UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 27, 2015


POLARIS�INDUSTRIES�INC.
(Exact name of Registrant as specified in its charter)

2100 Highway 55
Medina, Minnesota 55340
(Address of principal executive offices)
(Zip Code)

(763) 542-0500
(Registrants telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

� Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

� Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

� Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

� Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

On January 27, 2015, Polaris Industries Inc. (the Company) issued a press release announcing the Companys fourth quarter and full year 2014 financial results for the reporting period ended December 31, 2014.��On January 27, 2015, the Company also hosted its quarterly earnings conference call, which was accessible to the public.��A recording of the conference call will be available through the end of the business day on February 10, 2015 by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 for international calls; the conference ID is #61960475.��A link to conference call recording will also be posted on the Companys website at http://ir.polaris.com.

A copy of the Companys press release is furnished as Exhibit 99.1 attached hereto and a copy of the presentation materials discussed during the conference call is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.��

The disclosures set forth in Item 2.02 above are hereby incorporated by reference into this Item 7.01.

(d)�Exhibits.

The information contained in this Current Report is furnished and not deemed to be filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.��The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EXHIBIT�INDEX

Exhibit 99.1

CONTACT:
Polaris Industries Inc.
Richard Edwards, 763-542-0500

Polaris Reports Record 2014 Fourth Quarter and Full Year Results

Fourth Quarter EPS Increased 27% on Sales Growth of 18%;

Full Year 2014 EPS from continuing operations Increased 23% on Sales Growth of 19%

Fourth Quarter Highlights:

Net income increased 25% to $135.4 million, or $1.98 per diluted share, with sales increasing 18% to $1,275.0 million, both fourth quarter records.

Off-Road Vehicle sales increased 19%, Motorcycle sales increased 50% and PG&A sales increased 21% in the 2014 fourth quarter.

North American retail sales remained strong, increasing 13% in the fourth quarter compared to last year.

MINNEAPOLIS--(BUSINESS WIRE)--January 27, 2015--Polaris Industries Inc. (NYSE: PII) reported record fourth quarter net income of $1.98 per diluted share for the quarter ended December 31, 2014, an increase of 27 percent compared to the prior years fourth quarter net income of $1.56 per diluted share. Net income was $135.4 million for the fourth quarter of 2014, up 25 percent from the previous fourth quarters net income of $108.7 million. Sales for the fourth quarter of 2014 totaled a record $1,275.0 million, an increase of 18 percent over last years fourth quarter sales of $1,083.7 million.

For the full year ended December 31, 2014, Polaris reported record net income from continuing operations of $6.65 per diluted share, a 23 percent increase compared to net income from continuing operations of $5.40 per diluted share for the year ended December 31, 2013. Net income from continuing operations was $454.0 million for the full year 2014, up 19 percent from the previous years net income from continuing operations of $381.1 million. Sales for the full year 2014 totaled a record $4,479.6 million, an increase of 19 percent compared to sales of $3,777.1 million for the full year 2013.

2014 marks our fifth consecutive year of double digit sales and earnings growth, an accomplishment which testifies to the innovative spirit and dedication of the 8,000 member global Polaris team. It is inspiring to see how they overcame obstacles ranging from negative foreign exchange impacts and a weakening European economy, to highly volatile oil and crop prices, to record a 19 percent increase in both sales and net income for the full year 2014. During the year, we added over thirty new vehicles to the Polaris armada, expanding and strengthening our portfolio with our largest ever new product introduction, while our strategic acquisitions and significant investments in our global manufacturing infrastructure allow us to both create and meet the increasing demand for our products, explained Scott Wine, Polaris Chairman and Chief Executive Officer.

While we expect to face similar headwinds in 2015, namely ongoing currency volatility and a struggling European economy, I am confident that with the best team in powersports and numerous catalysts for growth and margin expansion, we are well positioned to surmount any challenges. Our ability to develop, produce, and market visionary products, and to invest strategically and aggressively, will continue driving Polaris to industry-leading growth and profitability in 2015 and beyond.

