The earnings call presents a mixed sentiment with significant highlights such as strategic partnerships, debt reduction, new product launches, and improved performance of LiveWire. However, these are counterbalanced by notable lowlights, including a decline in Q2 revenue, challenges in key international markets, and ongoing tariff uncertainties. The overall sentiment is therefore neutral, with both positive strategic developments and ongoing challenges.

Company Guidance -

Q3 2025

In the Harley-Davidson 2025 Second Quarter Investor and Analyst Conference Call, the company provided guidance on a range of metrics related to its recent HDFS transaction and overall business performance. The strategic partnership with KKR and PIMCO involves the sale of a minority equity interest in HDFS at approximately 1.75x post-transaction book value, expected to boost HDFS earnings by $275 million to $300 million in operating income this year. The transaction will allow Harley-Davidson to distribute $1.25 billion in cash to HDI, representing about 40% of their current market cap. The company plans to use the cash to reduce debt by $450 million and accelerate its $1 billion share buyback program, with $500 million intended for the second half of 2025. Harley-Davidson also aims to invest up to $300 million into future growth opportunities, including new product launches such as a small displacement motorcycle priced below $6,000, targeting profitable entry into new market segments. Additionally, the company reported a decline in Q2 consolidated revenue by 19%, attributed to a planned reduction in motorcycle shipments and soft demand, with global motorcycle retail sales down 15% year-over-year. Harley-Davidson emphasized ongoing productivity initiatives expected to deliver substantial cost savings and highlighted the impact of the global tariff environment, projecting full-year 2025 tariff costs between $50 million and $85 million.

Strategic Partnership with KKR and PIMCO

Harley-Davidson announced a strategic partnership with KKR and PIMCO for its HDFS business. The transaction is expected to boost HDFS earnings by $275 million to $300 million and allow HDFS to distribute $1.25 billion to HDI. This partnership is expected to increase HDFS' go-forward ROE to the high 20s.

Debt Reduction and Share Buyback

Harley-Davidson plans to reduce debt by $450 million and accelerate its $1 billion share buyback program with $500 million in purchases planned for the second half of 2025.

New Product Launches

Harley-Davidson is set to launch its first small displacement motorcycle for under $6,000, targeted for the U.S. and international markets. This is expected to open up new segments and drive future growth.

LiveWire Improvement

LiveWire delivered a 34% improvement in consolidated operating loss compared to Q2 2024 and reduced cash burn by 36%.

Racing Partnership with MotoGP

Harley-Davidson announced a partnership with MotoGP to launch a new racing series in 2026 featuring Harley-Davidson bagger motorcycles, expanding its brand visibility and engagement.

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)	1.40 / -	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.