HARLEY-DAVIDSON (HOG) Company Report

On October 31, 2025, Harley-Davidson Financial Services, Inc. (HDFS) completed the issuance of Class A Common Stock equivalent to 9.8% of its Common Stock (on a fully diluted basis). This issuance was made to KKR Morrow OpCo Aggregator LLC (4.9%) and PIMCO Entities (4.9%), which are assignees of Cavendish LLC.
Also on October 31, 2025, Harley-Davidson Credit Corp. (HDCC) completed the sale of a portion of its motorcycle promissory notes and security agreements portfolio. The sale was made to KKR Morrow Trust and HDL Trust (assignee of Cavendish) for a purchase price of $4.06 billion.

Nov 6, 2025, 9:06 PM

8-K

Wolverine Worldwide Reports Third Quarter 2025 Results

HOG

Earnings

Guidance Update

Accounting Changes

Wolverine World Wide, Inc. reported Q3 2025 revenue of $470.3 million, an increase of 6.8% compared to the prior year, with a gross margin of 47.5% and adjusted diluted earnings per share of $0.36.
For full-year 2025, the company anticipates revenue to be approximately $1.855 billion to $1.870 billion, representing 6.0% to 6.8% growth, and adjusted diluted earnings per share in the range of $1.29 to $1.34.
During Q3 2025, the company changed its inventory accounting method for certain domestic inventory from last-in, first-out (LIFO) to first-in, first-out (FIFO).
Inventory at the end of Q3 2025 was $293 million, down approximately 0.7% compared to the prior year, and Net Debt was $543 million, a decrease of approximately 3.6% year-over-year.

Nov 5, 2025, 11:30 AM

Press Release

Harley-Davidson Reports Q3 2025 Results, Details HDFS Strategic Partnership and Share Repurchase Plan

HOG

Earnings

M&A

Share Buyback

Harley-Davidson (HOG) reported Q3 2025 consolidated revenue up 17% and consolidated operating income of $475 million, leading to earnings per share of $3.10. The consolidated operating income margin significantly improved to 35.4%, primarily driven by the HDFS transaction.
The company completed a strategic partnership for Harley-Davidson Financial Services (HDFS) with KKR and PIMCO, involving a backbook sale, a forward flow agreement, and the sale of a 9.8% common equity interest. This transaction favorably impacted HDFS operating income by $362 million (472%) in Q3 2025 and is projected to unlock $1.2 to $1.25 billion in discretionary cash through Q1 2026.
Global retail motorcycle sales were down 6% in Q3 2025, with North America down 5% and international markets down 9%. Despite this, the Softail family grew 9% in North America, and U.S. market share in the large cruiser category increased to 68%. Global dealer motorcycle inventories were down 13% year-over-year at the end of Q3 2025.
In Q3 2025, Harley-Davidson repurchased 3.4 million shares for $100 million and announced plans for a $200 million Accelerated Share Repurchase as part of a broader $1 billion repurchase plan by the end of 2026.

Nov 4, 2025, 2:00 PM

Transcript

Harley-Davidson Announces Q3 2025 Results and HDFS Transaction Update

HOG

Earnings

Guidance Update

New Projects/Investments

Harley-Davidson reported diluted EPS of $3.10 for Q3 2025, with HDMC revenue up 23% and global motorcycle shipments increasing 33% versus the prior year.
The HDFS transaction, announced on July 30, 2025, is projected to unlock $1.2 – $1.25 billion in discretionary cash through Q1 2026. This transaction significantly impacted HDFS operating income, which reached $439 million in Q3 2025, partly due to a $301 million benefit in the provision for credit losses.
For 2025, the company updated its guidance, projecting HDFS Operating Income between $525 million and $550 million and Harley-Davidson, Inc. Capital Investment between $175 million and $200 million. Other guidance, including EPS, was withdrawn on May 1, 2025.

Nov 4, 2025, 2:00 PM

Presentation

Harley-Davidson Reports Q2 2025 Results and Announces HDFS Transaction

HOG

Earnings

Share Buyback

Guidance Update

Harley-Davidson reported Q2 2025 diluted EPS of $0.88 and total HDI revenue of $1,307 million, a 19% decrease year-over-year. HDMC operating income margin was 5.9%, and global motorcycle retail sales decreased 15% year-over-year.
The company announced an HDFS transaction with KKR and PIMCO, involving the sale of over $5 billion of existing retail loan receivables and approximately two-thirds of future retail loan originations for five years. This transaction values HDFS at approximately 1.75x post-transaction book value.
The HDFS transaction is expected to generate ~$1.25 billion in discretionary cash, which Harley-Davidson intends to use for $500 million in share repurchases in 2H 2025 and ~$450 million for debt reduction.
For 2025, HDFS operating income is guided between $525 million and $550 million, including $275 million to $300 million from the transaction, while HDMC revenue and operating income margin guidance was withdrawn.