2014 Product and Operations Highlights

Product 

Introduced over twenty new MY14.5 and MY15 ORV models in 2014, including the all-new RZR^� XP 900 trail and RZR^� XP4 900 trail, several new value models, and two models in a newly defined category of single-seat, ride-in ATVs, the Polaris ACE" and strengthened our #1 market share position in ORVs

Introduced nine new MY15 snowmobiles in the all-new AXYS" chassis platform for the flatland rider  38 lbs. lighter, 15% more power to weight, fastest in the � mile shootout; MY15 800 Switchback Pro-S won 2015 Snowmobile of the Year by SnowGoer Magazine

Added two new models to the iconic Indian Motorcycle^� brand: the 2015 Roadmaster^�, a luxury touring motorcycle, and the return of the Scout", one of motorcyclings most famous and coveted mid-sized motorcycles; Polaris first mid-sized bike, and added a new bagger to the Victory motorcycle line, the Victory Magnum"

Introduced the revolutionary all-new three-wheeled motorcycle, Slingshot", the Companys first roadster motorcycle

Polaris Quality improving: #1 in Net Promoter Score (NPS) for motorcycles, Side-by-sides and ATVs

Added over 400 new Polaris accessories contributing to a 21% increase in PG&A sales in 2014

Acquired Kolpin (April 2014) and Pro Armor (November 2014), adding two industry-leading accessory companies to Polaris PG&A business

Announced a strategic partnership with Ariens^� Company, maker of outdoor power equipment to further develop our work and transportation business

Held first Camp RZR^� in the Eastern United States for our recreational trail customers  over 12,000 in attendance

Operations 

Celebrated the Companys 60^th Anniversary reflecting on the spirit of innovation, hard work and passion the Polaris founders, Edgar and Allan Hetteen and David Johnson, instilled in the Company six decades ago, beginning in 1954

Expanded production capacity and capabilities at all manufacturing facilities in the U.S. and Mexico

Completed the construction of the manufacturing plant in Opole, Poland, the Companys first manufacturing operation outside North America with initial production beginning late 2014

Appointed an experienced Polaris leader, Matt Homan, to the newly established position of President, Global Adjacent Markets to increase focus on achieving the stated objective of creating a $2+ billion non-powersports portfolio

Added 1,800 new employees, including the hiring of Ken Pucel for the newly established position of Executive Vice President of Operations, Engineering and Lean, to drive towards a lean enterprise that gives competitive advantage in quality, delivery and costs alongside the Companys world-class innovation engine

2015 Business Outlook

Full year 2015 earnings per share is expected to be in the range of $7.22 to $7.42 per diluted share, an increase of 9 to 12 percent over the full year 2014 earnings per share. Net income for full year 2015 is expected to increase in the range of 9 to 12 percent over full year 2014. Sales for full year 2015 are expected to increase 9 to 12 percent over full year 2014 sales.

Off-Road Vehicle (ORV) sales increased 19 percent from the fourth quarter 2013 to $781.5 million. This increase reflects continued market share gains on strong demand for the Companys products for both ATVs and side-by-sides. Polaris North American ORV unit retail sales were up low-double digits percent from the 2013 fourth quarter with consumer purchases of side-by-side vehicles up double-digits percent and ATV retail sales up high-single digits percent for the 2014 fourth quarter. The Companys new ACE" platform accelerated its retail sales sequentially throughout 2014. The Company estimates that North American industry ORV retail sales increased high-single digits percent from the fourth quarter of 2013 with side-by-sides increasing in the high-single digits percent range and ATVs up mid-single digits percent. International ORV shipments increased 10 percent in the 2014 fourth quarter compared to the same period last year. For the full year 2014, Polaris ORV sales increased 15 percent compared to the prior full year.

Snowmobile sales increased two percent to $138.1 million for the fourth quarter of 2014 as compared to $134.9 million for the fourth quarter of 2013. Due to the early snowfall and colder weather in North America, the snowmobile selling season started strong with industry retail sales increasing in the high-single digits percent range for the season-to-date period ended December 31, 2014. Polaris retail sales in North America for the same period reflects the positive start to the snowmobile season and consumers acceptance of the all-new AXYS" platform featured on nine new MY 2015 snowmobiles. Polaris retail sales increased in the high-teens percent range for the April through December 2014 period. Sales of Polaris snowmobiles outside North America, principally in the Scandinavian region and Russia, decreased 25 percent and 28 percent for the fourth quarter and full year 2014, respectively, when compared to the same periods a year ago, reflecting poor snowfall in the Scandinavian region and ongoing Russian economic uncertainty. For the full year 2014, Polaris snowmobile sales increased seven percent compared to the same period in the prior year.

