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- **$1.2B Cash Windfall**: HDFS transaction unlocks $1.2B-$1.25B in liquidity, with $27M gain in Q3 and $100M+ share buybacks planned.
- **Dealer Inventory Reset**: Global inventory down 13% YoY, with targeted reductions in touring/CVO segments and 30%+ unit growth in affordable Softail family.
- **Electric Growth**: LiveWire unit sales +87% Q3, with Sprint bike launch in H2 2026 targeting $14.9K-$19.9K price points.
- **Cost Efficiency**: $75M+ productivity savings YoTD, with $100M+ annual targets through 2026. Tariff mitigation efforts offset $45M+ costs YoTD.

**【CEO Opening Remarks】**
- Emphasized dealer health as a top priority, citing immediate actions to reduce touring and CVO inventory, introduce market-responsive promotions, and suspend fuel facility penalties for 12 months.
- Highlighted brand strengths: rider passion, product quality, dealer network, and HDFS strategic value.
- Identified opportunities: balancing product aspiration with affordability, accelerating innovation speed, and sharpening cost efficiency.
- Praise for LiveWire's S4 Honcho launch and electric bike growth.

**【CFO Financial Commentary】**
- **HDFS Transaction**: Sold $4.1B in loans, generating $27M gain and $1.2B-$1.25B in discretionary cash by Q1 2026. HDFS will retain servicing fees (1-2.5%) and minority equity (9.8%) with KKR/PIMCO.
- **Q3 Results**: Consolidated revenue +17% to $1.3B, driven by HDMC (+23%) and LiveWire (+16%). Operating income $475M, up 387% YoY due to HDFS transaction benefits.
- **Motor Company (HDMC)**: Global retail -6% (-5% NA, -9% intl), with Softail family +9% and Nightster +4%. Gross margin 26.4% (-3.7pts YoY) due to tariffs ($27M Q3) and lower leverage.
- **Tariff Impact**: Full-year cost estimate $55M-$75M, partially offset by pricing and mix.
- **Productivity**: $75M savings YoTD, targeting $100M+ in 2025 and $100M+ in 2026.
- **LiveWire**: Q3 unit sales +87% to 184 bikes, operating loss -30% YoY to $18M. Full-year loss guidance $72M-$77M.

**【Q&A Highlights】**
- **Inventory Strategy**: Dealer inventory down 13% YoY, targeting further reduction in 2026. Touring/CVO promotions and lower APR financing to drive retail.
- **HDFS Transaction Benefits**: $275M+ operating income uplift in H2 2025, with servicing fees and equity upside. $100M+ share buybacks planned by end-2026.
- **2026 Outlook**: Focus on affordability with new Sprint bike ($14.9K-$19.9K price points), dealer engagement, and cost efficiency. No Q4/2026 guidance provided due to macro uncertainty.
- **Tariff Mitigation**: $45M+ costs YoTD, with ongoing efforts to offset through pricing, mix, and operational changes.


Harley-Davidson, Inc. (HOG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HOG

HOG fundamentals

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