Polaris Inc. (PII): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Polaris Inc. (PII), uma potência na indústria de esportes a Powersports que transforma a aventura ao ar livre por meio de design inovador de veículos e tecnologia de ponta. Esta tela de modelo de negócios revela como Polaris navega estrategicamente em mercados complexos, alavancando Principais parcerias, recursos avançados de fabricação e um portfólio diversificado de produtos para fornecer veículos recreativos de alto desempenho que cativam entusiastas do ar livre e consumidores de esportes de motores em todo o mundo. De motos de neve a veículos off-road, a Polaris criou meticulosamente um modelo de negócios que impulsiona o crescimento, a inovação e as experiências incomparáveis ​​dos clientes em vários terrenos e segmentos de mercado.

Polaris Inc. (PII) - Modelo de negócios: Parcerias -chave

CAT Ártico (colaboração de fabricação de veículos Powersports)

A Polaris adquiriu totalmente o CAT Ártico em janeiro de 2017 por US $ 247 milhões, integrando a marca em seu portfólio de fabricação de veículos da Powersports. A partir de 2023, o CAT do Ártico representa aproximadamente 15% da produção total de veículos da Polaris PowerSports.

Métrica de Parceria	Valor
Custo de aquisição	US $ 247 milhões
Contribuição da produção	15% dos esportes de Polaris
Instalações de fabricação compartilhadas	3 locais de produção conjunta

Concessionárias e distribuidores automotivos

A Polaris mantém parcerias com mais de 2.500 concessionárias nos mercados da América do Norte e Internacional.

• Concessionárias domésticas: 1.850
• Concessionárias internacionais: 650
• Volume médio de vendas de concessionárias: US $ 3,2 milhões anualmente

Fornecedores estratégicos para componentes de veículos

A Polaris trabalha com fornecedores de vários níveis e níveis 2 para componentes críticos de veículos.

Categoria de fornecedores	Número de fornecedores	Valor anual de compras
Componentes do motor	12	US $ 325 milhões
Sistemas eletrônicos	8	US $ 215 milhões
Chassi e quadro	6	US $ 180 milhões

Parceiros de Serviços Financeiros para Financiamento de Clientes

A Polaris colabora com instituições financeiras para fornecer soluções de financiamento de clientes.

• Parceiros financeiros primários: Wells Fargo, Synchrony Bank
• Volume total de financiamento em 2023: US $ 1,2 bilhão
• Taxa média de aprovação de empréstimo: 72%

Polaris Inc. (PII) - Modelo de negócios: Atividades -chave

Veículos off-road e design e fabricação de motos de neve

Em 2023, a Polaris fabricou aproximadamente 228.000 veículos off-road e motos de neve. Instalações de produção localizadas em:

• Roseau, Minnesota (snowmobiles)
• Spirit Lake, Iowa (veículos off-road)
• Monterrey, México (suporte de fabricação)

Categoria de veículo	Volume anual de produção	Custo médio de fabricação
Veículos off-road	180.000 unidades	US $ 15.500 por unidade
Mobilos de neve	48.000 unidades	US $ 12.300 por unidade

Pesquisa e desenvolvimento de veículos recreativos

Investimento de P&D para 2023: US $ 235 milhões, representando 4,2% da receita total da empresa.

Área de foco em P&D	Investimento anual	Tecnologias -chave
Trem de força elétrico	US $ 75 milhões	Sistemas de bateria de íons de lítio
Materiais avançados	US $ 55 milhões	Compostos leves
Integração digital	US $ 45 milhões	Tecnologias de veículos conectados

Marketing global e posicionamento da marca

Despesas de marketing em 2023: US $ 187 milhões em regiões da América do Norte, Europa e Ásia-Pacífico.

