8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORTPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 18, 2012


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

Minnesota	1-11411	41-1790959
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

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

(763) 542-0500
(Registrant’s 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))

Item 2.02     Results of Operations and Financial Condition.

On October 18, 2012, Polaris Industries Inc. (the “Company”) issued a press release announcing the Company’s third quarter 2012 financial results for the reporting period ended September 30, 2012.  On October 18, 2012, 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 October 25, 2012 by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 for international calls and entering passcode 65258311, and on the Company’s website, www.polarisindustries.com/irhome.

A copy of the Company’s 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.  

Item 7.01     Regulation FD Disclosure.

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

Item 9.01     Financial Statements and Exhibits.

(d) Exhibits.

99.1           Press Release dated October 18, 2012 of Polaris Industries Inc.

99.2           Presentation materials dated October 18, 2012 of Polaris Industries Inc.

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.

Date:	October 18, 2012
		POLARIS INDUSTRIES INC.
		/s/ Michael W. Malone
		Michael W. Malone
		Vice President – Finance and
		Chief Financial Officer of Polaris Industries Inc.

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated October 18, 2012 of Polaris Industries Inc.
99.2	Presentation materials dated October 18, 2012 of Polaris Industries Inc.

EX-99.1

Exhibit 99.1

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

Polaris Reports Record Third Quarter 2012 Results; EPS Increased 40% to $1.33 With Sales Growth of 21%

Company increases full year 2012 guidance

Third Quarter Highlights:

• Net income increased 39% to $94.3 million, or $1.33 per diluted share, with sales escalating 21% to $879.9 million, setting third quarter sales and earnings records
• All product lines experienced double digit percentage sales increases during the 2012 third quarter, as North American retail unit sales climbed more than 10% on strong, enduring SxS and Victory Motorcycle demand
• Gross profit margins expanded 120 basis points to 29.5% driven by product cost reduction efforts, higher selling prices and manufacturing realignment savings
• Raising guidance for full year 2012 earnings to a range of $4.32 to $4.37 per diluted share, up 35% to 37% over 2011 based on expected full year 2012 sales growth of 19% to 20%.

MINNEAPOLIS--(BUSINESS WIRE)--October 18, 2012--Polaris Industries Inc. (NYSE: PII) reported record third quarter net income of $1.33 per diluted share for the quarter ended September 30, 2012, up 40 percent from the prior year’s third quarter net income of $0.95 per diluted share. Reported net income was $94.3 million for the 2012 third quarter, up 39 percent from the previous third quarter net income of $67.6 million. Sales for the third quarter 2012 totaled a record $879.9 million, an increase of 21 percent over last year’s third quarter sales of $729.9 million.

Scott Wine, Polaris’ Chief Executive Officer, commented, “We began the third quarter with significant momentum, and thanks to broad based consumer demand and market share gains for our RANGER^® and RZR^® side-by-side vehicles, we positioned the company for a strong finish to the year. This Polaris team again demonstrated the power of our combined focus on product innovation and execution by driving a greater than ten percent increase in Polaris North American unit retail sales in the third quarter. The growth in retail sales along with increased market share drove double digit sales growth in each of our product lines during the quarter. The innovation goes beyond just products – our Retail Flow Management pull process for motorcycles and enhanced MVP process for ORV has dramatically improved product availability and delivery for our dealers. Our ongoing operational excellence initiatives helped to ensure this growth was even more profitable, as the manufacturing realignment, along with numerous cost management programs, led to significant gross profit and net income margin improvements over the prior year period. These strong earnings enabled us to continue strategically spending in support of future growth across our portfolio.”

“Looking forward, we are very encouraged by the strong dealer and consumer reception to our new industry leading model year 2013 products. Our evolving and expanding product line-up reflects our continued focus on innovation as well as our sustained commitment to profitable growth. With three outstanding quarters behind us and the demonstrated ability of our team to identify and execute on new growth opportunities, 2012 is shaping up to be another record year for Polaris. Though we remain vigilant regarding economic developments and their impact on our customers, we are confident in our strategic direction and implementation and are raising our full year 2012 sales and earnings projections.”

