Harley-Davidson Reports Third Quarter Financial Results And Raises HDMC and HDFS Guidance
HARLEY-DAVIDSON, INC. (HOG) filed an SEC Form 8-K — Results of Operations and Financial Condition. FOR IMMEDIATE RELEASE Harley-Davidson Reports Third Quarter Financial Results And Raises HDMC and HDFS Guidance MILWAUKEE (October 29, 2026) – Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”) (NYSE: HOG) today reported third quarter 2026 results, announced the a
How this was made
The 30-second read
Why it matters
The raised guidance may trigger short-covering and buying from investors seeking exposure to a recovering motorcycle market.
Market read
First‑report earnings and guidance raise for a large‑cap consumer discretionary name, likely to move the stock immediately.
What to watch
Potential headwinds from fuel prices and regulatory changes to emissions standards.
Harley-Davidson Reports Third Quarter Financial Results And Raises HDMC and HDFS Guidance
Global retail sales grew 5 percent and North American retail sales grew 9 percent while dealer inventory fell 26 percent year over year, supporting higher HDMC gross margin and raised HDMC and HDFS guidance. However, HDMC revenue, shipments, and operating income declined, and consolidated net income attributable to Harley-Davidson, Inc. fell to $42,762 (in thousands) from $377,366 (in thousands), principally reflecting the prior-year HDFS securitization-related benefit.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| HDMC revenue, three months ended September 30, 2026GAAP | $964.0M | – | down 10 percent |
| HDMC gross profit, three months ended September 30, 2026GAAP | $270.8M | – | – |
| HDMC gross margin percentage, Q3 2026GAAP | 28.1 percent | – | increased by 173 bps YoY |
| HDMC selling, administrative and engineering expense, three months ended September 30, 2026GAAP | $226.5M | – | 1 percent lower than a year ago |
| HDMC operating income, three months ended September 30, 2026GAAP | $44.30M | – | down 18 percent YoY |
| HDMC operating income margin, Q3 2026GAAP | 4.6 percent | – | – |
| HDMC Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $93.87M | – | – |
| HDMC Adjusted EBITDA Margin %, Q3 2026non-GAAP | 9.7 % | – | – |
| LiveWire revenue, three months ended September 30, 2026GAAP | $7.86M | – | – |
| LiveWire gross loss, three months ended September 30, 2026GAAP | −$374K | – | – |
| LiveWire selling, administrative and engineering expense, three months ended September 30, 2026GAAP | $17.38M | – | – |
| LiveWire operating loss, three months ended September 30, 2026GAAP | −$17.75M | – | – |
| LiveWire Adjusted EBITDA, three months ended September 30, 2026non-GAAP | −$14.97M | – | – |
| HDFS revenue, three months ended September 30, 2026GAAP | $110.8M | – | – |
| HDFS expense, three months ended September 30, 2026GAAP | $100M | – | – |
| HDFS operating income, three months ended September 30, 2026GAAP | $10.76M | – | – |
| HDFS operating income margin, Q3 2026GAAP | 9.7 percent | – | – |
| Operating income, three months ended September 30, 2026GAAP | $37.30M | – | – |
| Income before income taxes, three months ended September 30, 2026GAAP | $57.92M | – | – |
| Income tax provision, three months ended September 30, 2026GAAP | $16.98M | – | – |
| Net income, three months ended September 30, 2026GAAP | $40.94M | – | – |
| Net income attributable to Harley-Davidson, Inc., three months ended September 30, 2026GAAP | $42.76M | – | down from $377 million in Q3 2025 |
| Basic earnings per share, three months ended September 30, 2026GAAP | $ 0.41 | – | – |
| Diluted earnings per share, three months ended September 30, 2026GAAP | $ 0.40 | – | – |
| Cash dividends per share, three months ended September 30, 2026GAAP | $ 0.1875 | – | – |
| HDMC revenue, nine months ended September 30, 2026GAAP | $3.12B | – | – |
| HDMC gross profit, nine months ended September 30, 2026GAAP | $841.9M | – | – |
| HDMC operating income, nine months ended September 30, 2026GAAP | $135.6M | – | – |
