Exhibit 99.2

Fourth Quarter & Full Year 2016 Earnings Results  January 24, 2017  POLARIS INDUSTRIES INC.

Richard Edwards Director of Investor Relations Fourth Quarter & Full Year 2016 Earnings Results January 24, 2017 POLARIS INDUSTRIES INC. Q4 & FY'16 Earnings 2

Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding future sales, shipments, margins, currencies, net income and cash flow, the opportunities for expansion and diversification of the Company’s business and the Company’s guidance on earnings per share 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 expansion initiatives; acquisition integration costs; product recalls; 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 2015 annual report and Form 10-K and subsequent Form 10-Qs 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.Non-GAAP Measures - Constant Currency Reporting. This presentation includes information regarding the Company’s 2016 actual results and 2017 full year expectations on a constant currency basis, which is a non-GAAP measure, as well as on a GAAP basis. For purpose of comparison, the results on a constant currency basis uses the respective prior year exchange rates for the comparative period to enhance the visibility of the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations.This presentation also contains certain non-GAAP financial measures, consisting of “adjusted” gross profit, operating expenses, net income and net income per diluted share” as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, to understand the performance of its ongoing operations and how management views the business. Reconciliations of adjusted non-GAAP measures to reported GAAP measures are included in the financial schedules contained in this presentation. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP. Safe Harbor Q4 & FY'16 Earnings 3

Throughout this presentation, the word “Adjusted” is used to refer to GAAP results minus the following: TAP Inventory step-up purchase accountingTAP acquisition costs and integration expensesImpacts associated with the Victory wind downBeginning in 2017 a new reporting segment called “Aftermarket” was established which includes TAP plus our 5 aftermarket brands; 509, Klim, Kolpin, Pro Armor and Trail Tech, that were previously included in the ORV/Snowmobiles and Motorcycles reporting segments. 2016 sales and gross profit results will be reclassified to account for the fourth segment beginning in 2017 for comparison purposes.See slide 5 for GAAP to non-GAAP reconciliations Key Definitions Q4 & FY'16 Earnings 4

GAAP / Non-GAAP Reconciliation Schedules  Reconciliation of GAAP "Reported" Results to "Adjusted" Results (unaudited)  Q4 2016  Reported GAAP Measures Adjustments Adjusted Measures Q4 2016  Q4 2015  $ Chg  % Chg    Q4 2016  Q4 2015    Q4 2016  Q4 2015  $ Chg  % Chg  Sales   $1,217,789    $1,105,618    $ 112,171   10%     $ -    -      $1,217,789    $1,105,618    $ 112,171   10%  Gross Profit   312,772    310,274    2,498  1%     8,803 (1)    -      321,575    310,274    11,301   4%  Gross Profit %  25.7%  28.1%  -  (238) bps          26.4%  28.1%  -  (165) bps  Operating Exp.   233,332    169,072    64,260   38%     (12,651)(2)    -      220,681    169,072    51,609   31%  Net Income   62,581    110,682    (48,101)  (43%)     13,515 (3)    -      76,096    110,682    (34,586)  (31%)  Diluted EPS   $ 0.97    $ 1.66    $ (0.69)  (42%)     $ 0.21    -      $ 1.18    $ 1.66    $ (0.48)  (29%) FY 2016  Reported GAAP Measures          Adjustments      Adjusted Measures          FY 2016  FY 2015  $ Chg  % Chg    FY 2016  FY 2015    FY 2016  FY 2015  $ Chg  % Chg  Sales   $4,516,629    $4,719,290    $(202,661)  (4%)     $ -    -      $4,516,629    $4,719,290    $(202,661)  (4%)  Gross Profit   1,105,623    1,339,042    (233,419)  (17%)     8,803 (1)    -      1,114,426    1,339,042    (224,616)  (17%)  Gross Profit %  24.5%  28.4%  -  (389) bps          24.7%  28.4%  -  (370) bps  Operating Exp.   833,803    692,206    141,597   20%     (12,651)(2)    -      821,152    692,206    128,946   19%  Net Income   212,948    455,361    (242,413)  (53%)     13,515 (3)    -      226,463    455,361    (228,898)  (50%)  Diluted EPS   $ 3.27    $ 6.75    $ (3.48)  (52%)     $ 0.21    -      $ 3.48    $ 6.75    $ (3.27)  (48%)  Adjustments:(1) Represents inventory step-up related to the TAP acquisition(2) Represents the acquisition costs and integration expenses related to the TAP acquisition(3) The company used its estimated statutory tax rate of ~37% for the non-GAAP adjustments2017 Adjusted Guidance: 2017 guidance excludes the pre-tax effect of TAP inventory step-up purchase accounting of approx. $15 million, acquisition integration costs of approx. $15 million and the impacts associated with the Victory wind down which could be in a range of $50 to $70 million in 2017. The Company is in the process of finalizing its analysis of the anticipated total costs to wind down the Victory motorcycle business and will provide more clarity as the analysis is completed and the costs are incurred throughout the year. 2017 sales guidance excludes any Victory wholegoods sales as the Company is exiting the brand beginning in 2017. Q4 & FY'16 Earnings 5

