UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2025 WASHINGTON, D. C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to FORM 10-K Commission file number 1-9183 Harley-Davidson, Inc. (Exact name of registrant as specified in its charter) Wisconsin 39-1382325 (State of organization) (I.R.S. Employer Ide ...

Core Insights - Harley-Davidson reported a loss of $2.44 per share in Q4 2025, a significant increase from a loss of 93 cents per share in the same quarter last year, with consolidated revenues of $496 million, down 28% year-over-year [1][9] Financial Performance - The company experienced a decline in gross margins, with HDMC's gross margin falling to 24.2% in 2025 from 28% in 2024, impacted by tariffs costing $67 million in 2025 [3] - Harley-Davidson Financial Services (HDFS) operating income is projected to drop to $45-$60 million in 2026, down from $490 million in 2025, due to lower volumes and reduced dealer inventory [6][10] Market Conditions - Global retail sales fell by 12% in 2025, with North America down 13% and EMEA down 11%, attributed to weak consumer confidence, high interest rates, and inflation concerns [4] - The company faces challenges in the EV market, with a lack of consumer incentives and a less supportive regulatory environment expected to hinder the growth of its LiveWire segment, projecting an operating loss of $70-$80 million in 2026 [5][10] Inventory and Sales Dynamics - Dealer inventory imbalances are evident, particularly with Touring models, which are above desired levels despite a 17% year-over-year decline in global dealer motorcycle inventories [7] - The company is implementing targeted promotions to manage inventory but faces risks of pricing pressure and uneven shipments due to macroeconomic uncertainties [8][10]

Core Viewpoint - The article emphasizes the investment philosophy focused on identifying mispriced securities through understanding the financial drivers of companies, often revealed by DCF model valuation [1]. Group 1: Investment Philosophy - The investment approach is centered on small cap companies across US, Canadian, and European markets [1]. - The methodology allows for flexibility beyond traditional investment styles, incorporating value, dividend, and growth investing to assess a stock's risk-to-reward profile [1].

Core Viewpoint - The article emphasizes the investment philosophy focused on identifying mispriced securities through understanding the financial drivers of companies, often revealed by DCF model valuation [1]. Group 1: Investment Philosophy - The investment approach is centered on small cap companies across US, Canadian, and European markets [1]. - The methodology allows for flexibility beyond traditional investment styles, incorporating value, dividend, and growth investing to assess a stock's risk-to-reward profile [1]. Group 2: Market Focus - The focus is primarily on small cap companies, indicating a niche investment strategy that may offer unique opportunities [1].

Core Insights - Harley-Davidson reported weaker quarterly earnings, indicating potential financial struggles for the company [1] - The motorcycle maker received a warning that its debt ratings may be downgraded to junk status by spring, which could impact its borrowing costs and investor confidence [1] Financial Performance - The company’s quarterly earnings were below expectations, suggesting a decline in profitability [1] Debt Ratings - A warning has been issued regarding the potential downgrade of Harley-Davidson's debt ratings to junk status, which typically signifies higher risk for investors [1]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Viewpoint - Harley-Davidson reported fourth-quarter and full-year 2025 earnings that fell short of analyst expectations, indicating ongoing demand weakness and wider per-share losses than forecasted [1] Financial Performance - The company reported wider per-share losses compared to analyst forecasts [1] - Revenue also fell short of some projections, reflecting the challenges in demand [1]