| LiveWire revenue, nine months ended September 30, 2026GAAP | $22.09M | – | – |
| LiveWire operating loss, nine months ended September 30, 2026GAAP | −$53.35M | – | – |
| HDFS revenue, nine months ended September 30, 2026GAAP | $339.7M | – | – |
| HDFS operating income, nine months ended September 30, 2026GAAP | $54.59M | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $136.8M | – | – |
| Net income attributable to Harley-Davidson, Inc., nine months ended September 30, 2026GAAP | $147.3M | – | – |
| Diluted earnings per share, nine months ended September 30, 2026GAAP | $ 1.38 | – | – |
| HDMC Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $283.0M | – | – |
| HDMC Adjusted EBITDA Margin %, nine months ended September 30, 2026non-GAAP | 9.1 % | – | – |
| LiveWire Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | −$45.18M | – | – |
| Motorcycles revenue, three months ended September 30, 2026GAAP | $733.6M | – | – |
| Parts and accessories revenue, three months ended September 30, 2026GAAP | $152.9M | – | – |
| Apparel revenue, three months ended September 30, 2026GAAP | $55.20M | – | – |
| Licensing revenue, three months ended September 30, 2026GAAP | $4.61M | – | – |
| Other HDMC revenue, three months ended September 30, 2026GAAP | $17.70M | – | – |
| Worldwide motorcycle shipments, three months ended September 30, 2026other | 33,616 | – | down 8 percent vs. prior year |
| Worldwide retail sales of Harley-Davidson motorcycles, three months ended September 30, 2026other | 35,833 | – | up 5 percent versus prior year |
| Total North America retail sales, three months ended September 30, 2026other | 25,603 | – | up 9 percent in Q3 2026 versus prior year |
| EMEA retail sales, three months ended September 30, 2026other | 4,764 | – | – |
| Asia Pacific retail sales, three months ended September 30, 2026other | 4,702 | – | grew by 1 percent overall |
| Latin America retail sales, three months ended September 30, 2026other | 764 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| HDMCLower shipment volume; global motorcycle shipments were 33,616 units, down 8 percent vs. prior year, as the Company aligned wholesale activity with retail demand. | $964.0M | – | down 10 percent |
| LiveWireLiveWire operating loss was $ (17,752) (in thousands), while LiveWire Adjusted EBITDA was $ (14,969) (in thousands). | $7.86M | – | – |
| HDFSOperating income was $ 10,758 (in thousands); the release attributes the year-over-year consolidated earnings decline primarily to the prior-year sale of the majority of securitization beneficial interests and retail finance receivables. | $110.8M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full year 2026 outlook
- NoteHDMC Global Motorcycle Retail Sales of 135,500 to 139,000 units
- NoteHDMC Global Motorcycle Wholesale Shipments of 135,500 to 139,000 units
- NoteHDMC Operating income of $25 to $55 million
- NoteHDFS Operating income of $60 to $70 million
- NoteHDI Revised capital investment of $140 to $165 million
- NoteLiveWire has withdrawn its guidance.
Capital returns
- Returned $110 million in total capital to shareholders in Q3 2026, including $91 million shares repurchased on a discretionary basis and $19 million in cash dividends.
- Dividends paid of $ 60,382 (in thousands) for the nine months ended September 30, 2026, compared with $ 66,288 (in thousands) for the nine months ended September 30, 2025.
- Repurchase of common stock of $ 191,169 (in thousands) for the nine months ended September 30, 2026, compared with $ 193,209 (in thousands) for the nine months ended September 30, 2025.
What drove it
- North American retail sales of new motorcycles were up 9 percent in Q3 2026 versus prior year, accelerating from 3 percent Year-over-Year growth in the previous quarter.
- Global retail sales of new motorcycles were up 5 percent versus prior year, driven by North America and Asia-Pacific.
- Australia and New Zealand grew by 15 percent.
- Global dealer inventory of new motorcycles ended Q3 2026 down 26 percent vs. Q3 2025 and down 6 percent vs Q2 2026.
