Core Viewpoint - Harley-Davidson reported strong third-quarter earnings, significantly exceeding estimates, but faces challenges in retail sales and future guidance due to tariff uncertainties [2][8]. Financial Performance - Adjusted earnings for Q3 2025 were $3.10 per share, surpassing the Zacks Consensus Estimate of $1.38, and up from 91 cents per share in the same quarter last year [2]. - Consolidated revenues reached $1.34 billion, reflecting a 17% increase year-over-year [2]. - Revenues from the Motorcycle and Related Products segment rose 23% to $1.07 billion, driven by a 33% increase in motorcycle shipments to 36,500 units [3]. Segmental Highlights - Retail motorcycle units sold globally were 34,000, down 6% year-over-year but above expectations [4]. - Revenues from motorcycle sales were $822 million, up 34% year-over-year [3]. - Parts and accessories revenues decreased 4% to $167 million, while apparel revenues rose 1% to $56 million [5]. Financial Services - Harley-Davidson Financial Services generated revenues of $261 million, a 3% decline year-over-year, but operating income surged 472% to $439 million [5]. LiveWire Performance - LiveWire shipments totaled 184 units, an 86% increase year-over-year, but revenues of $6 million fell short of estimates [6]. - The operating loss for LiveWire narrowed from $26 million to $18 million, slightly better than projections [6]. Financial Position - As of September 30, 2025, cash and cash equivalents stood at $1.78 billion, with long-term debt reduced to $3.15 million [7]. - Selling, general, and administrative expenses increased to $229 million from $208.7 million year-over-year [7]. Guidance and Outlook - The company has not provided a financial outlook for 2025 due to tariff uncertainties but has updated LiveWire guidance, expecting an operating loss of $72-$77 million [8]. - Estimates for the stock have been trending downward, with a significant shift of -657.58% in consensus estimates [9]. Industry Comparison - Harley-Davidson operates within the Zacks Automotive - Domestic industry, where General Motors reported revenues of $48.59 billion, a slight decline of 0.3% year-over-year [12]. - General Motors is projected to post earnings of $2.21 per share for the current quarter, reflecting a year-over-year increase of 15.1% [13].

Company Overview - Harley-Davidson Inc. is a well-known American motorcycle manufacturer recognized for heavyweight motorcycles designed for cruising on highways with a rich history dating back to 1903 [1] - The company competes with other motorcycle manufacturers like Honda, Yamaha, and BMW [1] Recent Transactions - On November 28, 2025, Tim Moore, a representative from North Carolina, engaged in a sale transaction involving Harley-Davidson shares valued between $15,001 and $50,000 [2] - Moore's trading activities also included selling shares of Cracker Barrel Old Country Store and Verizon Communications, while purchasing shares in Harley-Davidson, Cracker Barrel, Hyster-Yale, and Genprex [2] Stock Performance - The current stock price of Harley-Davidson is $24.43, with a slight increase of $0.225, or approximately 0.93% [3] - Throughout the trading day, the stock has seen fluctuations, reaching a low of $24.22 and a high of $24.98 [3] - Over the past year, Harley-Davidson's stock has experienced a high of $34.09 and a low of $20.45 [3] Market Capitalization and Trading Volume - Harley-Davidson has a market capitalization of approximately $3.01 billion, indicating the total market value of its outstanding shares [4] - The trading volume for Harley-Davidson today is 1,724,096 shares, reflecting the number of shares traded during the day [4]

Core Viewpoint - Harley-Davidson Financial Services, Inc. announced the redemption of all outstanding 6.50% Medium-Term Notes due 2028 on December 12, 2025, with the redemption price being the greater of 100% of the principal amount or the "make-whole" redemption price plus accrued interest [1][2]. Group 1 - The total principal amount of outstanding Notes is approximately $262.9 million [2]. - The redemption will be funded from the company's cash and cash equivalents [2]. - Citibank, N.A. is serving as the paying agent for the Notes [3]. Group 2 - Harley-Davidson Financial Services, Inc. is a subsidiary of Harley-Davidson, Inc. and is involved in financing and servicing wholesale inventory receivables and retail consumer loans, primarily for Harley-Davidson and LiveWire motorcycles [4]. - The company also collaborates with third parties to provide motorcycle insurance and voluntary protection products [4]. - HDFS primarily operates in the United States and Canada, with financing options available through third-party financial institutions in other regions [4].

