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Harley-Davidson
Harley-Davidson (HOG) investor relations material
Harley-Davidson Status update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status update summary16 Apr, 2026
Business Overview and Strategic Transformation
HDFS is the captive finance arm, providing retail and dealer financing, insurance, and branded card products, mainly in the US and Canada.
In 2025, HDFS entered a strategic partnership with KKR and PIMCO, selling $6B in retail loan assets and a 9.8% equity interest for $50M, and will sell about two-thirds of future retail loans to these partners for five years.
The transaction unlocked a $1B dividend to the parent, reduced capital intensity, and shifted credit risk on sold loans to KKR and PIMCO.
HDFS retains full control and majority ownership, with no significant operational changes for dealers or customers, maintaining all strategic touchpoints.
The partnership structure allows for flexibility, periodic re-pricing, and options for alternative funding if partnerships end.
Financial Performance and Guidance
2024 saw $3B in loan originations and a return on equity of 18%; five-year average ROE was 21%.
2025 HDFS revenue was $869M, down 16% year-over-year, with operating income of $490M and a margin of 56.4%.
2026 operating income is projected at $45M–$60M, with expectations to triple by 2029 as the retail finance receivable base grows.
Non-lending activities generated $148M–$152M in annual revenue in 2023–2024 and will continue post-transaction.
HDFS expects to maintain high ROE due to fee and servicing income from loan sales.
Capital Structure and Balance Sheet Impact
The transaction enabled a $1B dividend to the parent and reduced consolidated net debt from $5.9B at end-2024 to $412M at end-2025.
HDFS reduced gross retail finance receivables held for investment from $6.7B at end-2024 to $0.8B at end-2025.
Total HDFS debt dropped from $6.8B to $3.2B over the same period.
HDMC ended 2025 with a net cash position of $935M after paying down $450M in debt.
HDFS continues to refine its capital structure, with net debt levels aligned to expectations and a focus on growing finance receivables.
Impact of six-month re-pricing on HDFS margins
Path to tripling HDFS operating income by 2029
Alternative funding if KKR/PIMCO partnership ends
Drivers for tripling HDFS operating income by 2029
Loan pricing dispute resolution with KKR and PIMCO
HDFS transaction impact on consolidated net debt
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Latest events from Harley-Davidson
- Revenue and net income fell sharply, but HDFS posted record profits after a major asset sale.HOG
Q4 202511 Apr 2026 - Proxy details board refresh, executive pay, equity plan, auditor, and climate proposal votes.HOGProxy filing9 Apr 2026
- Shareholders will vote on directors, executive pay, auditor, and a climate plan at the 2026 meeting.HOGProxy filing9 Apr 2026
- Q2 revenue up 12%, EPS up 34%, with $1B share buyback and lower full-year guidance.HOGQ2 20242 Feb 2026
- Q3 sales and earnings fell sharply, prompting a lower 2024 outlook and cost controls.HOGQ3 202418 Jan 2026
- Revenue and net income fell sharply as global sales dropped, prompting withdrawal of guidance.HOGQ1 202523 Dec 2025
- 2024 sales, earnings, and shipments fell, but Touring share rose; 2025 outlook is flat.HOGQ4 202417 Dec 2025
- Shareholders will vote on directors, pay, auditor, and stock plan as the company advances strategy and ESG.HOGProxy Filing1 Dec 2025
- Board recommends voting for all director nominees to drive growth, innovation, and sustainability.HOGProxy Filing1 Dec 2025
Next Harley-Davidson earnings date
Q1 20265 May, 2026
Harley-Davidson
Next Harley-Davidson earnings date
Q1 20265 May, 2026
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