- 91 percent of North American dealer inventory was current Model Year 2026 motorcycles at the end of Q3 2026, compared with 86 percent at the end of Q3 2025.
- HDMC gross profit bridge identified volume of $ (24) million, price and sales incentives of $ (12) million, foreign currency exchange rates and hedging of $ 9 million, shipment mix of $ (22) million, raw material prices of $ (7) million, and manufacturing and other costs of $ 44 million for the three-month comparison.
Concerns
- HDMC revenue was down 10 percent versus the prior year, driven by lower shipment volume.
- HDMC operating income was down 18 percent YoY to $44 million.
- Consolidated net income was affected by the absence of the Q3 2025 benefit from HDFS's sale of the majority of its securitization beneficial interests and retail finance receivables.
- HDFS operating income margin declined to 9.7 percent from 168.0 percent in Q3 2025.
- LiveWire has withdrawn its guidance.
- LiveWire operating loss was $ (17,752) (in thousands) in the third quarter.
What to watch
- Progress toward the full-year HDMC global retail-sales guidance of 135,500 to 139,000 units.
- Progress toward the full-year HDMC global wholesale-shipment guidance of 135,500 to 139,000 units.
- HDMC operating income against the full-year guidance range of $25 to $55 million.
- HDFS operating income against the full-year guidance range of $60 to $70 million.
- Dealer inventory levels and the proportion of North American dealer inventory comprised of current Model Year 2026 motorcycles.
- The effect of lower shipment volume, price and sales incentives, shipment mix, raw material prices, and manufacturing and other costs on HDMC gross profit.
Balance sheet and cash flow
- Cash and cash equivalents of $ 2,076,378 (in thousands) as of September 30, 2026, compared with $ 3,091,744 (in thousands) as of December 31, 2025 and $ 1,775,038 (in thousands) as of September 30, 2025.
- Short-term debt of $ 470,420 (in thousands) and current portion of long-term debt, net of $ 543,740 (in thousands) as of September 30, 2026.
- Long-term debt, net of $ 1,325,275 (in thousands) as of September 30, 2026.
- Net cash provided by operating activities of $ 275,934 (in thousands) for the nine months ended September 30, 2026, compared with $ 416,903 (in thousands) for the nine months ended September 30, 2025.
- Capital expenditures of $ (64,422) (in thousands) for the nine months ended September 30, 2026, compared with $ (102,090) (in thousands) for the nine months ended September 30, 2025.
- Net cash used by investing activities of $ (417,448) (in thousands) and net cash used by financing activities of $ (846,378) (in thousands) for the nine months ended September 30, 2026.
- Net decrease in cash, cash equivalents and restricted cash of $ (998,381) (in thousands) for the nine months ended September 30, 2026.
Analysis
Retail indicators improved during the third quarter. Global retail sales of new motorcycles increased 5 percent versus the prior year, led by 9 percent growth in North America and 1 percent growth in Asia-Pacific. Global dealer inventory ended the quarter down 26 percent versus Q3 2025 and down 6 percent versus Q2 2026. North American dealer inventory was 91 percent current Model Year 2026 motorcycles, compared with 86 percent a year earlier. The Company reported that these results reflected continued alignment of wholesale activity with retail demand.
That wholesale discipline constrained HDMC reported results. HDMC revenue was $ 964,017 (in thousands), down 10 percent, and worldwide motorcycle shipments were 33,616 versus 36,524 in the prior-year quarter. HDMC operating income declined to $ 44,298 (in thousands) from $ 54,119 (in thousands). Margin execution improved despite lower volume: gross margin was 28.1 percent, up 173 bps year over year, and adjusted EBITDA margin was 9.7 percent compared with 8.7 percent. The gross-profit bridge shows favorable manufacturing and other costs and foreign-currency exchange rates and hedging, partly offset by lower volume, price and sales incentives, shipment mix, and raw-material prices.
