Dafinchi AI

HOG

Consumer

Consolidated operating income margin was 8.6% in Q2, down 629 basis points from 14.9% a year ago.
Consolidated operating income was $112 million, down 69% at HDMC and down 2% at HDFS; LiveWire operating loss was $19 million.
Consolidated revenue for Q2 declined 19%, driven primarily by a planned reduction in motorcycle shipments and soft demand.
Global motorcycle retail sales were down 15% year-over-year, impacted by elevated interest rates, product demand softness, and economic uncertainty.
HDFS operating income was $70 million, down less than $2 million or 2% compared to last year, with a 2% revenue decrease.
HDMC gross margin was 28.6% in Q2, down 350 basis points from prior year due to lower volume and operating leverage.
HDMC revenue decreased by 23% in Q2, with motorcycle shipments down 28% to 36,000 units from 50,000 units a year ago.
LiveWire's operating loss improved by 34% compared to Q2 '24, with sales of 55 units versus 158 units prior year.
Operating cash flow was $509 million, down $68 million from prior period.
Operating expenses at HDMC were $237 million, $2 million higher than prior year, driven by Marketing Development Fund spend.
Q2 earnings per share was $0.88.
Total cash and cash equivalents ended at $1.6 billion, $261 million lower than prior year.
Total retail loan originations at HDFS were down 15%, commercial financing down 20%, and net financing receivables down 9% year-over-year.

LCID

Consumer

Adjusted EBITDA was negative $632 million, down 12% mainly due to margin pressure.
CapEx was $183 million, consistent with guidance, with inventory rising to $730 million in preparation for ramp-up.
Cash and investments totaled $3.6 billion with total liquidity of $4.86 billion.
Gross margin was negative 10.5%, impacted by a $54 million tariff-related charge accounting for a 21 percentage point decrease.
Lucid delivered 3,309 vehicles in Q2 2025, a 38% year-over-year increase, marking the sixth consecutive quarter of record deliveries.
Production reached 3,863 vehicles, up 83% year-over-year.
R&D expenses totaled $274 million, driven by investments in the midsized platform and Atlas powertrain.
Revenue for Q2 was $259 million, a 29% increase year-over-year.
SG&A expenses were $257 million, increasing sequentially due to normalization after a prior stock-based compensation reversal.

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