Harley-Davidson Reports $377.4 Million Net Income and $1.34 Billion Revenue in Q3 2025

Harley-Davidson, Inc. reported significant financial performance improvements in its latest quarterly results, with net income attributable to the company reaching $377.4 million, or $3.10 per diluted share, for the third quarter of 2025. This marks a substantial increase from the $119.0 million, or $0.91 per diluted share, reported in the same quarter of the previous year. The company's consolidated revenue for the quarter was $1.34 billion, up from $1.15 billion in the prior year, driven primarily by a 22.5% increase in revenue from motorcycles and related products, which totaled $1.08 billion.

In contrast to the previous fiscal period, Harley-Davidson's operating income surged to $474.8 million, a 348.7% increase from $105.8 million in the third quarter of 2024. The Harley-Davidson Financial Services (HDFS) segment was a key contributor to this growth, reporting an operating income of $438.8 million, up from $76.7 million a year earlier, largely due to a favorable provision for credit losses and a gain from the sale of securitization beneficial interests. However, the Harley-Davidson Motor Company (HDMC) segment saw a slight decline in operating income, down to $54.1 million from $55.1 million, attributed to higher manufacturing costs and tariffs.

Operationally, Harley-Davidson faced challenges with a 6.0% decline in worldwide retail sales of new motorcycles compared to the previous year, with notable decreases in North America and Europe. The company shipped 36,524 motorcycles in the third quarter, a 32.7% increase from the same period last year, primarily due to higher shipments of Grand American Touring models. Despite this, the overall retail environment remains challenging, influenced by high interest rates and economic uncertainty affecting consumer sentiment.

Strategically, Harley-Davidson has made significant moves, including the HDFS transaction that involved selling a majority of its existing retail finance receivables, which resulted in a $27 million gain and the deconsolidation of $1.9 billion in finance receivables. The company also plans to repurchase approximately $1 billion of its shares through discretionary buybacks, including a $200 million accelerated share repurchase program expected to commence in the fourth quarter of 2025. Looking ahead, Harley-Davidson anticipates a reduction in dealer inventory levels and expects to maintain a focus on cost productivity initiatives to navigate the current economic landscape.