Harley-Davidson, Inc. (HOG) reported a fourth-quarter loss of $2.44 per share for 2025, exceeding the Zacks Consensus Estimate of a loss of 92 cents. Consolidated revenues decreased 28% year-over-year to $496 million. Revenues from the Motorcycle and Related Products segment fell 10% to $379 million, with worldwide motorcycle shipments down 4% to 13,500 units, falling short of an expected 20,845 units.
Retail motorcycle units sold globally totaled 25,300, a 1% decline but above expectations. North American retail sales increased by 5% to 15,900 units, while EMEA sales decreased by 24%. Harley’s Financial Services generated $106 million in revenue, marking a 59% decline from the previous year. The company ended 2025 with cash and equivalents of $3.1 billion and guidance for 2026 forecasts global retail sales between 130,000 and 135,000 units.
For the upcoming year, Harley-Davidson expects operating income to range from a $40 million loss to a $10 million profit, compared to a $29 million loss in 2025. LiveWire’s operating loss is projected at $70-$80 million, with capital expenditures expected to be between $175-$200 million.