2012 Business Outlook

The Company is increasing its previously issued sales and earnings guidance and now expects full year 2012 earnings in the range of $4.32 to $4.37 per diluted share, an increase of 35 to 37 percent over full year 2011 earnings of $3.20 per diluted share. Full year 2012 sales are now expected to grow in the range of 19 to 20 percent from 2011.

Third Quarter Performance Summary (in thousands except per share data)
	Three Months ended September 30,			Nine Months ended September 30,
Product line sales	2012	2011	Change	2012	2011	Change
Off-Road Vehicles	$ 573,020	$ 486,243	18%	$ 1,658,730	$ 1,356,566	22%
Snowmobiles	114,885	95,102	21%	128,405	110,865	16%
On-Road Vehicles	63,396	35,655	78%	192,789	111,449	73%
Parts, Garments & Accessories	128,638	112,861	14%	329,211	296,100	11%
Total Sales	$ 879,939	$ 729,861	+21%	$ 2,309,135	$ 1,874,980	+23%
Gross profit	$ 259,785	$ 206,836	+26%	$ 671,497	$ 536,275	+25%
Gross profit as a % of sales	29.5%	28.3%	+120 bpts	29.1%	28.6%	+50 bpts
Operating expenses	$ 126,445	$ 102,873	+23%	$ 351,574	$ 296,620	+19%
Operating expenses as a % of sales	14.4%	14.1%	+30 bpts	15.2%	15.8%	-60 bpts
Operating Income	$ 141,567	$ 110,290	+28%	$ 343,548	$ 256,794	+34%
Operating Income as a % of sales	16.1%	15.1%	+100 bpts	14.9%	13.7%	+120 bpts
Net Income	$ 94,345	$ 67,637	+39%	$ 224,246	$ 163,676	+37%
Net income as a % of sales	10.7%	9.3%	+140 bpts	9.7%	8.7%	+100 bpts
Diluted Net Income per share	$ 1.33	$ 0.95	+40%	$ 3.16	$ 2.30	+37%

Off-Road Vehicle (“ORV”) sales increased 18 percent from the third quarter 2011 to $573.0 million. This increase reflects continued North American market share gains for both ATVs and side-by-side vehicles, including the completely redesigned RANGER XP^® 900 utility vehicle, which incorporates a new purpose built 900 EFI engine, enhanced ride, handling and comfort, and integrated PG&A solutions. Polaris North American ORV unit retail sales were up low double digits percent from the third quarter last year, with consumer purchases of side-by-side vehicles climbing more than 15 percent and ATV retail sales up mid-single digits percent. The Company estimates North American industry ORV retail sales in the third quarter 2012 rose mid-single digits percent from the third quarter of 2011. While our International businesses continued to gain market share, sales of ORVs outside of North America decreased 19 percent in the third quarter, primarily due to weak demand in Europe.

Snowmobile sales increased 21 percent to $114.9 million for the 2012 third quarter as compared to $95.1 million for the third quarter of 2011. This increase is due to the Company’s decision to escalate early season snowmobile shipments so as to better coincide with the start of the consumer retail snowmobile selling period. Sales of snowmobiles outside of North America, principally the Scandinavian region and Russia, increased 20 percent in the third quarter of 2012 compared to a year ago.

Sales of the On-Road Vehicles division, comprised primarily of Victory motorcycles, but also including Indian motorcycles and our GEM and Goupil electric vehicles, increased 78 percent over the same period last year to $63.4 million. Consumer demand for Victory motorcycles was strong in each of our global markets, as we continued to gain market share and expand distribution. Third quarter North American industry heavyweight cruiser and touring motorcycle retail sales were down single digits percent from 2011, while over the same period, Victory North American consumer unit retail sales increased over 25 percent. Sales of On-Road Vehicles to customers outside of North America increased over 150 percent during the 2012 third quarter.

Parts, Garments, and Accessories (“PG&A”) sales increased 14 percent during the third quarter 2012 compared to the same period last year. All product lines and product categories experienced increased sales, driven by the addition of over 250 new model year 2013 accessories and higher PG&A related sales to owners of the Company’s large installed base of vehicles. Sales of PG&A to customers outside of North America increased 21 percent during the 2012 third quarter compared to the same period last year.

International sales totaled $100.9 million for the 2012 third quarter, up three percent over the same period in 2011. The increase in third quarter sales resulted from a 13 percent combined increase in sales to customers in the Asia/Pacific and Latin American regions, along with higher sales of Victory motorcycles and the incremental sales from the Goupil acquisition. This was largely offset by lower ORV sales, primarily in Europe, due to sluggish economic conditions and a three percent unfavorable currency impact.

Gross profit was 29.5 percent of sales for the third quarter of 2012, a 120 basis point increase over the third quarter 2011. Gross profit dollars increased 26 percent to $259.8 million for the third quarter of 2012, compared to $206.8 million for the third quarter of 2011. The increase in both the gross profit percentage and gross profit dollars is primarily due to cost savings from product cost reduction efforts, production efficiencies on increased volumes, higher selling prices and ongoing cost saving from the manufacturing realignment project, partially offset by higher sales promotions and negative product mix.

Operating expenses for the third quarter of 2012 increased 23 percent to $126.4 million, or 14.4 percent of sales, versus $102.9 million or 14.1 percent of sales during the third quarter of 2011. Operating expenses in absolute dollars and as a percentage of sales for the third quarter of 2012 increased primarily due to higher research and development expenses, ongoing infrastructure investment for growth initiatives, and higher incentive compensation plan expenses due to stock price changes during the third quarter of 2012 compared to the same period in 2011.

Income from financial services increased 30 percent to $8.2 million during third quarter 2012 compared to $6.3 million in the third quarter of 2011. These results were primarily a consequence of increased profitability generated from retail credit portfolios with GE, Capital One and Sheffield and higher income from dealer inventory financing through Polaris Acceptance.

Non-operating other (income) was $4.0 million in the third quarter of 2012, compared to $5.5 million expense in the third quarter of 2011. The increase in profitability was derived from foreign currency exchange rate movements and the corresponding effects on foreign currency transactions related to the Company’s foreign subsidiaries.

Financial Position and Cash Flow

Net cash provided by operating activities increased 28 percent to $254.5 million for the year-to-date period ended September 30, 2012 compared to $198.1 million for the same period in 2011. The increase in net cash provided by operating activities for the 2012 period was due primarily to the increase in net income. Total debt at the end of the third quarter was $107.3 million, and the Company’s debt-to-total capital ratio was 14 percent at September 30, 2012, compared to 17 percent at the same period in 2011. Cash and cash equivalents were $412.9 million at September 30, 2012, an increase of 23 percent compared to $335.7 million for the same period in 2011.

Conference Call and Webcast Presentation

Today at 9:00 AM (CT) Polaris Industries Inc. will host a conference call and webcast to discuss Polaris’ 2012 third quarter earnings results released this morning. The call will be hosted by Scott Wine, CEO, Bennett Morgan, President and COO, and Mike Malone, Vice President―Finance and CFO. A slide presentation and link to the audio webcast will be posted on the Investor Relations page of the Polaris web site at www.polarisindustries.com/irhome.

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 # 65258311.

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 2011 sales of $2.7 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER^® 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 brands. Additionally, Polaris continues to invest in the global on-road small electric/hybrid powered vehicle industry with Global Electric Motorcars (GEM) and Goupil Industrie SA, and internally developed vehicles. Polaris enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.

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 vehicles accessories are available from authorized Polaris dealers or anytime at www.polarisindustries.com.

