Harley-Davidson Q4 Sales Drop 28%, Loss Widens to $361M; Launches $200M Buyback
Harley-Davidson’s Q4 sales fell 28% year-on-year to $496 million, while operating loss widened to $361 million and loss per share reached $2.44. Global motorcycle shipments dropped 4%, licensing revenue jumped 61%, and the company initiated a $200 million accelerated share repurchase.
1. Q4 Financial Results
Harley-Davidson reported Q4 net sales of $496 million, a 28% decline year-over-year, with a loss per share of $2.44 and an operating loss of $361 million. The company generated $569 million in operating cash flow and ended the quarter with $3.1 billion in cash and equivalents.
2. Segment Performance
Global motorcycle shipments fell 4% year-over-year, while retail sales slipped 1%. North America retail sales rose 5%, Latin America grew 10%, EMEA fell 24% and APAC declined 1%; motorcycle revenue dropped 16%, parts and accessories 1%, apparel 13%, and licensing revenue surged 61%, resulting in a $30 million gross loss.
3. Share Repurchase Program
Harley-Davidson agreed to a $200 million accelerated share repurchase, with approximately 6.3 million shares delivered under its $347 million repurchase in fiscal 2025. Final settlement will be based on a volume-weighted average price less a discount and is expected by Q2 2026.
4. 2026 Outlook
The company forecasts 2026 global retail motorcycle sales and wholesale shipments of 130,000 to 135,000 units. It expects HDMC segment operating results to range from a $40 million loss to a $10 million profit for the year.