Harley-Davidson Earnings Call Transcripts
Fiscal Year 2026
-
HDFS transformed its business model through a strategic partnership with KKR and PIMCO, selling most retail loan assets and reducing capital intensity while maintaining control and operational continuity. 2026 operating income is projected at $45M–$60M, with expectations to triple by 2029.
Fiscal Year 2025
-
2025 saw significant revenue and earnings declines amid macro and inventory challenges, but decisive actions on inventory, cost savings, and dealer support are underway. 2026 is a transition year with margin pressure expected, while new models and a capital-light HDFS model position the business for future growth.
-
Q3 revenue rose 17% year-over-year, driven by HDMC growth and a transformative HDFS transaction, which unlocked over $1.2 billion in cash. Dealer inventory was reduced, but global retail sales declined 6% amid soft demand and tariff headwinds. Share buybacks and new product launches remain priorities.
-
Entered strategic partnerships for HDFS, unlocking $1.25B in cash and shifting to a capital-light model. Q2 revenue fell 19% year-over-year amid soft demand, but new entry-level products and cost-saving initiatives are expected to drive future growth.
-
The meeting covered board elections, approval of executive compensation, auditor ratification, and the 2025 Directors' Stock Plan. Strategic updates highlighted new product launches, LiveWire's performance, and plans for external investment in financial services. Key challenges included industry headwinds and slower EV adoption.
-
Q1 saw a 23% revenue decline and 21% drop in global retail sales, but operating income margin exceeded expectations at 12.1% due to strong mix and cost control. Guidance was withdrawn amid macro and tariff uncertainty, while new product launches and cost-saving measures continue.
Fiscal Year 2024
-
2024 saw a 7% global retail sales decline amid macro headwinds, but market share in the U.S. Touring segment reached a record 74.5%. Guidance for 2025 is flat retail sales, with margin improvement expected in the second half and continued cost discipline, while LiveWire narrows losses and cash burn.
-
Q3 2024 saw a 13% global retail sales decline and a 26% revenue drop, with North America and EMEA most affected. Dealer inventory was reduced, guidance for 2024 was lowered, and cost controls intensified. Touring segment gained market share, while LiveWire cut costs and revised unit guidance.
-
Q2 revenue rose 12% year-over-year, with EPS up 34% and strong gains in Touring and financial services. Guidance was narrowed, with retail expected flat to up 3% and wholesale down 7%-10%. A $1 billion share repurchase was announced, and dealer inventory is set to decline by 30% globally.