Except for historical information contained herein, the matters set forth in this news release, including management’s expectations regarding 2012 sales, shipments, net income, net income per share, manufacturing realignment transition costs and savings in logistical and production costs, 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 Company’s 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; 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)

POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Per Share Data) (Unaudited)
	For Three Months Ended September 30,					For Nine Months Ended September 30,
	2012			2011		2012			2011
Sales	$	879,939		$	729,861	$	2,309,135		$	1,874,980
Cost of sales		620,154			523,025		1,637,638			1,338,705
Gross profit		259,785			206,836		671,497			536,275
Operating expenses
Selling and marketing		57,211			49,074		152,899			129,740
Research and development		32,352			25,750		94,034			74,248
General and administrative		36,882			28,049		104,641			92,632
Total operating expenses		126,445			102,873		351,574			296,620
Income from financial services		8,227			6,327		23,625			17,139
Operating income		141,567			110,290		343,548			256,794
Non-operating expense (income):
Interest expense		1,465			1,270		4,443			2,766
Other (income) expense, net		(3,989	)		5,480		(6,356	)		3,921
Income before income taxes		144,091			103,540		345,461			250,107
Provision for income taxes		49,746			35,903		121,215			86,431
Net Income	$	94,345		$	67,637	$	224,246		$	163,676
Basic net income per share	$	1.37		$	0.98	$	3.26		$	2.38
Diluted net income per share	$	1.33		$	0.95	$	3.16		$	2.30
Weighted average shares outstanding:
Basic		68,692			68,937		68,761			68,761
Diluted		70,883			71,289		70,956			71,056

POLARIS INDUSTRIES INC. CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited)
Subject to Reclassification	September 30, 2012		September 30, 2011
Assets
Current Assets:
Cash and cash equivalents	$	412,898	$	335,747
Trade receivables, net		136,346		108,889
Inventories, net		410,034		338,285
Prepaid expenses and other		43,576		37,762
Income taxes receivable		7,936		9,037
Deferred tax assets		80,040		62,269
Total current assets		1,090,830		891,989
Property and equipment, net		230,605		198,018
Investment in finance affiliate		47,521		37,273
Investment in other affiliates		12,000		882
Deferred tax assets		13,768		10,240
Goodwill and other intangible assets, net		76,704		59,658
Total Assets	$	1,471,428	$	1,198,060
Liabilities and Shareholders’ Equity
Current Liabilities:
Current portion of capitalized lease obligations	$	2,607	$	-
Accounts payable		228,332		187,780
Accrued expenses:
Compensation		159,637		160,414
Warranties		41,571		36,724
Sales promotions and incentives		105,340		80,234
Dealer holdback		75,983		61,196
Other		84,150		67,739
Income taxes payable		3,286		1,598
Total current liabilities		700,906		595,685
Long-term income taxes payable		6,749		7,156
Capital lease obligations		4,692		-
Long-term debt		100,000		100,000
Total liabilities		812,347		702,841
Shareholders’ Equity:
Total shareholders’ equity		659,081		495,219
Total Liabilities and Shareholders’ Equity	$	1,471,428	$	1,198,060

POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited)
Subject to Reclassification	For Nine Months
	Ended September 30,
	2012			2011
Operating Activities:
Net income	$	224,246		$	163,676
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		51,489			50,692
Noncash compensation		26,964			14,815
Noncash income from financial services		(2,479	)		(3,398	)
Deferred income taxes		(5,277	)		(6,404	)
Tax effect of share-based compensation exercises		(17,810	)		(13,361	)
Changes in current operating items:
Trade receivables		(20,272	)		(17,563	)
Inventories		(109,912	)		(96,474	)
Accounts payable		81,489			73,207
Accrued expenses		(451	)		27,243
Income taxes payable/receivable		36,185			4,819
Prepaid expenses and others, net		(9,684	)		827
Net cash provided by operating activities		254,488			198,079
Investing Activities:
Purchase of property and equipment		(65,804	)		(62,474	)
Investment in finance affiliate, net		(2,790	)		3,294
Investment in other affiliates		(7,000	)		-
Acquisition of businesses, net of cash acquired		(383	)		(27,960	)
Net cash used for investing activities		(75,977	)		(87,140	)
Financing Activities:
Borrowings under senior notes/capital lease obligations		2,232			100,000
Repayments under credit agreement/capital lease obligations		(2,137	)		(200,000	)
Repurchase and retirement of common shares		(58,978	)		(62,462	)
Cash dividends to shareholders		(76,009	)		(46,147	)
Tax effect of proceeds from share-based compensation exercises		17,810			13,361
Proceeds from stock issuances under employee plans		25,458			28,005
Net cash used for financing activities		(91,624	)		(167,243	)
Impact of currency translation on cash balances		675			(1,876	)
Net decrease in cash and cash equivalents		87,562			(58,180	)
Cash and cash equivalents at beginning of period		325,336			393,927
Cash and cash equivalents at end of period	$	412,898		$	335,747

