Every material Form 8-K Harley-Davidson filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Harley-Davidson said Bryan Niketh, most recently president of White River Marine Group, will join as Chief Operating Officer of Harley-Davidson Motor Company on January 1, 2026. He will receive a $1,000,000 one-time cash award that he must repay if he voluntarily leaves within two years, plus relocation assistance.
Bryan Niketh, age 48, becomes Chief Operating Officer of Harley-Davidson Motor Company effective January 1, 2026
Mr. Niketh was President of White River Marine Group since February 2025 and its COO from August 2022 to September 2025
Previously held Senior Vice President of Product and Operations (2020 to 2022) and Vice President, Product Development (2017 to 2020) at Harley-Davidson
One-time cash award of $1,000,000, repayable if he resigns within two years; covered by the Executive Severance Plan
Harley-Davidson said two senior executives, Chief Digital and Operations Officer Jagdish Krishnan and Chief Commercial Officer Luke Mansfield, will step down effective December 31, 2025, and will receive benefits under the Executive Severance Plan. CFO Jonathan Root will remain CFO and oversee finance and Harley-Davidson Financial Services, and will also take the title of Chief Commercial Officer of Harley-Davidson Motor Company.
Jagdish Krishnan steps down as Chief Digital and Operations Officer of Harley-Davidson, Inc., effective December 31, 2025
Luke Mansfield steps down as Chief Commercial Officer of Harley-Davidson Motor Company, effective December 31, 2025
Both departures qualify for benefits under the Executive Severance Plan
Jonathan Root remains CFO and adds the Chief Commercial Officer title while keeping global commercial operations oversight
On October 31, 2025, Harley-Davidson Credit Corp. completed the sale of a portion of its motorcycle promissory notes and security agreements portfolio for $4.06 billion, which the filing describes as a significant disposition. The same day, Harley-Davidson Financial Services issued Class A common stock equal to 9.8% of its common stock on a fully diluted basis to KKR and PIMCO-affiliated investors. The filing does not state the effect of either transaction on Harley-Davidson's earnings or financial position.
October 31, 2025: Harley-Davidson Credit Corp. completed the sale of part of its motorcycle loan portfolio for $4.06 billion.
Buyers were KKR Morrow Trust and HDL Trust, as assignee of Cavendish LLC.
Harley-Davidson Financial Services issued 4.9% stakes to KKR Morrow OpCo Aggregator LLC and to PIMCO Entities, for a total of 9.8%.
New stockholders agreements were entered into on terms described in the company's August 5, 2025 Form 8-K.
Harley-Davidson reported third quarter 2025 revenue of $1,341 million, up 17% from a year earlier, and diluted EPS of $3.10 versus $0.91. The increase was driven mainly by HDFS operating income, which benefited from the HDFS transaction with KKR and PIMCO, while global retail motorcycle sales fell 6%. The company withheld its full-year HDMC 2025 outlook, so shareholders have no updated full-year motorcycle guidance.
Q3 revenue $1,341 million (up 17%); operating income $475 million vs $106 million; diluted EPS $3.10 vs $0.91
HDMC operating margin 5.0% vs 6.3%; global retail motorcycle sales down 6%; motorcycle shipments up 33%
HDFS operating income $439 million, including a $301 million benefit from reversing credit-loss allowances on held-for-sale receivables
Full-year HDMC 2025 outlook withheld; $200 million accelerated share repurchase with Goldman Sachs, part of a $1 billion buyback plan through 2026
Harley-Davidson appointed Daniel J. Nova and Matthew J. Reintjes as independent directors effective September 15, 2025, while directors Sara Levinson and N. Thomas Linebarger retired from the board on the same date. The filing states the retirements were not the result of any disagreement with the company, and the board said the new members add finance, governance and brand expertise as Artie Starrs prepares to become CEO later this year.
Daniel J. Nova, a General Partner of Highland Capital Partners since 1999, joins the board and its Human Resources, Sustainability and Safety, and Nominating and Corporate Governance committees.
Matthew J. Reintjes, President and CEO of YETI Holdings since 2015, joins the board and its Audit and Finance and Nominating and Corporate Governance committees.
Each new director receives a $110,000 annual retainer pro-rated for service and an annual share unit grant of $145,000.
