Harley-Davidson (HOG) Q4 2025 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Tue, February 10, 2026 astatine 9:40 AM CST 44 min read

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Tuesday, Feb. 10, 2026 astatine 9 a.m. ET

• Chief Executive Officer — Arthur Starrs

• Chief Financial Officer — Jonathan Root

Arthur Starrs: Good morning, everyone, and convey you for joining america contiguous for our Q4 and afloat twelvemonth 2025 results. Before we get into it, I'd similar to convey our Harley-Davidson, Inc. employees, the HD trader network, and our riders that are listening successful this morning. Thank you for each you bash each time for the company, surviving and starring our marque and culture. This marks my archetypal afloat 4th arsenic CEO. I've spent this clip focused connected knowing the halfway of our business, our people, our dealers, our riders, and the realities of the marketplace. Through extended clip connected the ground, I've confirmed galore of the aboriginal observations I shared past quarter.

I'm assured there's a wide way to enactment Harley-Davidson, Inc. backmost connected the close trajectory. And I present person a sharper presumption of what it volition instrumentality to reset the concern and get to a much unchangeable operating and fiscal aboriginal successful '26 and beyond. This morning, we volition supply much item connected the themes you heard from america connected our past call, arsenic we enactment towards our expected strategical program announcement successful May. Turning to our 4th fourth results, which we bash not judge bespeak the afloat imaginable of this company. 2025 was a challenging year. And portion immoderate of the pressures we are facing are macro-driven, others are firmly wrong our control.

And we are moving with urgency, focus, and subject to code them. Wholesale shipments and associated margins were negatively impacted by intentional actions to code elevated trader inventory, peculiarly touring inventory successful North America. Through interventions connected some the proviso and request sides, during the quarter, we reduced wholesale shipments and implemented targeted promotions to accelerate the instrumentality to balanced retail inventory levels. These actions are opening to present results. Rider effect has been positive, with North American retail income maturation successful the 4th accelerating into December, yielding aboriginal indications of improving trader profitability.

We program to proceed these interventions with discipline, arsenic we enactment to optimize retail inventory, positioning the concern and our trader web for much sustainable show going forward. That said, we're encouraged by the aboriginal greenish shoots we're seeing. Our contiguous priorities are some straightforward and deliberate. First, we judge we are stabilizing the concern by restoring trader assurance and aligning wholesale enactment with retail demand. Second, we are finalizing a strategy that we judge builds a durable level that leans into our halfway and positions Harley-Davidson, Inc. to instrumentality to sustainable growth. Early successful my tenure, I committed to 3 contiguous priorities: improving trader profitability, reigniting marque momentum, and reducing costs. These commitments person not changed.