Harley-Davidson
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Harley-Davidson (HOG) investor relations material

Harley-Davidson Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

Executive summary

  • 2025 was a challenging year with significant macro and internal pressures, leading to a reset of business priorities, stabilization efforts, and alignment of wholesale with retail demand for a more sustainable future.

  • Diluted EPS for 2025 was $2.78, with a Q4 loss of $2.44 per share, reflecting operational headwinds.

  • Global retail motorcycle sales declined 12% year-over-year to 132,535 units, with shipments down 16%.

  • HDFS delivered record operating income of $490 million, aided by a strategic partnership and asset sales.

  • $434 million was returned to shareholders through $347 million in share repurchases and $86 million in dividends.

Financial highlights

  • Full year consolidated revenue was $4.47 billion, down 14%; Q4 revenue was $496 million, down 10% year-over-year.

  • Full year net income attributable was $339 million, down 26% from 2024; Q4 net loss was $279 million.

  • HDMC full year operating loss was $29 million, compared to $278 million income in 2024; Q4 operating loss was $260 million.

  • LiveWire posted a full year operating loss of $75 million, a 32% improvement year-over-year.

  • Cash from operating activities was $569 million; year-end cash and equivalents totaled $3.1 billion.

Outlook and guidance

  • 2026 is viewed as a transition year, with global retail and wholesale motorcycle shipments expected between 130,000 and 135,000 units.

  • HDMC operating income projected between a $40 million loss and a $10 million profit; HDFS operating income expected between $45 million and $60 million.

  • LiveWire operating loss forecasted at $70 million to $80 million; capital investments planned at $175 million to $200 million.

  • Tariff costs forecasted at $75 million–$105 million for 2026, up from $67 million in 2025.

  • New strategic plan announcement anticipated in May 2026 may impact these figures.

HDFS sustainable operating income post-transaction?
HDMC North America Q4 retail growth drivers?
LiveWire path to profitability or loss reduction?
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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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