Levinson and Linebarger retired from the board effective September 15, 2025, after announcing their decisions on September 9 and September 10, 2025.
On July 30, 2025, Harley-Davidson Credit Corp. agreed to sell a portion of its motorcycle loan portfolio, including future originations, to KKR Morrow Trust and Cavendish LLC. The parties estimate about $4 billion in net cash proceeds to the unit, with closing expected around October 2025 and no later than January 31, 2026. The deal also brings outside investors into Harley-Davidson Financial Services, which will issue equity equal to 9.8% of its common stock.
Estimated net cash proceeds of approximately $4 billion, with closing expected around October 2025 and no later than January 31, 2026
Forward flow agreements commit each buyer to purchase up to $1 billion of new motorcycle contracts annually for a minimum of five years from closing
Minority investors KKR-OpCoAgg and Cavendish will pay $46.6 million in cash for a combined 9.8% stake in Harley-Davidson Financial Services
Buyers may terminate if Harley-Davidson Financial Services' net worth falls below $40 million
Harley-Davidson's board appointed Arthur Starrs, current CEO of Topgolf, as President and CEO and a director effective October 1, 2025. Current CEO and Chairman Jochen Zeitz is retiring and resigning from the board on the same date, and director Troy Alstead will become Chairman; the filing does not report any financial results or guidance.
Arthur Starrs, 48, becomes President and CEO and a board member effective October 1, 2025; he has not yet been named to any board committee
Starrs' offer letter sets a $1,200,000 base salary, a 150% of salary target cash incentive beginning in 2026, and a $2,000,000 one-time cash award repayable if he resigns within 12 months
Starrs will receive a $4,500,000 one-time RSU award and a pro-rated 2025 RSU award valued at $1,625,000, plus annual LTIP grants valued at $6,500,000 beginning February 2026
Zeitz remains an employee as a Senior Advisor through February 2026 and says his retirement does not reflect any dispute with the Company
Harley-Davidson reported second quarter 2025 revenue of $1,307 million, down 19% from $1,619 million a year earlier, and diluted EPS of $0.88 versus $1.63. The company also said its Harley-Davidson Financial Services unit entered a strategic partnership with KKR and PIMCO, which it expects to unlock $1.25 billion in cash that management plans to use partly to reduce debt and buy back shares.
Q2 2025 operating income was $112 million, down 53%, and net income attributable to Harley-Davidson was $108 million, down 51%.
Global motorcycle shipments fell 28% and worldwide retail sales fell 15% in the quarter.
KKR and PIMCO investment vehicles will buy a 4.9% common equity interest in HDFS, valued at about 1.75x post-transaction book value.
The company plans to reduce debt by $450 million and buy $500 million of shares in the second half of 2025; full-year HDFS operating income is now expected at $525-$550 million.
Harley-Davidson reported first quarter 2025 revenue of $1,329 million, down 23% from a year earlier, and operating income of $160 million, down 39%. Diluted earnings per share were $1.07 compared with $1.72 a year ago. The company also withdrew its full-year 2025 financial outlook issued February 5, 2025, citing the uncertain global tariff situation and macroeconomic conditions, which removes the company's guidance for the year for shareholders.
Revenue $1,329 million, down 23%; operating income $160 million, down 39%
Diluted EPS $1.07 versus $1.72; net income attributable to HDI $133 million versus $235 million
Global motorcycle retail sales down 21%; U.S. retail sales down 24% in North America
Full-year 2025 financial outlook from February 5, 2025 withdrawn
Director Jared Dourdeville resigned from Harley-Davidson's board on April 5, 2025, before a scheduled April 7 board meeting to discuss his April 1 letter demanding the resignation of three directors. The company's filing disputes several points in his resignation letter, and says the board will continue to engage with H Partners, a significant shareholder, while its search for a new chief executive continues.
Dourdeville resigned from the board on April 5, 2025, and had served on the Human Resources and Nominating and Corporate Governance Committees.
The board decided on March 28, 2025, not to offer the CEO role to any of three candidates; Dourdeville had backed a preferred candidate.
On April 1, 2025, Dourdeville sent a letter demanding the immediate resignation of three directors; a board meeting was set for April 7, 2025.
The company is in the final year of its five-year Hardwire strategic plan (2021-2025) and says it continues its CEO search.
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