Motorcycle division sales, increased 50 percent in the 2014 fourth quarter to $103.5 million compared to $68.8 million in the fourth quarter of 2013. During the quarter, the Company began retailing the two newest Indian motorcycles, the new 2015 Roadmaster", and the Companys first mid-sized motorcycle, the highly regarded Indian^� Scout", and began initial shipments late in the fourth quarter of the all-new roadster, Slingshot". Consumer retail demand for Polaris motorcycles was up almost 40 percent with continued strong retail sales for Indian^� motorcycles, improved retail demand for Victory^� motorcycles with retail sales up in the mid-single digits percent range in North America, and initial retail sales of Slingshot". Fourth quarter North American industry heavyweight cruiser and touring motorcycle retail sales, 1400cc and above, were down low-single digits percent compared to 2013, primarily due to the extremely cold weather in much of North America during the 2014 fourth quarter and the expected headwind resulting from strong 2013 fourth quarter industry retail sales. Sales of Polaris motorcycles outside of North America increased seven percent in the fourth quarter of 2014 as compared to a year ago. For the full year 2014, Polaris motorcycle sales increased 59 percent compared to the prior year.

Sales in the Small Vehicles division decreased 11 percent to $41.2 million in the fourth quarter 2014 compared to $46.3 million in the fourth quarter of 2013. While the Companys GEM^� business experienced an increase in sales for the 2014 fourth quarter, both Goupil and Aixam Mega realized lower sales during the 2014 fourth quarter, which was a direct result of the weak European economy and unfavorable currency impacts. For the full year 2014, Polaris small vehicles sales increased 28 percent compared to the prior year.

Parts, Garments, and Accessories (PG&A) sales increased 21 percent during the fourth quarter of 2014 to $210.7 million compared to $174.7 million in the same period last year. ORV and motorcycles were the primary drivers of the growth in PG&A for the 2014 fourth quarter, as both experienced strong double-digit percent increases in sales year over year. The 2014 fourth quarter sales increase includes the incremental accessory sales from the Pro Armor^� acquisition completed in November 2014. Sales of PG&A to customers outside of North America increased four percent during the 2014 fourth quarter compared to the same period last year. For the full year 2014, Polaris PG&A sales increased 21 percent compared to the prior year.

International sales to customers outside of North America totaled $198.0 million for the 2014 fourth quarter, down three percent from the same period in 2013. The Company experienced sales growth in its Latin American and Asia Pacific business with combined sales increasing nine percent. While the Companys Europe, Middle East and Africa (EMEA) business reported sales five percent lower, year over year, for the 2014 fourth quarter due to the weak economic environment in Europe, Polaris gained market share in both ORVs and motorcycles during the quarter. For the full year 2014, Polaris International sales increased 16 percent compared to the prior year.

Gross profit for the fourth quarter of 2014 was 28.8 percent of sales, a 43 basis point decrease from the fourth quarter 2013. Lower product costs and higher pricing realized during the 2014 fourth quarter were more than offset by negative currency movements. Gross profit dollars increased 16 percent to $367.6 million for the fourth quarter of 2014, compared to $317.1 million for the fourth quarter of 2013. For the full year 2014, gross profit as a percentage of sales decreased 23 basis points to 29.4 percent, in line with Company expectations.

Operating expenses for the fourth quarter of 2014 increased 10 percent to $176.9 million compared to $160.7 million for the fourth quarter of 2013. Operating expenses, as a percentage of sales, declined 95 basis points, to 13.9 percent compared to 14.8 percent of sales in the 2013 fourth quarter. The decline in operating expenses, as a percent of sales, for the 2014 fourth quarter was due to lower long-term incentive compensation expenses and favorable currency impacts, partially offset by higher marketing and advertising expenses related to the launch of various new model year 2015 products including the continued roll-out of Indian^� motorcycles. For the 2014 full year, operating expenses, as a percent of sales, decreased 72 basis points to 14.9 percent.

Income from financial services increased 53 percent to $19.4 million during the fourth quarter of 2014 as compared to $12.7 million in the fourth quarter of 2013. These results were primarily due to higher income from Polaris Acceptances dealer inventory financing as well as to the increased profitability of the retail credit portfolio. For the 2014 full year, income from financial services was $61.7 million, a 34 percent increase compared to $45.9 million for the full year 2013.

Equity in loss of other affiliates was $1.2 million for the fourth quarter 2014, which represents the Companys portion of the start-up costs related to the Polaris/Eicher joint venture in India established in 2012. For the 2014 full year, equity in loss of other affiliates was $4.1 million compared to $2.4 million for the full year 2013.

