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Dec 31, 2025
Harley-Davidson Q4 2025 Earnings Report
Reported a challenging fourth quarter with lower revenue and a net loss amid reduced wholesale activity.
Key Takeaways
Harley-Davidson reported a sharp revenue decline and a net loss in Q4 2025 as global shipments and wholesale activity were reduced to better align with retail demand.
Consolidated revenue declined significantly year over year
Motorcycle shipments and wholesale volumes were lower globally
North America retail sales increased despite global weakness
Operating and net losses widened compared with prior year
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Harley-Davidson expects stabilized volumes with retail and wholesale shipments aligned and improved operational focus.
Positive Outlook
- Expected stabilization of global retail motorcycle demand
- Improved dealer inventory alignment
- Capital-light transformation of financial services business
- Continued strength in brand loyalty and touring segment
- Disciplined capital allocation approach
Challenges Ahead
- Continued macroeconomic and affordability pressures
- Expected operating loss at HDMC in early 2026
- Ongoing weakness in EMEA and Asia-Pacific markets
- Tariff and cost pressures impacting margins
- LiveWire expected to remain loss-making
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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