Harley-Davidson Reports Q2 2026 Results

Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company") (NYSE: HOG) today reported second quarter 2026 results and raised full-year guidance.

"Our second-quarter performance reflects strength in our domestic retail business, continued focus on healthy dealer inventory levels and the exceptional commitment of our dealer network. We also made meaningful progress against our Back to the Bricks strategic initiatives, strengthening execution across the business and driving improved profitability. Given this progress, our first-half results, and our market share gains, we are raising our full-year guidance and remain confident in our ability to create long-term value for shareholders," said Artie Starrs, President and CEO, Harley-Davidson.

Second Quarter 2026 Highlights

• North American retail motorcycle sales of 29,751 units, up 3% vs. prior year
• Global dealer inventory of new motorcycles ended Q2 '26 down 17% vs. end Q2 '25
• Introduced 2026 Super Glide® in June
• HDMC global motorcycle shipments of 39,209, up 9% vs. prior year
• Net Income attributable to HDI of $80 million, down 26% from prior year primarily due to HDFS shift to capital light model, partially offset by HDMC improvement
• HDMC revenue of $1.1 billion, up 6% vs. prior year
• HDMC Adjusted EBITDA margin of 10.4%, up from 9.3% in Q2 '25
• HDFS operating income margin of 18.5%, down from 27.1% in Q2 '25
• Delivered diluted EPS of $0.75, down 15% vs. prior year
• Q2 performance enabled raising FY 2026 guidance for retail sales and wholesale shipments as well as HDMC & HDFS operating income

Second Quarter 2026 Results

Harley-Davidson, Inc. Consolidated Financial Results

Consolidated revenue in the second quarter was down 6 percent, driven largely by an HDFS revenue decrease of 55 percent.

Consolidated operating income in the second quarter was down 32 percent, driven largely by a decline of 69 percent at HDFS, partially offset by an increase of 18 percent at HDMC. At the LiveWire segment, the operating loss improved by $1 million and was 4 percent lower than the prior year loss. Consolidated operating income margin in the second quarter was 6.2 percent relative to 8.6 percent in the second quarter a year ago.

Harley-Davidson Motor Company (HDMC) – Results

Second quarter global motorcycle shipments increased 9 percent, while wholesale unit shipments were lower than retail unit sales. This is aligned with Company plans as dealer inventory management remains a top priority. Revenue was up 6 percent driven by increased shipments and favorable foreign exchange effects, partially offset by net pricing. Parts & Accessories revenue was down 5 percent and Apparel & Licensing revenue was up 2 percent.

Second quarter gross margin came in at 27.5 percent, which was down 108 basis points versus prior year. Gross profit was impacted favorably by manufacturing and other costs, including a tariff recovery that benefited gross profit. The favorability was offset by unfavorable product mix, net pricing, raw materials, and foreign exchange effects. Operating expenses came in $6 million lower than a year ago, at $232 million, including a restructuring expense of $3 million. Second quarter operating income margin was 6.6 percent compared to 5.9 percent in the prior year quarter.

Harley-Davidson Retail Motorcycle Sales 

Global retail motorcycle sales in the second quarter were up 1 percent versus prior year, reflecting North American growth and soft international results. North American retail was up 3 percent, driven by continued strength in the Touring and Sport categories and a positive response to the new '26 motorcycle line-up. EMEA retail performance, down 9 percent, was characterized by positive results in the Touring and Sport categories, while the German region* experienced a decline. APAC retail performance was slightly positive in the quarter, where Australia & New Zealand led the region from a growth standpoint. Latin America retail was characterized by strong gains in Mexico and a modest decline in Brazil.

*The German region includes Germany, Austria, and Switzerland

Harley-Davidson Financial Services (HDFS) – Results

In the second quarter, HDFS revenue was down 55 percent from prior year, driven by lower retail finance receivables. The decline in retail receivables was due to the sale of loan assets that took place in the second half of 2025. Other income within HDFS revenue was favorable year-over-year due to new servicing fees.

HDFS operating income came in at $22 million in the second quarter, a decrease of $48 million or 69 percent from the prior year period. On the expense side, both interest expense and the provision for credit loss expense were significantly lower, which was due to the decreased size of the retail loan portfolio and related debt on a year-over-year basis. Operating expenses increased by $3 million versus prior year. Total quarter-end net finance receivables, including both retail and wholesale loans, were $2.6 billion, a 64 percent decline compared to the prior year primarily due to the sale of loan assets that took place in the second half of 2025.

LiveWire – Results

LiveWire revenue for the second quarter increased by 52 percent. The revenue increase was due to higher electric motorcycle unit sales and higher STACYC electric balance bike sales. LiveWire's operating loss of $18 million in the second quarter compared to a loss of $19 million in the prior year period.

Harley-Davidson, Inc. Other Results – Six Months ended June 30, 2026

• Net cash use of $60 million from operating activities
• Effective tax rate was 25%
• Paid cash dividends of $41 million
• Repurchased $158 million of shares (7.9 million shares) on a discretionary basis
• Cash and cash equivalents of $1.9 billion as of June 30

2026 Financial Outlook

For the full year 2026, the Company is revising its financial guidance and now expects:

• HDMC global motorcycle retail sales of 133,500 to 138,500 units from a previously expected range of 130,000 to 135,000 units
• HDMC global motorcycle wholesale shipments of 133,500 to 138,500 units from a previously expected range of 130,000 to 135,000 units
• HDMC operating income of $10 million to $50 million from a previously expected range of a $40 million loss to a $10 million profit
• HDFS operating income of $55 million to $65 million from a previously expected range of $45 million to $60 million

For the full year 2026, the Company continues to expect:

• LiveWire operating loss of $70 to $80 million
• Harley-Davidson, Inc. capital investments of $175 million to $200 million