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The latest announcement is out from Harley-Davidson ( (HOG) ).
Harley-Davidson reported fourth-quarter and full-year 2025 results on February 10, 2026, showing a sharp downturn at its core Motor Company business but record earnings at its finance arm. Consolidated 2025 revenue fell 14% and operating income declined 7%, as HDMC swung to a $29 million operating loss on lower shipments, weaker gross margins driven by tariffs and negative operating leverage, and slightly higher operating expenses.
Fourth-quarter 2025 underscored the pressure on the business, with consolidated revenue down 28%, a deeper $361 million operating loss and a diluted EPS loss of $2.44. Global retail motorcycle sales for 2025 fell 12% to 132,535 units and shipments dropped 16%, though North American retail sales grew 5% in the quarter as management moved to reduce dealer inventory, which ended the year 17% lower than late 2024.
Harley-Davidson Financial Services was a bright spot, delivering record 2025 operating income of $490 million, aided by a strategic transaction with KKR and PIMCO that reduced HDFS debt, lowered capital needs and enabled a $1 billion dividend to the parent. The group returned $434 million to shareholders via buybacks and dividends in 2025, while LiveWire posted a $75 million operating loss in line with expectations.
For 2026, Harley-Davidson projected HDMC retail and wholesale volumes of 130,000 to 135,000 units and an HDMC operating result ranging from a $40 million loss to a $10 million profit, alongside sharply lower HDFS operating income and a LiveWire loss of $70 million to $80 million. The company, which plans $175 million to $200 million in capital investments, framed these targets as part of a broader effort to stabilize operations, realign wholesale with retail demand and reset long-term earnings power ahead of a new strategic plan expected in May 2026.
Separately, on February 9, 2026, board member James Duncan Farley, Jr. informed the company he would not stand for re-election at the upcoming annual meeting, a decision not tied to any dispute over company matters. The board is expected to reduce its size from nine to eight directors following the meeting, signaling a modest governance shift as Harley-Davidson navigates its operational reset.
The most recent analyst rating on (HOG) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Harley-Davidson stock, see the HOG Stock Forecast page.
Spark’s Take on HOG Stock
According to Spark, TipRanks’ AI Analyst, HOG is a Neutral.
Harley-Davidson’s overall stock score reflects a balance of strengths and challenges. The company’s strong profitability and attractive valuation are significant positives. However, declining revenue growth, high leverage, and bearish technical indicators weigh on the score. Strategic initiatives and cash unlocking from the HDFS transaction provide some optimism, but global retail declines and tariff costs remain concerns.
To see Spark’s full report on HOG stock, click here.
More about Harley-Davidson
Harley-Davidson, Inc. is a U.S.-based manufacturer of heavyweight motorcycles, complemented by parts, accessories, apparel, licensing and a captive finance arm, Harley-Davidson Financial Services. The company serves a global rider community through a broad dealer network and is also investing in electric motorcycles via its LiveWire brand.
Average Trading Volume: 2,763,604
Technical Sentiment Signal: Sell
Current Market Cap: $2.42B
See more data about HOG stock on TipRanks’ Stock Analysis page.