Scott W. Wine Chairman & CEO Fourth Quarter & Full Year 2016 Earnings Results January 24, 2017 POLARIS INDUSTRIES INC. Q4 & FY'16 Earnings 6

Q4 sales and adjusted* net income finished in-line with previous expectations Acquisition of Transamerican Auto Parts (TAP) added $109 million of sales in Q4 – company sales flat excluding TAP ORV/Snowmobile sales up 5%; Motorcycles down 35%; Global Adjacent Markets up 21% Adjusted* earnings reported at $1.18 per diluted share, down 29% from prior year Adjusted* gross profit margin down 165 bps – volume and mix, as previously guided N.A. dealer inventory down 8%, in line with company expectations ORV down 11%; motorcycles up to targeted levels  Q4 Sales & Adjusted Earnings Finished In-Line With Revised Expectations Q4 2016 Adjusted* Net Income  Q4 2016 Sales Q4 2016 Sales and Income -31% ($ millions)  ($ millions) +10% * See slide 5 for non-GAAP reconciliations Q4 & FY'16 Earnings 7

Full year sales and adjusted* net income finished in-line as expected per revised guidance TAP accounted for $109 million, or 2% of full year sales ORV/Snowmobile sales down 9%; Motorcycles up 1%; Global Adjacent Markets up 10% Results include ~$120 million of costs associated with warranty, legal and other recall related activities Adjusted* earnings were $3.48 per diluted share, down 48% from prior year Adjusted* gross profit margin down 370 bps – promotions, currency and warranty pressures  FY Sales & Earnings Disappointing; Execution Not Representative of Polaris Capabilities  Full Year Adjusted* Net Income  Full Year Total Company Sales Full Year 2016 Sales and Income -50% ($ millions) ($ millions) -4% * See slide 5 for non-GAAP reconciliations Q4 & FY'16 Earnings 8

Polaris N.A. retail down 4% for Q4 2016 vs. Q4 2015 Indian Motorcycle retail up about 20% in Q4, total motorcycles down, primarily Slingshot ORV down; RZR recall disruptions, competition and weak ATV industry North American Industry retail trends continued soft Oil/Gas, Ag remain weak Markets Remain Weak / Volatile  Q4’16 Retail Sales by Business (vs. Q4’15)  Polaris Retail Sales & Market Share N.A. Powersports Retail Sales (# vehicle units) POLARIS  INDUSTRY Off-Road Vehicles   mid-single digits %  ~flat*   Side-by-Sides ATVs   low-single digits % high-single digits % Motorcycles (900cc & above)   mid-single digits %   low-single digits %  Snowmobiles    about 1%  ~flat  *estimated  Retail % change, # vehicle units  Consolidated Market Share in UnitsUsing Total Motorcycle Industry Q4 & FY'16 Earnings 9

Polaris Q4 2016 N.A. dealer inventory down 8% vs. Q4 2015 ORV down 11% year-over-year Motorcycles up ~30% as expected, inventory at appropriate RFM levels Snowmobiles down, as expected Dealer inventory levels ongoing priority – SxS moving to RFM in 2017 Dealer inventory levels Finished as Expected  Q4 Total N.A. Dealer Inventory  Polaris N.A. Total Dealer Inventory N.A. Dealer Inventory -8% -8% Q4 & FY'16 Earnings 10

