Facility was prepaid in full in November 2025 using proceeds from the Company’s Senior Notes due 2031 issued in November 2025 in an underwritten public offering.
The credit agreement contains 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 December 31, 2025.
Senior notes. In November 2023, the Company issued $500 million aggregate principal amount of 6.95% Senior Notes due 2029 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 Note bear interest at a rate of 6.95% and mature in March 2029. In November 2025, the Company issued $500 million aggregate principal amount of 5.60% Senior Notes due 2031 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 December 31, 2025. The outstanding balance is included in long-term financing obligations and current financing obligations in the consolidated balance sheets.
v3.25.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and other intangible assets, net of accumulated amortization, as of December 31, 2025 and 2024 were as follows (in millions):
20252024
Goodwill$348.8 $393.5 
Other intangible assets, net451.2 542.7 
Total goodwill and other intangible assets, net$800.0 $936.2 
The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2025 and 2024 were as follows (in millions):
Off RoadOn RoadMarineTotal
Balance as of December 31, 2023$116.6 $50.7 $227.1 $394.4 
Goodwill acquired and related adjustments0.4 — 3.5 3.9 
Currency translation effect on foreign goodwill balances(0.8)(4.0)— (4.8)
Balance as of December 31, 2024$116.2 $46.7 $230.6 $393.5 
Goodwill impairment— (52.6)— (52.6)
Currency translation effect on foreign goodwill balances2.0 5.9 — 7.9 
Balance as of December 31, 2025$118.2 $— $230.6 $348.8 
In the second quarter of 2025, as a result of a continued decline in financial performance and prolonged deterioration of industry conditions, the Company determined it was more-likely-than-not that the fair value of the On Road reporting unit was less than its carrying value. As a result, the Company performed a quantitative goodwill impairment test of the On Road reporting unit in the second quarter of 2025.
Under the quantitative goodwill impairment test, the fair value of the reporting unit was determined using a discounted cash flow analysis and a market approach. Determining the fair value of the reporting unit required the use of significant judgment, including judgment surrounding discount rates, assumptions in the Company’s long-term business plan about future revenues and expenses, capital expenditures, and changes in working capital, which are dependent on internal forecasts, estimation of long-term growth for the reporting unit, and determination of the weighted average cost of capital. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, changes in raw material prices and growth expectations for the industries and end markets in which the Company participates. Inputs used to estimate fair value included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy.
If the carrying value of a reporting unit that includes goodwill exceeds its fair value, the goodwill is considered impaired and an impairment loss is recognized at the amount by which the carrying value exceeds fair value, not to exceed the carrying amount of goodwill allocated to that reporting unit.
As a result of this analysis, the Company recorded an impairment charge of $52.6 million in the second quarter of 2025 related to goodwill of the On Road reporting unit. Subsequent to the impairment charge, there is no remaining goodwill balance for the On Road reporting unit. The charge is included in goodwill impairment in the consolidated statements of (loss) income.
There were no goodwill impairment charges recorded in 2025 related to the Off Road or Marine reporting units. As of December 31, 2025, accumulated impairment losses totaled $52.6 million under the Company’s current reportable segment structure.
The changes in the net carrying amount of other intangible assets for the years ended December 31, 2025 and 2024 were as follows (in millions):
20252024
Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Other intangible assets, beginning $661.7 $(119.0)$609.2 $(97.2)
Other intangible assets acquired1.4 — 62.7 — 
Other intangible assets disposed of— — (0.1)0.1 
Other intangible assets impaired(80.8)9.4 (9.5)— 
Amortization expense — (23.0)— (21.9)
Currency translation effect on foreign balances1.5 — (0.6)— 
Other intangible assets, ending $583.8 $(132.6)$661.7 $(119.0)
The components of other intangible assets were as follows (in millions):
December 31, 2025Weighted-average useful life (years)Gross Carrying AmountAccumulated AmortizationNet
Amortizable - dealer/customer related and other
19342.5 (132.6)209.9 
Non-amortizable - brand/trade names
241.3 — 241.3 
Total other intangible assets, net
$583.8 $(132.6)$451.2 
December 31, 2024Weighted-average useful life (years)Gross Carrying AmountAccumulated AmortizationNet
Amortizable - dealer/customer related
19341.2 (114.8)226.4 
Amortizable - developed technology1062.7 (4.2)58.5 
Non-amortizable - brand/trade names
257.8 — 257.8 
Total other intangible assets, net
18$661.7 $(119.0)$542.7 
In the fourth quarter of 2025, as a result of entering into a definitive agreement for the sale of the Indian Motorcycle business, impairment charges of $17.5 million were recorded for the related non-amortizable brand/trade name in the Company’s On Road segment. This charge is included in loss on disposal group held for sale in the consolidated statements of (loss) income. Additional impairment charges of $53.9 million were recorded in the fourth quarter of 2025 related to a non-amortizable brand/trade name and amortizable developed technology in the Company’s Off Road segment as a result of changes in the planned usage of such assets. These charges were included in general and administrative expenses in the consolidated statements of (loss) income. In 2024, the Company recorded impairment charges of $9.5 million related to non-amortizable brand/trade names which have also been included in general and administrative expenses in the consolidated statements of (loss) income.
Amortization expense for other intangible assets for the years ended December 31, 2025, 2024 and 2023 was $23.0 million, $21.9 million and $17.7 million, respectively. Estimated future amortization expense for identifiable other intangible assets during the next five years is as follows (in millions):
20262027202820292030
Estimated amortization expense$18.4 $18.3 $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.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s (loss) income before income taxes consisted of the following (in millions):
For the Years Ended December 31,
202520242023
United States
$(538.1)$1.3 $480.7 
Foreign
5.4 139.5 139.7 
(Loss) income before income taxes
$(532.7)$140.8 $620.4 
The (benefit) provision for income taxes consisted of the following (in millions):
For the Years Ended December 31,
202520242023
Current:
Federal
$20.0 $59.5 $139.8 
State
4.8 13.0 21.7 
Foreign
47.7 40.8 44.7 
Deferred
(140.4)(83.7)(88.5)
Total (benefit) provision for income taxes
$(67.9)$29.6 $117.7 
Income taxes paid consisted of the following (in millions):
For the Year Ended December 31, 2025
Federal$0.2 
State
5.8 
Foreign:
France
22.8 
Mexico7.7 
Canada3.5 
Other7.2 
Total foreign
41.2 
Total income taxes paid
$47.2 
Reconciliations of the (benefit) provision for income taxes and the federal statutory income tax rate to the Company’s effective tax rate were as follows:
For the Year Ended December 31, 2025
AmountPercent
U.S. federal statutory tax rate
$(111.9)21.0 %
State and local taxes, net of federal benefit
(12.7)2.4 
Foreign tax effects:
France
Non-deductible goodwill impairment
9.0 (1.7)
Other
2.2 (0.4)
Switzerland
7.2 (1.3)
Other foreign jurisdictions
15.4 (2.9)
Effect of cross-border tax laws
(3.2)0.6 
Nontaxable or nondeductible items:
Stock based compensation
5.7 (1.1)
Other
4.3 (0.8)
Tax credits:
Research and development tax credit
(16.4)3.1 
Other
(0.4)0.1 
Changes in valuation allowances
26.0 (4.9)
Changes in unrecognized tax benefits
6.9 (1.3)
Effective income tax rate
$(67.9)12.8 %
For the year ended December 31, 2025, the net state income tax benefit included deferred tax effects from temporary differences primarily in Alabama, Minnesota, and Wisconsin, offset by current state income tax expense in Texas, Ohio, Oregon, Washington, Tennessee, North Carolina, Pennsylvania, and Louisiana. These jurisdictions collectively represent more than 50% of the net state and local income tax effect.
For the Years Ended December 31,
20242023
Federal statutory rate
21.0 %21.0 %
State income taxes, net of federal benefit
(1.9)1.7 
Employee stock ownership plan
(1.2)(0.3)
Domestic international provisions
2.5 (0.3)
Research and development tax credit
(11.4)(4.0)
Stock based compensation
3.0 (0.1)
Valuation allowance
3.9 — 
Foreign tax rate differential
6.2 1.2 
Foreign-derived intangible income
(2.7)(0.5)
Other permanent differences
1.6 0.3 
Effective income tax rate
21.0 %19.0 %
Undistributed earnings relating to certain non-U.S. subsidiaries are considered to be permanently reinvested. While these earnings would no longer be subject to incremental U.S. tax, if the Company were to actually distribute these earnings, they could be subject to additional foreign income taxes and/or withholding taxes payable to non-U.S. countries. Determination of the unrecognized deferred foreign income tax liability related to these undistributed earnings is not practicable due to the complexities associated with this hypothetical calculation.
The Company utilizes the liability method of accounting for income taxes whereby deferred taxes are determined based on the estimated future tax effects of differences between the financial statement and tax bases of assets and liabilities given the provisions of enacted tax laws. The net deferred income taxes consisted of the following (in millions):
As of December 31,
20252024
Deferred income taxes:
Inventories
$125.4 $119.1 
Accrued expenses and other
187.4 167.1 
Intangible assets
(56.1)(64.5)
Capitalized research expenditures
201.1 172.7 
Property and equipment
(20.1)(69.9)
Operating lease assets
(33.2)(35.0)
Operating lease liabilities
33.9 35.0 
Employee compensation and benefits
44.5 45.8 
Net operating loss and other loss carryforwards
90.7 29.5 
Valuation allowance
(55.4)(21.4)
Total net deferred income tax asset
$518.2 $378.4 
As of December 31, 2025, the Company had available unused international net operating loss carryforwards of $112.5 million. The net operating loss carryforwards will expire at various dates from 2026 to 2032, with certain jurisdictions having indefinite carryforward terms.
The Company classifies liabilities related to unrecognized tax benefits as long-term income taxes payable within other long-term liabilities in the consolidated balance sheets. The Company recognizes potential interest and penalties related to income tax positions as a component of the provision for income taxes in the consolidated statements of (loss) income. Reserves related to potential interest are recorded as a component of long-term income taxes payable. The federal benefit of state taxes and interest related to the reserves is recorded as a component of deferred taxes. The entire balance of unrecognized tax benefits as of December 31, 2025, if recognized, would affect the Company’s effective tax rate. Tax years 2017 through 2025 remain open to examination by certain tax jurisdictions to which the Company is subject.
Reconciliations of the beginning and ending unrecognized tax benefits were as follows (in millions):
For the Years Ended December 31,
20252024
Balance as of January 1,
$11.4 $11.2 
Gross increases for tax positions of prior years
5.7 0.2 
Gross increases for tax positions of current year
3.4 2.7 
Decreases due to settlements and other prior year tax positions
(0.1)— 
Decreases for lapse of statute of limitations
(2.0)(2.7)
Balance as of December 31,
18.4 11.4 
Reserves related to potential interest and penalties as of December 31,
1.5 1.1 
Unrecognized tax benefits as of December 31,
$19.9 $12.5 
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Disclosure Shareholders Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share repurchase program. The Company has made the following share repurchases (in millions):
For the Years Ended December 31,
 202520242023
Total number of shares repurchased and retired0.1 1.0 1.6 
Total investment$2.4 $82.7 $178.6 
In October 2023, the Polaris Board of Directors authorized the repurchase of up to an additional $1.0 billion of the Company’s outstanding common stock, in addition to the amount still outstanding on its April 2021 share repurchase program. The Company did not repurchase shares of its common stock in open-market transactions under the share repurchase program during 2025. As of December 31, 2025, the Company was authorized to repurchase up to an additional $1.1 billion of the Company’s common stock. The repurchase of any shares under the share repurchase program will be dependent on management’s assessment of market conditions. The amounts reported above represent repurchases to facilitate transactions related to share-based compensation awards.
Stock purchase plan. The Company maintains an employee stock purchase plan (“Purchase Plan”). A total of 3.0 million shares of common stock are reserved for this plan. The Purchase Plan permits eligible employees to purchase common stock monthly at 95 percent of the average of the beginning and end of month stock prices. As of December 31, 2025, approximately 1.7 million shares had been purchased under the Purchase Plan.
Dividends. Quarterly and total year cash dividends declared and paid per common share for the years ended December 31, 2025, 2024 and 2023 were as follows: 
For the Years Ended December 31,
 202520242023
Quarterly dividend declared and paid per common share$0.67 $0.66 $0.65 
Total dividends declared and paid per common share$2.68 $2.64 $2.60 
On January 29, 2026, the Polaris Board of Directors declared a regular cash dividend of $0.68 per share payable on March 16, 2026 to holders of record of such shares at the close of business on March 2, 2026.
Net (loss) income per share. Basic net (loss) income per share was computed by dividing net (loss) income available to common shareholders by the weighted-average number of common shares outstanding during each period, including
shares earned under the Director Plan, the ESOP and deferred stock units under the Omnibus Plan. Diluted net (loss) income 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 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):
For the Years Ended December 31,
202520242023
Weighted average number of common shares outstanding 56.2 56.0 56.7
Director Plan and deferred stock units 0.3 0.3 0.2
ESOP 0.4 0.2 0.2
Common shares outstanding—basic 56.9 56.5 57.1
Dilutive effect of restricted stock awards— 0.3 0.3
Dilutive effect of stock option awards— — 0.3
Common and potential common shares outstanding—diluted 56.9 56.8 57.7
During 2025, 2024 and 2023, the number of options that were not included in the computation of diluted net (loss) income per share because the option exercise price was greater than the market price, and therefore the effect would have been anti-dilutive, was 3.3 million, 2.8 million and 1.7 million, respectively. As a result of the Company’s net loss during 2025, an additional 0.9 million 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, net of tax, were as follows (in millions):
Foreign Currency TranslationCash Flow Hedging DerivativesRetirement Plan ActivityAccumulated Other Comprehensive Loss
Balance as of December 31, 2024$(124.5)$(3.8)$2.8 $(125.5)
Reclassification to the statement of income—(1.5)(0.5)(2.0)
Change in fair value 88.8 6.6 — 95.4 
Balance as of December 31, 2025$(35.7)$1.3 $2.3 $(32.1)
See Note 15 for information on gains and losses related to the Company’s cash flow derivatives designated as hedging instruments.
v3.25.4
Financial Services Arrangements
 12 Months Ended
Dec. 31, 2025
Disclosure Financial Services Arrangements [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. (“Wells Fargo”), which is supported by a partnership agreement between their respective wholly owned subsidiaries, finances substantially all of the Company’s United States sales of ORVs, snowmobiles, motorcycles, boats, and related PG&A, whereby the Company receives payment within a few days of shipment of the product. As of December 31, 2025, the total amount of receivables due from Polaris Acceptance was $33.1 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) income. The partnership agreement is effective through February 2027.
