NOW IN OUR
34th! YEAR
MIKE KENNEDY
NOW IN OUR
34th! YEAR
™
AWARD WINNING VOICE OF THE GLOBAL V- TWIN CUSTOM PARTS, PERFORMANCE AND ACCESSORY INDUSTRY
H-D FY 2025 Financial Results ' Not Pretty '- But Unit Sales Were Up On 1997!
In delivering its fourth quarter and full year 2025 financial results( February 10, 2026) Harley-Davidson was able to use the shield of new CEO Artie Starrs ' recent appointment( October 2025) as cover for what, by any measure, were abysmal results. Starrs is not playing the blame game though- not yet at any rate. He is simply pointing to the facts and to the steps that he plans to take to turn Harley ' s performance around. It may well feel like trying to turn an aircraft carrier around on a swimming pool( for some time yet) but with a new Strategic Plan due to be unveiled in May( yes, another one) he is at least starting to get a feeling for the problems the company is facing. However, following his European Dealer, Vendor and Custom Show swing he says he is seeing the positives of the " widespread and deep-rooted brand enthusiasm that our customers have for Harley-Davidson." Meanwhile, yes, at global retail motorcycle sales of 132,535 units, Harley ' s 2025-unit sales performance was ahead of the 96,216 units that records suggest were sold in 1997, but behind the 157,100 the company reported a year later.
In reporting Q4 and FY 2025 fiscals( and providing 2026 outlook) Starrs accepted that Harley had closed out " a challenging year for the Company," and that they were " taking deliberate actions to stabilize the business, restore dealer confidence, and align wholesale activity with retail demand.
" While near-term results reflect these actions, the progress we are seeing reinforces our confidence in the reset underway and our ability to rebuild Harley-Davidson ' s long-term earnings and cash-flow power. " With an iconic brand, a deeply loyal rider community, and a dealer network unlike any other, we believe Harley- Davidson is well positioned as we chart a clear path forward," he said. It has to be said that the dealer network clearly believes in the new CEO so far. All concerned think his abundant focus on the concerns of dealers is a much-needed and appropriate start-point, a decisive break with the past and that all the steps that have so far been made public are positive ones. FY 2025 results highlights- Harley delivered diluted EPS of $ 2.78. Global dealer inventory levels of new motorcycles finished the year down 17 % vs. end of Q4 ' 24 with global retail motorcycle sales of 132,535 units, down 12 % from prior year. HDMC posted an operating loss of $ 29m for the year and global motorcycle shipments of 124,477 were down 16 % from the prior year. HDMC returned $ 434m of capital to shareholders via $ 347m of discretionary share repurchases and $ 86m of dividends paid. For Q4 of 2025 Harley delivered a diluted EPS loss of $ 2.44. North America retail motorcycle sales of 15,847 units were up 5 % vs. prior year, and Artie Starrs pointed to an unseasonal acceleration in unit sales growth through December 2025 and
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MAR 2026
ISSUE # 320
DRAG SPEC,
LOUISVILLE
MIKE KENNEDY
INTERVIEW
Len Kodlin( left) and Holger Mohr of Kodlin USA- seen here at the recent Drag Specialties ' Louisville ' expo with their 2026 FatBook cover custom. See pages 58-60 for more …
INDIAN CHIEF VINTAGE
WARR’ S LONDON