Aggressively addressed product quality throughout the year Issued 13 safety bulletins Significant effort involved to get owners back riding safely Making ProgressMaking significant progress on the two main recalls Completed thorough review of all MY17 ORV’s New Global Safety and Quality function established New Safety and Quality GDP goal in 2017 Mixed NPS scores, as expected Recalls negatively impacted CY’16 scores MY’17 ORV product review expected to show positive improvement Proactively Driving Improvements in 2017 2016 Product Recall Update Recall Completion Rates – U.S. Q4 & FY'16 Earnings 11

Very Passionate People Who Supported Victory Reason for Decision The company has lost money since inception in 1998 Sales of Victory are down ~20 percent from the peak in 2012 Limited investment dollars to support all three motorcycle brands Indian Motorcycle brand much more recognizable worldwide Positive impact on remaining motorcycle business Increased focus on remaining two brands (Indian/Slingshot) Increased R&D for product development acceleration Remove financial pressure of an unprofitable brand Victory Motorcycle Exit Q4 & FY'16 Earnings 12

Closed acquisition on November 10, 2016 Strong cross-functional integration team in place Margin enhancement initiatives progressing; $20M in synergies expected by 2019 Sourcing, distribution & logistics, pricing optimization Accretive to 2017: $0.25 to $0.30 per dilutive share, excluding inventory step-up purchasing accounting and acquisition costs Transamerican Auto Parts Acquisition Greg Adler, CEO - TAP 3rd generation to head TAP 22 years at company 2016 Highlights Proforma Sales Up 12% Same store sales Up 8% +320,000 new customers Leveraging our Balance Sheet to Drive Growth in New Markets Q4 & FY'16 Earnings 13

Strategic Objectives Best in Powersports PLUS 5-8% annual organic growth Growth through Adjacencies >$2B from acquisitions & new markets Global Market Leadership >33% of Polaris revenue LEAN Enterprise is Competitive Advantage Significant Quality, Delivery & Cost Improvement Strong Financial Performance Sustainable, profitable growth Net Income Margin >10% Vision & Strategy Remain Unchanged, Reviewing Financial Goals Given Recent Performance >$8 Billion by 2020 12% CAGR >10% of Sales by 2020 13% CAGR = Under Review Q4 & FY'16 Earnings 14

Mike Speetzen EVP Finance & CFO Fourth Quarter & Full Year 2016 Earnings Results January 24, 2017 POLARIS INDUSTRIES INC. Q4 & FY'16 Earnings 15

Powersports market weak Organic revenue expectations +1% to -1% TAP FY’17 = $775 to $800 Victory wind down / FX headwinds 2017 Sales & Earnings Guidance Up Year-Over-Year on Adjusted Basis Total Company Adjusted** EPS  Total Company Sales 2017 Full Year Guidance + $120M non-recurring warranty, legal and other recall related + TAP accretive in 2017 approx. 25¢ to 30¢ + VIP drives positive results + Opportunity to drive organic volume growth – Increased R&D – up mid-teens %; quality & innovation – Higher promotional costs – Negative FX impact – Higher variable compensation costs ($ in millions)  Non-Recurring Warranty/R&D/Variable Comp (Net)  (1%) to +1%  +10% to +13% $4,950 to $5,100 * Organic sales represents revenue excluding TAP, Victory sales and the effects of FX ** See slide 5 for discussion regarding non-GAAP adjustments excluded from 2017 guidance  2016 Adj. Sales ~$4,250 (Excl. Victory/TAP/FX) Q4 & FY'16 Earnings 16