Non-operating other expense (income), which primarily relates to foreign currency exchange rate movements and the corresponding effects on foreign currency transactions related to the Companys foreign subsidiaries, was $3.7 million of expense in the fourth quarter of 2014, compared to $1.1 million of expense in the fourth quarter of 2013. For the 2014 full year, non-operating other expense was $0.0 million compared to $5.1 million of income for the full year 2013.

The provision for income taxes for the fourth quarter of 2014 was $67.1 million or 33.1 percent of pretax income compared to $56.7 million or 34.3 percent of pretax income for the fourth quarter 2013. The income tax provision for the fourth quarter of 2014 was positively impacted by the United States Congress extending the research and development income tax credit for calendar year 2014 during the quarter, offset somewhat by lower income generated from the Companys international operations, which generally have lower income tax rates.

The weighted average diluted shares outstanding for the fourth quarter of 2014 decreased one percent to 68.5 million shares compared to 69.5 million shares in the fourth quarter of last year. The decrease in the weighted average diluted shares outstanding is primarily due to the Companys purchase of 3.96 million shares of Polaris stock previously held by FHI Heavy Industries Ltd. (Fuji) in November 2013. For the 2014 full year, the weighted average diluted shares outstanding was 68.2 million shares compared to 70.5 million shares for the full year 2013.

Loss from Discontinued Operations in 2013

In the third quarter of 2013 Polaris recorded a loss from discontinued operations of $3.8 million net of tax, or $0.05 per diluted share, resulting from a jury verdict in connection with a personal watercraft accident. Reported net income for the full year of 2013, including both continuing and discontinued operations, was $377.3 million, or $5.35 per diluted share. The Company ceased manufacturing marine products in September 2004 and substantially completed the exit of the business in 2007.

Financial Position and Cash Flow

Net cash provided by operating activities from continuing operations increased six percent to $529.3 million for the year ended December 31, 2014 compared to $499.2 million for the same period in 2013. Higher net income for the full year 2014 was offset primarily by higher factory inventory to support the new manufacturing plant in Poland and increased demand for Polaris products, and higher deferred income tax assets. Total debt, including capital lease obligations, at December 31, 2014 was $226.1 million and the Companys debt-to-total capital ratio was 21 percent compared to 35 percent at December 31, 2013. Cash and cash equivalents were $137.6 million at December 31, 2014, a 49 percent increase from a year ago.

Share Buyback Activity

During the fourth quarter 2014, the Company repurchased and retired 524,000 shares of its common stock for $77.8 million, bringing total share repurchases to 553,000 shares or $81.8 million for the full year 2014. As of December 31, 2014, the Company has authorization from its Board of Directors to repurchase up to an additional 1.1 million shares of Polaris stock.

Conference Call and Webcast Presentation

Today at 9:00 AM (CT) Polaris Industries Inc. will host a conference call and webcast to discuss Polaris 2014 fourth quarter and full year earnings results released this morning. The call will be hosted by Scott Wine, Chairman and CEO, Bennett Morgan, President and COO, and Mike Malone, Vice PresidentFinance and CFO. A slide presentation and link to the webcast will be posted on the Investor Relations page of the Polaris web site at ir.polaris.com.

To listen to the conference call by phone, dial 877-706-7543 in the U.S. and Canada, or 973-200-3967 internationally. The Conference ID is #61960475.

A replay of the conference call will be available approximately two hours after the call for a one-week period by accessing the same link on our website, or by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 internationally.

About Polaris

Polaris is a recognized leader in the powersports industry with annual 2014 sales of $4.5 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER^� and RZR^� side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.

Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory^� and Indian Motorcycle^� and Slingshot" brands. Additionally, Polaris continues to invest in the global on-road small electric/hybrid powered vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, Aixam Mega S.A.S., and internally developed vehicles. Polaris enhances the riding experience with a complete line of Polaris Engineered Parts, Accessories and Apparel, Klim branded apparel and ORV accessories under the Kolpin^�, Cycle Country^� and Pro Armor^� brands.

Polaris Industries Inc. trades on the New York Stock Exchange under the symbol PII, and the Company is included in the S&P Mid-Cap 400 stock price index.

Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime at www.polaris.com.

Except for historical information contained herein, the matters set forth in this news release, including managements expectations regarding 2015 sales, shipments, net income, and net income per share from continuing operations are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Companys ability to successfully implement its manufacturing operations realignment initiatives, product offerings, promotional activities and pricing strategies by competitors; acquisition integration costs; warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; performance of affiliate partners; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements.

