Harley-Davidson Delivers Fourth Quarter and Full Year Financial Results and 2026 Outlook (Form 8-K)

Harley-Davidson Delivers Fourth Quarter and Full Year Financial Results and 2026 Outlook

MILWAUKEE (February 10, 2026) - Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company") (NYSE: HOG) today reported fourth quarter and full year 2025 results and provided its 2026 outlook.

"As we close out a challenging year for the Company, we are taking deliberate actions to stabilize the business, restore dealer confidence, and align wholesale activity with retail demand. While near-term results reflect these actions, the progress we are seeing reinforces our confidence in the reset underway and our ability to rebuild Harley-Davidson's long-term earnings and cash-flow power. With an iconic brand, a deeply loyal rider community, and a dealer network unlike any other, we believe Harley-Davidson is well positioned as we chart a clear path forward," said Artie Starrs, President and CEO, Harley-Davidson.

2025 Full Year Highlights and Results

•Delivered diluted EPS of $2.78

•Global dealer inventory levels of new motorcycles finished the year down 17% vs. end of Q4 '24

•Global retail motorcycle sales of 132,535 units, down 12% from prior year

•HDMC global motorcycle shipments of 124,477, down 16% from prior year

•HDMC operating loss of $29 million

•Returned $434 million of capital to shareholders via $347 million of discretionary share repurchases and $86 million of dividends paid

Fourth Quarter 2025 Highlights and Results

•Delivered diluted EPS loss of $2.44

•North America retail motorcycle sales of 15,847 units, up 5% vs. prior year

•Global retail motorcycle sales of 25,287 units, down 1% vs. prior year

•HDMC global motorcycle shipments of 13,515, down 4% vs. prior year

•HDMC revenue of $379 million, down 10% vs. prior year

HDFS Transaction Highlights

•HDFS closed on strategic partnership with KKR and PIMCO that we believe unlocks significant value while transforming HDFS into a capital-light, de-risked business

•Contributed significantly to the reduction of HDFS debt, resulting in reduced capital requirements and improved ROE at HDFS

•The HDFS transaction facilitated a dividend from HDFS to HDI of $1 billion in Q4 '25

•HDFS operating income of $490 million, record-high earnings, driven by the HDFS transaction

2026 Financial Outlook

For the full year 2026, the Company expects1:

•HDMC global motorcycle retail sales of 130,000 to 135,000 units

•HDMC global motorcycle wholesale shipments of 130,000 to 135,000 units

•HDMC operating income of a $40 million loss to a $10 million profit

•HDFS operating income of $45 to $60 million

•LiveWire operating loss of $70 to $80 million

•Harley-Davidson, Inc. capital investments of $175 to $200 million

1 These figures may be impacted by the new strategic plan expected to be announced in May 2026

Fourth Quarter and Full Year 2025 Results

Harley-Davidson, Inc. Consolidated Financial Results

$ in millions (except EPS)			4th quarter									Full Year
			2025			2024			Change			2025			2024			Change
Revenue			$496			$688			-28%			$4,473			$5,187			-14%
Operating Income (Loss)			($361)			($193)			-87%			$387			$417			-7%
Net Income Attributable to HDI			($279)			($117)			-139%			$339			$455			-26%
Diluted EPS			($2.44)			($0.93)			-162%			$2.78			$3.44			-19%

In the fourth quarter, consolidated revenue was down 28 percent, driven by a revenue decline of 10 percent at HDMC and a revenue decline of 59 percent at HDFS. In the fourth quarter, the consolidated operating loss was $361 million, compared to a consolidated operating loss of $193 million in the prior year period.

For the full year, consolidated revenue was down 14 percent compared to prior year. This was driven by a decrease of 13 percent at HDMC and a decrease of 16 percent at HDFS. For the full year, consolidated operating income was down 7 percent, driven by a loss at HDMC and record-high earnings at HDFS. HDFS's results were favorably impacted by the HDFS transaction. The full year operating loss at LiveWire was $75 million, which was in-line with our expectations.

Harley-Davidson Motor Company (HDMC) - Results

$ in millions (except units)			4th quarter									Full Year
			2025			2024			Change			2025			2024			Change
Motorcycle Shipments (thousands)			13.5			14.0			-4%			124.5			148.9			-16%
Revenue			$379			$420			-10%			$3,578			$4,122			-13%
Motorcycles			$194			$231			-16%			$2,658			$3,137			-15%
Parts & Accessories			$117			$118			-1%			$614			$652			-6%
Apparel			$47			$54			-13%			$216			$237			-9%
Licensing			$7			$4			61%			$21			$23			-5%
Other			$14			$13			12%			$69			$73			-5%
Gross Margin			-8.0%			-0.8%			-7.3%			24.2%			28.0%			-3.8		%
Operating Income (Loss)			($260)			($214)			-22%			($29)			$278			-110%
Operating Margin			-68.7%			-50.8%			17.9		%	-0.8%			6.7%			-7.5		%

In the fourth quarter, global motorcycle shipments at HDMC decreased 4 percent from a year ago. HDMC revenue was down 10 percent, due to net pricing and incentive spend and lower volumes. Gross profit came in at a loss of $30 million compared to a loss of $3 million in the prior year period, due to increased tariff costs and net pricing and incentive spend.