Aftermarket ORV/Snowmobiles Aftermarket Segment Addition in 2017 to Include TAP + Other Aftermarket Brands 2017 Full Year Guidance by Segments Global Adjacent Markets Motorcycles Down low-single digits % $3,284 ORV PG&A Snow ORV PG&A Snow PG&A $699 VictoryIndianSlingshot PG&A Down low-double digits %(2) IndianSlingshot PG&A PG&A W&T Defense W&T Defense Up low-single digits % $342 Up Significantly $192  ($ in millions) (1) (1) (1) Full Year 2016 sales have been reclassified to account for new Aftermarket segment reporting which includes aftermarket brands previously reported in their respective segments (2) On a comparable basis, motorcycle expectations is “Up low-double digits %” in 2017 after adjusting for Victory wholegood sales reported in 2016 Q4 & FY'16 Earnings 17

FY 2016 ORV/Snow Segment Sales & Guidance Q4 2016 ORV/Snow Segment Sales ORV up 3% in Q4 2016; easy comparables in Q4 2015 Oil & gas/Ag remains weak PG&A up 7%; increased part sales ORV average selling price flat in Q4’16 Snow up due to timing 2017 Guidance: Overall ORV industry stable Promotional levels elevated Off-Road Vehicles (ORV) / Snowmobiles  5% $905.0  ORV PG&A Snow $862.0 ORV PG&A Snow  7% 13%  3% % ∆  9%$3,357.5 ORV PG&A Snow ORV ORV PG&A Snow PG&A Snow Down low-single digits % $3,283.9 ($ millions) ($ millions) (1) (1) Full Year 2016 sales have been reclassified to account for new Aftermarket segment reporting which includes aftermarket brands previously reported in their respective segments  Weak Industry / Recall Activity Overshadowing Improved Execution Q4 & FY'16 Earnings 18

FY 2016 Motorcycles Segment Sales & Guidance Q4 2016 Motorcycles Segment Sales Increased Focus on Indian & Slingshot in 2017 Motorcycles Motorcycle shipments down 35% Slingshot sales constricted by Q4 recall Victory and Indian comparing to artificially high Q4’15 shipments Average selling price was down 9% in Q4 – product mix 2017 Guidance: FY down on reported 2016 basis; 2017 up excluding Victory Overall motorcycle market remains weak 35%$105.7 PG&A $162.6 PG&A 25% 41% % ∆ 1%$708.5 PG&A PG&A PG&A Down low-double digits %(2)  $699.2  VictoryIndianSlingshot VictoryIndianSlingshot IndianSlingshot VictoryIndianSlingshot VictoryIndianSlingshot (1) ($ millions) ($ millions)  (1) Full Year 2016 sales have been reclassified to account for new Aftermarket segment reporting which includes aftermarket brands previously reported in their respective segments (2) On a comparable basis, motorcycle expectations is “Up low-double digits %” in 2017 after adjusting for Victory wholegood sales reported in 2016 Q4 & FY'16 Earnings 19

FY 2016 GAM Segment Sales & Guidance Q4 2016 GAM Segment Sales Global Adjacent Markets (GAM) GAM  21% due to Taylor-Dunn acquisition and military Average selling price for GAM was up 8% in Q4’16 2017 Guidance: Leverage current global portfolio for costs and growth opportunities 21%$98.4 PG&A $81.0 PG&A 23% 21% % ∆ 10%$341.9 PG&A PG&A Up low-single digits % W&T /Defense W&T /Defense ($ millions) ($ millions) W&T /Defense W&T /Defense Building Diverse Channels for Future Growth Q4 & FY'16 Earnings 20

FY 2016 Aftermarket Segment Sales & Guidance TAP Acquisition / Integration Off to Solid Start Aftermarket UpSignificantly $191.6 (1) ($ millions) (1) Full Year 2016 sales have been reclassified to account for new Aftermarket segment reporting which includes aftermarket brands previously reported in their respective segments $108.7 Closed acquisition of TAP November 2016 FY 2016 reclassified sales includes $83 of other aftermarket brand sales 2017 Guidance: Leverage size of combined portfolio for growth and profitability improvement TAP and other aftermarket brands are expected to grow in 2017 TAP Retail Store Q4 & FY'16 Earnings 21