The Company’s total investment in Polaris Acceptance was $131.5 million as of December 31, 2025 and is accounted for under the equity method and recorded in investment in finance affiliate in the consolidated balance sheets. As of December 31, 2025, the outstanding amount of net receivables financed for dealers under this arrangement was $1,781.4 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 and Securitized Receivables
during the prior calendar year. For calendar year 2025, the potential 15 percent aggregate repurchase obligation with respect to products repossessed by Polaris Acceptance was approximately $275.0 million.
Summarized financial information for Polaris Acceptance was as follows (unaudited) (in millions):
For the Years Ended December 31,
202520242023
Revenues
$100.1 $121.5 $94.3 
Interest and operating expenses
15.9 13.9 11.4 
Net income
$84.2 $107.6 $82.9 
As of December 31,
20252024
Finance receivables, net
$1,781.4 $1,842.2 
Total assets
$1,781.4 $1,842.2 
Notes payable
$1,470.8 $1,534.5 
Other liabilities
47.6 34.3 
Partners’ capital
263.0 273.4 
Total liabilities and partners’ capital
$1,781.4 $1,842.2 
Polaris Acceptance began financing substantially all of the Company’s United States sales of boats in the third quarter of 2024. This financing 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. As of December 31, 2025, the potential aggregate repurchase obligation with respect to products repossessed by Huntington was approximately $12.1 million.
The Company has other financing arrangements related to its foreign subsidiaries in which it has agreed to repurchase repossessed products. For calendar year 2025, the potential aggregate repurchase obligations were approximately $46.8 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.
As of December 31, 2025, the outstanding amount financed worldwide by dealers under arrangements with finance companies was approximately $2,085.5 million. As a part of its marketing program, the Company contributes to the cost of dealer financing up to certain limits and subject to certain conditions. Such expenditures are presented as a reduction of sales in the consolidated statements of (loss) income.
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) income.
v3.25.4
Investment in Other Affiliates
 12 Months Ended
Dec. 31, 2025
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Investment in Other Affiliates Investment in Other Affiliates
The Company has certain strategic investments in nonmarketable securities of other companies. The Company had $7.5 million and $54.4 million of such investments as of December 31, 2025 and 2024, respectively. These investments are recorded as a component of other long-term assets in the consolidated balance sheets.
The Company impairs an investment and recognizes a loss if and when events or circumstances indicate that impairment has occurred. If qualitative factors indicate that an investment is impaired, a loss is recognized equal to the difference between the carrying value and fair value of the investment. The Company evaluates investments in nonmarketable securities for impairment utilizing level 3 fair value inputs. During 2025, the Company recorded impairment charges of $49.4 million related to a strategic investment as a result of a bona fide investment offer. During 2024, the Company recorded impairment charges of $20.0 million related to strategic investments. These impairments were recorded within
other expense (income), net in the consolidated statements of (loss) income.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Information on the Company’s leases is summarized as follows (in millions):
As of December 31,
Classification20252024
Assets
Operating lease assetsOperating lease assets$121.0 $127.2 
Finance lease assets
Property and equipment, net (1)
4.9 5.4 
Total lease assets$125.9 $132.6 
Liabilities
Current
Operating lease liabilitiesOther current liabilities$28.1 $28.8 
Finance lease liabilitiesCurrent financing obligations1.9 1.6 
Long-term
Operating lease liabilitiesOther long-term liabilities97.1 99.7 
Finance lease liabilitiesLong-term financing obligations5.4 6.5 
Total lease liabilities$132.5 $136.6 
(1) Finance lease assets are recorded net of accumulated amortization of $16.6 million and $13.2 million as of December 31, 2025 and 2024, respectively.
For the Years Ended December 31,
Lease CostClassification20252024
Operating lease cost (1)
Operating expenses and cost of sales$51.9 $51.9 
Finance lease cost
Amortization of lease assetsOperating expenses and cost of sales1.4 1.2 
Interest on lease liabilitiesInterest expense0.4 0.5 
Total lease cost$53.7 $53.6 
(1) Includes short-term leases and variable lease costs, which are immaterial.
Maturity of Lease Liabilities
Operating Leases(1)
Finance LeasesTotal
2026$33.3$2.2$35.5
202728.52.230.7
202823.22.325.5
202919.61.320.9
203014.9—14.9
Thereafter19.7—19.7
Total lease payments$139.2$8.0$147.2
Less: interest14.00.7
Present value of lease payments$125.2$7.3
(1) As of December 31, 2025, minimum lease payments for leases signed but not yet commenced were not material. There were no options to extend lease terms that were reasonably certain of being exercised as of December 31, 2025.
As of December 31,
Lease Term and Discount Rate20252024
Weighted-average remaining lease term (years)
Operating leases5.305.66
Finance leases3.584.57
Weighted-average discount rate
Operating leases3.94 %3.56 %
Finance leases5.24 %5.23 %
For the Years Ended December 31,
Other Information20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$51.9 $51.9 
Operating cash flows from finance leases0.4 0.5 
Financing cash flows from finance leases1.7 1.6 
Leased assets obtained in exchange for new operating lease liabilities24.2 15.6 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
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 December 31, 2025 and 2024, the Company had an accrual of $374.1 million and $385.3 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 exposure to product liability claims and are included as a component of prepaid expenses and other in the consolidated balance sheets. As of December 31, 2025 and 2024, the Company recorded $182.5 million and $227.1 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 I, Item 3 – 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 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.
v3.25.4
Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
The Company is exposed to certain risks from fluctuations in foreign currency exchange rates, interest rates, and commodity prices. To reduce its exposure to such risks, the Company selectively uses derivative financial instruments. The decision of whether and when to execute derivative instruments, along with the duration of the instrument, may vary from period to period depending on market conditions, the relative costs of the instruments and capacity to hedge. The duration is linked to the timing of the underlying exposure, with the connection between the two being regularly monitored. The Company does not use any financial contracts for trading purposes. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality and spreading the risk among such financial institutions.
The Company conducts business in various locations throughout the world and is subject to market risk associated with certain product sourcing activities and intercompany cash flows due to changes in the value of foreign currencies in relation to its reporting currency, the U.S. dollar. The Company’s foreign currency management objective is to mitigate the potential impact of currency fluctuations on the value of its U.S. dollar cash flows and to reduce the variability of certain cash flows at the subsidiary level. The Company actively manages certain forecasted foreign currency exposures and uses a centralized currency management operation to take advantage of potential opportunities to naturally offset foreign currency exposures. The Company utilizes foreign currency exchange contracts to mitigate the effects of foreign currency exchange rate fluctuations related to the Australian dollar, Canadian dollar, and Mexican peso. The Company’s foreign currency exchange contracts, generally with maturities of less than one year, met the criteria to be accounted for as cash flow hedges during the periods presented.
The Company manages its interest rate risk by managing its exposure to fixed and variable rates while attempting to optimize its interest costs. The Company enters into interest rate swap transactions to hedge the variable interest rate payments for the Term Loan Facility. In connection with these contracts, the Company pays interest based upon a fixed rate and receives variable rate interest payments based on adjusted Term SOFR plus the applicable add-on percentage, as defined in the credit agreement. These contracts, with maturities through February 2026, met the criteria to be accounted for as cash flow hedges during the periods presented.
Commodity hedging contracts are entered into in order to manage fluctuating market prices of certain purchased commodities and raw materials that are integrated into the Company’s products. The Company’s commodity contracts, with maturities of less than one year, met the criteria to be accounted for as cash flow hedges during the periods presented.
The notional and fair values of the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions):
December 31, 2025December 31, 2024
Notional Value (in U.S. Dollars)Fair Value - AssetsFair Value - LiabilitiesNotional Value (in U.S. Dollars)Fair Value - AssetsFair Value - Liabilities
Foreign currency contracts$201.5 $2.8 $(1.3)$193.7 $5.9 $(6.8)
Interest rate contracts400.0 — (0.1)400.0 1.0 — 
Commodity contracts53.7 0.8 (0.2)62.5 — (1.6)
Total$655.2 $3.6 $(1.6)$656.2 $6.9 $(8.4)
Assets are included in prepaid expenses and other and liabilities are included in accrued expenses in the consolidated balance sheets. Assets and liabilities are offset in the consolidated balance sheets if the right of offset exists.
The amounts of gains and losses related to the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions):
 For the Year Ended December 31, 2025
Derivatives Designated as Cash Flow HedgesLocation of Gain (Loss) Reclassified from Accumulated OCI into IncomeGain (Loss) Reclassified from AOCI into IncomeGain (Loss) Recognized in OCI
Foreign exchange contractsCost of sales$1.8 $2.1 
Interest rate contractsInterest expense1.6 (1.3)
Commodity contractsCost of sales(1.9)4.3 
Total$1.5 $5.1 
 For the Year Ended December 31, 2024
Derivatives Designated as Cash Flow HedgesLocation of Gain (Loss) Reclassified from Accumulated OCI into IncomeGain (Loss) Reclassified from AOCI into IncomeGain (Loss) Recognized in OCI
Foreign exchange contractsCost of sales$8.5 $(3.9)
Interest rate contractsInterest expense5.3 0.5 
Commodity contractsCost of sales (2.6)(2.1)
Total$11.2 $(5.5)
The unrealized gains or losses, after tax, are recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Gains and losses on derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized currently in the consolidated statements of (loss) income and were not material for the periods presented.
The net amount of the existing gains or losses as of December 31, 2025 that is expected to be reclassified into the statements of income within the next 12 months is not expected to be material.
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
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 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 three operating segments: 1) Off Road, 2) On Road, and 3) Marine, which are all reportable segments. The Company’s consolidated sales are derived entirely from the operations of its three reportable segments. The Corporate amounts include costs that are not allocated to 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 Year Ended December 31, 2025
Off RoadOn RoadMarineTotal
Sales$5,713.1 $926.5 $512.4 $7,152.0 
Purchased materials, logistics and labor4,286.1 714.5 420.1 5,420.7 
Depreciation and amortization171.1 30.5 9.0 210.6 
Warranty100.8 24.3 10.8 135.9 
Reportable segment gross profit$1,155.1 $157.2 $72.5 $1,384.8 
Corporate costs and other(16.1)
Total gross profit$1,368.7 
For the Year Ended December 31, 2024
Off RoadOn RoadMarineTotal
Sales$5,706.7 $987.8 $480.9 $7,175.4 
Purchased materials, logistics and labor4,250.3 744.5 382.4 5,377.2 
Depreciation and amortization170.1 34.1 8.1 212.3 
Warranty125.8 29.8 9.8 165.4 
Reportable segment gross profit$1,160.5 $179.4 $80.6 $1,420.5 
Corporate costs and other46.3 
Total gross profit$1,466.8 
For the Year Ended December 31, 2023
Off RoadOn RoadMarineTotal
Sales$6,984.4 $1,184.6 $765.4 $8,934.4 
Purchased materials, logistics and labor5,149.7 867.9 574.2 6,591.8 
Depreciation and amortization156.6 29.3 6.6 192.5 
Warranty146.5 47.0 15.6 209.1 
Reportable segment gross profit$1,531.6 $240.4 $169.0 $1,941.0 
Corporate costs and other18.9 
Total gross profit$1,959.9 
v3.25.4
Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Valuation and Qualifying Accounts
POLARIS INC.
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
Allowance for Doubtful AccountsBalance at Beginning of PeriodAdditions Charged to Costs and Expenses
Other
Changes(1)
Balance at End of Period
(In millions)
2023: Deducted from asset accounts—Allowance for doubtful accounts receivable
$8.7 $1.7 $(1.4)$9.0 
2024: Deducted from asset accounts—Allowance for doubtful accounts receivable
$9.0 $3.3 $(1.6)$10.7 
2025: Deducted from asset accounts—Allowance for doubtful accounts receivable
$10.7 $3.4 $(1.6)$12.5 
(1)    Uncollectible accounts receivable written off, net of recoveries
Inventory Reserve 
Balance at Beginning of PeriodAdditions Charged to Costs and Expenses
Other
Changes(2)
Balance at End of Period
(In millions)
2023: Deducted from asset accounts—Allowance for obsolete inventory
$86.7 $34.6 $(26.2)$95.1 
2024: Deducted from asset accounts—Allowance for obsolete inventory
$95.1 $42.4 $(27.9)$109.6 
2025: Deducted from asset accounts—Allowance for obsolete inventory
$109.6 $40.8 $(54.8)$95.6 
(2)    Includes inventory disposals, net of recoveries, as well as balances presented as held for sale
Deferred Tax Asset Valuation Allowance
Balance at Beginning of Period
Additions Charged to Costs and Expenses (3)
Other
Changes(4)
Balance at End of Period
(In millions)
2023: Deducted from asset accounts—Allowance for deferred tax assets
$16.6 $1.5 $(1.2)$16.9 
2024: Deducted from asset accounts—Allowance for deferred tax assets
$16.9 $5.5 $(1.0)$21.4 
2025: Deducted from asset accounts—Allowance for deferred tax assets
$21.4 $34.5 $(0.5)$55.4 
(3)    Increases related to losses, credits, impairments and capital losses without tax benefits
(4)    Decreases related to utilization of loss carryforwards and certain deferred tax assets
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] Polaris’ has implemented a cybersecurity risk management program, which is part of Polaris’ overall enterprise risk management program, that is designed to align with industry-standard cybersecurity frameworks, addressing both information security and product security, including connected vehicles, embedded systems, and related technologies. Polaris’ cybersecurity risk management program is assessed against the NIST Cybersecurity Framework, which incorporates processes for each of the core functions (i.e., Identify, Protect, Detect, Respond, and Recover) to assess, manage, and mitigate risks from cybersecurity threats. Our cybersecurity risk management program also includes risk-based processes for managing third-party cybersecurity risks. The processes cover: conducting cybersecurity assessments of third-party service providers; incorporating cybersecurity obligations into contracts with third-party providers; and receiving and responding to notification of cybersecurity incidents of third-party service providers, among other things. Our cybersecurity team engages third-party security experts to assist with our processes for assessing, identifying, and managing risks from cybersecurity threats, including, for example, assessment of the maturity of our cybersecurity risk management program, penetration testing, employee awareness testing, phish testing, and incident monitoring and response, including conducting tabletop exercises.