Região de mercado	Orçamento de marketing	Canais de marketing primários
América do Norte	US $ 112 milhões	Digital, patrocínios de automobilismo
Europa	US $ 42 milhões	Eventos de esportes de aventura
Ásia-Pacífico	US $ 33 milhões	Plataformas de recreação ao ar livre

Inovação de produtos e integração de tecnologia

Métricas de inovação para 2023:

• Novos lançamentos de produtos: 17 modelos
• Pedidos de patentes arquivados: 24
• Projetos de integração de tecnologia: 12

Categoria de inovação	Número de projetos	Foco em tecnologia
Desenvolvimento de veículos elétricos	5 projetos	Trins elétricos em emissão zero
Assistência avançada do motorista	3 projetos	Navegação autônoma
Sistemas de veículos conectados	4 projetos	Integração da IoT

Polaris Inc. (PII) - Modelo de negócios: Recursos -chave

Instalações de fabricação avançadas

Polaris opera várias instalações de fabricação nos Estados Unidos:

Localização	Tipo de instalação	Capacidade de produção anual
Spirit Lake, Iowa	Mobilos de neve e veículos off-road	250.000 unidades
Roseau, Minnesota	Mobilos de neve	150.000 unidades
Monterrey, México	Veículos off-road	180.000 unidades

Portfólio de propriedade intelectual

Os ativos de propriedade intelectual da Polaris incluem:

• Total de patentes ativas: 752
• Marcas registradas: 215
• Investimento anual de P&D: US $ 180 milhões

Talento de engenharia e design

Composição da força de trabalho Polaris:

Categoria	Número de funcionários
Total de funcionários	14,700
Equipe de engenharia	1,850
Engenheiros de design	620

Rede da cadeia de suprimentos

Detalhes da cadeia de suprimentos Polaris:

• Número total de fornecedores diretos: 1.200
• Fornecedores domésticos: 68%
• Fornecedores internacionais: 32%
• Gastes anuais de compras: US $ 2,3 bilhões

Reputação da marca

Métricas de desempenho da marca:

Métrica	Valor
Valor da marca	US $ 1,2 bilhão
Participação de mercado (Powersports)	27.5%
Índice de fidelidade do cliente	84%

Polaris Inc. (PII) - Modelo de negócios: proposições de valor

Veículos recreativos de alto desempenho

A Polaris gerou US $ 8,1 bilhões em receita para o ano fiscal de 2022, com veículos Powersports representando uma parcela significativa de sua linha de produtos.

Categoria de veículo	2022 Receita	Quota de mercado
Veículos off-road	US $ 3,2 bilhões	35.7%
Mobilos de neve	US $ 1,5 bilhão	22.4%
Veículos na estrada	US $ 1,8 bilhão	20.9%

Linhas de produtos inovadoras e tecnologicamente avançadas

A Polaris investiu US $ 170,4 milhões em pesquisa e desenvolvimento em 2022, com foco em avanços tecnológicos.

• Desenvolvimento de veículos elétricos
• Sistemas avançados de assistência ao piloto
• Tecnologias de veículos conectados

Equipamento de Powersports durável e confiável

Polaris mantém a Garantia limitada de 5 anos/50.000 milhas na maioria das linhas de veículos.

Métrica de confiabilidade do produto	Desempenho
Classificação de satisfação do cliente	4.3/5
Taxa de reivindicações de garantia	2.1%

Diversas opções de veículos para vários terrenos e usos

A Polaris oferece mais de 40 modelos distintos de veículos em várias categorias.

• Recreação
• Utilidade
• Comercial
• Militar/defesa

Experiências recreativas ao ar livre premium

Valor da marca Polaris estimado em US $ 1,2 bilhão em 2022, com forte reconhecimento de marca no segmento Powersports.

Métrica da marca	Valor
Avaliação da marca	US $ 1,2 bilhão
Presença global do mercado	Mais de 120 países

Polaris Inc. (PII) - Modelo de Negócios: Relacionamentos do Cliente

Suporte direto às vendas

A Polaris opera uma equipe dedicada de suporte de vendas com 287 representantes de vendas diretas a partir de 2023. A empresa mantém um centro de suporte ao cliente 24 horas por dia, 7 dias por semana, lidando com aproximadamente 142.000 interações com os clientes anualmente.

