Harley-Davidson Q1 2025 Summary

Harley-Davidson reported a weaker first quarter of 2025 compared to the prior year, primarily due to lower motorcycle shipments and reduced global demand in a challenging economic environment.

Key financials:

- Revenue was $1.33 billion, down 23 percent from $1.73 billion in Q1 2024.
- Net income attributable to Harley-Davidson was $133 million, a 43 percent decrease.
- Diluted EPS was $1.07, down from $1.72.
- Consolidated operating income fell 39 percent to $160 million.
- HDMC revenue decreased 27 percent to $1.08 billion due to a planned 33 percent reduction in motorcycle shipments.
- HDMC operating margin dropped to 10.8 percent from 16.2 percent.
- HDFS (Financial Services) revenue dipped 2 percent to $245 million, but operating income rose 19 percent to $64 million due to lower credit loss provisions.
- LiveWire, the electric motorcycle segment, reported a 42 percent drop in revenue and a 32 percent narrower operating loss ($20 million).

Retail sales:

- Global retail motorcycle sales were down 21 percent year-over-year.
- North America: down 24 percent.
- Asia Pacific: down 28 percent.
- EMEA: down 2 percent.
- Latin America: down 6 percent.
- Worldwide retail units sold: 31,010 (vs. 39,405 in Q1 2024).

Cash and capital:

- Operating cash flow was $142 million.
- Cash and equivalents at quarter end were $1.93 billion.
- Capital expenditures were $30 million.
- Harley-Davidson repurchased $87 million in shares and paid $23 million in dividends.

Other highlights:

- Motorcycle gross margin declined by 2.1 percentage points due to lower volume and manufacturing inefficiencies.
- No full-year 2025 guidance was provided due to global economic and tariff uncertainties.