In 2025, Polaris did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats. For more information about these risks, please see “Risk Factors - Regulatory, Intellectual Property, Cybersecurity and Privacy Risks” in this Annual Report.
Cybersecurity Governance. Our Senior Vice President and Chief Digital and Information Officer, who has 30 years of technology leadership, leads the Polaris cybersecurity risk management program. He is supported by a staff of cybersecurity professionals that includes personnel with a range of information and product security experience, from early-career professionals with cybersecurity degrees to seasoned professionals with multiple cybersecurity-related certifications and more than twenty years of experience. The Senior Vice President and Chief Digital and Information Officer receives reports from our cybersecurity team on the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Polaris maintains a cybersecurity council made up of senior executives across the business who meet regularly to receive updates from the Senior Vice President and Chief Digital and Information Officer and the cybersecurity team regarding our cybersecurity risks and risk management program; cybersecurity incidents and our response to them; and, as appropriate, developments in the external cybersecurity landscape, including learnings from external cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Polaris’ has implemented a cybersecurity risk management program, which is part of Polaris’ overall enterprise risk management program, that is designed to align with industry-standard cybersecurity frameworks, addressing both information security and product security, including connected vehicles, embedded systems, and related technologies. Polaris’ cybersecurity risk management program is assessed against the NIST Cybersecurity Framework, which incorporates processes for each of the core functions (i.e., Identify, Protect, Detect, Respond, and Recover) to assess, manage, and mitigate risks from cybersecurity threats. Our cybersecurity risk management program also includes risk-based processes for managing third-party cybersecurity risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our full Board of Directors provides oversight of our cybersecurity risk management program and receives updates on the program from the Senior Vice President and Chief Digital and Information Officer on a quarterly basis, or more frequently as appropriate. Those updates include information regarding our cybersecurity risks and risk management
program; cybersecurity incidents and our response to them; and, as appropriate, developments in the external cybersecurity landscape, including any learnings from cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our full Board of Directors provides oversight of our cybersecurity risk management program and receives updates on the program from the Senior Vice President and Chief Digital and Information Officer on a quarterly basis, or more frequently as appropriate. Those updates include information regarding our cybersecurity risks and risk management
program; cybersecurity incidents and our response to them; and, as appropriate, developments in the external cybersecurity landscape, including any learnings from cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our full Board of Directors provides oversight of our cybersecurity risk management program and receives updates on the program from the Senior Vice President and Chief Digital and Information Officer on a quarterly basis, or more frequently as appropriate. Those updates include information regarding our cybersecurity risks and risk management
program; cybersecurity incidents and our response to them; and, as appropriate, developments in the external cybersecurity landscape, including any learnings from cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block] Our Senior Vice President and Chief Digital and Information Officer, who has 30 years of technology leadership, leads the Polaris cybersecurity risk management program. He is supported by a staff of cybersecurity professionals that includes personnel with a range of information and product security experience, from early-career professionals with cybersecurity degrees to seasoned professionals with multiple cybersecurity-related certifications and more than twenty years of experience. The Senior Vice President and Chief Digital and Information Officer receives reports from our cybersecurity team on the prevention, detection, mitigation, and remediation of cybersecurity incidents. Polaris maintains a cybersecurity council made up of senior executives across the business who meet regularly to receive updates from the Senior Vice President and Chief Digital and Information Officer and the cybersecurity team regarding our cybersecurity risks and risk management program; cybersecurity incidents and our response to them; and, as appropriate, developments in the external cybersecurity landscape, including learnings from external cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Senior Vice President and Chief Digital and Information Officer, who has 30 years of technology leadership, leads the Polaris cybersecurity risk management program. He is supported by a staff of cybersecurity professionals that includes personnel with a range of information and product security experience, from early-career professionals with cybersecurity degrees to seasoned professionals with multiple cybersecurity-related certifications and more than twenty years of experience. The Senior Vice President and Chief Digital and Information Officer receives reports from our cybersecurity team on the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Polaris maintains a cybersecurity council made up of senior executives across the business who meet regularly to receive updates from the Senior Vice President and Chief Digital and Information Officer and the cybersecurity team regarding our cybersecurity risks and risk management program; cybersecurity incidents and our response to them; and, as appropriate, developments in the external cybersecurity landscape, including learnings from external cybersecurity incidents.
Our full Board of Directors provides oversight of our cybersecurity risk management program and receives updates on the program from the Senior Vice President and Chief Digital and Information Officer on a quarterly basis, or more frequently as appropriate. Those updates include information regarding our cybersecurity risks and risk management
program; cybersecurity incidents and our response to them; and, as appropriate, developments in the external cybersecurity landscape, including any learnings from cybersecurity incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Senior Vice President and Chief Digital and Information Officer, who has 30 years of technology leadership, leads the Polaris cybersecurity risk management program. He is supported by a staff of cybersecurity professionals that includes personnel with a range of information and product security experience, from early-career professionals with cybersecurity degrees to seasoned professionals with multiple cybersecurity-related certifications and more than twenty years of experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our Senior Vice President and Chief Digital and Information Officer, who has 30 years of technology leadership, leads the Polaris cybersecurity risk management program. He is supported by a staff of cybersecurity professionals that includes personnel with a range of information and product security experience, from early-career professionals with cybersecurity degrees to seasoned professionals with multiple cybersecurity-related certifications and more than twenty years of experience. The Senior Vice President and Chief Digital and Information Officer receives reports from our cybersecurity team on the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Polaris maintains a cybersecurity council made up of senior executives across the business who meet regularly to receive updates from the Senior Vice President and Chief Digital and Information Officer and the cybersecurity team regarding our cybersecurity risks and risk management program; cybersecurity incidents and our response to them; and, as appropriate, developments in the external cybersecurity landscape, including learnings from external cybersecurity incidents.
Our full Board of Directors provides oversight of our cybersecurity risk management program and receives updates on the program from the Senior Vice President and Chief Digital and Information Officer on a quarterly basis, or more frequently as appropriate. Those updates include information regarding our cybersecurity risks and risk management
program; cybersecurity incidents and our response to them; and, as appropriate, developments in the external cybersecurity landscape, including any learnings from cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Organization and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Reclassifications
Basis of presentation. The accompanying consolidated financial statements include the accounts of Polaris and its majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Income from financial services is reported as a component of operating income to better reflect income from ongoing operations, of which financial services has a significant impact.
The Company evaluates consolidation of entities under Accounting Standards Codification (ASC) Topic 810. This Topic requires management to evaluate whether an entity or interest is a variable interest entity and whether the company is the primary beneficiary. The Company used the guidelines to analyze the Company’s relationships and concluded that there were no variable interest entities requiring consolidation by the Company.
Use of Estimates
Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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, and the income approach for foreign currency contracts, interest rate contracts, and commodity contracts. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities, and for the income approach, the Company uses significant other observable inputs to value its derivative instruments used to hedge foreign currency, interest rate transactions, and commodity transactions.
Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):
 Input LevelDecember 31, 2025December 31, 2024
Assets
Non-qualified deferred compensation assetsLevel 1$53.5 $50.1 
Foreign currency contracts, netLevel 21.5 — 
Interest rate contracts, netLevel 2— 1.0 
Commodity contracts, netLevel 20.6 — 
Liabilities
Non-qualified deferred compensation liabilitiesLevel 1$(53.5)$(50.1)
Foreign currency contracts, netLevel 2— (0.9)
Interest rate contracts, netLevel 2(0.1)— 
Commodity contracts, netLevel 2— (1.6)
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 December 31, 2025 and December 31, 2024, the fair value of the Company’s financing obligations was approximately $1,575.9 million and $2,103.5 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 $1,539.5 million and $2,072.4 million as of December 31, 2025 and December 31, 2024, respectively.
The Company measures certain assets and liabilities at fair value on a nonrecurring basis. This includes assets and liabilities of disposal groups held for sale, which are measured at the lower of carrying value or fair value less cost to sell. Refer to Note 4 for additional information. The Company will impair an investment and recognize a loss if and when events or circumstances indicate that impairment has occurred. The amount of loss is determined by measuring the investment at fair value. Refer to Note 12 for additional information.
Cash Equivalents
Cash equivalents. The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. Such investments consist principally of money market mutual funds.
Restricted cash. The Company classifies amounts of cash that are restricted in terms of their use and withdrawal separately within other long-term assets in the consolidated balance sheets. The Company’s restricted cash is comprised primarily of cash held in trust accounts not available for general use due to contractual restrictions.
Allowance for Doubtful Accounts Allowance for doubtful accounts. The Company’s exposure to credit losses on accounts receivable is limited due to its agreements with certain finance companies. For receivables not serviced through these finance companies, the Company establishes a reserve for doubtful accounts based on historical credit loss experience, the age of receivables, credit quality of our customers, current and expected economic conditions, and other factors that may affect our ability to collect from customers.
Inventories Inventories. Inventory costs include material, labor and manufacturing overhead costs, including depreciation expense associated with the manufacture and distribution of the Company’s products. Inventories are stated at the lower of cost or net realizable value with substantially all inventories recorded using the first-in, first-out method. Finished goods include products that are completed and ready for sale or substantially completed as the product has gone through the primary manufacturing and assembly process.
Investment in Affiliate Investment in finance affiliate. The caption investment in finance affiliate in the consolidated balance sheets represents the Company’s 50 percent equity interest in Polaris Acceptance, which is accounted for under the equity method. 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) income. Refer to Note 11 for additional information.
Investment in other affiliates. The Company’s investments in other affiliates are included within other long-term assets in the consolidated balance sheets, and represent the Company’s strategic investments in nonmarketable securities of other companies. For each investment, the Company assesses the level of influence in determining whether to account for the
investment under the cost method or equity method. The Company will impair an investment and recognize a loss if and when events or circumstances indicate that impairment has occurred. Refer to Note 12 for additional information.
Property and Equipment
Property and equipment. Property and equipment is stated at historical cost. Depreciation is determined using the straight-line method over the estimated useful life of the respective assets, ranging from 10-40 years for buildings and improvements and 3-7 years for equipment and tooling. Depreciation of assets recorded under finance leases is included within depreciation expense. Fully depreciated tooling is eliminated from the accounting records annually. The Company recorded $263.5 million, $264.4 million, and $241.2 million of depreciation expense for the years ended December 31, 2025, 2024 and 2023, respectively. A majority of the Company’s property and equipment is located in North America.
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. As of December 31, 2025, as a result of entering into a definitive agreement for the sale of the Indian Motorcycle business, the Company determined the carrying amount of certain property and equipment and operating lease assets in the disposal group were not be recoverable and tested such assets for impairment. Fair value was measured based on a definitive sale agreement and the analysis resulted in impairment charges of $77.8 million which were included in loss on disposal group held for sale in the consolidated statements of (loss) income.
Goodwill and Other Intangible Assets
Goodwill and other intangible assets. Goodwill is tested at least annually for impairment and is tested for impairment more frequently when events or changes in circumstances indicate that the asset might be impaired. The Company completes its annual goodwill impairment test as of the first day of the fourth quarter.
The Company may first perform a qualitative assessment to determine whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount. A qualitative assessment requires that the Company considers events or circumstances including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in the composition or carrying amount of a reporting unit’s net assets, and changes in the Company’s stock price. If, after assessing the totality of events and circumstances, it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if the Company elects to bypass the qualitative test and proceed to a quantitative test, then the quantitative goodwill impairment test is performed. A quantitative test includes comparing the fair value of each reporting unit to the carrying amount of the reporting unit, including goodwill. If the estimated fair value is less than the carrying amount of the reporting unit, an impairment is recognized in an amount equal to the difference, limited to the total amount of goodwill allocated to that reporting unit.
Under the quantitative goodwill impairment test, the fair value of each reporting unit is determined considering a discounted cash flow analysis and market approach. Determining the fair value of the reporting units requires the use of significant judgment, including as it relates to assumptions in the Company’s long-term business plan about future revenues and expenses, capital expenditures, and changes in working capital, which are dependent on internal forecasts, estimation of long-term growth for each reporting unit, and determination of the discount rate. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, changes in raw material prices, and growth expectations for the industries and end markets in which the Company participates.
In the second quarter of 2025, as a result of a continued decline in financial performance and prolonged deterioration of industry conditions, the Company determined it was more-likely-than-not that the fair value of the On Road reporting unit was less than its carrying value. As a result, the Company performed an interim quantitative goodwill impairment test of the On Road reporting unit in the second quarter of 2025. As a result of this analysis, the Company recorded an impairment charge of $52.6 million in the second quarter of 2025 related to goodwill of the On Road reporting unit. Subsequent to the impairment charge, there is no remaining goodwill balance for the On Road reporting unit.
For its annual test in the fourth quarter of 2025, the Company elected to perform a quantitative goodwill test for the Off Road and Marine reporting units. No assessment was performed for the On Road reporting unit as it did not have a goodwill balance as of the annual testing date.
The Company’s primary identifiable intangible assets include: dealer/customer relationships and brand/trade names. Identifiable intangible assets with finite lives are amortized and those identifiable intangible assets with indefinite lives are not amortized. Identifiable intangible assets that are subject to amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets with indefinite lives are tested for impairment annually or more frequently when events or changes in circumstances indicate that the asset might be impaired. The Company’s identifiable intangible assets with indefinite
lives include brand/trade names. The impairment test consists of a comparison of the fair value of the brand/trade name with its carrying value. The Company completes its annual impairment test as of the first day of the fourth quarter each year for identifiable intangible assets with indefinite lives.
Refer to Note 8 for additional information on goodwill and other intangible assets.
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 of Note 3.
For the majority of wholegood vehicles, boats, and 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.
