An experimentally validated model was developed to analyze the polarization of a in ethylene carbonate (EC):ethyl methyl carbonate (EMC) battery cell during a hybrid pulse power characterization (HPPC) cycle. The analysis was made with a method where the polarization was split up into parts associated with activation of the electrochemical reactions, mass transport of species in the electrolyte and in the solid phase, and inadequate contact between the materials in the electrodes. Each contribution to the polarization was quantified as a snapshot in time and as an average over the HPPC cycle. The polarization during a cycle according to EUCAR was analyzed in detail for state of charge (SOC) 40 and 80. It arose mainly due to the mass transport in the electrolyte, e.g., at SOC 40 it contributed to 43% of the total polarization. In an ISO (International Organization for Standardization)-energy cycle where the current loads are higher and applied for longer times than the EUCAR cycle, the mass transport by diffusion in the electrolyte and in the solid phase of the negative electrode became more significant. The presented method offers the possibility to find a battery cell's optimal operational condition and design.