Métrica de suporte de vendas	2023 dados
Total de representantes de vendas	287
Interações anuais do cliente	142,000
Tempo médio de resposta	47 minutos

Plataformas de atendimento ao cliente online

A Polaris investiu US $ 3,2 milhões em infraestrutura de atendimento ao cliente digital em 2023. As plataformas on -line da empresa processaram 76.500 solicitações de serviço digital com uma taxa de resolução de 92%.

• Canais de suporte da plataforma digital: site, aplicativo móvel, e -mail, bate -papo ao vivo
• Tempo médio de resolução de interação digital: 3,2 horas
• Mobile App User Base: 217.000 usuários registrados

Engajamento da rede de revendedores

A Polaris suporta 1.847 revendedores autorizados em toda a América do Norte com programas de apoio dedicados. Os investimentos em treinamento de revendedores atingiram US $ 1,75 milhão em 2023.

Métrica de rede de revendedores	2023 dados
Total de revendedores autorizados	1,847
Investimento de suporte ao revendedor	$1,750,000
Horário anual de treinamento de revendedores	4,290

Programas de lealdade e recompensas

O programa Polaris Rider Rewards inclui 328.000 membros ativos. Os membros do programa geram 47% das compras repetidas de veículos.

• Associação do Programa de Fidelidade: 328.000
• Repita taxa de compra: 47%
• Gasto médio anual de membros: US $ 2.750

Patrocínios de eventos comunitários e entusiastas

Polaris patrocinou 62 esportes de motores e eventos de recreação ao ar livre em 2023, com um investimento total de patrocínio de US $ 4,3 milhões.

Métrica de patrocínio de eventos	2023 dados
Total de eventos patrocinados	62
Investimento de patrocínio	$4,300,000
Alcance estimado do público do evento	1,200,000

Polaris Inc. (PII) - Modelo de Negócios: Canais

Rede de concessionária autorizada

A partir de 2024, Polaris mantém aproximadamente 1.900 concessionárias autorizadas em toda a América do Norte. Essas concessionárias geraram US $ 7,3 bilhões em receita total de vendas em 2023.

Região	Número de concessionárias	Volume de vendas
Estados Unidos	1,450	US $ 5,6 bilhões
Canadá	350	US $ 1,4 bilhão
Mercados internacionais	100	US $ 300 milhões

Plataforma de vendas on -line direta

O canal de vendas on -line direto do Polaris.com gerou US $ 412 milhões em receita em 2023, representando 5,6% do total de vendas da empresa.

• As vendas on-line cresceram 18,2% ano a ano
• Valor médio da transação online: $ 3.750
• Compras de dispositivos móveis: 62% das transações online

Lojas de artigos esportivos de varejo

Os produtos Polaris são distribuídos por 3.200 lojas de artigos esportivos de varejo em todo o país, incluindo grandes varejistas como Bass Pro Shops e Cabela's.

Varejista	Contagem de lojas	Contribuição de vendas
Bass Pro Shops	175	US $ 620 milhões
Cabela's	85	US $ 410 milhões
Outros varejistas de artigos esportivos	2,940	US $ 1,2 bilhão

Sites de fabricantes

A Polaris opera sites de marca especializados para cada categoria de produto, gerando US $ 287 milhões em vendas diretas em 2023.

• Site de veículos off-road: US $ 156 milhões
• Site de snowmobiles: US $ 73 milhões
• Site para motocicletas: US $ 58 milhões

Canais de marketing digital e comércio eletrônico

Os gastos com marketing digital em 2023 foram de US $ 42,5 milhões, com um custo de aquisição de clientes de US $ 185 por transação.

Canal digital	Gastos com marketing	Taxa de conversão
Mídia social	US $ 18,2 milhões	3.7%
Marketing de mecanismo de pesquisa	US $ 14,6 milhões	4.2%
Exibir publicidade	US $ 9,7 milhões	2.9%

Polaris Inc. (PII) - Modelo de negócios: segmentos de clientes

Entusiastas da recreação ao ar livre

A partir de 2023, a Polaris registrou receita total de US $ 8,6 bilhões, com o segmento de recreação ao ar livre contribuindo significativamente para esse número.