(summarized financial data follows)

Certain reclassifications of previously reported balance sheet amounts have been conformed to the current year presentation

Exhibit 99.2

Fourth Quarter & Full Year 2014 Earnings Results January 27, 2015 POLARIS INDUSTRIES INC.

Safe Harbor Except for historical information contained herein, the matters set forth in this document, including but not limited to managements expectations regarding 2015 sales, shipments, margins, net income and cash flow, the opportunities for expansion and diversification of the Companys business and the Companys guidance on earnings per share from continuing operations are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as product offerings, promotional activities and pricing strategies by competitors; manufacturing operation initiatives; acquisition integration costs; warranty expenses; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; performance of affiliate partners; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in our 2013 annual report and Form 10-K filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements. The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and compiled by the Company or Company estimates. The Company must rely on information that its dealers supply concerning retail sales, and other retail sales data sources and this information is subject to revision. Q4-FY14 1/27/15 2

Scott W. Wine Chairman & CEO Fourth Quarter & Full Year 2014 Earnings Results January 27, 2015 POLARIS INDUSTRIES INC.

Q4 2014 Sales and Net Income Record 4th quarter sales and net income Sales of Motorcycles +50%; PG&A +21%; ORV +19% Sales in EMEA -5%, Asia Pacific +7%; Latin America +14% N.A. retail sales increased 13%; ORV, motorcycles and snowmobiles up strong Earnings per share increased 27% to a record $1.98 Operating income increased 24% to $210.0 million Net income margins were up 59 bps to 10.62% $1,083.7 $1,275.0 Q4 2013 Q4 2014 Another Strong Quarter and Finish to the 2014 Year Q4 Sales Q4 Net Income (in millions) (in millions) Q4-FY14 1/27/15 4 $108.7 $135.4 Q4 2013 Q4 2014 +18% +25%

2014 Sales and Net Income 5th straight year of record full year sales and earnings All businesses grew sales in 2014 International Sales were up 16% EMEA +12%; Asia Pacific +33%; Latin America +17% Earnings per share* increased 23% to a record $6.65 Operating income increased 24% to $714.7 million Net income* margin ended at 10.14% up 5 bps $3,777.1 $4,479.6 FY 2013 FY 2014 Impressive, Record Full Year Results... Again Total Company Sales Net Income +19%��ORV 65% 17% 8% 7% 3% Motorcycles Small Vehicles Snow PG&A FY 2014 Sales by Product $381.1 $454.0 FY 2013 FY 2014

Polaris Strategic Objectives Vision & Strategy VISION STRATEGY Fuel the passion of riders, workers and outdoor enthusiasts around the world by delivering innovative, high quality vehicles, products, services and experiences that enrich their lives. Polaris will be a highly profitable, customer centric, $8B global enterprise by 2020. We will make the best off-road and on-road vehicles and products for recreation, transportation and work supporting consumer, commercial and military applications. Our winning advantage is our innovative culture, operational speed and flexibility, and passion to make quality products that deliver value to our customers. Strategic Objectives Best in Powersports PLUS Global Market Leadership Strong Financial Performance Growth Through Adjacencies LEAN Enterprise is Competitive Advantage 5-8% annual organic growth >33% of Polaris revenue >$2B from acquisitions & new markets Significant Quality, Delivery & Cost Improvement Sustainable, profitable growth Net Income Margin >10% Guiding Principles Performance Priorities Best People, Best Team Safety & Ethics Always Customer Loyalty Growth Margin Expansion Product & Quality Leadership LEAN Enterprise GROW SALES >$8 Billion by 2020 12% CAGR INCREASE NET INCOME >10% of Sales by 2020 13% CAGR Q4-FY14 1/27/15 6

Best in Powersports Plus Over 30 new products; RZRs, RANGERs, ACE, Scout, Roadmaster, AXYS Complementary acquisitions; Kolpin and Pro Armor Customer loyalty strong; >12,000 in attendance at Camp RZR East Growth Through Adjacencies Introduced Slingshot, Polaris first three-wheeled Roadster motorcycle New organization structure to improve focus  Global Adjacent Markets Defense growing with new DAGOR vehicle Global Market Leadership International sales up 16% - all regions grew sales and share Poland plant began initial ORV production  shipments to begin in Q1 2015 Eicher/Polaris JV new vehicle launch scheduled for Q2 2015 LEAN Enterprise is Competitive Advantage ATV RFM process implemented  Dealer learning curve similar to MVP Spirit Lake paint capacity on-line in Q1 2015  processes improving daily Alabama site selected for new ORV plant  expected start of production Q2 2016 Strong Financial Performance Sales up 19%; operating income up 24%; EPS up 23%; ROIC = 42% 2014 2020 GROW SALES >$8B by 2020 12% CAGR +19% $4.5B >$8B Overcame Challenges to Deliver Impressive Record Results 2014 2014 Strategic Progress . . . Q4-FY14 1/27/15 GROW SALES >$8B by 2020 12% CAGR +19% $4.5B >$8B 2014 2020 GROW SALES >$8B by 2020 12% CAGR +19% $4.5B >$8B Overcame Challenges to Deliver Impressive Record Results 2014 2020 INCREASE NET INCOME >10% of Sales by 2020 13% CAGR +5 bps 10.14% >10%

