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Harley-Davidson provides Hardwire Stage II update

Harley-Davidson is hosting its 2022 Investor Day at the Harley-Davidson Museum in Milwaukee today.

“We have a clearly defined vision and strategy that we believe will capture profitable growth opportunities. Despite the macro challenges, we are already seeing the proof points of The Hardwire and, today, we are taking it to the next level,” said Jochen Zeitz, chairman, CEO and president of Harley-Davidson. “In motorcycling, when you want to get more out of an engine, you upgrade it by adding a Stage II kit, that is what we are doing with our Hardwire strategy, tuning the engine of our business for improved acceleration and increased performance.”

2022 Outlook – Reaffirmed

For the full year 2022, the company reaffirms its initial guidance and continues to expect:

HDMC revenue growth of 5 to 10%

HDMC operating income margin of 11 to 12%

HDFS operating income to decline by 20 to 25%

Capital investments of $190 million to $220 million

The “Hardwire Stage II” financial targets 2021-2025E include:

HDMC Revenue growth CAGR from 2021 to 2025E: +5% to +7%

HDMC Operating Margin: 15% by 2025

HDFS Operating Income growth CAGR from 2021 to 2025E:  -3% to -5%


HDFS Operating Income growth CAGR from 2022E to 2025E:  +3% to +5%

HDMC Revenue 2021-2025E guidance excludes LiveWire One branded motorcycles and includes HD branded Motorcycles, Parts & Accessories, Apparel & Licensing, and Experiences.

In addition, the “Hardwire Stage II” includes consolidated financial targets at Harley-Davidson, Inc. (HDI) for 2021-2025E:

Revenue CAGR for combined HDMC & LiveWire: +9% to +11%

Operating Margin for combined HDMC & LiveWire: 12% by 2025

Capital Expenditures for HDMC & LiveWire:  $250 – $300 million per year

Targeting $400 million of cost productivity for HDMC by 2025

The Harley-Davidson Museum during a 2014 Bike Night.
Harley-Davidson Museum

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