The earnings call presented a mix of strategic advancements and significant challenges. While the strategic partnership for HDFS and positive developments in racing and LiveWire segments were notable, the company faced substantial revenue declines and challenges in international markets. The launch of a small displacement motorcycle is a promising opportunity for future growth.

Company Guidance

During the Harley-Davidson 2025 Second Quarter Investor and Analyst Conference Call, the company provided detailed guidance on their strategic partnership with KKR and PIMCO, emphasizing the anticipated benefits of the transaction. Harley-Davidson aims to enhance the Harley-Davidson Financial Services (HDFS) business by selling a minority equity interest at approximately 1.75x post-transaction book value, while retaining a controlling interest with over 90% ownership. This transaction is expected to generate $275 million to $300 million in incremental HDFS operating income for fiscal year 2025 and unlock $1.25 billion in cash for Harley-Davidson Inc. (HDI). The company plans to reduce its debt by about $450 million and accelerate its $1 billion share buyback program, targeting $500 million in the second half of 2025. Harley-Davidson also announced the launch of a new small displacement motorcycle priced below $6,000, aiming to capture growth in the entry-level segment. Additionally, the company outlined a new efficiency program, leveraging technology and AI to drive cost savings and productivity gains across the business.

Strategic HDFS Partnership

Harley-Davidson entered strategic partnerships with KKR and PIMCO for HDFS, expected to boost earnings by $275-$300 million in operating income and distribute $1.25 billion cash to HDI.

Reduction in Dealer Inventory

Global dealer motorcycle inventories were down 28% at the end of Q2 compared to the previous year, aligning with the company's commitment to right-size inventory.

Positive Steps in Racing Segment

Harley-Davidson is leading both the King of the Baggers and Hooligan series and announced a new racing series with MotoGP for 2026.

LiveWire Operating Loss Improvement

LiveWire delivered a 34% improvement in consolidated operating loss compared to Q2 '24, and reduced cash use by 36% compared to the previous year.

Launch of Small Displacement Motorcycle

Harley-Davidson confirmed the launch of its first small displacement motorcycle for U.S. and international markets, targeting an entry price below $6,000.

Harley-Davidson (HOG) Earnings, Revenues Date & History

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HOG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	1.49 / -	0.91	―	―	―
Jul 30, 2025	2025 (Q2)	0.95 / 0.88	1.63	-46.01% (-0.75)
May 01, 2025	2025 (Q1)	0.78 / 1.07	1.72	-37.79% (-0.65)
Feb 05, 2025	2024 (Q4)	-0.66 / -0.93	0.18	-616.67% (-1.11)
Oct 24, 2024	2024 (Q3)	0.81 / 0.91	1.38	-34.06% (-0.47)
Jul 25, 2024	2024 (Q2)	1.41 / 1.63	1.22	33.61% (+0.41)
Apr 25, 2024	2024 (Q1)	1.51 / 1.72	2.04	-15.69% (-0.32)
Feb 08, 2024	2023 (Q4)	0.04 / 0.18	0.28	-35.71% (-0.10)
Oct 26, 2023	2023 (Q3)	1.35 / 1.38	1.78	-22.47% (-0.40)
Jul 27, 2023	2023 (Q2)	1.24 / 1.22	1.46	-16.44% (-0.24)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

HOG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$22.95	$26.02	+13.38%
May 01, 2025	$22.25	$22.87	+2.79%
Feb 05, 2025	$26.44	$26.02	-1.59%
Oct 24, 2024	$33.47	$31.06	-7.20%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.