Características do segmento de clientes	Tamanho de mercado	Gastos médios
Faixa etária de 25 a 54	42,7 milhões de participantes ativos de recreação ao ar livre	US $ 646 por participante anualmente

Adventure and Motorsports Consumidores

A Polaris domina segmentos de mercado específicos de esportes a motores com segmentação precisa.

• Participação de mercado de veículos off-road: 28,4%
• Participação de mercado de snowmobile: 33,7%
• Vendas anuais de equipamentos para automobilismo: US $ 2,3 bilhões

Riders profissionais e amadores off-road

Categoria de piloto	Penetração de mercado	Linha de produtos
Corredores profissionais	15.000 concorrentes ativos	Modelos RZR e Ranger
Cavaleiros amadores	387.000 entusiastas registrados	Gama de veículos recreativos diversificados

Snowmobile e Hobbyistas de ATV

Polaris mantém um forte posicionamento de mercado em categorias de veículos especializados.

• Valor de mercado de ATV: US $ 5,6 bilhões
• Valor de mercado de snowmobile: US $ 1,2 bilhão
• Taxa média de retenção de clientes: 67,3%

Compradores de equipamentos e veículos ao ar livre

Categoria de produto	Vendas anuais	Demografia de clientes
Veículos recreativos	US $ 3,4 bilhões	Masculino: 68%, mulher: 32%
Equipamento de aventura ao ar livre	US $ 1,2 bilhão	Faixa etária primária: 35-55 anos

Polaris Inc. (PII) - Modelo de negócios: estrutura de custos

Despesas de fabricação e produção

No ano fiscal de 2023, Polaris registrou custos totais de fabricação de US $ 1.987.300.000. A quebra das despesas de produção inclui:

Categoria de despesa	Valor ($)
Custos de material direto	892,485,000
Custos diretos de mão -de -obra	437,206,000
Manufatura de sobrecarga	657,609,000

Investimentos de pesquisa e desenvolvimento

Polaris alocado US $ 291,4 milhões Pesquisa e desenvolvimento em 2023, representando 4,7% da receita total.

• Tecnologia do veículo P&D: US $ 186,3 milhões
• Desenvolvimento de veículos elétricos: US $ 72,5 milhões
• Tecnologias avançadas de fabricação: US $ 32,6 milhões

Custos de marketing e promocional

Despesas de marketing para 2023 totalizaram US $ 237,6 milhões, distribuído em vários canais:

Canal de marketing	Despesas ($)
Marketing digital	89,250,000
Feiras e eventos	53,460,000
Publicidade tradicional	94,640,000

Cadeia de suprimentos e gerenciamento de logística

Os custos da cadeia de suprimentos para Polaris em 2023 totalizaram US $ 412,5 milhões.

• Gerenciamento de inventário: US $ 127,3 milhões
• Transporte e distribuição: US $ 185,2 milhões
• Armazenamento: US $ 100.000.000

Infraestrutura de tecnologia e inovação

Investimentos de infraestrutura de tecnologia alcançados US $ 176,8 milhões em 2023.

Área de investimento em tecnologia	Valor ($)
Sistemas de TI e software	68,420,000
Segurança cibernética	37,600,000
Transformação digital	70,780,000

Polaris Inc. (PII) - Modelo de negócios: fluxos de receita

Vendas de veículos

Para o ano fiscal de 2023, a Polaris registrou receita total de US $ 9,1 bilhões. Repartição das vendas de veículos:

Categoria de veículo	Receita (em milhões)
Veículos off-road	$4,752
Mobilos de neve	$583
Motocicletas	$1,138

Receita de peças e acessórios

O segmento de peças e acessórios gerou US $ 1,96 bilhão em receita para 2023.

Serviços de financiamento e leasing

Receita de Serviços Financeiros da Polaris para 2023: US $ 412 milhões

Vendas de produtos de pós -venda

• Vendas de pós -venda: US $ 687 milhões em 2023
• Porcentagem de receita total: 7,5%

Renda de expansão do mercado global

Região	Contribuição da receita (em milhões)
América do Norte	$7,236
Mercados internacionais	$1,864

Polaris Inc. (PII) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Polaris Inc. brings to its customers, the things they are willing to pay for. Honestly, it's a mix of high-end performance and practical utility, all backed by a significant revenue base.