Core Insights - Zacks Premium provides various tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1][2] Zacks Style Scores - Zacks Style Scores are indicators that rate stocks based on value, growth, and momentum, helping investors identify stocks likely to outperform the market in the short term [2][3] - Stocks are rated from A to F, with A indicating the highest potential for outperformance [3] Value Score - The Value Style Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Style Score assesses a company's financial health and future growth potential based on projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Style Score identifies optimal entry points for stocks based on price trends and earnings estimate changes [5] VGM Score - The VGM Score combines the Value, Growth, and Momentum Scores to highlight stocks with the best overall characteristics [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investors, with 1 (Strong Buy) stocks achieving an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [7][8] - Investors are encouraged to focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [9] Harley-Davidson (HOG) - Harley-Davidson is classified as a 3 (Hold) on the Zacks Rank, with a VGM Score of A and a Value Style Score of A, indicating attractive valuation metrics such as a forward P/E ratio of 5.72 [11][12] - The company has seen an upward revision in earnings estimates, with the Zacks Consensus Estimate increasing by $0.03 to $4.23 per share for fiscal 2025, and an average earnings surprise of +27.6% [12]

Core Viewpoint - Harley-Davidson Financial Services, Inc. has announced the expiration and results of its tender offers for its outstanding Medium-Term Notes, indicating a significant engagement in managing its debt obligations and optimizing its capital structure [1][2]. Summary by Sections Tender Offer Results - The tender offers for the 6.500% Medium-Term Notes due 2028 and 5.950% Medium-Term Notes due 2029 expired on November 21, 2025, with a total of $792,209,000 in aggregate principal amount of Notes validly tendered [1][2]. - This amount excludes $8,090,000 in Notes submitted under the Guaranteed Delivery Procedures [2]. Breakdown of Tendered Notes - For the 2028 Notes, the aggregate principal amount outstanding is $700,000,000, with $437,112,000 tendered and $500,000 reflected in Notices of Guaranteed Delivery [4]. - For the 2029 Notes, the aggregate principal amount outstanding is $500,000,000, with $355,097,000 tendered and $7,590,000 reflected in Notices of Guaranteed Delivery [4]. Consideration and Settlement - The consideration for each $1,000 principal amount of Notes accepted for purchase is $1,055.12 for the 2028 Notes and $1,059.55 for the 2029 Notes, plus accrued interest from the last payment date to the Settlement Date [4][6]. - The Company expects to settle the purchase of all validly tendered Notes on November 24, 2025, and those under Guaranteed Delivery Procedures on November 26, 2025 [6]. Company Overview - Harley-Davidson Financial Services, Inc. is a subsidiary of Harley-Davidson, Inc., primarily engaged in financing and servicing wholesale inventory receivables and retail consumer loans for Harley-Davidson motorcycles [11].

Core Viewpoint - Harley-Davidson Financial Services, Inc. has announced the pricing of its tender offers to purchase any and all of its outstanding 6.500% Medium-Term Notes due 2028 and 5.950% Medium-Term Notes due 2029, indicating a strategic move to manage its debt obligations and optimize its capital structure [1][19]. Summary by Relevant Sections Tender Offers Details - The tender offers include the purchase of $700 million of 6.500% Medium-Term Notes due 2028 and $500 million of 5.950% Medium-Term Notes due 2029 [2]. - The applicable Reference Yield for the 2028 Notes is 3.523% with a consideration of $1,055.12 per $1,000 principal amount, while for the 2029 Notes, the Reference Yield is 3.639% with a consideration of $1,059.55 per $1,000 principal amount [2]. - The Offers will expire at 5:00 p.m. New York City time on November 21, 2025, unless extended or terminated by the Company [3]. Procedures for Participation - Holders of the Notes must validly tender their Notes or submit a Notice of Guaranteed Delivery before the Expiration Date to be eligible for the Consideration [4]. - The Settlement Date for the payment of Consideration and Accrued Interest is expected to be November 24, 2025, unless extended [4][5]. Management and Contact Information - J.P. Morgan Securities LLC, TD Securities (USA) LLC, and Wells Fargo Securities, LLC are the lead dealer managers for the tender offers, providing support for investors with inquiries [7][8].

