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Investor Relations14 Oct 2025
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Harley-Davidson (HOG) investor relations material
Harley-Davidson Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Announced a strategic HDFS transaction with KKR and PIMCO, unlocking $1.25B in cash, selling a minority equity stake at 1.75x book value, and shifting HDFS to a capital-light model.
Q2 2025 revenue declined 19% year-over-year to $1.31B, with net income down 51% to $108M and EPS at $0.88, reflecting lower shipments and soft demand.
Global motorcycle shipments fell 28% and retail sales dropped 15% year-over-year; dealer inventories reduced by 28%.
Announced new efficiency program leveraging technology and AI to drive cost savings and productivity.
Confirmed launch of a new small displacement motorcycle targeting a sub-$6,000 entry price for growth in new segments.
Financial highlights
Q2 consolidated operating income was $112M, down 53% year-over-year; HDMC revenue down 23% to $1.04B; HDFS revenue down 2% to $257M; LiveWire revenue down 7% to $6M.
Q2 net income was $108M, down 51%; diluted EPS was $0.88, down 46%; six-month net income was $236.5M, down 47%.
HDMC Q2 operating income margin was 5.9%, down from 14.7%; HDFS operating income margin was 27.1%; consolidated margin was 8.6%.
LiveWire Q2 operating loss improved to $19M from $28M; full-year operating loss expected between $59M–$69M.
Cash and cash equivalents at quarter-end were $1.6B; operating cash flow for H1 2025 was $509M.
Outlook and guidance
Full-year 2025 financial outlook for HDMC and HDI remains withdrawn due to tariff and macroeconomic uncertainty.
HDFS full-year operating income expected at $525M–$550M, including a $275M–$300M benefit from the transaction.
LiveWire segment expected to post a $59M–$69M operating loss and use $50M–$60M in cash for 2025.
Plan to purchase $500M in shares in H2 2025 and reduce debt by $450M; up to $300M to be invested in growth opportunities.
Expect positive retail sales in North America for H2, supported by improving trends and easier comps.
How will HDFS transaction proceeds be allocated?
Assess the impact of tariffs on HDMC gross profit.
Why was the full year 2025 outlook withdrawn?
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Next Harley-Davidson earnings date
Q3 20254 Nov, 2025
Next Harley-Davidson earnings date
Q3 20254 Nov, 2025
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Frequently asked questions
The notorious American motorcycle manufacturer founded in 1903
Harley-Davidson is an American motorcycle manufacturer founded in 1903. The company is best known for its iconic motorcycles, which have a distinctive look and sound that has made them a symbol of American culture. The business model is centered around producing high-quality motorcycles and related accessories and merchandise, with a strong focus on branding and marketing, which has helped to establish it as a leader in the motorcycle industry.
In addition to its motorcycles, Harley-Davidson also sells a wide range of branded merchandise, including clothing, accessories, and collectibles. This helps to create additional revenue streams for the company and helps to strengthen its brand.
Cult status
One of the key factors that make Harley-Davidson special is its loyal fan base. The company has built a community of enthusiasts who are passionate about the brand and its products. This has helped to create a sense of camaraderie among Harley riders, which has contributed to the company's success.
Listed peers to Harley-Davidson are:
Polaris. A manufacturer of power sports vehicles, including motorcycles, snowmobiles, and off-road vehicles.
BMW Group. Providing premium automobile and motorcycle products and financing services.
Eicher Motors. based in Gurgaon, India. It manufactures and sells motorcycles and commercial vehicles in India, Bangladesh, Kenya, and Uganda.
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