“A healthy Harley depends on a healthy dealer network. And right now, we have work to do to strengthen that foundation, starting with dealer profitability.” (CEO)
“The Softail family delivered strong growth of 9%, reflecting the strength of the revised product lineup.” (CFO)
“In the U.S., market share for HD in the large cruiser category expanded from 61% in Q3 of 2024 to 68% in Q3 of 2025, underscoring the momentum behind our updated lineup.” (CFO)
“We are excited to unlock some of the significant value of HDFS for our shareholders through the sale of a minority stake while transforming HDFS into a capital-light financing business.” (CFO)
“We'll have much more to say about our go-forward strategy by next spring, both in terms of actions we are taking and our expectations about when those actions will deliver results.” (CEO)
Q&A Batch (1-5 of 7)
Q1 — Craig Kennison
Topic: Demographic headwinds and attracting younger riders
Key points:
Arthur Starrs notes the brand’s current imagery reinforces mature riders; past advertising (30–50 years ago) attracted young riders with joy and playfulness.
A new “Sprint bike” launching in H2 2025 is lighter, easier to maneuver, and more affordable; current dealership price points are “pretty high” for young riders.
Rider Academy experience is “extremely warm and welcoming” but could be made “a bit more fun.”
Mgmt stance: Bullish – believes brand, product (Sprint), and experiential changes can overcome demographic headwinds.
Q2 — Stephen Grambling
Topic: Market-responsive promotions and inventory management
Key points:
Dealer inventory levels are “too high right now,” especially on touring side; promotional activity was communicated locally and expanded over the past weekend.
Tools include lower APR programs extended to 60–72 months to address affordability; 2025 model year tested price points at $99.99, $14.9, $19.9.
Promotions were based on direct dealer feedback.
Mgmt stance: Neutral – acknowledges high inventory and affordability issues, but taking targeted actions (financing, price points) to drive sales.
Q3 — Noah Zatzkin
Topic: HDFS transaction P&L impact and cash freed up
Key points:
Transaction has three elements: back book sale, forward flow, equity; closes over multiple quarters with Q3 accounting preparation work.
Still committed to $275 million operating income upside figure; $1.2 billion in cash will be freed up by Q1 of next year.
No day-to-day impact on dealer/consumer operations; partnership with KKR and PIMCO provides credit insights.
Mgmt stance: Bullish – excited about optionality from cash freed up and partnership with market leaders.
Q4 — Robin Farley
Topic: 2026 shipment expectations and inventory reduction
Key points:
Dealer inventory down year-over-year: Q1 -19%, Q2 -28%, Q3 -13%; original guidance was 10%+ reduction, now “at that level or maybe slightly improved.”
By family in Q3 2025 vs Q4, every family down 20%–45% except Touring and CVO (flat); touring inventory is the main concern due to interest rates and affordability.
Optimistic about pricing ladder ($9, $14, $19, $24 on Nightster, Street Bob, Softail, Street Glide) and Sprint bike in H2 2025.
Mgmt stance: Neutral – inventory healthy across most families, but touring needs further reduction; 2026 guidance to be issued later.
Q5 — Joseph Altobello
Topic: Global inventory unit target for year-end and next year
Key points:
Jonathan Root expects global inventories to end this year at about 43,000 units; that number comes down “a little bit further” next year.
Mgmt stance: Neutral – confirms inventory reduction trajectory, but no specific 2026 shipment guidance provided.