Sales Promotions and Incentives Sales promotions and incentives. The Company accrues for estimated sales promotion and incentive expenses, which are recognized as a component of sales in measuring the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Examples of sales promotion and incentive programs include dealer and consumer rebates, volume incentives, retail financing programs and sales associate incentives. Sales promotion and incentive expenses are estimated based on current programs, planned programs, and historical rates for each product line. The Company records these amounts as a liability within accrued expenses in the consolidated balance sheets until they are ultimately paid. Adjustments to sales promotions and incentives accruals are made as actual usage becomes known in order to properly estimate the amounts necessary to generate consumer demand based on market conditions as of the balance sheet date.
Dealer Holdback Programs Dealer holdback programs. Dealer holdback represents a portion of the invoiced sales price that is expected to be subsequently returned to the dealer or distributor as a sales incentive upon the ultimate retail sale of the product. Holdback amounts reduce the ultimate net price of the products purchased by the Company’s dealers or distributors and, therefore, reduce the amount of sales the Company recognizes. The portion of the invoiced sales price estimated as the holdback is recognized as a liability within accrued expenses in the Company’s consolidated balance sheets until paid or forfeited. The minimal holdback adjustments in the estimated holdback liability due to forfeitures are recognized in net sales. Payments are made to dealers or distributors at various times during the year subject to previously established criteria.
Shipping and Handling Cost Shipping and handling costs. The Company records shipping and handling costs as a component of cost of sales when control has transferred to the customer.
Research and Development Expenses Research and development expenses. The Company records research and development expenses in the period in which they are incurred as a component of operating expenses.
Advertising Expenses Advertising expenses. The Company records advertising expenses as a component of selling and marketing expenses in the period in which they are incurred. In the years ended December 31, 2025, 2024 and 2023, the Company incurred $85.7 million, $85.5 million and $94.1 million of advertising expenses, respectively.
Product Warranties
Product warranties. The Company typically provides a limited warranty for its vehicles and boats for a period of six months to ten years, depending on the product. The Company provides longer warranties in certain geographical markets as determined by local regulations and customary practice and may also provide longer warranties related to certain promotional programs. The Company’s standard warranties require the Company, generally through its dealer network, to repair or replace defective products during such warranty periods. The warranty reserve is established at the time of sale to the dealer or distributor based on management’s best estimate using historical rates and trends. The Company records these amounts as a liability within accrued expenses in the consolidated balance sheets until they are ultimately paid. Adjustments to the warranty reserve are made based on actual claims experience in order to properly estimate the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. The warranty reserve includes the estimated costs related to recalls, which are accrued when probable and estimable. Factors that could have an impact on the warranty reserve include: changes in manufacturing quality, shifts in product mix, changes in warranty coverage periods, impacts on product usage (including weather), product recalls and changes in sales volume.
Leases
Leases. The Company leases certain manufacturing facilities, warehouses, distribution centers, office space, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease component associated with that lease component as a single lease component for all underlying asset classes. As most of the Company's leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.
Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to 10 years or more. Such options are included in the lease term when it is reasonably certain that the option will be exercised. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option that the Company is reasonably certainty to exercise. Certain lease agreements include rental payments that are variable based on usage or are adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Share-Based Employee Compensation
Share-based employee compensation. The Company accounts for share-based compensation awards, including stock options and other equity-based compensation issued to employees, on a fair value basis. Determining the appropriate fair-value model and calculating the fair value of share-based awards at the date of grant requires judgment. The Company utilizes the Black-Scholes option pricing model to estimate the fair value of employee stock options, and the Monte Carlo model to estimate the fair value of employee performance restricted stock units that include a market condition. These pricing models also require the use of input assumptions, including expected volatility, expected life, expected dividend yield, and expected risk-free rate of return. The Company utilizes historical volatility as the Company believes this is reflective of market conditions. The expected life of the awards is based on historical exercise patterns.
The risk-free interest rate assumption is based on observed interest rates appropriate for the terms of awards. The dividend yield assumption is based on the Company’s history of dividend payouts.
The amount of compensation cost for share-based awards recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company analyzes historical data to estimate pre-vesting forfeitures and records share-based compensation expense for those awards expected to vest. If forfeiture adjustments are made, they would affect gross profit and operating expenses.
All stock options have time-based vesting conditions. The Company estimates the likelihood and the rate of achievement for performance share-based awards, specifically long-term compensation grants of performance-based restricted stock unit awards. Changes in the estimated rate of achievement can have a significant effect on reported share-based compensation expenses as the effect of a change in the estimated achievement level is recognized in the period that the likelihood factor changes. If adjustments in the estimated rate of achievement are made, they would be reflected in gross profit and operating expenses. Fluctuations in the Company’s stock price can have an effect on reported share-based compensation expenses for liability-based awards. The impact from fluctuations in the Company’s stock price is recognized in the period of the change and is reflected in gross profit and operating expenses. Refer to Note 5 for additional information.
Derivative Instruments and Hedging Activities
Derivative instruments and hedging activities. Changes in the fair values of derivative instruments are recognized in earnings unless the derivative qualifies as a hedge. To qualify as a hedge, the Company must formally document, designate and assess the effectiveness of transactions that receive hedge accounting. The Company does not use any financial contracts for trading purposes.
The Company enters into foreign exchange contracts to mitigate the potential impact of currency exposures from certain of its purchase commitments denominated in foreign currencies and transfers of funds from its foreign subsidiaries. These contracts met the criteria to be accounted for as cash flow hedges during the periods presented. Gains and losses on the Company’s foreign exchange contracts at settlement are recorded in cost of sales in the consolidated statements of (loss) income. The contracts are recorded in prepaid expenses and other or other current liabilities in the consolidated balance sheets. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss, net.
The Company enters into interest rate swaps to hedge the variable interest rate payments associated with the Company’s debt. These contracts met the criteria to be accounted for as cash flow hedges during the periods presented. Gains and losses on the Company’s interest rate swaps at settlement are recorded in interest expense in the consolidated statements of (loss) income. The contracts are recorded in prepaid expenses and other or other current liabilities in the consolidated balance sheets. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss, net.
The Company enters into commodity hedging contracts in order to manage fluctuating market prices of certain purchased commodities and raw materials that are integrated into the Company’s products. Gains and losses on the Company’s commodity hedging contracts at settlement are recorded in cost of sales in the consolidated statements of (loss) income. The contracts are recorded in prepaid expenses and other or other current liabilities in the consolidated balance sheets. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss, net.
Refer to Note 15 for additional information regarding derivative instruments and hedging activities.
Foreign Currency Translation
Foreign currency translation. The functional currency for the Company’s foreign subsidiaries is typically their respective local currencies. The assets and liabilities in the Company’s foreign entities are translated at the foreign exchange rate in effect at the balance sheet date. Translation gains and losses are reflected as a component of accumulated other comprehensive loss, net in the shareholders’ equity section of the consolidated balance sheets. Revenues and expenses in all of the Company’s foreign entities are translated at the average foreign exchange rate in effect for each month of the quarter. Transaction gains and losses including intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in other expense (income), net in the consolidated statements of (loss) income.
New Accounting Pronouncements
New accounting pronouncements.
Disaggregation of Income Statement Expenses. In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 is intended to enhance transparency into the nature and function of expenses. The amendments require, on an annual and interim basis, new financial statement disclosures disaggregating prescribed expense categories within relevant income
statement expense captions. This standard will be applicable for the Company’s Annual Report on Form 10-K for the year ending December 31, 2027 and in periodic reports thereafter. The adoption of ASU 2024-03 is not expected to have a material impact on the Company’s consolidated financial statements, but will require additional disclosures when adopted in the Company’s Annual Report on Form 10-K for the year ending December 31, 2027 and in periodic reports thereafter.
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.
Costs Associated with Exit or Disposal Activities or Restructurings, Policy Restructuring expenses. The Company periodically initiates certain corporate restructuring programs to drive operating efficiencies. In the years ended December 31, 2025, 2024 and 2023, the Company incurred costs of $20.1 million, $23.4 million and $8.2 million, respectively, related to such activities, which primarily consisted of severance and other employee-related expenses. These activities are generally completed within a year of when they are initiated.
v3.25.4
Organization and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Activity in the limited warranty reserve
The activity in the warranty reserve during the periods presented was as follows (in millions):
For the Years Ended December 31,
202520242023
Balance at beginning of year $162.8 $181.1 $172.9 
Additions charged to expense 135.9 165.4 209.1 
Warranty claims paid, net(163.2)(183.7)(200.9)
Balance at end of year$135.5 $162.8 $181.1 
Schedule of assets and liabilities measured at fair value on a recurring basis
Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):
 Input LevelDecember 31, 2025December 31, 2024
Assets
Non-qualified deferred compensation assetsLevel 1$53.5 $50.1 
Foreign currency contracts, netLevel 21.5 — 
Interest rate contracts, netLevel 2— 1.0 
Commodity contracts, netLevel 20.6 — 
Liabilities
Non-qualified deferred compensation liabilitiesLevel 1$(53.5)$(50.1)
Foreign currency contracts, netLevel 2— (0.9)
Interest rate contracts, netLevel 2(0.1)— 
Commodity contracts, netLevel 2— (1.6)
Schedule of activity in the warranty reserve
The activity in the deferred revenue reserve for ESCs during the periods presented was as follows (in millions):
For the Years Ended December 31,
202520242023
Balance at beginning of year$111.3 $110.3 $111.1 
New contracts sold51.8 50.0 49.1 
Revenue recognized on existing contracts(47.7)(49.0)(49.9)
Balance at end of year$115.4 $111.3 $110.3 
The Company expects to recognize approximately $36.9 million of the unearned amount over the 12 months following December 31, 2025, compared to $35.6 million as of December 31, 2024. These amounts were recorded in accrued expenses in the consolidated balance sheets. The amount recorded in other long-term liabilities totaled $78.5 million and $75.7 million as of December 31, 2025 and 2024, respectively.
v3.25.4
Supplemental Balance Sheet Information (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Amounts Recognized in Balance Sheet
In millionsDecember 31, 2025December 31, 2024
Inventories
Raw materials and purchased components$623.7 $580.7 
Service parts, garments and accessories268.9 327.2 
Finished goods615.4 943.2 
Less: reserves(95.6)(109.6)
Inventories, net$1,412.4 $1,741.5 
Property and equipment
Land, buildings and improvements$665.8 $691.2 
Equipment and tooling1,659.7 1,779.2 
2,325.5 2,470.4 
Less: accumulated depreciation(1,294.9)(1,283.7)
Property and equipment, net$1,030.6 $1,186.7 
Accrued expenses
Compensation$266.1 $145.9 
Warranties135.5 162.8 
Sales promotions and incentives278.4 249.0 
Dealer holdback135.9 157.3 
Other accrued expenses539.1 544.7 
Total accrued expenses$1,355.0 $1,259.7 
Other current liabilities
Current operating lease liabilities$28.1 $28.8 
Income taxes payable12.4 7.6 
Total other current liabilities $40.5 $36.4 
Other long-term liabilities
Long-term operating lease liabilities$97.1 $99.7 
Long-term income taxes payable19.9 12.5 
Deferred tax liabilities7.3 6.1 
Other long-term liabilities181.8 175.1 
Total other long-term liabilities$306.1 $293.4 
v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue Recognition [Abstract]  
Disaggregation of revenue
The following tables disaggregate the Company’s revenue by major product type and geography (in millions):
For the Year Ended December 31, 2025
Off RoadOn RoadMarineTotal
Revenue by product type
Wholegoods$4,033.6 $734.9 $511.9 $5,280.4 
PG&A1,679.5 191.6 0.5 1,871.6 
Total revenue $5,713.1 $926.5 $512.4 $7,152.0 
Revenue by geography
United States$4,733.0 $429.3 $500.0 $5,662.3 
Canada381.1 28.5 10.3 419.9 
EMEA367.7 422.1 0.2 790.0 
APLA231.3 46.6 1.9 279.8 
Total revenue $5,713.1 $926.5 $512.4 $7,152.0 
Schedule of activity in the warranty reserve
The activity in the deferred revenue reserve for ESCs during the periods presented was as follows (in millions):
For the Years Ended December 31,
202520242023
Balance at beginning of year$111.3 $110.3 $111.1 
New contracts sold51.8 50.0 49.1 
Revenue recognized on existing contracts(47.7)(49.0)(49.9)
Balance at end of year$115.4 $111.3 $110.3 
The Company expects to recognize approximately $36.9 million of the unearned amount over the 12 months following December 31, 2025, compared to $35.6 million as of December 31, 2024. These amounts were recorded in accrued expenses in the consolidated balance sheets. The amount recorded in other long-term liabilities totaled $78.5 million and $75.7 million as of December 31, 2025 and 2024, respectively.
