Harley-Davidson, Inc. (HOG) SEC Filings & Earnings Calls

Interest rate risk

“Financial services interest expense $30,562 for Q2 2026 vs $93,574 for Q2 2025”

HDFS revenue and income decline due to capital-light model shift; net income down 26%.

“Net Income attributable to HDI of $80 million, down 26% from prior year primarily due to HDFS shift to capital light model” · word for word

International retail sales weak: EMEA -9% YoY.

“EMEA retail performance, down 9 percent” · word for word

Key executive departure may cause short-term disruption, but orderly transition and advisory role mitigate risk.

“Mr. Krause will assume an advisory role until September 1, 2026, to support an orderly transition.”

Potential dilution from increased share authorization for equity compensation.

“amendment to the Incentive Plan to increase the authorized number of shares... up to a total of 12,200,000 shares.”

Tariff Cost Pressure

“During the first quarter of 2026, the total cost of new or increased tariffs implemented in 2025 and 2026 that the Company incurred was approximately $45 million.” · word for word

Brake Hose Recall Exposure

“The Company estimates, based on its available information and assumptions, that the cost of a potential field action or recall in the aggregate, if any were to occur, could range from approximately $140 million to $450 million.” · word for word

HDFS Credit Losses from Pessimistic Economic Outlook

“At the end of the first quarter of 2026, the Company's probability weighting of its economic forecast scenarios was weighted towards more pessimistic scenarios given continued challenging macro-economic conditions including a persistently high interest rate environment, ongoing elevated inflation levels, and muted consumer confidence.” · word for word

HDMC Operating Loss Guidance for FY2026

“The Company expects 2026 HDMC operating results to be in the range of $40 million operating loss to $10 million operating income.” · word for word

Tariff costs significantly compressed HDMC gross margin by 390 bps; further tariff risk remains.

“First quarter gross margin was down 3.9 points due to the cost of new or increased tariffs.” · word for word

HDFS revenue and income severely reduced due to loan asset sale; ongoing transition risk.

“HDFS revenue was down 54 percent from prior year, driven by lower retail and wholesale finance receivables at lower yields.” · word for word

Restructuring costs of $15 million in the quarter; full-year HDMC operating income guided to a loss of $40M to profit of $10M.

“Incurred $15 million of costs related to strategic changes, including termination benefits and other restructuring charges.” · word for word

Shareholder dilution risk

“The total number of shares of our common stock available under the 2020 Plan and subject to outstanding awards under the 2020 Plan as of March 5, 2026, plus the total number of shares to be reserved under the 2020 Plan, would have represented approximately 6.6% of our issued and outstanding shares as of March 5, 2026.” · word for word

Equity compensation cost escalation

“Beginning in 2022, to provide competitive incentive awards to employees and to continue to expand off of our Hardwire broad-based equity grant ... we increased the number of equity award grants to employees and therefore an increase in our share authorization is necessary.” · word for word

Climate regulation risk

“Harley further acknowledges that regulatory responses to climate change may materially affect profitability. Standards to restrict motorcycle pollutants in the EU, Harley's second largest market, have been in place since 1999 and continually strengthened since.” · word for word

Executive retention risk

“If the Plan Amendment is not approved, then the 2020 Plan will remain in effect in accordance with its terms. However, there will be insufficient shares available under the 2020 Plan to make annual or retention awards to executives and key employees or to provide grants to new hires.” · word for word

Modest buyback may indicate limited free cash flow or strategic caution.

“Measured approach to share repurchases while finalizing strategic plan.”

Tariff Cost Pressure

“During 2025, the total cost of new or increased tariffs implemented in 2025 that the Company incurred was approximately $67 million” · word for word

Consumer Demand Weakness

“Worldwide dealer retail unit sales of new Harley-Davidson motorcycles decreased 12.4% in 2025 compared to 2024.” · word for word

Strategic Plan Uncertainty

“The Company is pausing near-term discretionary share repurchases... until it develops its new strategic plan that it expects to announce in the second quarter of 2026.” · word for word

LiveWire Segment Losses

“LiveWire segment operating loss was $75.0 million in 2025 compared to an operating loss of $109.6 million in 2024.” · word for word

Tariff cost pressure eroding gross margin and profitability.

“Gross margin lower by 3.8 points in 2025 compared to 2024, driven by incremental tariffs.”

Motorcycle demand slowdown with retail sales declining 12% YoY.

“Global retail motorcycle sales of 132,535 units, down 12% from prior year.” · word for word

HDFS earnings normalization after one-time transaction gain.

“HDFS operating income guidance $45-60M vs $490M in FY2025.”

LiveWire continues to generate significant losses with no near-term profitability.

“LiveWire operating loss guidance -$70 to -$80M in FY2026.”

No material risk; executive appointment with standard compensation.

Leadership turnover in digital and commercial functions could impact turnaround efforts.

“Departure of Chief Digital and Operations Officer and Chief Commercial Officer.”

Dilution from equity issuance, though minority stake.

“issuance of 9.8% of the Common Stock” · word for word

Tariff Cost Escalation

“During the first nine months of 2025, the total cost of new or increased tariffs implemented in 2025 that the Company incurred was approximately $45 million.” · word for word

Consumer Demand Weakness

“Worldwide retail sales of new Harley-Davidson motorcycles were down 14.6% during the first nine months of 2025 compared to the same period last year driven primarily by declines in North America, Europe and Asia Pacific.” · word for word

Potential Brake Hose Recall

“The Company estimates, based on its available information and assumptions, that the cost of a potential field action or recall in the aggregate, if any were to occur, could range from approximately $140 million to $450 million.” · word for word

HDFS Credit Losses

“Annualized credit losses on the Company's retail motorcycle loans were 3.34% at the end of the third quarter of 2025 compared to 3.07% at the end of the third quarter of 2024.” · word for word

Retail demand remains weak with global sales down 6%, driven by unfavorable consumer confidence and high interest rates.

“Global retail motorcycle sales in the third quarter were down 6 percent versus the prior year, reflecting continued soft demand.” · word for word

Tariff costs of $27M in Q3 are pressuring HDMC gross margin, which declined 3.7 points.

“The cost of new or increased tariffs implemented in 2025 was $27 million in Q3 2025.” · word for word

HDMC operating income declined 2% despite revenue growth, indicating margin pressure from tariffs and operating deleverage.

“HDMC operating income was down 2 percent.” · word for word