Harley-Davidson (HOG) Q4 2025 earnings summary

Executive summary

• 2025 was a challenging year with revenue and earnings under pressure due to macroeconomic headwinds, inventory issues, and operational headwinds, prompting actions to stabilize operations and align wholesale with retail demand.

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

• 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 2025 consolidated revenue declined 14% to $4.47 billion; Q4 revenue down 28% year-over-year.

• Full year net income attributable to shareholders was $339 million, down 19%–26% year-over-year; Q4 net loss was $279 million.

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

• HDFS segment delivered record full year operating income of $490 million, up 97% year-over-year.

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

Outlook and guidance

• 2026 is viewed as a transition year with margins expected to remain under pressure due to operating deleverage and higher tariffs.

• Global motorcycle retail and wholesale 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 $45–$60 million.

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

• At least $150 million in annual run-rate savings expected to impact 2027 and beyond.