Polaris Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. )

Polaris Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

On behalf of the Board of Directors and the executive leadership team, we invite you to attend the Polaris Annual Meeting of Stockholders on April 30, 2026, at 9:00 a.m. Central Time. We are grateful for your continued support of Polaris, particularly as our industry navigates this challenging and rapidly evolving environment.

2025 was a year marked by headwinds outside our control, such as shifting tariff regulations, weakened consumer confidence, and industry-wide pressure. Throughout these challenges, the Board and leadership team remained steadfast in our commitment to the Company’s long-term strategy and to managing the variables within the Company’s control. Management implemented a tariff-mitigation strategy and set a goal of lowering China-based spend by 80% by year-end 2027. Consumers responded positively to our product innovation and new product launches, and our deliberate efforts to manage inventory provided support to our dealer network. As a result, the Company delivered on its commitments to gain share across all segments, enhance operations, and achieve healthy dealer inventory levels. These results are evidence of disciplined execution and a resilient strategy.

As part of our long-term strategy focused on growth and creating stockholder value, the Board and management reevaluated the continuation of the Indian Motorcycle business as part of Polaris’ business model. After much consideration and a thorough analysis, the Company separated and divested the Indian Motorcycle business, a transaction which closed in the first quarter of 2026. This decision supports the Company’s strategy of creating long-term profitability by focusing on the core powersports segment. The Board also approved an increase in the Company’s dividend to stockholders, marking the 31st year of dividend increases and continuing the Company’s status as a Dividend Aristocrat.

Despite the dynamic environment, the Board remains intentional in prioritizing strategic decisions that emphasize long-term value creation, including meaningful investments in our employees, to ensure the company remains well-positioned for sustainable growth. In January 2025, in light of the challenging environment, the Board adjusted the annual equity grant structure - shifting to a higher proportion of time-based restricted stock units and eliminating performance-based restricted stock units - to better support retention and stability in a difficult and rapidly evolving environment. The Board continues to assess the Company’s compensation program to balance employee retention and business stability with incentives for performance and creating stockholder value.

The Board also continues to evolve. We want to express our gratitude to Kevin Farr, who recently retired from the Board after more than ten years of dedicated service and contributions to the Board, the Compensation Committee, and the Audit Committee, where he served as Chair for many years. Kevin’s insights and expertise were invaluable to the Board, and he will be missed.

In closing, on behalf of the Board and the executive leadership team, we extend our deep gratitude to the Company’s employees for their continued dedication and grit during challenging times. We also want to acknowledge our stockholders, and thank you for your loyalty and passion for Polaris. We remain committed to the Company’s long-term growth strategy that we believe will position us to lead the industry, drive profitable growth, and deliver strong returns for stockholders.

Sincerely,

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Thursday, April 30, 2026

9:00 a.m. Central Time

Polaris Inc. will hold its 2026 Annual Meeting of Stockholders on Thursday, April 30, 2026, at 9:00 a.m. Central Time in a virtual format. You may attend the meeting, submit questions, and vote your shares electronically during the meeting by visiting www.virtualshareholdermeeting.com/PII2026. You will need the 16-digit control number that is printed on your Notice of Internet Availability of Proxy Materials or proxy card to enter the Annual Meeting site. We recommend that you log in at least 15 minutes before the meeting begins.

At the meeting, our stockholders will be asked to:

Only stockholders of record at the close of business on March 9, 2026 may vote at the Annual Meeting or any adjournment thereof. The proxy materials were either made available to you over the Internet or mailed to you beginning on or about March 17, 2026.

By Order of the Board of Directors

Matthew S. Winings

Senior Vice President, General Counsel and Corporate Secretary

March 17, 2026

How to Participate in the Virtual Annual Meeting

For technical assistance on the day of the Annual Meeting, call the support line at 800-986-0822 (Toll Free) or 303-562-9302 (International Toll)

Other Ways to Vote Your Shares

Please see page 94 for proxy voting deadlines. If you are a “street name” stockholder (meaning that your shares are registered in the name of your bank or broker), you will receive instructions from your bank, broker or other nominee explaining how to vote your shares.

YOUR VOTE IS IMPORTANT!

**IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE

2026 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON APRIL 30, 2026.

**The Notice of Annual Meeting, our Proxy Statement for the 2026 Annual Meeting of Stockholders, the proxy card and

our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 are available at

https://materials.proxyvote.com/731068.

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