Harley-Davidson Q4 Revenue Beats by 3.4% but Stock Slides 11.3%
Harley-Davidson’s Q4 revenue fell 27.9% year-on-year to $496 million, beating analyst estimates by 3.4% on sales of 13,500 motorcycles. The company reported a GAAP loss of $2.44 per share versus a $1.06 loss estimate and saw its operating margin plunge to -72.8%, sending the stock down 11.3%.
1. Revenue and Sales Decline
In Q4 CY2025, Harley-Davidson’s revenue fell 27.9% year-on-year to $496 million, slightly topping estimates by 3.4%. The company sold 13,500 motorcycles, down 500 units from last year as demand softened.
2. Earnings and Margin Contraction
The GAAP loss widened to $2.44 per share, missing the estimated $1.06 loss, while operating margin plunged 44.7 percentage points year-on-year to -72.8%. Free cash flow margin improved to 20.2%, up from 11.2% in the same quarter last year.
3. Market Reaction and Outlook
Shares tumbled 11.3% on the earnings release as investors weighed profitability concerns despite the revenue beat. Analysts project revenue to decline another 15.1% over the next 12 months, indicating continued demand challenges.