Polaris Inc.
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
PII$66.62-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Nine months ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating Activities: | ||
| Net (loss) income | $(161.5) | $100.4 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization | 218.9 | 206.8 |
| Noncash compensation | 49.1 | 38.4 |
| Noncash income from financial services | (32.3) | (41.4) |
| Deferred income taxes | (37.7) | (34.5) |
| Impairment charges | 144.3 | — |
| Other, net | (0.7) | (1.2) |
| Changes in operating assets and liabilities: | ||
| Trade receivables | (25.6) | 81.2 |
| Inventories | 77.1 | (191.3) |
| Accounts payable | 236.7 | (10.4) |
| Accrued expenses | (0.1) | (51.2) |
| Income taxes payable/receivable | (6.6) | (48.9) |
| Prepaid expenses and other, net | 100.7 | 14.0 |
| Net cash provided by operating activities | 562.3 | 61.9 |
| Investing Activities: | ||
| Purchase of property and equipment, net | (118.2) | (192.7) |
| Distributions from (investment in) finance affiliate, net | 41.4 | 42.4 |
| Investments in other affiliates | — | (5.2) |
| Acquisition of developed technology assets | — | (62.7) |
| Net cash used for investing activities | (76.8) | (218.2) |
| Financing Activities: | ||
| Borrowings under financing obligations | 1,835.8 | 2,844.3 |
| Repayments under financing obligations | (2,182.5) | (2,573.3) |
| Repurchase and retirement of common shares | (2.4) | (82.3) |
| Cash dividends to shareholders | (113.0) | (110.7) |
| Cash dividend to noncontrolling interest | (0.2) | (0.6) |
| Proceeds from stock issuances under employee plans | 3.1 | 5.4 |
| Net cash (used for) provided by financing activities | (459.2) | 82.8 |
| Impact of currency exchange rates on cash balances | 22.2 | (3.0) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 48.5 | (76.5) |
| Cash, cash equivalents and restricted cash at beginning of period | 303.0 | 382.9 |
| Cash, cash equivalents and restricted cash at end of period | $351.5 | $306.4 |
| Supplemental Cash Flow Information: | ||
| Interest paid on financing obligations | $103.8 | $111.9 |
| Income taxes paid | $32.2 | $106.4 |
| Leased assets obtained for operating lease liabilities | $10.8 | $10.8 |
| The following presents the classification of cash, cash equivalents and restricted cash within the consolidated balance sheets: | ||
| Cash and cash equivalents | $335.5 | $291.3 |
| Other long-term assets | 16.0 | 15.1 |
| Total | $351.5 | $306.4 |
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