PII (PII) financial statements
PII reported revenue of $7.2B in fiscal 2025, up 5.2% a year over 9 years.
Net income was -$466M and the operating margin -4.9%, against 7.8% in 2016.
Free cash flow was $558M, and the company returned $150M in dividends and $2M in net buybacks.
The diluted share count fell 13% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PII's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.5B | $5.4B | $6.1B | $6.8B | $6.3B | $7.4B | $8.6B | $8.9B | $7.2B | $7.2B |
| Cost of revenue | $3.4B | $4.1B | $4.6B | $5.1B | $4.7B | $5.7B | $6.6B | $7.0B | $5.7B | $5.8B |
| Gross profit | $1.1B | $1.3B | $1.5B | $1.6B | $1.5B | $1.8B | $2.0B | $2.0B | $1.5B | $1.4B |
| Research and development | $185M | $238M | $260M | $293M | $288M | $329M | $367M | $374M | $337M | $372M |
| Selling, general and admin | $649M | $803M | $842M | $953M | $726M | $764M | $837M | $965M | $937M | $1.0B |
| Operating income | $350M | $360M | $487M | $484M | $521M | $712M | $804M | $701M | $291M | -$349M |
| Interest expense | $16M | $32M | $57M | $78M | $67M | $44M | $72M | $125M | $137M | $131M |
| Pre-tax income | $313M | $319M | $429M | $408M | $450M | $629M | $761M | $620M | $141M | -$533M |
| Income tax | $100M | $146M | $94M | $84M | $90M | $132M | $158M | $118M | $30M | -$68M |
| Net income | $213M | $172M | $335M | $324M | $125M | $494M | $447M | $503M | $111M | -$466M |
| EPS (diluted) | $3.27 | $2.69 | $5.24 | $5.20 | $1.99 | $7.88 | $7.44 | $8.71 | $1.95 | -$8.18 |
| Diluted shares | 65M | 64M | 64M | 62M | 63M | 63M | 60M | 58M | 57M | 57M |
| Gross margin | 24.5% | 24.4% | 24.7% | 24.3% | 24.4% | 23.5% | 22.8% | 21.9% | 20.4% | 19.1% |
| Operating margin | 7.8% | 6.6% | 8.0% | 7.1% | 8.3% | 9.6% | 9.4% | 7.8% | 4.0% | -4.9% |
| Net margin | 4.7% | 3.2% | 5.5% | 4.8% | 2.0% | 6.6% | 5.2% | 5.6% | 1.5% | -6.5% |
Balance sheet
Fiscal years, from PII's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $127M | $138M | $161M | $157M | $635M | $502M | $324M | $368M | $288M | $138M |
| Receivables | $175M | $200M | $197M | $190M | $257M | $228M | $343M | $306M | $192M | $238M |
| Inventory | $747M | $784M | $970M | $1.1B | $1.2B | $1.5B | $1.9B | $1.8B | $1.7B | $1.4B |
| Total current assets | $1.2B | $1.3B | $1.5B | $1.6B | $2.2B | $2.6B | $2.8B | $2.7B | $2.6B | $2.2B |
| Property, plant and equipment | $728M | $747M | $843M | $900M | $889M | $928M | $1.0B | $1.2B | $1.2B | $1.0B |
| Goodwill | $422M | $433M | $647M | $660M | $397M | $391M | $386M | $394M | $394M | $349M |
| Total assets | $3.1B | $3.1B | $4.1B | $4.4B | $4.6B | $5.0B | $5.2B | $5.5B | $5.5B | $4.9B |
| Total current liabilities | $960M | $1.1B | $1.2B | $1.5B | $1.9B | $2.2B | $2.3B | $1.9B | $2.3B | $2.2B |
| Long-term debt | $1.1B | $865M | $1.9B | $1.5B | $1.3B | $1.2B | $1.5B | $1.9B | $1.6B | $1.5B |
| Total liabilities | $2.2B | $2.1B | $3.3B | $3.3B | $3.5B | $3.8B | $4.1B | $4.1B | $4.2B | $4.1B |
| Shareholders' equity | $867M | $932M | $867M | $1.1B | $1.1B | $1.2B | $1.1B | $1.4B | $1.3B | $828M |
| Net debt | $1.0B | $775M | $1.8B | $1.5B | $816M | $1.3B | $1.7B | $1.5B | $1.4B | $1.4B |
Cash flow
Fiscal years, from PII's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $590M | $585M | $477M | $655M | $1.0B | $294M | $509M | $926M | $268M | $741M |
| Capital spending | $209M | $184M | $225M | $251M | $204M | $283M | $307M | $413M | $262M | $183M |
| Free cash flow | $380M | $401M | $252M | $404M | $814M | $11M | $202M | $513M | $6M | $558M |
| Stock-based compensation | $58M | $50M | $64M | $75M | $65M | $61M | $63M | $57M | $49M | $60M |
| Dividends paid | $140M | $145M | $149M | $149M | $152M | $153M | $150M | $147M | $148M | $150M |
| Share buybacks (net) | -$246M | -$90M | -$349M | -$8M | -$50M | -$462M | -$505M | -$179M | -$83M | -$2M |
| Net borrowing | — | — | — | $3.4B | $1.4B | $2.4B | $3.0B | $2.8B | $3.7B | $3.1B |
| Free cash flow margin | 8.4% | 7.4% | 4.1% | 6.0% | 13.0% | 0.1% | 2.4% | 5.7% | 0.1% | 7.8% |
| Dividends per share | $2.15 | $2.27 | $2.33 | $2.39 | $2.44 | $2.45 | $2.50 | $2.55 | $2.60 | $2.64 |
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Open PII in InvestinglyQuestions
What was PII's revenue in 2025?
$7.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does PII generate?
$558M in fiscal 2025 (operating cash flow minus capital spending).
From PII's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.