Polaris is the North American market share leader in powersports vehicles, with its core business centered on designing, manufacturing, and selling off-road vehicles (ORVs) — primarily side-by-sides and ATVs. Key ORV product lines include the RANGER (utility), RZR (sport), GENERAL (crossover), and XPEDITION (adventure). Beyond ORVs, Polaris makes snowmobiles, pontoon and deck boats (Bennington, Godfrey, Hurricane), and the Slingshot three-wheel roadster. In early 2026, Polaris completed the sale of Indian Motorcycle, sharpening its focus on ORV, snow, marine, and Slingshot. Polaris sells through roughly 2,400 independent dealers in North America and 1,500+ internationally. Parts, garments, and accessories (PG&A) — including brands like Klim and 509 — provide a recurring, higher-margin revenue stream alongside vehicle sales. Revenue is driven by unit volume, pricing, and mix, with premium trims carrying meaningfully better margins than entry-level models. Polaris ships vehicles to dealers who hold inventory and sell to consumers; when dealer inventory is elevated, Polaris under-ships relative to retail demand and must offer consumer incentives that compress margins. The company has spent 2024-2025 right-sizing dealer inventory, removing over $240M in structural costs, and shifting supply chain sourcing away from China — where tariff exposure exceeds $200M in 2026 — targeting below 5% of material costs from China by end of 2027. Polaris has raised its dividend for 30 consecutive years and targets mid-single-digit sales growth and mid-to-high teens EBITDA margins long-term.