v3.25.4
Assets and Liabilities Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Schedule of Disposal Group Activity :
December 31, 2025
Cash and cash equivalents$82.2 
Inventories, net176.6 
Prepaid expenses and other4.3 
Property and equipment, net17.9 
Deferred tax assets0.8 
Valuation allowance on disposal group held for sale(232.0)
Current assets held for sale49.8 
Accounts payable2.7 
Accrued expenses and other47.8 
Current liabilities held for sale$50.5 
v3.25.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based compensation expenses
Total share-based compensation expenses were as follows (in millions):
For the Years Ended December 31,
202520242023
Option awards$10.8$12.0$11.5
Other share-based awards 37.421.230.7
Total share-based compensation before tax 48.233.242.2
Tax benefit 11.88.110.3
Total share-based compensation expense included in net income $36.4$25.1$31.9
Schedule of stock option activity The following summarizes stock option activity and the weighted-average exercise price for the Omnibus Plan for the year ended December 31, 2025:
Omnibus Plan
(Active)
Options OutstandingWeighted-Average Exercise Price
Balance as of December 31, 20242,685,251 $103.66
Granted
887,888 48.76
Exercised
— —
Forfeited/Expired
(335,506)131.21
Balance as of December 31, 20253,237,633 $85.78
Options exercisable as of December 31, 2025
2,117,071 $99.56
Schedule of weighted average fair value
The following assumptions were used to estimate the weighted-average fair value of options granted of $13.58, $31.79 and $43.39 during the years ended December 31, 2025, 2024 and 2023, respectively:
For the Years Ended December 31,
202520242023
Weighted-average volatility
44%44%45%
Expected dividend yield
5.5%2.9%2.2%
Expected term (in years)
5.95.85.4
Weighted-average risk-free interest rate
4.3%3.9%3.5%
Schedule of restricted stock activity
The following table summarizes restricted stock activity for the year ended December 31, 2025:
Shares OutstandingWeighted-Average Grant Price
Balance as of December 31, 2024926,667 $115.76
Granted
912,601 40.76
Vested
(169,068)120.98
Forfeited/Cancelled
(132,649)85.75
Balance as of December 31, 20251,537,551 $64.05
Expected to vest as of December 31, 2025
1,432,037 $61.39
v3.25.4
Financing Agreement (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The carrying value of financing obligations and the average related interest rates were as follows (in millions):
Average interest rate as of December 31, 2025MaturityDecember 31, 2025December 31, 2024
Incremental term loan facility——$— $400.0 
Private senior notes——— 350.0 
Senior notes due 20296.95%March 2029500.0 500.0 
Revolving loan facility2.23%December 202935.4 282.0 
Term loan facility5.82%December 2029475.0 500.0 
Senior notes due 20315.60%March 2031500.0 — 
Finance lease obligations5.24%
Various through 2029
7.3 8.1 
Notes payable and other4.28%
Various through 2030
39.2 47.1 
Unamortized debt issuance costs and discounts(17.4)(14.8)
Total financing obligations$1,539.5 $2,072.4 
Less: Current financing obligations34.8 434.3 
Total long-term financing obligations$1,504.7 $1,638.1 
Summary of Activity Under Credit Arrangements, Excluding Acquired Borrowings
The following summarizes activity under the Company’s credit arrangements (in millions):
202520242023
Total borrowings as of December 31
$1,510.4$2,032.0$1,858.2
Average outstanding borrowings during year
$1,987.2$2,175.5$2,159.3
Maximum outstanding borrowings during year
$2,241.6$2,329.3$2,386.6
Weighted-average interest rate as of December 31
5.82%5.77%5.67%
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill and other intangible assets
Goodwill and other intangible assets, net of accumulated amortization, as of December 31, 2025 and 2024 were as follows (in millions):
20252024
Goodwill$348.8 $393.5 
Other intangible assets, net451.2 542.7 
Total goodwill and other intangible assets, net$800.0 $936.2 
Schedule of changes in carrying amount of goodwill
The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2025 and 2024 were as follows (in millions):
Off RoadOn RoadMarineTotal
Balance as of December 31, 2023$116.6 $50.7 $227.1 $394.4 
Goodwill acquired and related adjustments0.4 — 3.5 3.9 
Currency translation effect on foreign goodwill balances(0.8)(4.0)— (4.8)
Balance as of December 31, 2024$116.2 $46.7 $230.6 $393.5 
Goodwill impairment— (52.6)— (52.6)
Currency translation effect on foreign goodwill balances2.0 5.9 — 7.9 
Balance as of December 31, 2025$118.2 $— $230.6 $348.8 
Schedule of other intangible assets, changes in net carrying amount
The changes in the net carrying amount of other intangible assets for the years ended December 31, 2025 and 2024 were as follows (in millions):
20252024
Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Other intangible assets, beginning $661.7 $(119.0)$609.2 $(97.2)
Other intangible assets acquired1.4 — 62.7 — 
Other intangible assets disposed of— — (0.1)0.1 
Other intangible assets impaired(80.8)9.4 (9.5)— 
Amortization expense — (23.0)— (21.9)
Currency translation effect on foreign balances1.5 — (0.6)— 
Other intangible assets, ending $583.8 $(132.6)$661.7 $(119.0)
Schedule of components of other intangible assets
The components of other intangible assets were as follows (in millions):
December 31, 2025Weighted-average useful life (years)Gross Carrying AmountAccumulated AmortizationNet
Amortizable - dealer/customer related and other
19342.5 (132.6)209.9 
Non-amortizable - brand/trade names
241.3 — 241.3 
Total other intangible assets, net
$583.8 $(132.6)$451.2 
December 31, 2024Weighted-average useful life (years)Gross Carrying AmountAccumulated AmortizationNet
Amortizable - dealer/customer related
19341.2 (114.8)226.4 
Amortizable - developed technology1062.7 (4.2)58.5 
Non-amortizable - brand/trade names
257.8 — 257.8 
Total other intangible assets, net
18$661.7 $(119.0)$542.7 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense Estimated future amortization expense for identifiable other intangible assets during the next five years is as follows (in millions):
20262027202820292030
Estimated amortization expense$18.4 $18.3 $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
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Before Income Taxes
The Company’s (loss) income before income taxes consisted of the following (in millions):
For the Years Ended December 31,
202520242023
United States
$(538.1)$1.3 $480.7 
Foreign
5.4 139.5 139.7 
(Loss) income before income taxes
$(532.7)$140.8 $620.4 
Components of Provision for Income Taxes
The (benefit) provision for income taxes consisted of the following (in millions):
For the Years Ended December 31,
202520242023
Current:
Federal
$20.0 $59.5 $139.8 
State
4.8 13.0 21.7 
Foreign
47.7 40.8 44.7 
Deferred
(140.4)(83.7)(88.5)
Total (benefit) provision for income taxes
$(67.9)$29.6 $117.7 
Schedule of Cash Flow, Supplemental Disclosures
Income taxes paid consisted of the following (in millions):
For the Year Ended December 31, 2025
Federal$0.2 
State
5.8 
Foreign:
France
22.8 
Mexico7.7 
Canada3.5 
Other7.2 
Total foreign
41.2 
Total income taxes paid
$47.2 
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate
Reconciliations of the (benefit) provision for income taxes and the federal statutory income tax rate to the Company’s effective tax rate were as follows:
For the Year Ended December 31, 2025
AmountPercent
U.S. federal statutory tax rate
$(111.9)21.0 %
State and local taxes, net of federal benefit
(12.7)2.4 
Foreign tax effects:
France
Non-deductible goodwill impairment
9.0 (1.7)
Other
2.2 (0.4)
Switzerland
7.2 (1.3)
Other foreign jurisdictions
15.4 (2.9)
Effect of cross-border tax laws
(3.2)0.6 
Nontaxable or nondeductible items:
Stock based compensation
5.7 (1.1)
Other
4.3 (0.8)
Tax credits:
Research and development tax credit
(16.4)3.1 
Other
(0.4)0.1 
Changes in valuation allowances
26.0 (4.9)
Changes in unrecognized tax benefits
6.9 (1.3)
Effective income tax rate
$(67.9)12.8 %
For the year ended December 31, 2025, the net state income tax benefit included deferred tax effects from temporary differences primarily in Alabama, Minnesota, and Wisconsin, offset by current state income tax expense in Texas, Ohio, Oregon, Washington, Tennessee, North Carolina, Pennsylvania, and Louisiana. These jurisdictions collectively represent more than 50% of the net state and local income tax effect.
For the Years Ended December 31,
20242023
Federal statutory rate
21.0 %21.0 %
State income taxes, net of federal benefit
(1.9)1.7 
Employee stock ownership plan
(1.2)(0.3)
Domestic international provisions
2.5 (0.3)
Research and development tax credit
(11.4)(4.0)
Stock based compensation
3.0 (0.1)
Valuation allowance
3.9 — 
Foreign tax rate differential
6.2 1.2 
Foreign-derived intangible income
(2.7)(0.5)
Other permanent differences
1.6 0.3 
Effective income tax rate
21.0 %19.0 %
Net Deferred Income Taxes The net deferred income taxes consisted of the following (in millions):
As of December 31,
20252024
Deferred income taxes:
Inventories
$125.4 $119.1 
Accrued expenses and other
187.4 167.1 
Intangible assets
(56.1)(64.5)
Capitalized research expenditures
201.1 172.7 
Property and equipment
(20.1)(69.9)
Operating lease assets
(33.2)(35.0)
Operating lease liabilities
33.9 35.0 
Employee compensation and benefits
44.5 45.8 
Net operating loss and other loss carryforwards
90.7 29.5 
Valuation allowance
(55.4)(21.4)
Total net deferred income tax asset
$518.2 $378.4 
Schedule of Unrecognized Tax Benefits Roll Forward
Reconciliations of the beginning and ending unrecognized tax benefits were as follows (in millions):
For the Years Ended December 31,
20252024
Balance as of January 1,
$11.4 $11.2 
Gross increases for tax positions of prior years
5.7 0.2 
Gross increases for tax positions of current year
3.4 2.7 
Decreases due to settlements and other prior year tax positions
(0.1)— 
Decreases for lapse of statute of limitations
(2.0)(2.7)
Balance as of December 31,
18.4 11.4 
Reserves related to potential interest and penalties as of December 31,
1.5 1.1 
Unrecognized tax benefits as of December 31,
$19.9 $12.5 
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure Shareholders Equity [Abstract]  
Schedule of share repurchases The Company has made the following share repurchases (in millions):
For the Years Ended December 31,
 202520242023
Total number of shares repurchased and retired0.1 1.0 1.6 
Total investment$2.4 $82.7 $178.6 
Schedule of cash dividends declared per common share
Dividends. Quarterly and total year cash dividends declared and paid per common share for the years ended December 31, 2025, 2024 and 2023 were as follows: 
For the Years Ended December 31,
 202520242023
Quarterly dividend declared and paid per common share$0.67 $0.66 $0.65 
Total dividends declared and paid per common share$2.68 $2.64 $2.60 
Schedule of reconciliation of weighted average number of shares
Reconciliations of these amounts are as follows (in millions):
For the Years Ended December 31,
202520242023
Weighted average number of common shares outstanding 56.2 56.0 56.7
Director Plan and deferred stock units 0.3 0.3 0.2
ESOP 0.4 0.2 0.2
Common shares outstanding—basic 56.9 56.5 57.1
Dilutive effect of restricted stock awards— 0.3 0.3
Dilutive effect of stock option awards— — 0.3
Common and potential common shares outstanding—diluted 56.9 56.8 57.7
Schedule of changes in accumulated other comprehensive income (loss) balances Changes in the accumulated other comprehensive loss balance, net of tax, were as follows (in millions):
Foreign Currency TranslationCash Flow Hedging DerivativesRetirement Plan ActivityAccumulated Other Comprehensive Loss
Balance as of December 31, 2024$(124.5)$(3.8)$2.8 $(125.5)
Reclassification to the statement of income—(1.5)(0.5)(2.0)
Change in fair value 88.8 6.6 — 95.4 
Balance as of December 31, 2025$(35.7)$1.3 $2.3 $(32.1)
v3.25.4
Financial Services Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure Financial Services Arrangements [Abstract]  
Financial Information for Polaris Acceptance Reflecting the Effects of Securitization Facility
Summarized financial information for Polaris Acceptance was as follows (unaudited) (in millions):
For the Years Ended December 31,
202520242023
Revenues
$100.1 $121.5 $94.3 
Interest and operating expenses
15.9 13.9 11.4 
Net income
$84.2 $107.6 $82.9 
As of December 31,
20252024
Finance receivables, net
$1,781.4 $1,842.2 
Total assets
$1,781.4 $1,842.2 
Notes payable
$1,470.8 $1,534.5 
Other liabilities
47.6 34.3 
Partners’ capital
263.0 273.4 
Total liabilities and partners’ capital
$1,781.4 $1,842.2 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of company lease information
Information on the Company’s leases is summarized as follows (in millions):
As of December 31,
Classification20252024
Assets
Operating lease assetsOperating lease assets$121.0 $127.2 
Finance lease assets
Property and equipment, net (1)
4.9 5.4 
Total lease assets$125.9 $132.6 
Liabilities
Current
Operating lease liabilitiesOther current liabilities$28.1 $28.8 
Finance lease liabilitiesCurrent financing obligations1.9 1.6 
Long-term
Operating lease liabilitiesOther long-term liabilities97.1 99.7 
Finance lease liabilitiesLong-term financing obligations5.4 6.5 
Total lease liabilities$132.5 $136.6 
(1) Finance lease assets are recorded net of accumulated amortization of $16.6 million and $13.2 million as of December 31, 2025 and 2024, respectively.
Schedule of lease cost
For the Years Ended December 31,
Lease CostClassification20252024
Operating lease cost (1)
Operating expenses and cost of sales$51.9 $51.9 
Finance lease cost
Amortization of lease assetsOperating expenses and cost of sales1.4 1.2 
Interest on lease liabilitiesInterest expense0.4 0.5 
Total lease cost$53.7 $53.6 
(1) Includes short-term leases and variable lease costs, which are immaterial.
