Total Revenue

–34.7% (from $1,053.2M to $687.7M)

Total revenue declined by 34.7% YoY in Q4 2024, primarily due to significant reductions in the HDMC and LiveWire segments, with only a modest offset from a 4.2% increase in HDFS revenue. " " This indicates that the drop in core motorcycle and electric product sales strongly influenced overall revenue performance.

HDMC Revenue

–47% (from $791.7M to $420.5M)

HDMC revenue fell by 47% YoY, largely driven by a marked reduction in motorcycle shipments and decreased dealer demand, reflecting worsening market conditions and inventory adjustments. " " This steep decline in the flagship segment is the primary contributor to the overall revenue drop.

HDFS Revenue

+4.2% (from $246.2M to $256.7M)

HDFS revenue increased modestly by 4.2% YoY, driven by higher interest income and improved financial performance in the services segment, which helped partially counterbalance the revenue losses in the core operating segments. " "

LiveWire Revenue

–32% (from $15.4M to $10.5M)

LiveWire revenue decreased by 32% YoY, due to lower volumes and weaker sales of electric motorcycles and balance bikes in a market facing tougher competition and shifting consumer preferences. " " This decline contributes further pressure on overall revenue, particularly in the electrification segment.

Operating Income

Deteriorated from a loss of $21.15M to a loss of $193.35M

Operating income worsened dramatically, with losses expanding from $21.15M in Q4 2023 to $193.35M in Q4 2024. This decline was driven by reduced margins and volumes in the HDMC segment along with increased cost pressures, which were not sufficiently mitigated by gains in the HDFS segment " " vs.. " "

Net Income & EPS

Net Income: from $25.81M to a loss of $127.07M; EPS: from $0.22 to –$0.84

Net income and EPS experienced a dramatic decline, falling from $25.81M to a loss of $127.07M and EPS dropping from $0.22 to –$0.84. The severe drop reflects the cumulative impact of lower revenue—driven by steep declines in HDMC and LiveWire—along with deteriorating operating income and rising cost pressures, confirming a challenging operating environment " " vs.. " "

Retail units

FY 2025

no prior guidance

flat "

no prior guidance

Wholesale units

FY 2025

no prior guidance

flat to down 5% "

no prior guidance

Revenue

FY 2025

no prior guidance

flat to down 5% "

no prior guidance

Operating income margin

FY 2025

no prior guidance

7% to 8% "

no prior guidance

Global inventory levels

FY 2025

no prior guidance

decrease by more than 10% by end of FY 2025 "

no prior guidance

Operating income (HDFS)

FY 2025

no prior guidance

down 10% to 15% "

no prior guidance

EPS

FY 2025

no prior guidance

flat to down 5% from $3.44 reported in FY 2024 "

no prior guidance

Operating Margin Targets and Profitability

Previously, margins were discussed in detail in Q1–Q3 with emphasis on revised guidance, cost productivity initiatives, and the long‐term 15% target despite challenges from lower volumes, unfavorable FX, and pricing/mix pressures. " " "

In Q4 2024, the focus remains on achieving a long‐term 15% target while highlighting near-term challenges such as lower volumes, FX headwinds, and mix dynamics that resulted in a significant margin decline compared to 2023. " " "

Consistent emphasis on margin targets persists, but there is increased pressure from lower volumes and external factors. This topic remains central for profitability and future performance.

Touring Segment Growth and Product Innovation

Q1–Q3 consistently highlighted strong growth in the Touring segment, market share gains in North America and EMEA, and robust product innovation (e.g., redesigned Street Glide/Road Glide) driving competitive positioning. " " " "

Q4 2024 emphasizes record market share gains (e.g., 74.5% in the U.S.) and solid year‐over‐year unit growth along with continued innovation through refreshed models and strategic launches for 2025. " " "

Steady and optimistic sentiment with consistent growth and enhanced product innovation, which positions the company strongly for future market leadership.