EX-99.2

Exhibit 99.2

POLARIS INDUSTRIES INC. Third Quarter 2012 Earnings Results October 18, 2012

Safe Harbor Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2012 and 2013 sales, shipments, net income, cash flow, and manufacturing realignment transition costs and savings, are forward-looking statements that involve certain risks and uncertainties that could materially forward statements cause actual results to differ from those forward-looking statements. Potential risks and uncertainties include such factors as product offerings, promotional activities and pricing strategies by competitors; manufacturing realignment transition costs; acquisition integration costs; warranty expenses; impact of changes in Polaris stock prices on incentive compensation; 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; 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 2011 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. Q3-2012 2

Scott Wine, CEO POLARIS INDUSTRIES INC. Third Quarter 2012 Earnings Results October 18, 2012

Q3 2012 Sales and Net Income Q3 Sales (in millions) Q3 Net Income (in millions) $729.9 +21% $879.9 Q3 2011 Q3 2012 $67.6 +39% $94.3 Q3 2011 Q3 2012 Record 3rd Quarter Sales and Net Income ORV Sales remained strong +18%; On-Road up 78%; PG&A up 14% International Sales up 3% EMEA growth slowed, Asia Pacific / Latin America +13% Growth Earnings per Share up 40% to record $1.33 Gross margins up 120 bps Operating income increased 28% to $141.6M Net Income Margins up 140 bps to 10.7% Record Third Quarter Sales, Net Income and EPS Q3-2012 4

Full Year 2012 Guidance Total Company Sales (in millions) Diluted EPS $2,657 2011 Actual Up 19% to 20% $3,160 to $3,200 FY 2012 Guidance $3.20 2011 Actual Up 35% to 37% $4.32 to $4.37 FY 2012 Guidance North American Retail Sales growth, market share gains expected to continue PG&A gaining momentum Full Year International Sales up about 10% EMEA up modestly; AP/LA growth remains strong Net Income projected up 35% to 37% Commodity and currency pressures moderating On-going margin improvement expected from Monterrey Net Income Margin projected up about 110 bps to approx. 9.7% 2012 Sales & EPS Guidance Increased Reflecting Strength of Business Q3-2012 5

Polaris Strategic Objectives 3-5 Year Objectives Q3 2012 YTD Progress Best in Powersports PLUS 5-8% annual organic growth ORV & Victory retail sales & market share up Introduced 22 new MY13 vehicles PG&A introduced 250+ new MY13 accessories Growth through Adjacencies $1B - $2B from acquisitions and new markets GEM & Goupil integration progressing Bobcat co-developed project on plan Polaris Defense investing in new technologies Global Market Leadership >33% of Polaris revenue International sales up 10% EMEA +6% and AP/LA +22% ORV gaining market share; On-Road up >140% Operations is Competitive Advantage Op Ex drives > 200 bps operating margin improvement Operating margins up 120 bps Productivity, Lead Times, Availability improving Monterrey plant continues ramping production Strong Financial Performance Sustainable, profitable growth Net income margin 10.0% Sales up 23% Net Income up 37% / EPS up 37% Net income margin to 9.7% Q3-2012 6

Bennett Morgan President & COO POLARIS INDUSTRIES INC. Third Quarter 2012 Earnings Results October 18, 2012

N.A. Retail Sales – Q3 ‘12 YTD Best in Powersports Plus Snow ORV Victory TOTAL 13% 19% 15% 11% 17% 17% 10% Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Polaris Q3 N.A. retail sales up 10%, demand remains strong Continue to gain market share in every business Remain clear #1 in N.A. Powersports YTD Q3 & YTD N.A. Powersports Industry growing Q3 N.A. Industry growth slowed Polaris N.A. Retail Sales Remain Strong; Industry Continues to Grow Q3-2012 8