As of December 31,
Lease Term and Discount Rate20252024
Weighted-average remaining lease term (years)
Operating leases5.305.66
Finance leases3.584.57
Weighted-average discount rate
Operating leases3.94 %3.56 %
Finance leases5.24 %5.23 %
For the Years Ended December 31,
Other Information20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$51.9 $51.9 
Operating cash flows from finance leases0.4 0.5 
Financing cash flows from finance leases1.7 1.6 
Leased assets obtained in exchange for new operating lease liabilities24.2 15.6 
Schedule of finance lease liability
Maturity of Lease Liabilities
Operating Leases(1)
Finance LeasesTotal
2026$33.3$2.2$35.5
202728.52.230.7
202823.22.325.5
202919.61.320.9
203014.9—14.9
Thereafter19.7—19.7
Total lease payments$139.2$8.0$147.2
Less: interest14.00.7
Present value of lease payments$125.2$7.3
(1) As of December 31, 2025, minimum lease payments for leases signed but not yet commenced were not material. There were no options to extend lease terms that were reasonably certain of being exercised as of December 31, 2025.
v3.25.4
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of open foreign currency contracts
The notional and fair values of the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions):
December 31, 2025December 31, 2024
Notional Value (in U.S. Dollars)Fair Value - AssetsFair Value - LiabilitiesNotional Value (in U.S. Dollars)Fair Value - AssetsFair Value - Liabilities
Foreign currency contracts$201.5 $2.8 $(1.3)$193.7 $5.9 $(6.8)
Interest rate contracts400.0 — (0.1)400.0 1.0 — 
Commodity contracts53.7 0.8 (0.2)62.5 — (1.6)
Total$655.2 $3.6 $(1.6)$656.2 $6.9 $(8.4)
Schedule of carrying values of derivative instruments
The amounts of gains and losses related to the Company’s derivative financial instruments designated as cash flow hedges were as follows (in millions):
 For the Year Ended December 31, 2025
Derivatives Designated as Cash Flow HedgesLocation of Gain (Loss) Reclassified from Accumulated OCI into IncomeGain (Loss) Reclassified from AOCI into IncomeGain (Loss) Recognized in OCI
Foreign exchange contractsCost of sales$1.8 $2.1 
Interest rate contractsInterest expense1.6 (1.3)
Commodity contractsCost of sales(1.9)4.3 
Total$1.5 $5.1 
 For the Year Ended December 31, 2024
Derivatives Designated as Cash Flow HedgesLocation of Gain (Loss) Reclassified from Accumulated OCI into IncomeGain (Loss) Reclassified from AOCI into IncomeGain (Loss) Recognized in OCI
Foreign exchange contractsCost of sales$8.5 $(3.9)
Interest rate contractsInterest expense5.3 0.5 
Commodity contractsCost of sales (2.6)(2.1)
Total$11.2 $(5.5)
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
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 Year Ended December 31, 2025
Off RoadOn RoadMarineTotal
Sales$5,713.1 $926.5 $512.4 $7,152.0 
Purchased materials, logistics and labor4,286.1 714.5 420.1 5,420.7 
Depreciation and amortization171.1 30.5 9.0 210.6 
Warranty100.8 24.3 10.8 135.9 
Reportable segment gross profit$1,155.1 $157.2 $72.5 $1,384.8 
Corporate costs and other(16.1)
Total gross profit$1,368.7 
For the Year Ended December 31, 2024
Off RoadOn RoadMarineTotal
Sales$5,706.7 $987.8 $480.9 $7,175.4 
Purchased materials, logistics and labor4,250.3 744.5 382.4 5,377.2 
Depreciation and amortization170.1 34.1 8.1 212.3 
Warranty125.8 29.8 9.8 165.4 
Reportable segment gross profit$1,160.5 $179.4 $80.6 $1,420.5 
Corporate costs and other46.3 
Total gross profit$1,466.8 
For the Year Ended December 31, 2023
Off RoadOn RoadMarineTotal
Sales$6,984.4 $1,184.6 $765.4 $8,934.4 
Purchased materials, logistics and labor5,149.7 867.9 574.2 6,591.8 
Depreciation and amortization156.6 29.3 6.6 192.5 
Warranty146.5 47.0 15.6 209.1 
Reportable segment gross profit$1,531.6 $240.4 $169.0 $1,941.0 
Corporate costs and other18.9 
Total gross profit$1,959.9 
v3.25.4
Organization and Significant Accounting Policies - Fair Value Measurements (Detail) - Fair value, measurements, recurring - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Non-qualified deferred compensation assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Non-qualified deferred compensation assets $ 53.5 $ 50.1
Deferred Compensation Liability, Current and Noncurrent 53.5 50.1
Interest rate contracts, net | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   (1.0)
Derivative Liability 0.1  
Foreign currency contracts, net | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 1.5  
Derivative Liability   (0.9)
Commodity Contract | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset $ 0.6  
Derivative Liability   $ 1.6
v3.25.4
Organization and Significant Accounting Policies - Activity in Polaris Accrued Warranty Reserve (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Activity in Product Warranty Reserve [Roll Forward]      
Balance at beginning of year $ 162.8 $ 181.1 $ 172.9
Additions charged to expense 135.9 165.4 209.1
Warranty claims paid, net (163.2) (183.7) (200.9)
Balance at end of year $ 135.5 $ 162.8 $ 181.1
v3.25.4
Organization and Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Fair value of financing obligations $ 1,575.9 $ 2,103.5  
Carrying value of financing obligations 1,539.5 2,072.4  
Depreciation 263.5 264.4 $ 241.2
Impairment charges 77.8    
Advertising expenses 85.7 85.5 94.1
Restructuring costs 20.1 23.4 $ 8.2
Operating lease assets 121.0 127.2  
Operating lease liability 125.2    
Land, buildings and improvements 665.8 691.2  
Equipment and tooling 1,659.7 1,779.2  
Property, Plant and Equipment, Gross 2,325.5 2,470.4  
Less: accumulated depreciation (1,294.9) (1,283.7)  
Property and equipment, net $ 1,030.6 $ 1,186.7  
Polaris Acceptance      
Property, Plant and Equipment [Line Items]      
Equity method investment ownership percentage 50.00%    
Minimum      
Property, Plant and Equipment [Line Items]      
Period of warranties provided by Polaris 6 months    
Renewal term 1 year    
Minimum | Building and Building Improvements      
Property, Plant and Equipment [Line Items]      
Property and equipment, estimated useful life 10 years    
Minimum | Machinery Equipment And Production Tooling      
Property, Plant and Equipment [Line Items]      
Property and equipment, estimated useful life 3 years    
Maximum      
Property, Plant and Equipment [Line Items]      
Period of warranties provided by Polaris 10 years    
Renewal term 10 years    
Maximum | Huntington Bancshares Incorporated      
Property, Plant and Equipment [Line Items]      
Aggregate repurchase obligation 100.00%    
Maximum | Building and Building Improvements      
Property, Plant and Equipment [Line Items]      
Property and equipment, estimated useful life 40 years    
Maximum | Machinery Equipment And Production Tooling      
Property, Plant and Equipment [Line Items]      
Property and equipment, estimated useful life 7 years    
v3.25.4
Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials and purchased components $ 623.7 $ 580.7
Service parts, garments and accessories 268.9 327.2
Finished goods 615.4 943.2
Less: reserves (95.6) (109.6)
Inventories 1,412.4 1,741.5
Land, buildings and improvements 665.8 691.2
Equipment and tooling 1,659.7 1,779.2
Property, Plant and Equipment, Gross 2,325.5 2,470.4
Less: accumulated depreciation (1,294.9) (1,283.7)
Property and equipment, net 1,030.6 1,186.7
Compensation 266.1 145.9
Warranties 135.5 162.8
Sales promotions and incentives 278.4 249.0
Dealer holdback 135.9 157.3
Other accrued expenses 539.1 544.7
Total accrued expenses 1,355.0 1,259.7
Other current liabilities 28.1 28.8
Other current liabilities 12.4 7.6
Other current liabilities 40.5 36.4
Other long-term liabilities 306.1 293.4
Other long-term liabilities 97.1 99.7
Long-term income taxes payable 19.9 12.5
Deferred tax liabilities 7.3 6.1
Other long-term liabilities $ 181.8 $ 175.1
v3.25.4
Revenue Recognition (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]        
Deferred Revenue $ 115.4 $ 111.3 $ 110.3 $ 111.1
Deferred Revenue, Current 36.9 35.6    
Deferred Revenue, Noncurrent $ 78.5 $ 75.7    
Minimum        
Deferred Revenue Arrangement [Line Items]        
Standard Product Warranty Time Period 6 months      
Maximum        
Deferred Revenue Arrangement [Line Items]        
Standard Product Warranty Time Period 10 years      
v3.25.4
Revenue Recognition (Contract Revenue) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Sales $ 7,152.0 $ 7,175.4 $ 8,934.4
Marine      
Disaggregation of Revenue [Line Items]      
Sales 512.4 480.9 765.4
Off Road      
Disaggregation of Revenue [Line Items]      
Sales 5,713.1 5,706.7 6,984.4
On Road      
Disaggregation of Revenue [Line Items]      
Sales 926.5 987.8 1,184.6
Wholegoods      
Disaggregation of Revenue [Line Items]      
Sales 5,280.4 5,469.0 7,122.1
Wholegoods | Marine      
Disaggregation of Revenue [Line Items]      
Sales 511.9 480.5 765.4
Wholegoods | Off Road      
Disaggregation of Revenue [Line Items]      
Sales 4,033.6 4,183.8 5,374.9
Wholegoods | On Road      
Disaggregation of Revenue [Line Items]      
Sales 734.9 804.7 981.8
PG&A      
Disaggregation of Revenue [Line Items]      
Sales 1,871.6 1,706.4 1,812.3
PG&A | Marine      
Disaggregation of Revenue [Line Items]      
Sales 0.5 0.4 0.0
PG&A | Off Road      
Disaggregation of Revenue [Line Items]      
Sales 1,679.5 1,522.9 1,609.5
PG&A | On Road      
Disaggregation of Revenue [Line Items]      
Sales 191.6 183.1 202.8
United States      
Disaggregation of Revenue [Line Items]      
Sales 5,662.3 5,629.0 7,122.2
United States | Marine      
Disaggregation of Revenue [Line Items]      
Sales 500.0 466.7 743.5
United States | Off Road      
Disaggregation of Revenue [Line Items]      
Sales 4,733.0 4,709.8 5,787.3
United States | On Road      
Disaggregation of Revenue [Line Items]      
Sales 429.3 452.5 591.4
Canada      
Disaggregation of Revenue [Line Items]      
Sales 419.9 446.2 584.0
Canada | Marine      
Disaggregation of Revenue [Line Items]      
Sales 10.3 11.1 18.2
Canada | Off Road      
Disaggregation of Revenue [Line Items]      
Sales 381.1 396.2 522.7
Canada | On Road      
Disaggregation of Revenue [Line Items]      
Sales 28.5 38.9 43.1
EMEA      
Disaggregation of Revenue [Line Items]      
Sales 790.0 802.9 886.2
EMEA | Marine      
Disaggregation of Revenue [Line Items]      
Sales 0.2 0.3 0.7
EMEA | Off Road      
Disaggregation of Revenue [Line Items]      
Sales 367.7 355.2 405.3
EMEA | On Road      
Disaggregation of Revenue [Line Items]      
Sales 422.1 447.4 480.2
APLA      
Disaggregation of Revenue [Line Items]      
Sales 279.8 297.3 342.0
APLA | Marine      
Disaggregation of Revenue [Line Items]      
Sales 1.9 2.8 3.0
APLA | Off Road      
Disaggregation of Revenue [Line Items]      
Sales 231.3 245.5 269.1
APLA | On Road      
Disaggregation of Revenue [Line Items]      
Sales $ 46.6 $ 49.0 $ 69.9
v3.25.4
Revenue Recognition (Deferred Revenue) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue Recognition [Abstract]      
Balance at beginning of period $ 111.3 $ 110.3 $ 111.1
New contracts sold 51.8 50.0 49.1
Balance at end of period 115.4 111.3 110.3
Deferred Revenue, Revenue Recognized (47.7) (49.0) $ (49.9)
Deferred Revenue, Current 36.9 35.6  
Deferred Revenue, Noncurrent $ 78.5 $ 75.7  
v3.25.4
Assets and Liabilities Held for Sale - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Loss on disposal group held for sale $ 330.4 $ 0.0 $ 0.0
Cash and cash equivalents 82.2 $ 0.0 $ 0.0
Indian Motorcycle Business | Disposal Group, Held-for-Sale, Not Discontinued Operations      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Loss on disposal group held for sale 330.4    
Cash and cash equivalents 82.2    
Tax effect $ 52.4    
v3.25.4
Assets and Liabilities Held for Sale - Results of Discontinued Operations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Cash and cash equivalents $ 82.2 $ 0.0 $ 0.0
Current assets held for sale 49.8 0.0  
Current liabilities held for sale 50.5 $ 0.0  
Disposal Group, Held-for-Sale, Not Discontinued Operations | Indian Motorcycle Business      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Cash and cash equivalents 82.2    
Inventories, net 176.6    
Prepaid expenses and other 4.3    
Property and equipment, net 17.9    
Deferred tax assets 0.8    
Valuation allowance on disposal group held for sale (232.0)    
Current assets held for sale 49.8    
Accounts payable 2.7    
Accrued expenses and other 47.8    
Current liabilities held for sale $ 50.5    
v3.25.4
Share-Based Compensation - Additional Information (Detail) - USD ($)
 12 Months Ended 108 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to unvested share-based equity awards $ 41,600,000     $ 41,600,000
Weighted average period of recognition of unvested share-based equity awards (in years) 1 year 1 month 6 days      
Unrecognized compensation cost related to unvested share-based equity awards, Stock Options $ 4,200,000     4,200,000
Unrecognized compensation cost related to unvested share-based equity awards, Restricted Stock $ 37,400,000     37,400,000
Weighted average remaining contractual life of option outstanding 5 years 4 months 24 days      
Weighted average remaining contractual life of option exercisable 3 years 8 months 12 days      
Estimated weighted average fair value of options granted $ 13.58 $ 31.79 $ 43.39  
Total intrinsic value of options exercised $ 0      
Total intrinsic value of options outstanding 12,500,000     12,500,000
Total intrinsic value of options exercisable $ 0     $ 0
Weighted average fair values at the grant dates of grants awarded   $ 95.00 $ 138.98  
Omnibus Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum number of shares of common stock available for issuance 4,404,739     4,404,739
Omnibus Incentive Plan | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock option awards granted, vesting period 1 year      
Omnibus Incentive Plan | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock option awards granted, vesting period 3 years      
Omnibus Incentive Plan | Deferred Stock Units | Non-employee directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock shares granted 49,000 22,000 16,000  
Additional shares issued to retired directors 19,000 12,000 12,000 110,000
Omnibus Incentive Plan | Deferred Stock Units | Non-employee directors | Since 2007        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock shares granted 329,000      
Stock Option Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock shares granted 887,888      
Directors Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum shares authorized for issuance 500,000     500,000
Shares of common stock earned 73,000      
Additional shares issued to retired directors 427,000      
Liabilities under share plan $ 8,400,000 $ 6,500,000   $ 8,400,000
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted 0      
Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted 912,601      
