LiveWire Group (LVWR) Q4 2025 earnings summary

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.