Nov 4, 2025, 2:00 PM

Presentation

Harley-Davidson Reports Q3 2025 Results, Driven by HDFS Transaction and Announces Share Repurchase Plan

HOG

Earnings

M&A

Share Buyback

Harley-Davidson reported Q3 2025 consolidated operating income of $475 million and EPS of $3.01, significantly boosted by the HDFS transaction. The HDFS strategic partnership, completed in October, is projected to unlock $1.2 billion to $1.25 billion in discretionary cash through 2026 and contribute $275 million to $300 million to operating income in the second half of 2025.
Global retail sales declined 6% in Q3 2025, with North America down 5% and international markets down 9%, amidst challenging consumer confidence and high interest rates. The company is actively managing dealer inventory, which was down 13% in Q3 year-over-year, and implementing promotions to drive sales.
The company plans to utilize proceeds from the HDFS transaction for $450 million in debt reduction and continued share repurchases, including a new $200 million accelerated share repurchase agreement as part of a $1 billion plan by 2026.

Nov 4, 2025, 2:00 PM

Transcript

Harley-Davidson Reports Q3 Financial Results

HOG

Earnings

New Projects/Investments

Demand Weakening

Harley-Davidson reported third-quarter revenue of $1.34 billion, surpassing analysts' expectations.
The company's operating margin significantly increased to 44.2% from 9.2% a year ago.
Harley-Davidson transformed its Financial Services unit into a capital-light entity, contributing over $1.2 billion in discretionary cash.
Despite the positive revenue and margin performance, free cash flow declined to -$129.1 million compared to $300.4 million in the same quarter last year.
Motorcycle unit sales have experienced an average year-on-year decline of 15.6% over the last two years, indicating suppressed demand.

Nov 4, 2025, 1:29 PM

WSJ

Harley-Davidson Reports Strong Q3 2025 Earnings Driven by HDFS Transaction

HOG

Earnings

Share Buyback

Guidance Update

Harley-Davidson reported diluted EPS of $3.10 and consolidated revenue of $1,341 million for the third quarter of 2025, representing a 17% increase year-over-year.
The completion of the HDFS transaction with KKR and PIMCO significantly impacted results, leading to HDFS operating income of $439 million and contributing to a 349% increase in consolidated operating income to $475 million. This transaction is expected to unlock over $1.2 billion in discretionary cash.
Global motorcycle retail sales were down 6% versus the prior year, reflecting continued soft demand, while HDMC revenue increased 23% and global motorcycle shipments rose 33%.
The company announced a $200 million Accelerated Share Repurchase agreement, part of a previously announced $1 billion share repurchase plan by the end of 2026. The full-year 2025 financial outlook for HDMC remains withdrawn due to market uncertainty.

Nov 4, 2025, 12:00 PM

Press Release

LiveWire Group Reports Q3 2025 Financial Results and Updates Guidance

HOG

Earnings

Guidance Update

Demand Weakening

LiveWire Group, Inc. reported a 28% increase in consolidated revenue to $5.7 million for Q3 2025 compared to the prior year, with consolidated operating loss decreasing by 29% to $18.8 million.
The company reduced net cash used year-to-date during 2025 by $31.4 million, or 39%, compared to the same period in 2024.
LiveWire updated its full-year 2025 Operating Loss guidance to $72-$77 million from the previous $59-$69 million, partly due to not proceeding with a proposed work statement under the Joint Development Agreement with Harley-Davidson, Inc..
The STACYC segment's revenue grew 46%, while Electric Motorcycles revenue decreased 20% despite an 86% increase in unit sales, attributed to increased incentives.

Nov 4, 2025, 12:00 PM

Press Release

Harley-Davidson Reports Strong Q3 2025 Results Driven by HDFS Transaction

HOG

Earnings

M&A

Share Buyback

Harley-Davidson reported diluted EPS of $3.10 and consolidated revenue of $1,341 million for Q3 2025, representing a 17% increase year-over-year. Consolidated operating income surged 349% to $475 million.
The company completed a strategic partnership for Harley-Davidson Financial Services (HDFS) with KKR and PIMCO, which is expected to unlock approximately $1.2 - $1.25 billion in discretionary cash by Q1 2026. This transaction significantly boosted HDFS operating income to $439 million, a 472% increase year-over-year, primarily due to a $301 million benefit from the reversal of credit loss allowance.
Global motorcycle retail sales were down 6% versus the prior year, reflecting continued soft demand. However, Harley-Davidson Motor Company (HDMC) revenue increased 23%, driven by a 33% increase in global motorcycle shipments.
Harley-Davidson announced a $200 million Accelerated Share Repurchase (ASR) agreement, part of a previously announced plan to repurchase $1 billion in shares by the end of 2026.

Nov 4, 2025, 11:50 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for HARLEY-DAVIDSON.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Artie Starrs say about margins?What are HARLEY-DAVIDSON's strategic priorities?How is HARLEY-DAVIDSON positioned vs competitors?How did HARLEY-DAVIDSON do last quarter?

Let Fintool AI Agent track HARLEY-DAVIDSON's earnings for you

Get instant analysis when filings drop