Total intrinsic value of restricted stock expected to vest $ 90,600,000     $ 90,600,000
Weighted average fair values at the grant dates of grants awarded $ 40.76 $ 107.33 $ 110.39  
v3.25.4
Share-Based Compensation - Summary of Share-based Compensation Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Option awards $ 10.8 $ 12.0 $ 11.5
Other share-based awards 37.4 21.2 30.7
Total share-based compensation before tax 48.2 33.2 42.2
Tax benefit 11.8 8.1 10.3
Total share-based compensation expense included in net income $ 36.4 $ 25.1 $ 31.9
v3.25.4
Share-Based Compensation - Stock Option Activity and Weighted Average Exercise Price (Detail) - Stock Option Plans
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Outstanding Shares  
Beginning Balance | shares 2,685,251
Granted | shares 887,888
Exercised | shares 0
Forfeited | shares (335,506)
Ending Balance | shares 3,237,633
Options exercisable at end of period | shares 2,117,071
Weighted-Average Exercise Price  
Beginning Balance | $ / shares $ 103.66
Granted | $ / shares 48.76
Exercised | $ / shares 0
Forfeited | $ / shares 131.21
Ending Balance | $ / shares 85.78
Options exercisable at end of period | $ / shares $ 99.56
v3.25.4
Share-Based Compensation - Assumptions Used to Estimate Weighted Average Fair Value of Options (Detail) - Stock Options
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average volatility 44.00% 44.00% 45.00%
Expected dividend yield 5.50% 2.90% 2.20%
Expected term (in years) 5 years 10 months 24 days 5 years 9 months 18 days 5 years 4 months 24 days
Weighted average risk free interest rate 4.30% 3.90% 3.50%
v3.25.4
Share-Based Compensation - Assumptions Used to Estimate Fair Value of TSR grants (Details) - TSR Performance Share Awards
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted-average volatility 35.00% 50.00%
Expected dividend yield 2.90% 2.20%
Expected term (in years) 3 years 3 years
Weighted average risk free interest rate 4.20% 3.90%
v3.25.4
Share-Based Compensation - Summary of Restricted Stock Activity (Detail) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Weighted Average Grant Price      
Granted   $ 95.00 $ 138.98
Restricted Stock      
Shares Outstanding      
Beginning Balance 926,667    
Granted 912,601    
Vested (169,068)    
Canceled/Forfeited (132,649)    
Ending Balance 1,537,551 926,667  
Expected to vest as of end of period 1,432,037    
Weighted Average Grant Price      
Beginning Balance $ 115.76    
Granted 40.76 $ 107.33 $ 110.39
Vested 120.98    
Canceled/Forfeited 85.75    
Ending Balance 64.05 $ 115.76  
Expected to vest as of end of period $ 61.39    
v3.25.4
Employee Savings Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Expenses related ESOP $ 16.2 $ 15.2 $ 17.3
Shares vested under ESOP 3,010,487    
Matching percentage of employer to employee contributions 100.00%    
Matching contributions to 401(k) retirement savings plan $ 28.3 31.2 $ 31.9
Temporary equity, shares issued (in shares) 106,000    
Deferred compensation $ 6.7 6.4  
Temporary equity, other changes 10.5    
Temporary equity, accretion to redemption value, adjustment $ 3.8    
Employee Stock Ownership Plan E S O P Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Maximum number of shares of common stock available for issuance 8,200,000    
Level 1 | Fair value, measurements, recurring | Non-qualified deferred compensation assets      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Assets, fair value disclosure $ 53.5 $ 50.1  
Share-based Compensation Award, Tranche One      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
ESOP vesting period 2 years    
Share-based Compensation Award, Tranche Two      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
ESOP vesting period 3 years    
v3.25.4
Financing Agreement - Debt Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Nov. 13, 2025
Dec. 31, 2024
Dec. 31, 2023
Nov. 16, 2023
Jul. 31, 2018
Debt Instrument [Line Items]            
Weighted-average interest rate as of December 31 5.82%   5.77% 5.67%    
Long-term debt $ 1,510.4   $ 2,032.0 $ 1,858.2    
Present value of lease payments 7.3          
Unamortized debt issuance costs and discounts (17.4)   (14.8)      
Total financing obligations 1,539.5   2,072.4      
Less: Current financing obligations 34.8   434.3      
Total long-term financing obligations 1,504.7   1,638.1      
Senior Unsecured Notes 4.23 Percent, Due July 2028            
Debt Instrument [Line Items]            
Long-term debt $ 0.0   350.0      
Incremental term loan facility            
Debt Instrument [Line Items]            
Average interest rate 2.23%          
Long-term line of credit $ 35.4   282.0      
Senior Notes | Senior Unsecured Notes 4.23 Percent, Due July 2028            
Debt Instrument [Line Items]            
Long-term debt           $ 350.0
Senior Notes | Public Senior Note Six Point Nine Five Percent Due March Twenty Twenty-Nine            
Debt Instrument [Line Items]            
Interest rate, stated percentage 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]            
Interest rate, stated percentage 5.60% 5.60%        
Long-term debt $ 500.0   0.0      
Finance lease obligations            
Debt Instrument [Line Items]            
Weighted-average interest rate as of December 31 5.24%          
Present value of lease payments $ 7.3   8.1      
Notes payable and other            
Debt Instrument [Line Items]            
Interest rate, stated percentage 4.28%          
Long-term debt $ 39.2   47.1      
Long-term Debt            
Debt Instrument [Line Items]            
Interest rate at period end 5.82%          
Long-term line of credit $ 475.0   500.0      
Unsecured Debt | Incremental Term Loan Facility | Line of Credit            
Debt Instrument [Line Items]            
Line of Credit, Current $ 0.0   $ 400.0      
v3.25.4
Financing Agreement - Summary of Activity Under Credit Arrangements, Excluding Acquired Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Total borrowings as of December 31 $ 1,510.4 $ 2,032.0 $ 1,858.2
Average outstanding borrowings during year 1,987.2 2,175.5 2,159.3
Maximum outstanding borrowings during year $ 2,241.6 $ 2,329.3 $ 2,386.6
Weighted-average interest rate as of December 31 5.82% 5.77% 5.67%
v3.25.4
Financing Agreement - Additional Information (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
USD ($)
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2023
USD ($)
Nov. 13, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 13, 2024
USD ($)
Jul. 31, 2024
USD ($)
Nov. 16, 2023
USD ($)
Jul. 31, 2018
USD ($)
Jul. 02, 2018
USD ($)
Line of Credit Facility [Line Items]                              
Letter of credit outstanding       $ 58.4     $ 58.4                
Long-term debt       $ 1,510.4     1,510.4 $ 1,858.2   $ 2,032.0          
Interest coverage ratio       2.50 2.50 2.50                  
Covenant leverage ratio       5.50 4.50 4.00                  
Forecast                              
Line of Credit Facility [Line Items]                              
Interest coverage ratio   2.00 2.00                        
Covenant leverage ratio   5.50 5.50                        
Senior Unsecured Notes 4.23 Percent, Due July 2028                              
Line of Credit Facility [Line Items]                              
Long-term debt       $ 0.0     0.0     350.0          
Senior Notes | Senior Unsecured Notes 4.23 Percent, Due July 2028                              
Line of Credit Facility [Line Items]                              
Long-term debt                           $ 350.0  
Senior Notes | Public Senior Note Six Point Nine Five Percent Due March Twenty Twenty-Nine                              
Line of Credit Facility [Line Items]                              
Long-term debt       $ 500.0     $ 500.0     500.0          
Face amount                         $ 500.0    
Interest rate, stated percentage       6.95%     6.95%           6.95%    
Proceeds from issuance of senior long-term debt               $ 492.0              
Senior Notes | Public Senior Note Five Point Six Percent Due March Twenty Thirty-One                              
Line of Credit Facility [Line Items]                              
Long-term debt       $ 500.0     $ 500.0     0.0          
Face amount                 $ 500.0            
Interest rate, stated percentage       5.60%     5.60%   5.60%            
Proceeds from issuance of senior long-term debt             $ 497.0                
Notes payable and other                              
Line of Credit Facility [Line Items]                              
Long-term debt       $ 39.2     $ 39.2     47.1          
Interest rate, stated percentage       4.28%     4.28%                
Incremental term loan facility                              
Line of Credit Facility [Line Items]                              
Long-term line of credit       $ 35.4     $ 35.4     282.0          
Long-term Debt                              
Line of Credit Facility [Line Items]                              
Revolving loan facility, maximum capacity                           $ 1,180.0  
Long-term line of credit       475.0     475.0     $ 500.0          
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months       25.0     25.0                
Incremental term loan facility                              
Line of Credit Facility [Line Items]                              
Revolving loan facility, maximum capacity                     $ 1,400.0        
Interest coverage ratio 3.00                            
Leverage ratio maximum 3.50                            
Unsecured Debt | Line of Credit | Incremental Term Loan Facility                              
Line of Credit Facility [Line Items]                              
Face amount                       $ 400.0      
Boat Holdings, LLC | Notes Payable, Other Payables [Member]                              
Line of Credit Facility [Line Items]                              
Long-term debt       $ 36.8     $ 36.8               $ 76.7
v3.25.4
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 348.8 $ 393.5 $ 394.4
Other intangible assets, net 451.2 542.7  
Total goodwill and other intangible assets, net $ 800.0 $ 936.2  
v3.25.4
Goodwill and Other Intangible Assets - Changes on the Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]      
Goodwill, Beginning Balance $ 393.5 $ 394.4  
Goodwill impairment (52.6) 0.0 $ 0.0
Goodwill acquired and related adjustments   3.9  
Currency translation effect on foreign goodwill balances 7.9 (4.8)  
Goodwill, Ending Balance 348.8 393.5 394.4
On Road      
Goodwill [Roll Forward]      
Goodwill, Beginning Balance 46.7 50.7  
Goodwill impairment (52.6)    
Goodwill acquired and related adjustments   0.0  
Currency translation effect on foreign goodwill balances 5.9 (4.0)  
Goodwill, Ending Balance 0.0 46.7 50.7
Off Road      
Goodwill [Roll Forward]      
Goodwill, Beginning Balance 116.2 116.6  
Goodwill impairment 0.0    
Goodwill acquired and related adjustments   0.4  
Currency translation effect on foreign goodwill balances 2.0 (0.8)  
Goodwill, Ending Balance 118.2 116.2 116.6
Marine      
Goodwill [Roll Forward]      
Goodwill, Beginning Balance 230.6 227.1  
Goodwill impairment 0.0    
Goodwill acquired and related adjustments   3.5  
Currency translation effect on foreign goodwill balances 0.0 0.0  
Goodwill, Ending Balance $ 230.6 $ 230.6 $ 227.1
v3.25.4
Goodwill and Other Intangible Assets - Other Intangible Assets, Changes in Net Carrying Amount (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gross Amount        
Other intangible assets, beginning   $ 661.7 $ 609.2  
Other intangible assets acquired   1.4    
Other intangible assets acquired     62.7  
Other intangible assets disposed of     (0.1)  
Other intangible assets impaired $ (53.9) (80.8)    
Other intangible assets impaired (17.5)   (9.5)  
Currency translation effect on foreign balances   1.5 (0.6)  
Other intangible assets, ending 583.8 583.8 661.7 $ 609.2
Accumulated Amortization        
Other intangible assets, beginning   (119.0) (97.2)  
Other intangible assets disposed of     0.1  
Other intangible assets impaired   9.4    
Amortization expense   (23.0) (21.9) (17.7)
Other intangible assets, ending $ (132.6) $ (132.6) $ (119.0) $ (97.2)
v3.25.4
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Intangible Assets by Major Class [Line Items]      
Weighted-average useful life (years)   18 years  
Total other intangible assets, Gross Carrying Amount $ 583.8 $ 661.7 $ 609.2
Accumulated Amortization (132.6) (119.0) $ (97.2)
Total other intangible assets, net $ 451.2 $ 542.7  
Amortizable - dealer/customer related and other      
Intangible Assets by Major Class [Line Items]      
Weighted-average useful life (years) 19 years 19 years  
Gross Carrying Amount $ 342.5 $ 341.2  
Accumulated Amortization (132.6) (114.8)  
Net 209.9 $ 226.4  
Technology-Based Intangible Assets      
Intangible Assets by Major Class [Line Items]      
Weighted-average useful life (years)   10 years  
Gross Carrying Amount   $ 62.7  
Accumulated Amortization   (4.2)  
Net   58.5  
Non-amortizable - brand/trade names      
Intangible Assets by Major Class [Line Items]      
Non-amortizable, Net 241.3 257.8  
Non-amortizable - brand/trade names $ 241.3 $ 257.8  
v3.25.4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense of intangible assets   $ 23.0 $ 21.9 $ 17.7
Estimated Future Amortization Expense by Fiscal Year [Abstract]        
2026 $ 18.4 18.4    
2027 18.3 18.3    
2028 17.7 17.7    
2029 17.7 17.7    
2030 17.7 17.7    
Goodwill [Line Items]        
Goodwill, Impairment Loss   $ 52.6 0.0 $ 0.0
Other intangible assets impaired $ 17.5   $ 9.5  
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] Loss on disposal group held for sale      
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]   Loss on disposal group held for sale    
Off Road        
Goodwill [Line Items]        
Goodwill, Impairment Loss   $ 0.0    
On Road        
Goodwill [Line Items]        
Goodwill, Impairment Loss   $ 52.6    
v3.25.4
Income Taxes - Additional Information (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Net operating loss carryforwards $ 112.5
v3.25.4
Income Taxes - Income From Continuing Operations, Before Income Taxes (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ (538.1) $ 1.3 $ 480.7
Foreign 5.4 139.5 139.7
(Loss) income before income taxes $ (532.7) $ 140.8 $ 620.4
v3.25.4
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 20.0 $ 59.5 $ 139.8
State 4.8 13.0 21.7
Foreign 47.7 40.8 44.7
Deferred (140.4) (83.7) (88.5)
Total (benefit) provision for income taxes $ (67.9) $ 29.6 $ 117.7
v3.25.4
Income Taxes - Income Taxes Paid (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 0.2    
State 5.8    
Total foreign 41.2    
Income taxes paid 47.2 $ 123.6 $ 187.2
France      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 22.8    
Mexico      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 7.7    
