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Sentiment · FY2026 Q1
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q3 | $1.15B | -25.7% | $0.91 | -34.1% | 38.0% | 9.2% | 10.3% | $300M |
| FY2024 Q4 | $688M | -34.7% | $-0.93 | -616.7% | 22.3% | -28.1% | -17.0% | $77M |
| FY2025 Q1 | $1.33B | -23.1% | $1.07 | -37.8% | 35.3% | 12.1% | 10.0% | $112M |
| FY2025 Q2 | $1.31B | -19.3% | $0.88 | -46.0% | 28.2% | 8.6% | 8.2% | $332M |
| FY2025 Q3 | $1.34B | +16.5% | $3.10 | +240.7% | 35.2% | 35.7% | 28.1% | $-129M |
| FY2025 Q4 | $496M | -27.8% | $-2.44 | -162.4% | -22.8% | -72.8% | -56.3% | $100M |
| FY2026 Q1 | $1.17B | -11.8% | $0.22 | -79.4% | 29.5% | 3.9% | 2.1% | $-260M |
| FY2026 Q2 | $1.10B | -15.6% | $0.75 | -14.8% | 25.1% | 4.1% | 7.2% | $155M |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 | $5.19B | — | $3.33 | — | 34.9% | 8.0% | 8.8% | $867M |
| FY2025 | $4.47B | -13.8% | $2.61 | -21.6% | 26.8% | 8.7% | 7.6% | $415M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robin Farley | UBS | 8 (63%) |
| Jim Hardiman | Citigroup | 7 (86%) |
| Jaime Katz | Morningstar | 6 (67%) |
| Craig Kennison | Robert W. Baird | 6 (83%) |
| Joe Altobello | Raymond James | 6 (83%) |
| Tristan Thomas-Martin | BMO Capital Markets | 5 (40%) |
| Noah Zatzkin | KeyBanc Capital Markets | 4 (0%) |
| Alex Perry | Bank of America | 3 (33%) |
| Dave MacGregor | Longbow Research | 3 (67%) |
| Steve Grambling | Morgan Stanley | 2 (50%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Citigroup | 2 | 8 (88%) |
| UBS | 1 | 8 (63%) |
| Morningstar | 1 | 6 (67%) |
| Raymond James | 1 |
| 6 (83%) |
| Robert W. Baird | 1 | 6 (83%) |
| BMO Capital Markets | 1 | 5 (40%) |
| Bank of America | 2 | 4 (25%) |
| KeyBanc Capital Markets | 1 | 4 (0%) |
Harley-Davidson closed 2025 with fourth quarter consolidated revenue down 28% and a GAAP loss per share of $2.44 against a $0.93 loss a year earlier. HDMC revenue fell 10% and HDFS revenue fell 59% after the sale of the retail back book, producing a consolidated operating loss of $361 million that included a $260 million loss at HDMC and $73 million of discrete liability management costs to retire HDFS debt. The stabilization work showed up in inventory and retail: global dealer inventory ended down 17% against a 10% target, North American retail rose 5% to 15,847 motorcycles, and global retail was down just 1%. Guidance returned after three quarters of withdrawal, with 2026 HDMC retail and wholesale units both set at 130,000 to 135,000, HDMC operating income of positive $10 million to a loss of $40 million, and HDFS operating income of $45 million to $60 million. Management framed 2026 as a transition year, flagged tariff cost rising to between $75 million to $105 million, and targeted at least $150 million of annual run rate savings from 2027.
Guidance Reliability | Capital Allocation | Margin | Demand | Product Launch | M&A | Credit | Inventory | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 1 | 4 | 3 | 1 | 1 | 2 | |
| 2025Q1 | 3 | 5 | 1 | 1 | 2 | 4 | ||
| 2025Q2 | 2 | 4 | 2 | 1 | 2 | 2 | 1 | 1 |
| 2025Q3 | 2 | 1 | 1 | 3 | 1 | 1 | 1 | 2 |
| 2025Q4 | 5 | 2 | 3 | 1 | 2 | 1 | ||
| 2026Q1 | 2 | 2 | 3 | 2 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Guidance Reliability | 4 | 3 | 2 | 2 | 5 | 2 |
| Capital Allocation | 1 | 5 | 4 | 1 | 2 | 2 |
| Margin | 4 | 1 | 2 | 1 | 3 | 3 |
| Demand | 3 | 1 | 1 | 3 | 1 | 2 |
| Product Launch | 1 | 2 | 2 | 1 | 2 | |
| M&A | 4 | 2 | 1 | |||
| Credit | 1 | 1 | 1 | 2 | 1 | |
| Inventory | 2 | 1 | 2 | 1 |
What HOG and other companies said about each other on FY2025 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“As part of our capital allocation strategy, in Q4, we entered into an accelerated share repurchase agreement with Goldman Sachs to repurchase $200 million of shares of the company's common stock.”
Goldman Sachs executed Harley-Davidson's $200 million accelerated share repurchase, delivering $160 million of shares before year-end with the balance in early 2026.
“and the sale of equity interest, sale of a 9.8% common equity interest in HDFS to KKR and PIMCO.”
PIMCO completed its half of the 9.8% HDFS equity purchase alongside roughly $6 billion of loan receivables, expanding its consumer lending exposure.
“The HDFS transaction is a strategic partnership with KKR and PIMCO, that we expect will transform Harley-Davidson Financial Services into a capital-light derisked business model.”
KKR's partnership closed in Q4, moving Harley-Davidson Financial Services to a capital-light model and cutting HDFS total loan assets 74% year over year.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
HOG Harley-Davidson, Inc. | 2 | -11.8% | |
| F Ford Motor Company | 9 | +6.4% | |
| GM General Motors | 8 | +1.9% |