N.A. Dealer Inventory Trends – Q3 YTD Best in Powersports Plus Dealer Inventory N.A. Sales vs. Dealer Inventory Units 2006 2007 2008 2009 2010 2011 2012 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC N.A. Sales - TTM N.A. Dealer Inventory N.A. Sales in Millions Units in Inventory $1,650 $1,378 $1,549 $2,108 $2,638 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 New LEAN initiatives improving delivery and inventory quality New Retail Flow Management (RFM) “pull” order process launched to Victory dealers MVP order response and visibility enhancements for ORV dealers Polaris N.A. dealer inventory up 23% from Q3 2011 Dealer inventory productivity vs. Sales +50% improvement in 2 years (Q3 2012 vs. Q3 2010) ORV Dealer Inventory up 18% vs. Q3 2011; ORV days supply up slightly ATVs down slightly SxS up vs. too low 2011 levels driven by retail and 4 incremental new market segments Motorcycles dealer inventory up 37% vs. Q3 2011 Over 50% of inventory increase supporting 60 new dealer additions Balance of increase supports dealer reduced stock-outs with RFM – stock-outs down 30% Snowmobile inventory up 39% due to previous season-ending inventory and shipment timing Dealer Inventory in Excellent Shape Q3-2012 9

Best in Powersports Plus Off-Road Vehicles #1 in ORV - Gained share in SxS and ATVs again Strong MY ‘13 product news – Scrambler 850, RANGER ® 800 EFI Mid-size and RANGER XP® 900 Largest ORV retail quarter ever. Achieved highest market share percentage RANGER XP® 900 early shipments retailing at record velocity RANGER XP® 900 Scrambler 850 XP RZR® 4 XP 900 Polaris Sales ($ in millions) N.A. ORV Retail Sales Q3 2012 $486.2 +18% $573.0 +32% $1,822.3 Up about 20% ATV ATV ATV ATV SxS SxS SxS SxS Q3 2011 Q3 2012 FY 2011 FY 2012 Guidance Up low double digits Up mid single Digits % Polaris Industry #1 and Momentum Continues Q3-2012 10

Growth Through Adjacencies Military Q3 & YTD sales growing vs. 2011 Remain #1 in Ultra-light Segment Challenging Q3 – Defense & Government customers delaying spending due to budget reductions Strong interest and early orders in Military RZR, available Q3 2012 Introducing exclusive advanced light weight vehicle armor technology at AUSA Expanding unmanned vehicle technology and capability Bobcat Strategic Alliance Co-development project on plan 2013 CY launch anticipated Q3 Bobcat retail sales up about 20% on lower shipments Dealer inventories at reasonable levels Bobcat National Accounts improving but down vs. 2011 Future Business Opportunities Continue to Develop Q3-2012 11

Best in Powersports Plus Snowmobiles Strong market share gains season-to-date Dealer inventory up but manageable, due to previous season-ending inventory and MY’13 shipment timing MY’13 800 Pro-RMK recently named Snowmobile of the Year by SnowGoer Magazine Consumer traffic at events solid – waiting for season to begin MY’13 800 PRO-RMK Polaris Sales (in millions) STD 2012 N.A. Snowmobile Industry $95.1 +21% $114.9 +48% $280.1 About Flat Q3 2011 Q3 2012 FY 2011 FY 2012 Guidance Down 10% Down about 20% Polaris Industry Product Innovation & Quality Keys to Success Q3-2012 12

Best in Powersports Plus On-Road Vehicles Victory N.A. retail sales up over 25% in Q3; and over 20% YTD Victory gained share again in Q3, #2 in heavyweight segment NA Industry slowed in Q3 – competitive timing; Industry growing YTD International unit retail sales up significantly and gaining share Dealer inventories up due to new dealers, increased demand, and transition to RFM pull ordering process Excellent progress on Indian launch plan MY’13 Victory Boardwalk MY’13 Indian Chief Vintage LE Polaris Total On-Road Sales (in millions) Q3 2012 N.A. Motorcycle Industry 1400cc+ $35.7 +78% $63.4 +79% $146.3 Up 60% - 65% Q3 2011 Q3 2012 FY 2011 FY 2012 Guidance Up over 25% Down single digits % Polaris Industry Continues to Outperform the Industry Q3-2012 13