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 3.5    
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign $ 7.2    
v3.25.4
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ (111.9)    
State and local taxes, net of federal benefit (12.7)    
Non-deductible goodwill impairment 9.0    
Other 2.2    
Effect of cross-border tax laws (3.2)    
Stock based compensation 5.7    
Other 4.3    
Research and development tax credit (16.4)    
Other (0.4)    
Changes in valuation allowances 26.0    
Changes in unrecognized tax benefits 6.9    
Total (benefit) provision for income taxes $ (67.9) $ 29.6 $ 117.7
Percent      
Federal statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefit 2.40% (1.90%) 1.70%
Non-deductible goodwill impairment (1.70%)    
Other permanent differences (0.40%) 1.60% 0.30%
Foreign tax effects   6.20% 1.20%
Effect of cross-border tax laws 0.60%    
Stock based compensation (1.10%) (1.20%) (0.30%)
Other (0.80%)    
Research and development tax credit 3.10% (11.40%) (4.00%)
Other 0.10%    
Changes in valuation allowances (4.90%) 3.90% 0.00%
Changes in unrecognized tax benefits (1.30%)    
Foreign-derived intangible income   (2.70%) (0.50%)
Domestic international provisions   2.50% (0.30%)
Stock based compensation   3.00% (0.10%)
Effective income tax rate 12.80% 21.00% 19.00%
Switzerland      
Amount      
Foreign tax effects $ 7.2    
Percent      
Foreign tax effects (1.30%)    
Other      
Amount      
Foreign tax effects $ 15.4    
Percent      
Foreign tax effects (2.90%)    
v3.25.4
Income Taxes - Net Deferred Income Taxes (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred income taxes:    
Inventories $ 125.4 $ 119.1
Accrued expenses and other 187.4 167.1
Intangible assets (56.1) (64.5)
Capitalized research expenditures 201.1 172.7
Property and equipment (20.1) (69.9)
Operating lease assets 33.2 35.0
Operating lease liabilities (33.9) (35.0)
Employee compensation and benefits 44.5 45.8
Net operating loss and other loss carryforwards 90.7 29.5
Valuation allowance (55.4) (21.4)
Total net deferred income tax asset $ 518.2 $ 378.4
v3.25.4
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]    
Balance as of January 1, $ 11.4 $ 11.2
Gross increases for tax positions of prior years 5.7 0.2
Gross increases for tax positions of current year 3.4 2.7
Decreases due to settlements and other prior year tax positions (0.1) 0.0
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations 2.0 2.7
Balance as of December 31, 18.4 11.4
Reserves related to potential interest and penalties as of December 31, 1.5 1.1
Unrecognized tax benefits as of December 31, $ 19.9 $ 12.5
v3.25.4
Shareholders' Equity - Share Repurchases (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disclosure Shareholders Equity [Abstract]      
Total number of shares repurchased and retired 0.1 1.0 1.6
Total investment $ 2.4 $ 82.7 $ 178.6
v3.25.4
Shareholders' Equity - Cash Dividends Declared Per Common Share (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disclosure Shareholders Equity [Abstract]            
Quarterly dividend declared and paid per common share $ 0.67 $ 0.66 $ 0.65 $ 2.68 $ 2.64 $ 2.60
v3.25.4
Shareholders' Equity - Reconciliation of Weighted Average Number of Shares (Detail) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Weighted Average Number of Shares Outstanding [Line Items]      
Weighted average number of common shares outstanding 56.2 56.0 56.7
Director Plan and deferred stock units 0.3 0.3 0.2
ESOP 0.4 0.2 0.2
Common shares outstanding—basic 56.9 56.5 57.1
Common and potential common shares outstanding—diluted 56.9 56.8 57.7
Restricted Stock      
Weighted Average Number of Shares Outstanding [Line Items]      
Dilutive effect of stock awards 0.0 0.3 0.3
Stock Options      
Weighted Average Number of Shares Outstanding [Line Items]      
Dilutive effect of stock awards 0.0 0.0 0.3
v3.25.4
Shareholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) Balances (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Beginning Balance $ 1,294.1
Reclassification to the statement of income (2.0)
Change in fair value 95.4
Ending Balance 832.9
Accumulated other Comprehensive Income (Loss)  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Beginning Balance (125.5)
Ending Balance (32.1)
Foreign Currency Translation  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Beginning Balance (124.5)
Reclassification to the statement of income 0.0
Change in fair value 88.8
Ending Balance (35.7)
Cash Flow Hedging Derivatives  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Beginning Balance (3.8)
Reclassification to the statement of income (1.5)
Change in fair value 6.6
Ending Balance 1.3
Retirement Plan Activity  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Beginning Balance 2.8
Reclassification to the statement of income (0.5)
Change in fair value 0.0
Ending Balance $ 2.3
v3.25.4
Shareholders' Equity - Additional Information (Detail) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stockholders Equity Note [Line Items]        
Employee stock purchase plan number of shares available for issuance   3,000,000.0    
Share based compensation arrangements by share based payment award percentage of market price at eligible employees granted options to purchase shares   95.00%    
Stock issued during period, shares, employee stock purchase plans (in shares)   1,700,000    
Common stock excluded from calculation of diluted earnings per share (in shares)   3,300,000 2,800,000 1,700,000
Additional securities excluded (in shares)   900,000    
Subsequent Event        
Stockholders Equity Note [Line Items]        
Common stock, dividends per share, declared (in dollars per share) $ 0.68      
v3.25.4
Financial Services Arrangements - Financial Information for Polaris Acceptance Reflecting Effects of Securitization Facility (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]      
Net (loss) income $ (465.5) $ 110.8 $ 502.8
Total Assets 4,893.7 5,525.2  
Total Liabilities and Partners' Capital 4,893.7 5,525.2  
Polaris Acceptance      
Schedule of Investments [Line Items]      
Revenues 100.1 121.5 94.3
Interest and operating expenses 15.9 13.9 11.4
Net (loss) income 84.2 107.6 $ 82.9
Finance receivables, net 1,781.4 1,842.2  
Total Assets 1,781.4 1,842.2  
Notes Payable 1,470.8 1,534.5  
Other liabilities 47.6 34.3  
Partners' capital 263.0 273.4  
Total Liabilities and Partners' Capital $ 1,781.4 $ 1,842.2  
v3.25.4
Financial Services Arrangements - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments in and Advances to Affiliates [Line Items]    
Investment in finance affiliate $ 131.5 $ 136.7
Net amount financed for dealers 1,781.4  
Debt outstanding from dealers 2,085.5  
Polaris Acceptance    
Investments in and Advances to Affiliates [Line Items]    
Other receivables $ 33.1  
Maximum | Polaris Acceptance    
Investments in and Advances to Affiliates [Line Items]    
Aggregate repurchase obligation 15.00%  
Polaris Acceptance    
Investments in and Advances to Affiliates [Line Items]    
Aggregate repurchase obligation, amount $ 275.0  
Huntington Bancshares Incorporated    
Investments in and Advances to Affiliates [Line Items]    
Aggregate repurchase obligation, amount 12.1  
Other    
Investments in and Advances to Affiliates [Line Items]    
Aggregate repurchase obligation, amount $ 46.8  
v3.25.4
Investment in Other Affiliates (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]    
Investments in nonmarketable securities of other companies $ 7.5 $ 54.4
Impairment $ 49.4 $ 20.0
v3.25.4
Leases (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease assets $ 121,000,000.0 $ 127,200,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net Property and equipment, net
Finance lease assets $ 4,900,000 $ 5,400,000
Total lease assets $ 125,900,000 $ 132,600,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Other current liabilities $ 28,100,000 $ 28,800,000
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Less: Current financing obligations Less: Current financing obligations
Current financing obligations $ 1,900,000 $ 1,600,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Other long-term liabilities $ 97,100,000 $ 99,700,000
Long-term financing obligations 5,400,000 6,500,000
Total lease liabilities 132,500,000 136,600,000
Accumulated amortization 16,600,000 13,200,000
Operating expenses and cost of sales 51,900,000 51,900,000
Operating expenses and cost of sales 1,400,000 1,200,000
Interest expense 400,000 500,000
Total lease cost 53,700,000 $ 53,600,000
2020 33,300,000  
2021 28,500,000  
2022 23,200,000  
2023 19,600,000  
2024 14,900,000  
Thereafter 19,700,000  
Total lease payments 139,200,000  
Less: interest 14,000,000.0  
Present value of lease payments 125,200,000  
2020 2,200,000  
2021 2,200,000  
2022 2,300,000  
2023 1,300,000  
2024 0  
Thereafter 0  
Total lease payments 8,000,000.0  
Less: interest 700,000  
Present value of lease payments 7,300,000  
2020 35,500,000  
2021 30,700,000  
2022 25,500,000  
2023 20,900,000  
2024 14,900,000  
Thereafter 19,700,000  
Total lease payments 147,200,000  
Operating lease, not yet commenced, amount $ 0  
Operating leases 5 years 3 months 18 days 5 years 7 months 28 days
Finance leases 3 years 6 months 29 days 4 years 6 months 25 days
Operating leases 3.94% 3.56%
Finance leases 5.24% 5.23%
Operating cash flows from operating leases $ 51,900,000 $ 51,900,000
Operating cash flows from finance leases 400,000 500,000
Financing cash flows from finance leases 1,700,000 1,600,000
Leased assets obtained in exchange for new operating lease liabilities $ 24,200,000 $ 15,600,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total long-term financing obligations Total long-term financing obligations
v3.25.4
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Accrual for the probable payment of pending claims $ 374.1 $ 385.3
Insurance recoveries receivable $ 182.5 $ 227.1
v3.25.4
Derivative Instruments and Hedging Activities - Open Foreign Currency Contracts (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Foreign currency contracts, net | Prepaid Expenses And Other Current Assets | Designated as Hedging Instrument    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income $ 2.8 $ 5.9
Foreign currency contracts, net | Other Current Liabilities | Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative Liability, Fair Value, Gross Liability 1.3 6.8
Interest Rate Swap | Prepaid Expenses And Other Current Assets | Designated as Hedging Instrument    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income 0.0 1.0
Interest Rate Swap | Other Current Liabilities | Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative Liability, Fair Value, Gross Liability 0.1 0.0
Commodity Contract | Prepaid Expenses And Other Current Assets | Designated as Hedging Instrument    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income 0.8 0.0
Commodity Contract | Other Current Liabilities | Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative Liability, Fair Value, Gross Liability (0.2) (1.6)
Cash Flow Hedging | Foreign currency contracts, net    
Derivative [Line Items]    
Notional Value (in U.S. Dollars) 201.5 193.7
Cash Flow Hedging | Interest Rate Swap    
Derivative [Line Items]    
Notional Value (in U.S. Dollars) 400.0 400.0
Cash Flow Hedging | Commodity Contract    
Derivative [Line Items]    
Notional Value (in U.S. Dollars) 53.7 62.5
Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Value (in U.S. Dollars) 655.2 656.2
Gain (Loss) Reclassified from AOCI into Income 3.6 6.9
Derivative Liability, Fair Value, Gross Liability $ (1.6) $ (8.4)
v3.25.4
Derivative Instruments and Hedging Activities - Carrying Values of Derivative Instruments (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Foreign currency contracts, net    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income $ 1.8 $ 8.5
Gain (Loss) Recognized in OCI 2.1 (3.9)
Interest rate contracts    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income 1.6 5.3
Gain (Loss) Recognized in OCI (1.3) 0.5
Commodity Contract    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income (1.9) (2.6)
Gain (Loss) Recognized in OCI 4.3 (2.1)
Designated as Hedging Instrument    
Derivative [Line Items]    
Gain (Loss) Reclassified from AOCI into Income 1.5 11.2
Gain (Loss) Recognized in OCI $ 5.1 $ (5.5)
v3.25.4
Segment Reporting (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting [Abstract]      
Number of operating segments | segment 3    
Number of reportable segments | segment 3    
Segment Reporting Information [Line Items]      
Sales $ 7,152.0 $ 7,175.4 $ 8,934.4
Corporate costs and other (16.1) 46.3 18.9
Gross profit 1,368.7 1,466.8 1,959.9
Marine      
Segment Reporting Information [Line Items]      
Sales 512.4 480.9 765.4
Off Road      
Segment Reporting Information [Line Items]      
Sales 5,713.1 5,706.7 6,984.4
On Road      
Segment Reporting Information [Line Items]      
Sales 926.5 987.8 1,184.6
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Sales 7,152.0 7,175.4 8,934.4
Purchased materials, logistics and labor 5,420.7 5,377.2 6,591.8
Depreciation and amortization 210.6 212.3 192.5
Warranty 135.9 165.4 209.1
Reportable segment gross profit 1,384.8 1,420.5 1,941.0
Operating Segments [Member] | Marine      
Segment Reporting Information [Line Items]      
Sales 512.4 480.9 765.4
Purchased materials, logistics and labor 420.1 382.4 574.2
Depreciation and amortization 9.0 8.1 6.6
Warranty 10.8 9.8 15.6
Reportable segment gross profit 72.5 80.6 169.0
Operating Segments [Member] | Off Road      
Segment Reporting Information [Line Items]      
Sales 5,713.1 5,706.7 6,984.4
Purchased materials, logistics and labor 4,286.1 4,250.3 5,149.7
Depreciation and amortization 171.1 170.1 156.6
Warranty 100.8 125.8 146.5
Reportable segment gross profit 1,155.1 1,160.5 1,531.6
Operating Segments [Member] | On Road      
Segment Reporting Information [Line Items]      
Sales 926.5 987.8 1,184.6
Purchased materials, logistics and labor 714.5 744.5 867.9
Depreciation and amortization 30.5 34.1 29.3
Warranty 24.3 29.8 47.0
Reportable segment gross profit $ 157.2 $ 179.4 $ 240.4
v3.25.4
Valuation and Qualifying Accounts (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for doubtful accounts receivable      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 10.7 $ 9.0 $ 8.7
Additions Charged to Costs and Expenses 3.4 3.3 1.7
Other Changes Add (Deduct) (1.6) (1.6) (1.4)
Balance at End of Period 12.5 10.7 9.0
Allowance for obsolete inventory      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 109.6 95.1 86.7
Additions Charged to Costs and Expenses 40.8 42.4 34.6
Other Changes Add (Deduct) (54.8) (27.9) (26.2)
Balance at End of Period 95.6 109.6 95.1
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 21.4 16.9 16.6
Additions Charged to Costs and Expenses 34.5 5.5 1.5
Reductions (0.5) (1.0) (1.2)
Balance at End of Period $ 55.4 $ 21.4 $ 16.9