Core Insights - Harley-Davidson, Inc. (HOG) reported a loss of $2.44 per share in Q4 2025, which is wider than the Zacks Consensus Estimate of a loss of 92 cents, and a significant increase from a loss of 93 cents per share in the same quarter last year. Consolidated revenues fell 28% year-over-year to $496 million [1] Segmental Highlights - Revenues from the Motorcycle and Related Products segment decreased by 10% year-over-year to $379 million, missing the forecast of $527 million due to lower motorcycle shipments. Worldwide motorcycle shipments fell 4% to 13,500 units, also below the estimate of 20,845 units. Revenues from motorcycle sales were $194 million, down 16% year-over-year, with an operating loss of $260 million, wider than the $214 million loss in Q4 2024 [2] - Retail motorcycle units sold globally were 25,300, a decline of 1% year-over-year but exceeding expectations of 23,467 units. North American sales increased by 5% to 15,900 units, while EMEA sales dropped 24%, Asia Pacific sales fell 1%, and Latin America sales rose 10% year-over-year [3] Financial Performance - Revenues from parts and accessories decreased by 1% year-over-year to $117 million, surpassing the estimate of $100.5 million. Apparel revenues fell 13% to $47 million, missing the forecast of $48.7 million. Harley-Davidson Financial Services reported revenues of $106 million, down 59% year-over-year, with operating income falling 277% to $82 million [4] - LiveWire shipments totaled 381 units, a 61% increase from the previous year, with revenues rising 9% to $11 million but missing the estimate of $14.6 million. The operating loss narrowed from $26 million to $18 million, slightly wider than the projected loss of $17.6 million [5] Financial Position - Selling, general and administrative expenses from the HDMC unit rose to $229.7 million from $210.5 million in the previous year. The company paid dividends of 18 cents per share and repurchased $347 million worth of shares in Q4 2025 [6] - As of December 31, 2025, Harley-Davidson had cash and cash equivalents of $3.1 billion, and long-term debt decreased to $1.65 million from $4.47 million a year earlier [7] 2026 Guidance - For 2026, Harley-Davidson expects global motorcycle retail sales to be between 130,000 and 135,000 units, compared to 132,500 in 2025. Projected operating income for HDMC is expected to range from a $40 million loss to a $10 million profit, compared to a $29 million loss in 2025. HDFS's operating income is estimated to be between $45 million and $60 million, down from $490 million in 2025 [8][9][10]

Core Insights - Harley-Davidson reported a revenue of $390.55 million for the quarter ended December 2025, reflecting a decline of 9.4% year-over-year and falling short of the Zacks Consensus Estimate of $527.28 million by 25.93% [1] - The company's earnings per share (EPS) was -$2.44, a significant drop from -$0.93 in the same quarter last year, resulting in an EPS surprise of -165.22% compared to the consensus estimate of -$0.92 [1] Financial Performance - Total worldwide retail sales of Harley-Davidson motorcycles reached 25,287 units, exceeding the average estimate of 21,813 units [4] - Motorcycle shipments totaled 13,515, which was below the average estimate of 18,085 units [4] - Revenue from motorcycles and related products was $390.55 million, significantly lower than the average estimate of $530.92 million, marking a year-over-year decline of 9.4% [4] - Revenue from HDMC's motorcycle segment was $379.2 million, compared to the average estimate of $518.74 million [4] Segment Performance - Revenue from motorcycles was $193.88 million, falling short of the average estimate of $337.66 million, representing a year-over-year decrease of 16.2% [4] - Parts and accessories revenue was $116.51 million, slightly above the average estimate of $111.49 million, with a year-over-year change of -0.9% [4] - Apparel revenue was $47.17 million, below the average estimate of $51.35 million, indicating a decline of 12.8% year-over-year [4] - Revenue from licensing was $7.12 million, surpassing the average estimate of $5.06 million, showing a significant increase of 60.6% year-over-year [4] - Live Wire revenue was $11.35 million, slightly below the average estimate of $12.18 million, but still reflecting a year-over-year growth of 9.2% [4] Stock Performance - Harley-Davidson shares have returned -3.3% over the past month, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Welcome to Morning Brief. I'm Julie Hyman. Here's what you need to know today.First up, US stocks are trading near record highs ahead of key economic data, including the US jobs report and the latest read on inflation. This morning, we already got an economic data report. Retail sales from December showing no growth.And we're going to talk much more about the state of the consumer throughout the show. Plus, investors are betting on another century of Google parent Alphabet. According to reports, Alphabet se ...