Harley-Davidson Reports $2.78 EPS, 12% Sales Decline, HDFS Partnership Generates $1B Dividend
Harley-Davidson reported full-year 2025 diluted EPS of $2.78 with global retail motorcycle sales down 12% to 132,535 units and HDMC operating loss of $29 million. It closed a strategic HDFS partnership yielding a $1 billion dividend, returned $434 million to shareholders and forecasts 2026 HDMC shipments of 130,000–135,000 units.
1. Full-Year 2025 Performance
Harley-Davidson delivered diluted EPS of $2.78 on consolidated revenue of $4.47 billion, down 14% year-over-year, with global retail sales of 132,535 units (-12%) and HDMC operating loss of $29 million. The company returned $434 million to shareholders via $347 million in share repurchases and $86 million in dividends.
2. Fourth Quarter 2025 Results
In Q4, HDMC revenue fell 10% to $379 million, global retail motorcycle sales dipped 1% to 25,287 units while North America sales rose 5% to 15,847 units. Consolidated operating loss widened to $361 million with a diluted EPS loss of $2.44.
3. HDFS Strategic Partnership
A new strategic partnership with KKR and PIMCO transformed Harley-Davidson Financial Services into a capital-light, de-risked business, reduced HDFS debt and unlocked a $1 billion dividend to Harley-Davidson. HDFS recorded record $490 million operating income in Q4 driven by the transaction.
4. 2026 Outlook and Guidance
The company projects HDMC global retail and wholesale volumes of 130,000–135,000 units and HDMC operating income between a $40 million loss and $10 million profit. It expects HDFS operating income of $45–$60 million, LiveWire operating loss of $70–$80 million and capital investments of $175–$200 million.