Consolidated earnings were sharply lower because HDFS had a substantially different prior-year comparison. Net income attributable to Harley-Davidson, Inc. was $ 42,762 (in thousands), compared with $ 377,366 (in thousands), while diluted EPS was $ 0.40 compared with $ 3.10. The release states that the decline was primarily the result of HDFS's Q3 2025 sale of the majority of its securitization beneficial interests and retail finance receivables, which created a benefit in that period. HDFS operating income was $ 10,758 (in thousands), compared with $ 438,820 (in thousands), and its operating income margin was 9.7 percent compared with 168.0 percent.
The balance sheet supported continued distributions, with $ 2,076,378 (in thousands) of cash and cash equivalents at September 30, 2026. The Company returned $110 million in Q3 2026 through $91 million of discretionary share repurchases and $19 million of cash dividends. For the first nine months, operating cash flow was $ 275,934 (in thousands), compared with $ 416,903 (in thousands), while capital expenditures were $ (64,422) (in thousands). Cash, cash equivalents and restricted cash decreased $ (998,381) (in thousands) over the nine-month period.
Management raised full-year 2026 guidance for HDMC and HDFS for the second time in 2026. The Company now expects HDMC retail sales and wholesale shipments of 135,500 to 139,000 units, HDMC operating income of $25 to $55 million, HDFS operating income of $60 to $70 million, and revised HDI capital investment of $140 to $165 million. LiveWire withdrew its guidance. The key reported tension is stronger retail demand and inventory health alongside lower HDMC shipments and earnings, with the full-year outcome dependent on the conversion of retail momentum into results within the updated shipment and operating-income ranges.
Management, verbatim
We are pleased with the continued progress made toward aligning wholesale activity with retail demand, achieving a further 26 percent reduction in dealer inventory while delivering 5 percent growth in global retail sales compared with Q3 2025. North America sales were up for the 4 th consecutive quarter, demonstrating an entrenched foothold in our home market.
Artie Starrs, President and CEO, Harley-Davidson
We are encouraged by the improvement in our key growth drivers over the quarter. Models like the Super Glide® and Deadwood™ are creating deeper connection between the brand and riders, our dealer network is becoming increasingly profitable, and we are actioning our Back to the Bricks strategy – just one full quarter into execution – in partnership with our dealers.
Artie Starrs, President and CEO, Harley-Davidson
Tony and Bryan are complementary additions to the Board and Harley-Davidson leadership. Tony’s three-decade long track record of driving profitability, mitigating risk, and overseeing product development across a global manufacturing footprint provides invaluable perspective. Likewise, Bryan’s experience in tax, public policy, and corporate governance, together with Board experience in the financial services and insurance industries, deepens our audit and risk knowledge across both HDMC and HDFS.
Troy Alstead, Chairman of the Board of Harley-Davidson
Not in the filing
stated, not guessed- Previous-release outlook was not provided; therefore, no comparison of actual results with prior guidance is available.
- Consolidated revenue was not separately presented as a labeled line item in the filing.
- GAAP gross margin percentage was not presented as a full prior-year percentage in the filing.
- Free cash flow was not reported.
- A full-year revenue, gross-margin, operating-expense, or tax-rate outlook was not provided.
- Prior-quarter financial statement values for the reported Q3 income-statement metrics were not provided.
- Quarterly operating cash flow and quarterly capital expenditures were not provided.
- Non-GAAP adjusted EPS was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Harley-Davidson filed an 8‑K reporting Q3 2026 financials and board appointments.
Ticker impact
Harley-Davidson reported Q3 2026 results and raised full-year HDMC and HDFS guidance.
likely upward pressure as the market prices in the higher guidance.
The company disclosed higher revenue and profit expectations for both its motorcycle and financial services units, which is new material information for a large-cap stock.
Market effects
Motorcycle and specialty finance sectors may see a lift from the upbeat outlook.
U.S. consumer discretionary sentiment could improve.
Limited to markets tracking Harley-Davidson and related supply chains.
Counterpoint
If inventory reductions prove too aggressive, sales could stall, weighing on the stock.
Key entities
- companyHarley-Davidson, Inc.
U.S. motorcycle manufacturer and financial services provider.
- personAnthony D. Fassino
New independent director appointed to the board.
- personBryan E. Slone
New independent director appointed to the board.