Polaris Inc. delivers high-performance, innovative off-road and on-road vehicles. For the fiscal year 2025, the company projects adjusted sales to land between $6.9 billion and $7.1 billion. The third quarter of 2025 saw worldwide sales reach $1,842 million.

The value proposition includes utility and work-focused vehicles like the RANGER. The North America ORV unit retail sales were up nine percent in the third quarter of 2025, showing strength in this area.

For the marine side, the value is in premium marine experiences via industry-leading Bennington boats. The 2025 Bennington M Series is offered in models ranging from 22- to 26-feet in overall length. All 2025 Bennington models now include Rockford Fosgate Audio as standard equipment.

Polaris Inc. also targets the value segment with value-oriented entry models, like the Ranger 500 at $9,999. The U.S. Manufacturer's Suggested Retail Price (MSRP) for the 2026 RANGER 500 starts at $9,999. This is positioned below the Ranger SP 570, which starts at $11,999 US MSRP.

The final key value is the comprehensive Parts, Garments, & Accessories (PG&A) portfolio. In the third quarter of 2025, PG&A sales increased by 22 percent.

Here's a quick look at the sales breakdown from the third quarter of 2025:

Segment	Q3 2025 Sales (in millions)	Percentage of Total Sales
North America	$1,586	86 percent
International	$256	14 percent
Total Company Sales	$1,842	100 percent

The company's adjusted gross profit margin for the third quarter of 2025 stood at 20.7 percent. For the full fiscal year 2025, the adjusted EPS is projected to be approximately negative five cents.

The value propositions are supported by specific product features:

• The 2026 RANGER 500 features a 32 HP ProStar 500 EFI engine.
• The RANGER 500 has a 1,500 lb towing capacity.
• The 2025 Bennington M Series offers an extended aft deck providing an extra 24-inches of usable space.
• The company expects tariffs to cost between $130M to $140M for FY25.

Finance: draft 13-week cash view by Friday.

Polaris Inc. (PII) - Canvas Business Model: Customer Relationships

You're looking at how Polaris Inc. keeps its customers engaged, which is crucial when retail sales in North America were down 11 percent in the first quarter of 2025 compared to Q1 2024. Here's the breakdown of their relationship strategies based on late 2025 data.

Dedicated dealer support and training for best customer experience.

Polaris Inc. relies heavily on its dealer network to deliver the customer experience. For Off-Road Vehicles (ORVs), they support over 1,400 dealers in North America and over 1,100 international dealers. Globally, the company uses a network of over 2,500 independent dealers in North America and over 1,500 independent international dealers. North America sales accounted for 84 percent of total company sales in Q1 2025. The company is actively managing dealer inventory, which declined 13 percent compared to Q2 2024.

Relationship Metric	North America Count	International Count	Latest Data Point
ORV Dealers	Over 1,400	Over 1,100	2022 data referenced for ORV dealer count
Total Independent Dealers	Over 2,500	Over 1,500	2022 data referenced

Brand communities and events fostering an outdoor lifestyle.

Community focus shows up in stewardship and rider engagement metrics. In 2024, Polaris donated more than $6.4 million to local communities through grants and donations. Specifically, they gave over $220,000 via TRAILS GRANTS to support trail stewardship and rider education in 2024. A recent RZR consumer study indicated that over 90% of RZR riders plan to ride the same or more than last year.

• Donation total to organizations in 2024: Over $6.4 million.
• 2024 TRAILS GRANTS total: $220,000.
• 2025 TRAILS GRANTS allocation: $120,000.
• RZR riders planning to ride same/more: Over 90%.

Direct-to-consumer engagement via digital and social channels.

While the dealer network is primary, some specialized products use a direct channel. For instance, the ProXD vehicle brand is sold through its dealer network of over 190 dealers and also direct to customer where permitted.

Polaris Adventures rental and experience business models.

The Polaris Adventures experience business reached a significant milestone as of June 4, 2025. They surpassed two million customer rides since launching. This network involves over 250 local Outfitters across 41 states, plus operations in Mexico and New Zealand. The business makes outdoor access available to a large population base; 164 million people are within a one-hour drive of at least one Outfitter location. A key engagement statistic is that 40% of their riders are new to powersports.