Core Viewpoint - Harley-Davidson Financial Services, Inc. has initiated tender offers to purchase all Medium-Term Notes issued by the company, aiming to manage its debt obligations effectively [1][2]. Summary by Relevant Sections Tender Offers - The tender offers are made for cash purchases of Medium-Term Notes, with specific details outlined in the Offer to Purchase dated November 17, 2025 [1][2]. - The principal amounts of the Medium-Term Notes include $700 million for 6.500% Notes due 2028 and $500 million for 5.950% Notes due 2029 [2]. Consideration and Terms - The consideration for each $1,000 principal amount of Notes will be determined based on a fixed spread plus the yield to maturity of the applicable U.S. Treasury Reference Security [2]. - The Offers will expire at 5:00 p.m. New York City time on November 21, 2025, unless extended or terminated [2][6]. Settlement and Withdrawal - The expected settlement date for validly tendered Notes is November 24, 2025, with a separate settlement for those tendered through Guaranteed Delivery Procedures expected on November 26, 2025 [4][5]. - Holders can withdraw their tendered Notes at any time before the expiration date, but not thereafter unless required by law [6]. Conditions and Management - The acceptance of Notes for purchase is subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase [7]. - The company has the discretion to amend the Offers and extend deadlines as necessary [2][6]. Contact Information - J.P. Morgan, TD Securities, and Wells Fargo Securities are the lead dealer managers for the tender offers, providing assistance to investors [9].

Financial Performance - Net income for Harley-Davidson, Inc. in Q3 2025 was $377.4 million, or $3.10 per diluted share, compared to $119.0 million, or $0.91 per diluted share, in Q3 2024[163] - The company reported operating income of $474.8 million in Q3 2025, a significant increase of 348.7% compared to $105.8 million in Q3 2024[1] - HDFS segment operating income surged by $362.1 million, reaching $438.8 million in Q3 2025, compared to $76.7 million in the same period last year[1] - Net income attributable to Harley-Davidson, Inc. was $377.4 million in Q3 2025, up 217.0% from $119.0 million in Q3 2024[1] - Diluted earnings per share increased to $3.10, reflecting a 240.7% rise from $0.91 in the prior year[1] - Net income attributable to Harley-Davidson, Inc. increased by $45.8 million (8.0%) to $618.0 million in the first nine months of 2025[207] - Diluted earnings per share increased by $0.76 (17.8%) to $5.03 in the first nine months of 2025 compared to the same period in 2024[210] Sales and Market Performance - Worldwide retail sales of new Harley-Davidson motorcycles declined by 6.0% in Q3 2025 compared to Q3 2024, with North America down 4.5%, EMEA down 16.9%, and Asia-Pacific down 3.4%[165] - Retail sales of new Harley-Davidson motorcycles in North America decreased by 4.5%, with a 4.2% decline in the U.S. market during Q3 2025[1] - Retail unit sales of new Harley-Davidson motorcycles decreased by 18,321 units (14.6%) to 107,248 units in the first nine months of 2025 compared to the same period in 2024[212] - U.S. motorcycle shipments decreased by 17,498 units (19.5%) to 72,263 units in the first nine months of 2025 compared to the same period in 2024[217] - The Company's U.S. market share of new 601+cc motorcycles decreased by 3.9 percentage points to 33.8% in the first nine months of 2025[214] Segment Performance - HDMC segment operating income decreased to $54.1 million in Q3 2025, down $1.0 million from Q3 2024, primarily due to higher manufacturing and tariff costs[164] - Operating income for the HDMC segment fell by $259.8 million, or 52.9%, from $491.5 million in 2024 to $231.7 million in 2025, with an operating margin decline of 6.1 percentage points[219] - LiveWire segment revenue increased by 15.7% to $5.6 million in Q3 2025, driven by higher electric motorcycle sales[1] - LiveWire segment revenue decreased by $1.6 million, or 10.3%, from $15.96 million in 2024 to $14.32 million in 2025, primarily due to lower electric motorcycle volumes[224] - Operating loss for the LiveWire segment improved to $18.2 million, a reduction of 30.3% compared to a loss of $26.1 million in Q3 2024[1] Cost and Investment - The total cost of new or increased tariffs incurred by the Company in 2025 was approximately $45 million, with potential impacts estimated between $55 million to $75 million for the full year[166] - Capital investments for 2025 are now expected to be between $175 million to $200 million, down from a previous expectation of $200 million to $225 million[179] - The Company achieved productivity savings of approximately $257 million from 2022 to 2024 and an additional $75 million in the first nine months of 2025, with an expectation of $100 million in annual savings for 2025 and 2026[178] Shareholder Returns - The Company remains committed to repurchasing approximately $1 billion of shares from Q3 2024 through the end of 2026, including a $200 million accelerated share repurchase program expected to commence in Q4 2025[180] - Cash outflows for share repurchases were $193.2 million in the first nine months of 2025, compared to $359.8 million in the same period last year[245] Financial Position and Liquidity - The Company had cash and cash equivalents of $1,775.04 million and total availability under credit and conduit facilities of $3,679.71 million as of September 30, 2025[236] - The Company's total outstanding debt decreased to $5.16 billion as of September 30, 2025, from $7.80 billion as of September 30, 2024[246] - The Company extended its existing $710.0 million five-year credit facility to mature in April 2029, providing additional liquidity[249] Risk Management - The Company is exposed to market risks from foreign currency exchange rates, commodity prices, and interest rates, utilizing derivative financial instruments to mitigate these risks[275] - HDMC segment operating results are significantly affected by fluctuations in the Euro, Australian dollar, and other currencies, with foreign currency contracts in place to manage this risk[276] - HDFS operating income is impacted by interest rate changes, with interest rate caps used to reduce fluctuations on floating-rate asset-backed securitization transactions[279] Strategic Initiatives - The Company plans to introduce a new small displacement motorcycle with a targeted entry price below $6,000 and shift the timing of its annual new model year launch to the preceding fall[172] - The company anticipates a slower EV adoption due to a lack of government incentives and regulatory challenges, impacting future investment strategies in LiveWire[265] - LiveWire plans to expand internationally, which will increase its exposure to currency rate risk as it grows its international presence[278]