Adjusted** Gross Margin 2017 Guidance  Adjusted* Gross Margin FY 2016 Adjusted* Gross Margin Q4 2016 2017 Gross Margin Improvement Driven Primarily by VIP & 2016 Non-recurring Events Gross Profit Margin Guidance Increase up to ~180 bps  KEY:  Improvement  Headwind  Neutral * See slide 5 for non-GAAP reconciliations** See slide 5 for discussion regarding non-GAAP adjustments excluded from 2017 guidance  Product Mix  VIP Acquisitions  Promos / Incentives  Warranty  FX  VIP Product Mix  Warranty  Promos / Incentives  FX  VIP  One-time warranty  FX  Promos / Incentives  Product mix GM by Segment Q4 2015 Q4 2016 ORV/Snow 30.5% 28.6% Motorcycles 14.8% 1.5% Adjacent Markets 27.4% 29.5% GM by Segment FY 2015 FY 2016 ORV/Snow 32.1% 27.7% Motorcycles 13.9% 12.9% Adjacent Markets 27.0% 27.8% GM by Segment 2017 Expectations ORV/Snow  Motorcycles  Adjacent Markets Aftermarket Q4 & FY'16 Earnings 22

Adjusted operating expenses: increase mid-teens % (slight increase as a % of sales)  R&D  Legal and other related costs  Operating expense from acquired companies  Variable compensation Income from financial services: down ~10% due to lower dealer inventory levels Interest expense: more than double due to TAP acquisition funding Income taxes: approximately 34.5% of pretax profits International sales: about flat with 2016 on a constant currency basis PG&A: up low-single digits % Diluted shares outstanding: approximately flat Operating cash flow: down significantly Other FY 2017 Expectations Q4 & FY'16 Earnings 23

Scott W. Wine Chairman & CEO Fourth Quarter & Full Year 2016 Earnings Results January 24, 2017 POLARIS INDUSTRIES INC. Q4 & FY'16 Earnings 24

2017 - Regaining Footing as the ‘Best in Powersports” U.S economy stable - new administration brings uncertainty near-term Powersports competitors aggressive – ORV product positioning improved Safety & Quality fundamentals in place TAP integration proceeding on plan Indian Motorcycles outpacing industry VIP/RFM implementation building competitive advantage Closing Comments Q4 & FY'16 Earnings 25

Thank You Questions?

Q4 Supplemental Sales Performance – PG&A, International Q4 Financial Position Income from Financial Services Supplemental Data Q4 & FY'16 Earnings 27

International Parts, Garments & Accessories (PG&A)* Q4 2016 Supplemental Sales Performance Motorcycles Global Adjacent Markets (GAM) Snowmobiles Motorcycles Global Adjacent Markets (GAM)  Apparel  8% 23% LatinAmerica 24% 21%  7%  7%  6%  2%  4%  2%  6% 16%  2% Q4 Sales  9% to 214.4 Million ∆ from Q4'15 ∆ from Q4'15 Q4 Sales 2% to $178.2 Million (~flat constant currency) ∆ from Q4'15 ∆ from Q4'15 *Does not include TAP Q4 & FY'16 Earnings 28

2016 Polaris Financial Position Capital Summary December 2016 Cash Drivers Fav/(Unfav) Dec 2015 Cash $127 -18% Debt /Capital Lease Obligations $1,142 +147% Shareholders’ Equity $867 -12%  Total Capital $2,009 +39% Debt to Total Capital 57% (-25%) 2015 Operating cash flow up Factory inventory down significantly year-over-year, excluding acquisitions Cap Ex expected to be lower than 2016 Operating cash flow expected to be down significantly – timing of accrual payments and Victory wind down Operating Cash Flow Financial Position Remains Solid Down significantly ($ millions)  ($ millions)  ($ millions)  Expectations FY 2016 Summary 2017 Expectations Q4 & FY'16 Earnings 29

Retail Credit Wholesale Credit PA Receivables Income from Financial Services Portfolio Remains Healthy Income from Financial Services 2017 financial services expectations: down ~10% due to lower dealer inventory levels Q4 and FY income from financial services up – volume related, higher penetration rates & extended service contracts 7%$19.3 13%$78.5 8%$1,206.9 $1,305.3 ($ millions)  ($ millions) Approval Rate Penetration Rate Q4 & FY'16 Earnings 30