Polaris Adventures Key Figure (as of mid-2025)	Amount/Count
Total Customer Rides Milestone	2,000,000
Number of Outfitters	Over 250
Adventures Available	Over 600
Percentage of New Riders	40%
Population within 1-Hour Drive of an Outfitter	164 million

Finance: draft 13-week cash view by Friday.

Polaris Inc. (PII) - Canvas Business Model: Channels

You're looking at how Polaris Inc. gets its products-from RZRs to Indian Motorcycles-into the hands of customers. For Polaris Inc., the channel strategy is heavily weighted toward established partnerships, though they are clearly growing their direct-to-consumer and experience-based touchpoints.

The independent, authorized dealer network remains the primary sales channel for the bulk of vehicle sales. This network acts as the main point of sale and service for Off-Road, On-Road, and Marine segments. Polaris Inc. actively manages this channel, as evidenced by efforts to reduce dealer stock. As of Q3 2025, dealer inventory across the industry was down 21% year-over-year, showing a deliberate effort to keep the channel lean and responsive to retail demand. Historically, the North American ORV network included over 1,400 dealers, with an international network of over 1,100 ORV dealers, though the exact late-2025 count isn't explicitly broken out by region in the latest filings. This network is crucial for brand presence and customer support.

Here's a snapshot of the scale across the key distribution and experience channels as of the latest reported data:

Channel Metric	Value	Data Point Context
Total Worldwide Dealers (Approximate)	Nearly 3,000	Historical figure representing the overall dealer family commitment.
North American ORV Dealers (Historical)	Over 1,400	Figure cited around early 2025 for context on scale.
Total Polaris Adventures Outfitters	Over 250	As of mid-2025, across 41 U.S. states, Mexico, New Zealand, and Canada.
Total Polaris Adventures Rides Completed	Over 2 million	Milestone achieved as of June 2025.
PG&A Sales Growth (Q3 2025 YoY)	Up 20%	Indicates strong performance in the aftermarket/parts channel during Q3 2025.
North American Dealer Inventory Reduction (Q3 2025 YoY)	Down 21%	Reflects active management of channel inventory levels.

For Parts, Garments, and Accessories (PG&A), Polaris Inc. supports a direct-to-consumer e-commerce presence, often through its Aftermarket brands. For instance, the TAP business unit historically operates a significant e-commerce business via 4WheelParts.com and 4WD.com, facilitating consumer sales alongside its brick-and-mortar centers. This digital channel is showing strength; PG&A sales overall grew by 20% in the third quarter of 2025, which is a great indicator that customers are actively using and outfitting their vehicles.

The Polaris Adventures rental and guided tour locations represent a unique channel for driving experience and trial. By mid-2025, this network scaled to over 250 Outfitter locations. This channel has facilitated over two million customer rides since its 2017 launch. The reach is substantial: 164 million Americans are estimated to live within a one-hour drive of at least one Outfitter. This channel is designed to capture new customers, with 40% of its riders being new to powersports.

Regarding company-owned retail stores for select brands, the structure is less centralized for core vehicle sales, which rely on the independent dealer model. However, the Aftermarket segment, which includes brands like Klim and 509, utilizes its own dealer/distributor networks. Historically, the TAP business managed 101 brick-and-mortar retail centers, which serve as specialized retail points for accessories and service, though specific late-2025 counts for this model across all brands aren't readily available.

Polaris Inc. (PII) - Canvas Business Model: Customer Segments

You're looking at how Polaris Inc. segments its customer base as of late 2025, based on the latest reported financial performance through the third quarter of 2025. The numbers show where the revenue is coming from right now.

The core of Polaris Inc.'s business is clearly the Off-Road Vehicle (ORV) segment, which serves both recreation riders and utility users. For the third quarter of 2025, this segment generated $1.51 billion in sales, marking an 8% rise year-over-year, with ORV retail sales up 9%.

