Harley-Davidson Reports Weak Q4 On Lower Shipment, Widened Losses

by | Feb 10, 2026 | General

Harley-Davidson, Inc. (NYSE:HOG) shares are trading lower premarket on Tuesday after it reported mixed fourth-quarter fiscal year 2025 results.

Earnings Snapshot

The company reported:

  • 28% year-on-year (Y/Y) quarterly sales decline to $496 million, beating the analyst consensus estimate of $483.2 million.
  • Harley-Davidson’s loss per share of $2.44 missed the analyst consensus loss estimate of $1.06.
  • The company reported an operating loss of $361 million, compared with a loss of $193 million a year ago.
  • Harley-Davidson generated roughly $569 million in cash from operating activities in the year. As of year-end, it held $3.1 billion in cash and equivalents.

Segment Results

Global motorcycle retail sales down 1% year over year, with North America seeing a 5% year-over-year gain, led by touring models. Also, Latin America grew 10%, supported by Brazil and Mexico.

However, EMEA sales declined 24% year over year due to regional weakness, and APAC sales fell 1% year over year, with China remaining soft.

Apart from this, HDMC’s global motorcycle shipments fell 4% Y/Y, while revenue dropped 10% due to lower volumes, net pricing, and higher incentive spend.

In particular, revenue from motorcycles dipped 16% year over year; parts and accessories dropped 1% year over year; apparel declined 13% year over year; while licensing grew 61% year over year.

The segment reported a gross loss of $30 million, compared with a loss of $3 million a year ago, due to higher tariffs and continued pricing and incentive pressures.

Buyback

Harley-Davidson also announced plans to enter into a $200 million accelerated share repurchase (ASR) agreement with Goldman Sachs.

In FY25, Goldman delivered 6.3 million shares, about 80% of the payment based on the November 5 share price, included within the $347 million repurchased last year.

The final settlement, based on the volume-weighted average price less a discount, remains pending and will be completed by the second quarter of 2026.

Outlook

For 2026, in the HDMC business, the company sees global motorcycle retail sales of 130,000-135,000 units and HDMC global motorcycle wholesale shipments of 130,000-135,000 units.

HOG expects the HDMC segment to see an operating income of a $40 million loss to a $10 million profit in the year.

Price Action: HOG shares were trading 3.3% higher at $20.80 at last check on Tuesday.

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