Bennett Morgan President & COO Fourth Quarter & Full Year 2014 Earnings Results January 27, 2015 POLARIS INDUSTRIES INC.

N.A. Retail Sales & Dealer Inventory  FY 2014 Dealer Inventory Up, but Remains Appropriate, Opportunities Exist N.A. Powersports Market Share & Retail Sales N.A. Dealer Inventory Polaris N.A. retail 13% for Q4 and 12% FY 2014 vs. 2013 Gained share in ORV, motorcycles and snowmobiles season-to-date Polaris year-end 2014 N.A. dealer inventory 16% vs. 2013 ORV high-teens % driven primarily by new models and market segments; ATVs moving to RFM Indian motorcycles ; Victory year-over-year; Slingshot began shipping in November 2014; stockouts Snowmobiles and Small Vehicles single-digits % ATV dealers using RFM process beginning Q4 2014 2010 2011 2012 2013 2014 Polaris Industry +5% +12% Q4-FY14 1/27/15 9 Market Share Retail Sales 4% Existing Models 8% New models/ categories 4% New Dealers 16% Total Increase +16%

Operational Excellence Q4 production delays in motorcycles  paint system, new product readiness Plant capacity challenges improving Spirit Lake paint system operational and Poland producing, other capacity projects coming on-line Gross Profit Margin in Q4 due primarily to currency pressures RFM implementation for ATVs implemented Factory inventory up 35% vs. 2013; PG&A, raw materials, mix and acquisitions Polaris quality improving; #1 in NPS for Motorcycles, SxS, ATVs Q4-FY14 1/27/15 LEAN Enterprise is Competitive Advantage -43 bps 28.8% -23 bps 29.4% Up to +20 bps 29.4% to 29.6% New paint operations in Spirit Lake, SOP Q4 2014 -43 bps 28.8% -23 bps 29.4% Up to +20 bps 29.4% to 29.6% Q4 2014 FY 2014 FY 2015 Guidance New paint operations in Spirit Lake, SOP Q4 2014 Motorcycle Production & Capacity Challenges Impacted Customers & Q4 10

New Manufacturing Plant Announced 600,000 sq. ft. manufacturing plant ORV, primarily Ground breaking Feb. 2015, open Q2 2016 ~1,700 employees at capacity Central to Huntsville, Decatur & Athens (MSA 400,000 pop.) Investment ~$150 million Lean design, value stream focused Q4-FY14 1/27/15 11 Adding Capacity to Supply Future Consumer Demand 453 Acre Site 3 Miles Airport / Intermodal 7 miles 11

Off-Road Vehicles Grew sales in every product line: RANGER, RZR, Sportsman Polaris ORV Q4 2014 retail sales were lowdouble digits SxS double digits %, ATV high-single digits % ACE accelerated sales in each sequential quarter in 2014 ORV remains #1 and gaining market share MY 15 products successful against aggressive competition Introduced 4 new MY 15.5 models  RZR 170 EFI and RANGER 900S 4 Q4-FY14 1/27/15 12 Polaris ORV Sales Up mid-single digits % +15% $2,909.0 Best in Powersports PLUS +19% $781.5 ($ millions) +15% $2,793.1* FY 2014 (Reclassified) FY 2015 Guidance Q4 2014 FY 2014 Building Upon Clear Market Share Lead in ORV 12