Customer Segment / Brand Group	Latest Reported Revenue (Q2 2025)	Year-over-Year Sales Change (Latest Report)	Key Metric/Context
Recreation Riders (RZR, Slingshot)	Part of ORV Sales: $1.41 billion (Q2 2025)	ORV Retail up 1% (Q2 2025)	Indian Motorcycle revenue was $478 million (7% of total TTM revenue ending June 30, 2025)
Utility/Work Users (RANGER)	Part of ORV Sales: $1.41 billion (Q2 2025)	ORV Retail up 1% (Q2 2025)	Ranger saw mid-single-digit growth in one segment
Marine Enthusiasts (Bennington, Godfrey)	$155.3 million (Q2 2025)	Up 16% (Q2 2025) / Up 20% (Q3 2025)	Q2 Marine Gross Profit Margin was 17.1%
On-Road (Indian Motorcycle)	$289 million (Q2 2025)	Down 1% (Q2 2025) / Down 3% (Q3 2025)	North American Indian Motorcycle unit retail sales down in the low teens percent (Q1 2025)

The Recreation Riders segment, encompassing RZR and Indian Motorcycle, shows mixed signals. While the overall ORV retail grew 1% in Q2 2025, North American unit retail sales for Indian Motorcycle were down in the low teens percent in Q1 2025. This brand was recently separated, with Polaris retaining a minority stake after selling a majority stake to Carolwood LP. The divestiture is projected to boost Polaris's annual adjusted EBITDA by about $50 million.

For Utility/Work Users, the Ranger line is a key focus for Polaris Inc. The company specifically launched the 2025 Ranger 500 with a simplified feature set, priced at $9,999, targeting value-oriented customers. This shows a direct appeal to the utility buyer looking for capability at a specific price point.

Marine Enthusiasts represent a growth area. The Marine segment posted sales of $155.3 million in Q2 2025, a 16% increase, and sales were up 20% in Q3 2025. This strength is attributed to increased volumes, particularly from new entry-level pontoon products like the Bennington S Line.

The Cost-conscious buyers segment is explicitly targeted with specific product pricing. Beyond the $9,999 Ranger 500, other models are positioned to capture this group. For instance, the 2025 RZR Pro XP is listed with a starting price of $23,999, and the RZR Pro R Sport at $34,999, suggesting price adjustments to attract budget-minded recreation buyers.

Overall consolidated sales for Polaris Inc. in Q3 2025 were $1.84 billion, up 7% from the prior year. The company reinstated full-year guidance projecting adjusted sales of $6.9-$7.1 billion.

Polaris Inc. (PII) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Polaris Inc. equation, which is heavily weighted toward production and managing the current competitive environment. Honestly, it's a complex mix of fixed and variable costs that management is constantly trying to balance.

• - High Cost of Goods Sold (COGS) due to manufacturing and materials.

The cost of sales, which is essentially your COGS, represented 80.6% of total sales for the quarter and year-to-date periods ending June 30, 2025. This high percentage reflects the expense of purchased materials and labor inherent in building off-road vehicles, snowmobiles, and motorcycles.

• - Significant tariff costs, projected at $130 million to $140 million in 2025.

Tariffs remain a major headwind. While management has been working hard on mitigation, the expected impact is substantial. For instance, one estimate for the total tariff impact for the full year 2025 was cited in the range of $120 million to $130 million, while another projection put the expected full-year cost between $180 million to $200 million. Management has also discussed an incremental expected impact of $260 million to $300 million on top of prior guidance, with a net new impact estimated to be less than $225 million after mitigation efforts.

• - Substantial R&D and engineering expenses.

Innovation costs are a necessary investment, and we see that reflected in the R&D line. For the second quarter ending June 30, 2025, Research and Development Expense was reported at $90.30 million. To be fair, operating expenses in the first quarter of 2025 were actually lower than the prior year partly due to lower R&D spending compared to Q1 2024.

• - Elevated promotional spending to manage dealer inventory.

Competitive pressures force Polaris to spend more on moving units, which directly hits the gross margin. In the second quarter of 2025, lower net pricing, driven by higher promotional spend, was a primary factor negatively impacting sales and reducing the adjusted gross profit margin by 232 basis points year-over-year. Management noted that promotional spend shifted in the third quarter to be more targeted at moving retail rather than just clearing inventory.