Growth Through Adjacencies GEM Q3 Revenue up double digits percent; expect 2012 revenue to grow double digits (proforma) Q3 orders +35% Added 160 dealers YTD 2012 Goupil Q3 revenue up double digits percent; expect 2012 revenue to grow double digits (proforma) Cost down and operational efficiency improvements progressing well Challenges with European economic headwinds delaying purchases from government customers G5 Hybrid launch progressing Electric Vehicle Business Growing Q3-2012 14

Best in Powersports Plus PG&A Parts, Garments & Accessories Record Q3 sales; up 14% vs. 2011 and up 11% YTD 2011 ORV growth up 13% vs. Q3 2011 On-Road up 40% vs. Q3 2011 International up 21% from Q3 2011 All product lines, categories and regions increased sales vs. Q3 2011 Launched 250+ new MY ‘13 accessory products; cab systems and apparel well-received Q3 2012 PG&A Revenue by Category Accessories 50% Parts 44% Apparel 6% Polaris Sales ($ in millions) $112.9 +14% $128.6 +19% $408.2 Up mid-teens % Q3 2011 Q3 2012 FY 2011 FY 2012 Guidance Q3 2012 PG&A Sales by Product Line ORV 72% Snow 13% On-Road 8% Other 7% Parts, Garments & Accessories Accelerating Q3-2012 15

Global Market Leadership Global Market Sales up 3%; Currency impact was -3% in Q3 On-Road / Victory sales up over 150% EMEA up YTD, but flat in Q3 due to broader economy; EMEA motorcycle & ORV industries remain weak Increased motorcycle & ORV market share – remain clear leader in Europe ORVs APLA up 22% YTD, +13% in Q3 Eicher – Polaris JV progressing on plan Q3 2012 Growth by Region EMEA Flat ASIA PACIFIC +8% LATIN AMERICA +28% EMEA HEADQUARTERS POLARIS INTERNATIONAL SUBSIDIARIES Polaris Sales (in millions) $97.9 +3% $100.9 +39% $424.3 Up about 10% Q3 2011 Q3 2012 FY 2011 FY 2012 Guidance Q3 2012 International Sales by Product ORV 50% Snow 20% On-Road 14% PG&A 16% Gaining Share in Challenging Economic Environment Q3-2012 16

Operational Excellence Q3 2012 Margins Gross Margins 28.3% +120 bps 29.5% 27.9% Up 70 to 90 bps 28.6% to 28.8% Q3 2011 Q3 2012 FY 2011 FY 2012 Guidance Net Income as a Percent of Sales 9.3% +1.2% -0.3% Flat -0.8% +1.3% 10.7% Q3 2011 Gross Margin Operating Expense Financial Services  Income Taxes/Interest Exp. Other Income/Expense Q3 2012 Gross margins increased 120 bps Higher volume, product cost reductions, pricing and manufacturing realignment savings Net income margin increased 140 bps to 10.7% for Q3 2012 Commodity pressures stabilized Productivity continued to improve; +11 in Q3; YTD +7% Monterrey production and quality on plan & profitable; 2012 full year savings remains within guidance range Inventory turns flat; factory inventory up 21% due to higher demand and delivery improvement initiatives Third Quarter Net Income Margin Expansion at Record Levels Q3-2012 17

Investing in Our Future R&D Facility Expansion in Wyoming, MN Q3 R&D investments up 26%; new product vitality index over 80% Announced 144,000 sq. ft. R&D expansion in Wyoming, MN Anticipated completion Q3, 2013 Additional manufacturing expansions to meet capacity demands Leased 380,000 sq. ft. building in Milford, IA to accelerate adjacencies & additional capacity Expanding liquid paint capacity in Spirit Lake, Iowa – completion Q1, 2014 Roseau, MN facility expansion to support LEAN transformation Expanding Capacity and R&D Capabilities Q3-2012 18

