News & Events

Letter to Shareholders


Dear Fellow Shareholders,

While the world experienced many uncertainties in 2021, one thing remained: Harley-Davidson continued to design, build, and deliver the world’s most desired motorcycles for riders around the globe.

We successfully completed the first year of The Hardwire strategic plan in 2021 and saw many proof points on the six elements that make up this five-year plan, while continuing our H-D#1 cultural journey as a high-performing company.


On a full-year basis, we finished 2021 with consolidated operating income of $823 million and full-year diluted earnings per share of $4.19, an increase of $4.18 from the prior year.

We grew Harley-Davidson’s total revenue by 32% by focusing on our stronghold segments and successfully launching two bikes that were among the fastest selling motorcycles in our portfolio. By executing a strategically streamlined portfolio, we achieved a 9.0% operating margin in our Motorcycles and Related Products segment and saw a record operating income of $415 million in our Financial Services segment.

Recognizing our strong performance, the Board of Directors approved cash dividends of $0.15 per share in all four quarters of 2021.


As the world grappled with an ongoing pandemic, our team excelled at managing through supply chain challenges and optimizing inventory levels at our dealerships. Among these and other operational wins, we made great progress on the six elements of The Hardwire.


Profit Focus

We began to execute against our 70/20/10 strategy, skewed to our stronghold segments of Touring, Large Cruiser, and Trike. We focused on profitable segments, delivering volume and margin, and on segments aligned to our brand capabilities with clear paths to leadership.

We launched the ICONS collection, our new limited-edition series of extraordinary adaptations of production motorcycles which look to our storied past and bright future. The collection debuted with the Electra Glide Revival, the ultimate tribute to our heritage in Grand American Touring, with production selling out from launch.


Selective Expansion and Redefinition

We are committed to focusing on opportunities in profitable segments aligned with our capabilities that offer a clear path to market leadership.

In 2021, we launched our first Adventure Touring motorcycle, the Pan America, which became the number one selling Adventure Touring motorcycle in the U.S. in 2021 and was named “Motorcycle of the Year” by

We also launched the Sportster S, a bike that brought the Harley-Davidson brand to a broader customer base. With Sport as the fastest growing segment in North America, we realized the potential to engage with new riders and to bring them into the brand.


Lead in Electric

Electric motorcycles are important to Harley-Davidson’s future, and we remain committed to staying at the forefront of electric motorcycle technology.

In 2021, not only did we introduce LiveWire as a stand-alone brand, but we announced that through a business combination agreement with AEA-Bridges Impact Corp., LiveWire would become a publicly-traded company on the New York Stock Exchange. The transaction is expected to close in the first half of this year and I am very excited about the potential for LiveWire to be the most desirable electric motorcycle company in the world.


Growth Beyond Bikes

We believe the potential of the H-D brand beyond bikes is significant. We are one of the most recognizable brands in the world with the ability to grow our lifestyle product to reach wider audiences.

In 2021, we announced H-D Certified™, the first certified pre-owned Harley-Davidson motorcycle program, designed to lead our industry, satisfy our existing loyal riders, and also reach new customers venturing into H-D ownership for the first time.

We also launched H-D1 Marketplace, the ultimate destination for pre-owned Harley-Davidson motorcycles in North America, backed by the strength and scale of our dealer network and enhanced by the Harley-Davidson Certified™ program for additional peace of mind. The H-D1 Marketplace platform is connecting our customers, our community, and our strong dealer network as the first step in our ambitious transformation of an enhanced digital experience for riders and fans of our lifestyle brand.


Customer Experience

We continue to invest in and redefine our overall customer experience through our dealerships and in our online presence, as we know many customers start their journey with Harley-Davidson online.

With significant upgrades to our mobile app, we began our journey to create an enhanced omni-channel experience so our riders and fans can interact with us how, when, and where they want. By putting customers at the forefront of our products, experiences, and investments, we can meet them wherever they are.

We’re deepening the connection with all those who love our brand – those who ride and those who don’t. We’ve embraced those who may dream of motorcycling or who have just learned to ride. And, we continue to serve committed riders who are deeply passionate about our unique lifestyle brand and invested in our moto-culture.


Inclusive Stakeholder Management

Finally, to optimize long-term value for all stakeholders, we continue to serve people, planet, and profit. All three are deeply embedded in the past and future success of the Harley-Davidson brand and company.

For our people, in 2021, we implemented the Hardwire broad-based equity grant. For the first time in our Company’s history all our employees around the world, including at our factories, became shareholders in our Company. For our planet, we are reducing carbon emissions and creating a path to achieving net zero for LiveWire by 2035 and Harley-Davidson, Inc. by 2050. For profit, we began to execute against our 70/20/10 strategy and focused on profitable segments and on segments aligned to our brand capabilities with clear paths to leadership, contributing to the profitable 2021 financial results.

Thank You

With the spirit to win in 2021, and despite the significant challenges the world faced throughout the year, we persevered and made great progress toward our Hardwire objectives. From new product launches and improved customer experiences to leading in electric, we have a lot to be proud of and a lot more to look forward to in the year ahead.

On behalf of everyone at Harley-Davidson, thank you for your investment and belief in the timeless pursuit of adventure and freedom for the soul. United we ride.


Jochen Zeitz
President and Chief Executive Officer
Chairman of the Board Harley-Davidson, Inc