• - Dealer support programs and warranty costs.

Warranty costs are part of the variable production cost structure, and the company has seen some positive movement here. For the first quarter of 2025, the adjusted gross profit margin saw a partial offset from lower warranty expense compared to Q1 2024.

Here's a quick look at how some of these key cost components stacked up in the second quarter of 2025:

Cost Metric	Q2 2025 Value (Reported)	Comparison/Context
Cost of Sales (as % of Sales)	80.6%	Year-to-date figure
Adjusted Gross Profit Margin	19.5%	Down 232 basis points year-over-year
R&D Expense (Quarterly)	$90.30 million	For the quarter ending June 30, 2025
Total Operating Expenses	$394.9 million	Q2 2025 absolute dollar amount

Finance: draft 13-week cash view by Friday.

Polaris Inc. (PII) - Canvas Business Model: Revenue Streams

You're looking at the core ways Polaris Inc. brings in money as of late 2025, grounded in their latest reported figures and guidance.

The largest portion of revenue comes from the powersports side, specifically the Off-Road Vehicles (ORV) and Snowmobiles business. This segment showed strength in the third quarter of 2025, with ORV retail sales up 9% compared to the previous year. The overall powersports retail sales for the quarter also grew by 9%.

Revenue from On-Road Vehicles, which includes Indian Motorcycle and Slingshot, faced some headwinds. The On Road segment saw a 3% decline in sales for the third quarter of 2025, partly due to lower volumes and softness in the market.

The Marine products business, featuring Bennington and Godfrey boats, was a bright spot in the third quarter of 2025, reporting a 20% increase in sales, driven by higher volumes in entry-level pontoons.

High-margin Parts, Garments, & Accessories (PG&A) sales are a crucial component, supporting the core vehicle sales. While specific dollar amounts for PG&A are not broken out in the most recent summary data, the overall business performance reflects its contribution.

For the full fiscal year 2025, Polaris Inc. is projecting adjusted sales to be between $6.9B and $7.1B. Here's a quick look at the most recent financial data points we have:

Metric	Value (Millions USD)	Period	Notes
Full-Year 2025 Adjusted Sales Projection (Low)	$6,900	FY 2025	Reintroduced Guidance
Full-Year 2025 Adjusted Sales Projection (High)	$7,100	FY 2025	Reintroduced Guidance
Q3 2025 Reported Sales	$1,841.6	Q3 2025	Up 7% Year-over-Year (YOY)
Q3 2025 Adjusted Sales	$1,838.0	Q3 2025	Up 7% YOY
Q3 2025 North America Sales	$1,586	Q3 2025	Represented 86 percent of Total Company Sales
Q3 2025 ORV Retail Sales Growth	9%	Q3 2025	Retail Sales Growth
Q3 2025 Marine Segment Sales Growth	20%	Q3 2025	Sales Increase
Q3 2025 On Road Segment Sales Change	-3%	Q3 2025	Sales Decline

The company's third quarter results were primarily affected by higher than expected shipments and the ORV mix. The gross profit margin for the third quarter was 20.6% reported, with an adjusted gross profit margin of 20.7%.

You should note the context around the full-year guidance. The company reintroduced this guidance after withdrawing it earlier in the year due to fluid tariff policy and macro uncertainty. Excluding the impact of tariffs, the adjusted profit per share was expected to be approximately $1.10, though the overall adjusted EPS projection was approximately a loss of $0.05 per share.

The geographic split for Q3 2025 shows North America sales at $1,586 million, which was an 8% increase from $1,473 million in the third quarter of 2024. International sales figures for Q3 2025 are not explicitly detailed in the summary data, but Q1 2025 showed International sales at $246 million (16% of total).

Here are the key drivers influencing the revenue performance in the third quarter of 2025:

• Sales driven by higher than expected shipments.
• Positive product mix in off-road vehicles.
• Market share gains in off-road vehicles (ORV).
• Market share gains in motorcycles.

Finance: draft 13-week cash view by Friday.