Motorcycles Polaris N.A. motorcycle retail sales 40% in Q4 Indian ; retail, share, and dealer expansion Victory single digits % Heavyweight Industry low-single digits %; tough comps Initial retail of Slingshot in November/December Indian Motorcycle distribution expanding Over 175 N.A. dealers signed; 118 currently retailing Initial shipments of mid-sized motorcycle Indian Scout in Q4 Bike well-received by consumers, but shipments constrained Slingshot shipments began in November; ~330 dealers Shipments constrained; Production ramping-up New Spirit Lake paint system on-line; speed & quality improving Dealer and consumer order backlog in all products Q4-FY14 1/27/15 13 Polaris Motorcycle Sales Q4 2014 FY 2014 FY 2015 Guidance Q4 2014 FY 2014 FY 2015 Guidance Up 50% to 65% +59% $348.7 +50% $103.5 ($ millions) Best in Powersports PLUS

Snowmobiles N.A. Industry STD retail high-single digits%  early snow fall, colder weather and new products However Q1 2015 snow conditions spotty Polaris N.A. retail STD in the high-teens %; largest N.A. share winner STD N.A. Dealer inventory high-single digits % MY15 sleds with new AXYS chassis selling well Exciting news for MY16 coming in March European snowmobile sales weak due to poor snow and Russia uncertainty Q4-FY14 1/27/15 14 Polaris Snowmobile Sales Q4 2014 FY 2014 FY 2015 Guidance ($ millions) Down mid-single digits % +2% $138.1 +7% $322.4 Best in Powersports PLUS Strong Start to Snow Season  Polaris Outperforming

PG&A Record Q4 sales; 21% ORV sales 28%, Motorcycles 90%, Accessories 36%, Parts 6%, Apparel 2%, timing Pro Armor solid addition to Polaris aftermarket accessories portfolio Added over 400 new accessories & 200 new apparel items in 2014 Q4-FY14 1/27/15 15 Continued Strong Growth Polaris PG&A Sales Q4 2014 FY 2014 FY 2015 Guidance +21% Up high-teens % $742.1 +21% $210.7 ($ millions) FY 2014 PG&A Sales by Product Line Motorcycles Small Vehicles Other Apparel Snow Parts 39% 8% Accessories ORV 69% 9% 4% 13% 5% FY 2014 PG&A Sales by Category ORV 69% 9% 4% 13% 5% FY 2014 PG&A Sales by Category FY 2014 PG&A Sales by Product Line Motorcycles Small Vehicles Other

Global Adjacent Markets Full Year 2014 Small Vehicles (SV) strong, but down in Q4 due to weak Europe economy Commercial: National Accounts & partnerships (Bobcat, Ariens) working well, BRUTUS improved in 2H Defense sales 55%; DAGOR well-positioned Announced contracts for U.S. Special Forces; first 15 units delivered 2015 NEW Global Adjacent Markets business unit established; focused on growth outside powersports Combines Small Vehicles, Defense and Commercial Increase focus and leverage resources of individual businesses Focused on adding and developing new strategic pillars for Polaris to grow Q4-FY14 1/27/15 16 New Global Adjacent Market Structure will Drive Synergies, Focus & Growth Small Vehicle Sales Up +24% 10% to 15% $273.3* Growth Through Adjacencies -11% $41.2 ($ millions) +28% $157.4 Global Adjacent Market Sales ($ millions) *2014 reclassified to include Defense and Commercial Sales Q4 2014 FY 2014 FY 2014 (Reclassified) FY 2015 Guidance

ORV 46% Small Vehicles 19% PG&A 16% International International sales 3% in Q4 ORV 10%; Motorcycles 7%; SV 13%; Snow 25% EMEA 5%; Asia Pacific 7%; Latin America 14% Russia very weak, but just ~1% of sales EMEA market share gains in ORV, motorcycles, snow & Aixam Q4 European powersports industries stable; full year ORV ; snowmobiles ; motorcycles Polaris Asia Pacific solid  Australia and India Australia share gains  #1 in ORV; big gains in motorcycles Latin America  Mexico very strong Poland plant producing and shipping Q4-FY14 1/27/15 17 Q4 European Weakness Offset Asia Pacific/Latin America Growth International Sales Q4 2014 FY 2014 FY 2015 Guidance FY 2014 International Sales by Product FY 2014 International Sales by Geography Up low-single +16% digits % $685.1 Global Market Leadership -3% $198.0 ($ millions) Motorcycles 11% Europe 68% Latin America 7% Asia 4% Aus / NZ 12% ME / Africa 9%

Mike Malone V.P. Finance & CFO Fourth Quarter & Full Year 2014 Earnings Results January 27, 2015 POLARIS INDUSTRIES INC.

