HOG
Harley-Davidson, Inc.21.25
-0.12-0.56%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Guidance color, HDFS long-term upside
Q&A drilled into 2026 guidance details without contradicting prepared remarks. Management outlined back-loaded wholesale cadence—Q1 down YoY, Q4 up sharply—to sustain tight inventories. HDFS income at $45-60M short-term but poised to triple long-term via asset rebuild over years. Flat global retail eyes US upside from touring promotions, new Limited/trikes, and Softails. LiveWire losses hit $70-80M, funding capped at $75M loan. Analysts quizzed HDFS profitability and margins; answers pointed to May strategy reveal. Cadence back-loaded. Watch dealer health into strategy day.
Key Stats
Market Cap
2.58BP/E (TTM)
5.06Basic EPS (TTM)
4.20Dividend Yield
0.03%Recent Filings
8-K
Modest 10b5-1 repurchase plan
Harley-Davidson plans a Rule 10b5-1 trading plan by March 13, 2026, to repurchase a modest amount of shares over coming months, market conditions permitting. This measured step aligns with its Q4 2025 earnings call guidance to proceed cautiously while finalizing the strategic plan. Details await the Q1 2026 call. Cautious buybacks signal discipline.
10-K
FY2025 results
Harley-Davidson posted FY2025 revenue of $4.47B, down 13.7% y/y, with HDMC revenue falling 13.2% to $3.58B on 16.4% fewer motorcycle shipments (124K units vs 149K) amid 12.4% lower worldwide retail sales (133K units). HDMC swung to $(29)M operating loss from $278M income, hit by volume declines, unfavorable manufacturing leverage, and $67M in new tariffs, yet Cruiser models showed relative resilience. Q4 saw HDFS shine with $490M operating income (vs $248M y/y) boosted by the HDFS Transaction's $191M credit loss release and securitization gains, while LiveWire narrowed losses to $(75)M from $(110)M via cost cuts. Net income fell to $339M ($2.78/share) from $455M ($3.44/share), aided by 8.3% fewer diluted shares from buybacks including a $200M ASR. Year-end liquidity swelled to $4.3B on HDFS proceeds funding $3.6B debt paydown and $347M repurchases; 2026 guidance eyes HDMC $(40)M-$10M income amid lower shipments (130-135K) and tariff hikes ($75-105M). Supply chain disruptions from supplier bankruptcies and tariffs threaten quarterly momentum.
8-K
HOG Q4 loss, HDFS win
Harley-Davidson posted dismal Q4 2025 results with $496M revenue down 28% and $2.44 diluted EPS loss, yet full-year HDMC swung to $29M operating loss from profit amid 16% shipment drop to 124,477 units. HDFS soared to record $490M operating income via KKR/PIMCO deal, enabling $1B dividend and $434M shareholder returns. Board shrinks to eight post-Farley exit; 2026 eyes 130-135K HDMC retail, breakeven-ish ops. Tough reset, but cash piles at $3.1B.
8-K
Niketh named H-D Motor COO
Harley-Davidson tapped Bryan Niketh, 48, as COO of Harley-Davidson Motor Company effective January 1, 2026. Fresh from leading White River Marine Group, he returns after prior stints as SVP of Product and Operations. He snags a $1M signing bonus, repayable if he bolts within two years. Boater to biker: operations reboot incoming.
8-K
Execs depart, CFO expands role
Harley-Davidson loses Chief Digital and Operations Officer Jagdish Krishnan and Chief Commercial Officer Luke Mansfield, effective December 31, 2025, both qualifying for Executive Severance Plan benefits. CFO Jonathan Root steps up as Chief Commercial Officer of Harley-Davidson Motor Company while retaining finance and commercial oversight. Leadership shuffle complete.
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