New Product Launches

Across Q1–Q3, new launches—spanning touring, CVO, and electric models—were consistently discussed, demonstrating an ongoing commitment to refresh the portfolio and address diverse segments. " " "

Q4 2024 details an expanded 2025 lineup (including new cruiser models, adventure touring, and an electric maxi scooter for 2026) that builds on previous launches while venturing into new segments. " " "

Continual innovation pipeline remains a priority with expanded scope into new market segments (electric and adventure) expected to have a significant future impact.

LiveWire Electric Motorcycle Segment Performance

In Q1–Q3, LiveWire performance was discussed with emphasis on operating losses, unit sales growth in parts, and efforts to control costs while navigating challenges in pricing and market adoption. " " " "

Q4 2024 reports a further decline in revenue and slightly reduced operating loss, with initiatives aimed at reducing cash burn and reaching contribution margin positivity by the end of 2025. " " " "

Persistent operational challenges continue with efforts to improve efficiency and profitability. The segment is under intense scrutiny given its impact on the future electric vehicle strategy.

Retail Sales Trends and Pricing Strategy

Q1–Q3 discussions noted mixed regional retail performance with modest growth in North America offset by declines internationally, while pricing strategies (including promotional adjustments) helped partially mitigate margin pressures. " " "

Q4 2024 highlights a significant global retail sales decline coupled with pricing actions that contributed positively to margins, but macroeconomic challenges remain a concern. " " "

Consistent downward retail trends are being managed via strategic pricing adjustments. While pricing is delivering some benefits, overall sales pressures persist and will continue to affect future revenue growth.

Manufacturing Challenges: Production Volumes and Retooling Costs

Q1–Q3 consistently addressed lower production volumes and the impact of manufacturing retooling costs on fixed costs and margins, with adjustments made to manage production efficiencies. " " "

In Q4 2024, challenges persist with significantly lower production volumes affecting gross margins and added retooling costs for new model platforms (e.g., Softail). " "

Ongoing production challenges remain a persistent headwind, highlighting the need for operational efficiency improvements. This could materially impact future profitability if not managed effectively.

Inventory Management Concerns

Across Q1–Q3, dealer inventory challenges were addressed with strategies to reduce excess stock and improve inventory quality, including selective promotions and aggressive production adjustments. " " "

Q4 2024 shows continued efforts to reduce dealer inventory (notably a 19% sequential drop and plans for a 10% global reduction in 2025) by intentionally cutting wholesale shipments to align with market demand. " "

Sustained focus on inventory reduction is evident across periods. The aggressive measures to balance inventory levels are critical to improving cash flow and dealer profitability into the future.

Financial Services Performance and Credit Risk

Q1–Q3 consistently reported revenue growth driven by higher yields and receivables, accompanied by increasing credit loss ratios and higher borrowing costs, reflective of macroeconomic pressures. " " "

In Q4 2024, while HDFS revenue grew modestly, operating income was pressured by increased credit loss provisions and higher borrowing costs, with credit ratios slightly worsening. " "

Stable revenue growth in the financial segment is underpinned by rising credit risk. Managing these risks continues to be pivotal for dealer financing and overall financial health, affecting future margins.

International Market Dynamics (Asia Pacific/China)

Q1–Q3 discussions consistently noted a decline in retail sales in the Asia Pacific region, primarily driven by weakness in China, with intermittent optimistic signals from other countries like Australia and New Zealand. " " "

Q4 2024 reports a steep decline (18% drop) in Asia Pacific retail sales with China and Japan continuing to perform weakly, although slight growth is expected in parts of the region for 2025. " " "

Persistent underperformance in key international markets (especially China) remains a significant concern. While some regions show modest recovery, the overall weakness could impact global growth prospects if conditions do not improve.

Labor Relations and Union Contracts

Q1 2024 featured the ratification of a new 5‑year union contract, while Q3 highlighted positive union flexibility and supportive relations, underscoring a constructive labor environment. " "

Q4 2024, however, does not mention labor relations or union contracts, suggesting that this topic may have receded from immediate discussion as earlier agreements have been settled [—].

Less emphasis in the current period indicates that union-related issues may be considered settled after recent contract ratifications, reducing near-term labor concerns; however, past strong partnerships remain important for operational stability.