GUIDANCE Sales Components Off-Road Vehicles Up mid-single digits % (reclassified 2014 actuals) Snowmobiles Down mid-single digits % Motorcycles Up 50% to 65% Global Adjacent Markets Up 10% to 15% (reclassified 2014 actuals) PG&A Up high-teens % International Up low-single digits % Total Company sales Up 9% to 12% Gross profit margin Flat to Up 20 bps Operating expenses (% of sales) About flat Income from financial services Up low-single digits % Income taxes 34.5% to 35.0% of pretax income Net income Up 9% to 12% EPS, diluted $7.22 to $7.42 (+9% to +12%) Solid Growth Expectations 2015 Full Year Guidance Guidance from 2014 Increased/ favorable Decreased/ unfavorable Neutral Q4-FY14 1/27/15 19 METRIC

METRIC Actual Q4 2014 Actual FY 2014 Guidance FY 2015 Prior period 29.3% 29.7% 29.4% Production volume/capacity Product cost reduction efforts Commodity costs Currency rates Higher selling prices Product mix New plant start-up costs Warranty costs Depreciation/Tooling amortization Sales promotional costs Contract dispute charge in 2013 N/A N/A Current period 28.8% 29.4% 29.4% to 29.6% Change -43 bps -23 bps Flat to Up +20 bps 2015 Gross Profit Margin Guidance Improvement to gross profit margin % Impairment to gross profit margin % Neutral to gross profit margin % Q4-FY14 1/27/15 20

Major Foreign Currencies for Polaris Q4-FY14 1/27/15 Currency Approximate Exposure � in Avg. Rate 2013 to 2014 � to 2014 Avg. Rate in Jan. 2015 FY 2015 Exposure Hedged Impact 2015 vs. 2014 Canadian Dollar (CAD) Long ~$400M -7% -10% ~10% Negative Euro (EUR) Net Long ~$150M Flat -15% 0% Negative Australian Dollar (AUD) Long ~$75M -7% -10% ~10% Negative Norwegian Kroner (NOK) Long ~$50M -6% -20% 0% Negative Swedish Krona (SEK) Long ~$50M -5% -20% 0% Negative Mexican Peso (MXN) Short ~$50M -4% -8% ~66% Positive Japanese Yen (JPY) Short ~$50M -8% -15% ~66% Positive Balance Sheet Re-measurement Long Negative Positive 0% Positive Net Impact to Gross Profit Negative Approximate Financial Impact Q4 2014 Actual FY 2014 Actual 2015 Expectations Sales (2%) (1%) ~(2%) Gross Margin % >(150 bps) >(100 bps) ~(100 bps) Significant Impact in 2014, Pressure Expected to Persist into 2015 21

Balance Sheet and Liquidity Profile $ In millions (except per share and rate data) FY 2014 Fav / (UnFav) FY 2013 2015 Full Year Guidance Cash $137.6 49% Increase Debt / Capital lease obligations $226.1 21% Unchanged Credit facility $350.0 Flat Unchanged Factory inventory $565.7 (35%) Improved Turns Capital expenditures $205.1 8% >$250M Depreciation and amortization $127.5 38% Increase about 25% from 2014 Operating cash flow from continuing operations $529.3 6% Increase at higher % than net income Dividend (per share) $1.92 14% Increase 10% over 2014 Polaris Acceptance receivables $1,141.1 23% About flat with 2014 Retail credit  Volume  Approval rate  Penetration rate $903.7 58% 32% 16% Flat Flat Rates stable Q4-FY14 1/27/15 22

Scott W. Wine Chairman & CEO Fourth Quarter & Full Year 2014 Earnings Results January 27, 2015 POLARIS INDUSTRIES INC.

Improved Execution will Drive 6th Consecutive Year of Record Results 24 Summary  2015 Business Outlook Q4-FY14 1/27/15 U.S. Economy improving; Europe weak Oil/gas and Ag/farm industries manageable; currency challenges ongoing Powersports Industry growing; competition remains aggressive Innovation & dealer focus continues growth in ORVs Bigger year for motorcycles; much improved execution Indian expansion continues; Slingshot wows & grows; Victory races forward Global Adjacent Markets; New leader, aggressive growth plans Work & Transportation focus: Small Vehicles, Defense & Commercial PG&A growth continues; opportunities abound Retail improvements and M&A accelerate Operations/LEAN moves to next level of execution Quality, Delivery, Inventory & Cost will improve

Thank you Questions?

SEC Filings

Polaris Industries (PII) Tops Q4 EPS by 4c; Guides FY15 EPSJanuary 27, 2015 6:04 AM