Core Insights - Harley-Davidson, Inc. reported third-quarter 2025 adjusted earnings of $3.10 per share, significantly exceeding the Zacks Consensus Estimate of $1.38, and up from 91 cents per share in the same quarter last year [1][9] - The company generated consolidated revenues of $1.34 billion, reflecting a 17% increase year-over-year, driven by a 33% rise in motorcycle shipments [1][9] Segmental Highlights - Revenues from the Motorcycle and Related Products segment increased by 23% year-over-year to $1.07 billion, surpassing the forecast of $1.02 billion due to higher-than-expected motorcycle shipments [2] - Worldwide motorcycle shipments rose 33% to 36,500 units, exceeding the estimate of 34,541 units, with motorcycle sales revenues reaching $822 million, up 34% year-over-year [2] - Operating income for the Motorcycle segment was $54 million, a slight decline of 2% year-over-year [2] Retail Performance - Harley-Davidson retailed 34,000 motorcycle units globally, a 6% decline year-over-year but above expectations of 32,360 units [3] - Retail sales in North America decreased by 5% to 23,500 units, while EMEA sales fell 17% and Asia Pacific sales dropped 3%, contrasting with a 16% increase in Latin America [3] Parts, Accessories, and Financial Services - Revenues from parts and accessories decreased by 4% year-over-year to $167 million, but exceeded the estimate of $165.3 million [4] - Apparel revenues rose by 1% to $56 million, falling short of the forecast of $57.5 million [4] - Harley-Davidson Financial Services reported revenues of $261 million, down 3% year-over-year, while operating income surged 472% to $439 million [4] LiveWire Performance - LiveWire shipments totaled 184 units, an 86% increase from the previous year, with revenues rising 16% to $6 million, although this fell short of the $9.3 million estimate [5] - The operating loss for LiveWire narrowed from $26 million to $18 million, slightly better than the projected loss of $18.6 million [5] Financial Position - Selling, general, and administrative expenses increased to $229 million from $208.7 million year-over-year [6] - Harley-Davidson had cash and cash equivalents of $1.78 billion as of September 30, 2025, with long-term debt decreasing to $3.15 million from $4.47 million at the end of 2024 [6] Guidance Updates - The company has withheld its 2025 HDMC financial outlook due to tariff uncertainties but updated guidance for the LiveWire business, now expecting an operating loss of $72-$77 million, up from a previous estimate of $59-$69 million [7]

Core Insights - Harley-Davidson Inc. shares fell over 5% despite reporting third-quarter results that significantly exceeded expectations, driven by a transformation in its financial services division [1] Financial Performance - The company reported adjusted earnings of $3.10 per share, surpassing the consensus estimate of $1.58, while revenue increased by 17% year-over-year to $1.34 billion, exceeding estimates of $1.01 billion [2] - The strong performance was largely attributed to the completion of the Harley-Davidson Financial Services transaction with KKR and PIMCO, which transitioned the unit to a capital-light, lower-risk structure [2] Market Trends - Global motorcycle retail sales declined by 6% compared to the previous year, with North America down 5% and international markets down 9%, reflecting weaker consumer confidence and higher interest rates [3] - The motorcycle segment (HDMC) experienced a 23% revenue increase as global shipments rose by 33%, although the operating income margin for HDMC decreased to 5.0% from 6.3% a year ago [3] Future Outlook - Management indicated that the HDFS deal is expected to generate approximately $1.2 billion to $1.25 billion in discretionary cash by the end of the first quarter of 2026 [3]