Harley-Davidson (HOG) Q4 2025 Earnings Transcript
Harley-Davidson reported a significant 28% drop in consolidated Q4 2025 revenue, alongside increased operating losses, largely due to intentional inventory reductions and the financial services transaction. Despite these challenges, North American retail motorcycle sales were up 5%, and the company successfully exceeded its global dealer inventory reduction target by achieving a 17% decrease. Management outlined a strategic reset for 2026, focusing on stabilizing the business, improving dealer profitability, and introducing a more accessible product portfolio, with a forecast of ongoing pressure on operating margins due to tariff costs and production adjustments.
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