Harley-Davidson sees fourth-quarter loss, annual sales decline in 2025

By: Trademagazin Date: 2026. 02. 10. 10:58

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Harley-Davidson turned a loss in the fourth quarter of 2025 due to declining sales volumes, but still achieved a profit on an annual basis, according to the company’s earnings report published on Tuesday.

The motorcycle manufacturer reported a loss of $2.44 per share in the fourth quarter, while it achieved a profit of $2.78 per share for the full year.

Consolidated revenue in the fourth quarter increased by 28 percent to $496 million The company reported a net loss of $279 million, up 139 percent from a year earlier of $117 million. The loss per share jumped 162 percent to $2.44 from $0.93 in the fourth quarter of 2024. For the full year, revenue fell 14 percent to $4.473 billion from $5.187 billion in 2024. Operating income fell 7 percent to $387 million from $417 million. Profit fell 26 percent to $339 million in 2025 from $455 million in the previous year. Full-year earnings per share fell 19 percent to $2.78 from $3.44.

Sales data also showed weakness. Global motorcycle retail sales fell 12 percent to 132,535 units in 2025, while deliveries fell 16 percent. Global retail sales in the fourth quarter fell 1 percent year-on-year to 25,287 units, while North America grew 5 percent, driven by demand for touring motorcycles.

Regional sales were mixed. In the fourth quarter, EMEA (Europe, Middle East and Africa) sales fell 24 percent, Asia-Pacific (APAC) sales fell 1 percent, and Latin America sales grew 10 percent. Sales fell 13 percent year-on-year in North America, 11 percent in EMEA, and 15 percent in APAC.

The Motorcycle Manufacturing Business (HDMC) posted an operating loss of $29 million for the year, down from a profit of $278 million in 2024, primarily due to lower volumes, higher customs costs, and reduced sales incentives. HDMC revenue fell 10 percent to $379 million in the quarter.

The electric motorcycle business, LiveWire, posted an operating loss of $75 million in 2025, in line with the company’s expectations. EV motorcycle sales rose to 653 units from 612 units in 2024.

The company said:

Dealer inventory levels were down 17 percent by year-end, and the company has taken steps to stabilize the business, including better aligning wholesale activity with retail demand. The company continues to target younger and new customers, including by developing the lower-priced Sprint model.

The company expects global retail and wholesale motorcycle sales of 130,000-135,000 units in 2026. HDMC’s operating profit is expected to be between $40 million and $10 million, while HDFS is expected to have an operating profit of $45 million-60 million. LiveWire’s operating loss is expected to be between $70 million and $80 million. The company said the numbers could be affected by a new strategic plan planned for May 2026.