Abstract Satellite observations reveal that decreasing surface albedo in both polar regions is increasing the absorption of solar radiation, but the disposition of this absorbed energy is fundamentally different. Fluxes of absorbed solar radiation, emitted thermal radiation, and net energy imbalances are assessed for both polar regions for the last 21 years in the Clouds and Earth’s Radiant Energy System record. Arctic absorbed solar radiation is increasing at 0.98 ± 0.69 W m−2 decade−1, consistent with the anticipated response to sea ice loss. However, Arctic thermal emission is responding at a similar rate of 0.94 ± 0.55 W m−2 decade−1. This is surprising since the radiative impact of ice loss would be expected to favor increasing solar absorption. We find however, that clouds substantially mask trends in Arctic solar absorption relative to clear sky while having only a modest impact on thermal emission trends. As a result, the Arctic net radiation imbalance has not changed over the period. Furthermore, variability of absorbed solar radiation explains two-thirds of the variability in annual thermal emission suggesting that Arctic thermal fluxes rapidly adjust to offset changes in solar absorption and re-establish equilibrium. Conversely, Antarctic thermal emission is not responding to the increasing (although not yet statistically significant) solar absorption of 0.59 ± 0.64 W m−2 decade−1 with less than a third of the annual thermal variability explained by accumulated solar absorption. The Arctic is undergoing rapid adjustment to increasing solar absorption resulting in no change to the net energy deficit, while increasing Antarctic solar absorption represents additional energy input into the Earth system. Significance Statement The polar regions of Earth are undergoing ice loss through ongoing global warming, reducing the ice cover and decreasing solar reflectivity, which would be expected to warm these regions. We use satellite observations to measure the trends in solar absorption and emitted thermal radiation over the Arctic and Antarctic for the last two decades. Arctic thermal emission is increasing at a compensating rate to solar absorption with a close relationship between these processes. Conversely, Antarctic thermal emission is not responding to solar absorption demonstrating that Antarctic surface temperatures are not significantly influenced by the region’s reflectivity. The Arctic is undergoing rapid adjustment to increasing solar absorption through warming, while increasing Antarctic solar absorption represents additional energy input into the Earth system.