Mike Malone V.P. Finance & CFO POLARIS INDUSTRIES INC. Third Quarter 2012 Earnings Results October 18, 2012

2012 Full Year Guidance METRIC GUIDANCE Product Line Sales Off-Road Vehicles Up about 20% On-Road Vehicles Up 60% to 65% Snowmobiles About Flat% PG&A Up mid-teens % International Up about 10% Total Company Sales Up 19% to 20% Gross Margins Expand 70 to 90 bps Operating Expenses Down as a percent of sales Income Taxes 34.0% to 34.5% of pretax income Net Income Up 35% to 37% EPS, Diluted $4.32 - $4.37 (+35% to 37%) Share Count Approximately flat to 2011 Change in Guidance Increased Decreased Unchanged/ Narrowed  Continued Strong Financial Performance Q3-2012 20

2012 Full Year Gross Margin Guidance METRIC Actual Q3 2011 Actual Q3 2012 Full Year Guidance 2012 Prior Period 26.0% 28.3% 27.9% Production volume adjustments Product cost reduction efforts Commodity costs Currency rates Higher selling prices Product mix Manufacturing realignment, net Warranty costs Tooling amortization Sales promotional costs Current period 28.3% 29.5% 28.6% to 28.8% Change +230 bps +120 bps Up 70 to 90 bps Improvement to gross profit margin % Impairment to gross profit margin % Neutral to gross profit margin % Q3-2012 21

Manufacturing Realignment Operations as a Competitive Advantage Anticipated Annual Savings $12 - $15 $30+ FY 12 Anticipated Savings Guidance Anticipated Annualized Savings Upon Completion Monterrey Facility Vehicle Assembly (Units) Engine Assembly (Units) Employee Headcount 22,500 Q3 YTD FY 2011…FY 2012…FY 2013… 20,000 Q3 YTD FY 2011…FY 2012…FY 2013… 850 Q3 YTD FY 2011…FY 2012…FY 2013… Costs and savings projections remain within guidance range Savings accelerating through 2012 Additional 3rd assembly line to meet SxS demand Quality meeting expectations Monterrey Continues to Perform at a High Level Q3-2012 22

Balance Sheet and Liquidity Profile $ In millions (except per share and interest rate data) YTD 2012 Fav/(UnFav) 2011 2012 Full Year Guidance Cash $412.9 $77.2 Increase from 2011 Debt $107.3 ($7.3) Unchanged Credit Facility $350.0 ($100.0) Renewed to 2016 Factory Inventory $410.0 ($71.7) Up from 2011 Capital Expenditures $65.8 ($3.3) About $100 million Depreciation & Amortization $51.5 ($0.8) Increase slightly from 2011 Operating cash flow $254.5 $56.4 Increase over 20% from 2011 Dividend $1.11 per share $0.44 per share Increase +64% over 2011 Polaris Acceptance Receivables $716.4 ($181.4) Increase due to volume & product mix Retail Credit  – Approval Rate YTD 59% +2% – Penetration Rate YTD 34% -1% Stable Healthy Financial Position Q3-2012 23

Scott Wine, CEO POLARIS INDUSTRIES INC. Third Quarter 2012 Earnings Results October 18, 2012

2013 Initial Thoughts US & European economies remain challenged; Powersports markets unchanged Political climate will generate real but unpredictable turbulence Competitive pressure intensifying…. Polaris will protect share Expect to push more M&A projects across goal line Ongoing investments for future growth….. Eicher JV, China, Small vehicles Polaris outperformance continues: N.A. Retail expected to grow – still gaining market share EMEA repeats market share gains in tough markets Victory share gains carry on; RFM fully implemented by mid-year Historic product launch from Indian Introduction of Bobcat co-developed project Monterrey ramp-up continues - savings of $30+ million expected by year-end 2013 Accelerate LEAN to increase speed, reduce inventory and costs Commodities and currencies remain unpredictable – will work to minimize impact Mindful of, but undeterred by risk and uncertainty – we always play to win Expect Another Record Performance in 2013 Q3-2012 25

Thank you Q&A Q3-2012 26