MILWAUKEE, Feb. , reported fourth quarter and full year 2025 results and provided its 2026 outlook. The company delivered a challenging year with deliberate actions to stabilize the business, restore dealer confidence, and align wholesale activity with retail demand.
Despite near-term results reflecting these actions, progress reinforces confidence in the reset underway and ability to rebuild Harley-Davidson's long-term earnings and cash-flow power. With an iconic brand, deeply loyal rider community, and dealer network unlike any other, Harley-Davidson is well-positioned as it charts a clear path forward. The company expects 1% revenue growth for the full year 2026, with a new strategic plan expected to be announced in May 2026.
Fourth quarter 2025 highlights include a 28% decline in consolidated revenue driven by a 10% decline at HDMC and a 59% decline at HDFS. Consolidated operating loss was $361 million, compared to a consolidated operating loss of $193 million in the prior year period. For the full year, consolidated revenue declined 14 percent, with a decrease of 13 percent at HDMC and 16 percent at HDFS.
Consolidated operating income decreased 7 percent, driven by a loss at HDMC and record-high earnings at HDFS. HDFS's results were favorably impacted by the HDFS transaction. The full year operating loss at LiveWire was $75 million, in-line with expectations.
Harley-Davidson Motor Company results showed global motorcycle shipments decreasing 4 percent from a year ago, with revenue down 10 percent due to net pricing and incentive spend and lower volumes. Gross profit came in at a loss of $30 million compared to a loss of $3 million in the prior year period, due to increased tariff costs and net pricing and incentive spend.
Harley-Davidson's fourth quarter and full year financial results demonstrate the company's efforts to stabilize the business and restore dealer confidence. The progress made reinforces confidence in the reset underway and ability to rebuild long-term earnings and cash-flow power. However, the challenges faced by the company are significant, and it will be crucial to execute on its strategic plan to achieve growth and profitability.