Operating expenses totaled $230 million, which was $19 million higher compared to prior year, primarily due to higher marketing expense. Operating loss was $260 million in the fourth quarter compared to an operating loss of $214 million in the prior year period.

For the full year, global motorcycle shipments decreased 16 percent from the prior year. HDMC revenue was down 13 percent, due primarily to lower wholesale volumes. Gross margin was lower by 3.8 points in 2025 compared to 2024, driven by incremental tariffs, negative operating leverage and lower volumes. Operating expenses were $895 million, $18 million higher than a year ago. Operating loss was $29 million for the full year 2025 compared to operating income of $278 million in the prior year.

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Harley-Davidson Retail Motorcycle Sales

(excludes LiveWire units)

Motorcycles (thousands)			4th quarter									Full Year
			2025			2024			Change			2025			2024			Change
North America			15.9			15.1			5%			89.1			102.0			-13%
EMEA			3.6			4.8			-24%			21.4			24.1			-11%
Asia Pacific			5.0			5.0			-1%			19.0			22.2			-15%
Latin America			0.8			0.8			10%			3.0			2.9			2%
Worldwide Total			25.3			25.7			-1%			132.5			151.2			-12%

In the fourth quarter, global retail sales of new motorcycles were down 1 percent versus the prior year. In North America, retail sales increased by 5 percent, driven by strength in the Touring category. In EMEA, retail sales declined by 24 percent, driven by weakness across the region. The 1 percent decline in APAC was an improvement from the first half of 2025, with continued weakness in China. Latin America sales increased by 10 percent, where both Brazil and Mexico were positive.

For the full year 2025, global retail sales of new motorcycles were down 12 percent versus prior year. In North America, retail sales were down 13 percent for the full year, driven by weakness in the Touring category in the first half of the year, as customer traffic declined and affordability became more of a focus. EMEA retail sales declined by 11 percent for the full year, driven by weakness across all countries. APAC retail sales declined by 15 percent, with the most significant weakness experienced within non-core motorcycle models.

Harley-Davidson Financial Services (HDFS) - Results

$ in millions			4th quarter									Full Year
			2025			2024			Change			2025			2024			Change
Revenue			$106			$257			-59%			$869			$1,039			-16%
Operating Income			($82)			$46			-277%			$490			$248			97%

In the fourth quarter, HDFS revenue was down 59 percent from prior year, driven by lower retail and wholesale finance receivables at lower yields. The decline in retail receivables was due to the sale of loan assets as part of the HDFS transaction. On the expense side, fourth quarter interest expense increased year-over-year, due to discrete liability management costs incurred in the fourth quarter to retire debt as a result of the HDFS Transaction. In the fourth quarter, HDFS had an operating loss of $82 million.

For the full year, HDFS revenue was $869 million, down 16 percent from prior year, primarily due to lower retail and wholesale receivables. HDFS operating income was $490 million, driven by favorable provision for credit loss expense due to the HDFS transaction impacts and higher other income, partially offset by lower net interest income and higher operating expense. For the full year 2025, HDFS operating income was $490 million, up from $248 million in full year 2024.

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LiveWire - Results

$ in millions			4th quarter									Full Year
			2025			2024			Change			2025			2024			Change
Electric Motorcycle Shipments (units)			381			236			61%			653			612			7%
Revenue			$11			$10			9%			$26			$26			-3%
Operating Loss			($18)			($26)			30%			($75)			($110)			32%

In the fourth quarter, LiveWire revenue increased 9 percent compared to the prior year, driven by higher unit sales of EV motorcycles and electric bikes in the quarter. LiveWire operating loss of $18 million, 30 percent less than a year ago, was in line with our expectations.

For the full year, LiveWire revenue decreased by 3 percent compared to the prior year. LiveWire operating loss of $75 million was 32 percent less than prior year and was in line with our expectations. For the full year, LiveWire sold 653 EV motorcycles, which compares to 612 EV motorcycles sold in 2024.

Other 2025 Harley-Davidson, Inc. Results

•Generated $569 million of cash from operating activities

•Effective tax rate was 28%

•Paid cash dividends of $86 million

•Repurchased $347 million of shares (13.1 million shares) on a discretionary basis

•Cash and cash equivalents of $3.1 billion at year end

Accelerated Share Repurchase (ASR) Agreement

On November 5, 2025, Harley-Davidson entered into an Accelerated Share Repurchase agreement (ASR) with Goldman Sachs to repurchase $200 million of shares of the Company's common stock. During FY 2025, Goldman Sachs delivered 6.3 million shares under the ASR, representing 80 percent of the payment amount divided by the Company's share price on November 5, 2025, which is included in the $347 million of shares repurchased in 2025. As of February 8, 2026 the final settlement was still outstanding. The total number of shares purchased by the Company pursuant to the ASR will be based on the volume-weighted average price of the Company's stock, less a discount, during the repurchase period. The difference between the initially delivered shares and the total number of shares purchased will be settled no later than the second quarter of 2026.

Company Background

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.

Webcast

Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CST today. The webcast login and supporting slides can be accessed at  http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CST.

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