LiveWire Group
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LiveWire Group (LVWR) investor relations material

LiveWire Group 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 intentional actions to address elevated dealer inventory, especially in North America, impacting shipments and margins.

  • Leadership changes and a renewed focus on dealer relationships, inventory management, and cost reduction are underway.

  • Achieved record-setting Q4 with 22,286 units sold in 2025, a 16% increase year-over-year, and maintained the #1 position in U.S. electric motorcycle on-road retail sales.

  • Expanded market share to 70% in the U.S. electric motorcycle 50+ horsepower on-road EV segment and entered five new European markets.

  • The company is resetting its business, aiming for a more stable operating and financial future in 2026 and beyond.

Financial highlights

  • Q4 consolidated revenue down 28% year-over-year; HDMC revenue down 10%, HDFS revenue down 59%.

  • Q4 consolidated operating loss of $361 million, compared to a $193 million loss in Q4 2024.

  • Full year 2025 revenue of $4.5 billion, down 14%; operating income $387 million vs. $417 million in 2024.

  • Consolidated revenue for 2025 was $25.7 million, down 4% year-over-year, while consolidated revenue units rose 16%.

  • Free cash flow improved by 44% to negative $57.3 million for the year.

Outlook and guidance

  • 2026 is viewed as a transition year; margins expected to remain under pressure due to production running below wholesale and higher tariffs.

  • HDMC retail and wholesale units forecasted at 130,000-135,000 for 2026.

  • Tariff costs expected to rise to $75–$105 million in 2026.

  • HDFS operating income guidance for 2026: $45–$60 million.

  • LiveWire forecasted operating loss of $70–$80 million in 2026.

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Frequently asked questions

LiveWire Group Inc is an electric motorcycle manufacturer focused on producing high-performance, battery-powered bikes. The company designs and develops electric motorcycles that emphasize innovation, performance, and sustainability. LiveWire offers a range of electric two-wheel vehicles catering to both urban commuting and recreational riding. The company is headquartered in Milwaukee, Wisconsin, and its shares are listed on the NYSE.

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