EarningsQ2 2026 Earnings Report
MX:HOG Q2 2026 EPS Results
Actual EPS$12.73
Consensus EPS$10.95
Beat/MissBeat by +$1.78
One Year Ago EPS$14.94
MX:HOG Q2 2026 Revenue Results
Actual Revenue$20.89B
Expected Revenue$19.82B
Beat/MissBeat by +$1.07B
YoY Revenue Growth-5.86%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:HOG Upcoming Earnings
Harley-Davidson's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:HOG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mixed but constructive picture: HDMC showed clear operational improvement (NA retail growth, healthier dealer inventory, successful new product launches, revenue growth at the Motor Company and raised guidance), while structural and transitional items weighed on consolidated results (large HDFS revenue decline from the capital-light transition, lower consolidated operating income and EPS, tariff exposure, supplier challenges and European weakness). Management raised guidance and reiterated multi-year targets and cost-savings plans, indicating confidence in the recovery path, but near-term cash flow, tariff risk and regional headwinds remain material.Company Guidance
North America Retail Growth
North American retail new motorcycle sales were up 3% year-over-year in Q2 with ~30,000 motorcycles sold; Harley-Davidson reached 32% share of the U.S. 601+cc market.
Global Retail and Wholesale Momentum
Global retail of new motorcycles was up 1% year-over-year in Q2 (~42,500 retail). Wholesale shipments increased 9% year-over-year to 39,200 units in Q2; company expects Q3 shipments similar to prior year and Q4 shipments to be higher.
Improved Dealer Inventory Health
Dealer inventory declined 17% year-over-year at end of Q2 (NA down 15%, outside NA down 24%); 85% of North America dealer inventory was model year 2026 vs <75% a year ago; motorcycle finished goods inventory at lowest Q2 level since 2021.
HDMC Revenue and Profitability Progress
HDMC revenue increased 6% in Q2 to $1.1 billion; motorcycle revenue $848 million. HDMC operating income was $72 million (6.6% margin) vs $61 million prior year; adjusted EBITDA rose to $115 million (10.4% margin) from $97 million (9.3%).
Successful New Product Launches
New Super Glide (Q2) and Deadwood (Q3) launches generated strong rider/dealer enthusiasm; Super Glide sell-through strong with high MSRP realization and positive dealer feedback indicating strong early demand.
P&A and Dealer Economics Recovery
Parts & Accessories (P&A) tracking ahead of beginning-of-year plans; management appointed a GM for P&A and expects P&A to be an important driver of rider connection and diversified revenue. Management expects domestic dealer profitability to double in 2026.
Updated 2026 Guidance and Capital Return
Company raised HDMC retail and wholesale unit guidance to 133,500–138,500 units (from 130,000–135,000). HDMC operating income guidance improved to $10M–$50M and HDFS guidance to $55M–$70M. Q2 buybacks: repurchased 1.3M shares for $30M; YTD 7.9M shares for $158M; cash & equivalents $1.9B (vs $1.6B prior year).
HDFS Transformation and Credit Metrics
HDFS moved to a capital-light model: Q2 revenue $117M (down 55% due to asset sales) but operating income $22M (18.5% margin). Q2 annualized retail credit loss ratio improved to 3.0% from 3.3% prior year; retail loan originations up 10% to $940M; total gross financing receivables $2.7B.
LiveWire Revenue Growth and Cash Reduction
LiveWire consolidated revenue increased 52% year-over-year in Q2 driven by electric motorcycles and StaCyc bikes; net cash used by operating activities for LiveWire improved by 18% through June 30, 2026 vs prior year.
MX:HOG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed