EarningsQ3 2026 Earnings Report
MX:HOG Q3 2026 EPS Results
Actual EPS$7.55
Consensus EPS$8.95
Beat/MissMissed by -$1.40
One Year Ago EPS$58.53
MX:HOG Q3 2026 Revenue Results
Actual Revenue$20.44B
Expected Revenue$20.27B
Beat/MissBeat by +$169.51M
YoY Revenue Growth-19.25%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeBefore Open
Conference CallThursday, October 29, 2026
MX:HOG Upcoming Earnings
Harley-Davidson's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:HOG Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. Strong North American retail growth, improved dealer inventory and profitability, successful motorcycle launches, market share gains, better HDMC margins, and raised full-year guidance significantly outweighed the challenges in Europe and Latin America, supplier and tariff uncertainty, lower consolidated earnings and cash flow, and LiveWire's going-concern disclosure.Company Guidance
Global and North American Retail Growth
Q3 global retail sales of new motorcycles increased 5% year over year to approximately 35,800 units. North American retail sales increased 9% to more than 25,000 units, accelerating from 3% growth in the previous quarter.
U.S. Market Share Gains
Harley-Davidson reached 37% of the U.S. 601cc+ market, up 3 percentage points versus the prior year. The company attributed North American performance to continued strength in Trike and Softail.
Improved Dealer Inventory Health
Global dealer inventory declined nearly 26% year over year, marking the seventh consecutive quarter of year-over-year inventory declines. At the end of Q3, more than 88% of global dealer inventory was model year 2026 product, while 91% of North American inventory was model year 2026 product, up from 87% in Q2.
Dealer Profitability Progress
North American dealer profitability improvement is tracking ahead of plans communicated earlier in the year and is on track toward the goal of doubling profitability in 2026. Management said the improvement is being experienced by most dealers, although consistency varies by region and dealership.
Successful Super Glide and Deadwood Launches
Super Glide's second-quarter launch and Deadwood's third-quarter launch generated strong sell-through, high MSRP realization and increased brand enthusiasm. Management said these launches helped fill portfolio price-point gaps and contributed to market share gains, particularly in U.S. Softail.
Parts and Accessories Performance
Parts and accessories is tracking ahead of beginning-of-year plans. The company is expanding its 2027 portfolio, including parts and accessories for the Harley-Davidson Sprint and Sportster launches.
Apparel and Licensing Ahead of Plan
Apparel and licensing, internally rebranded as MotorClothes, is tracking ahead of beginning-of-year plans.
HDMC Gross Margin Improvement
HDMC gross profit margin was 28.1% in Q3, up 173 basis points from 26.4% in the prior-year period. Favorable manufacturing and other costs, including tariff and supplier recoveries, as well as foreign exchange effects, were partly offset by product mix, net pricing and raw materials.
Adjusted EBITDA Margin Expansion
HDMC adjusted EBITDA was $94 million, unchanged from the prior-year period, while adjusted EBITDA margin increased to 9.7% from 8.7%, an improvement of approximately 102 basis points.
Operating Expense Management
HDMC operating expenses totaled $227 million, $2 million favorable versus the prior year, driven primarily by lower marketing and warranty and recall expenses. Excluding $14 million of restructuring expense, operating expenses would have been $16 million favorable year over year.
HDFS Credit and Origination Performance
HDFS's annualized retail credit loss ratio on managed loans improved to 3.0% from 3.2% in the year-ago period. Total retail loan originations increased 4% to $786 million in Q3.
Raised Full-Year 2026 Guidance
The company raised HDMC global motorcycle retail and wholesale shipment guidance to 135,500 to 139,000 units from 133,500 to 138,500. HDMC operating income guidance increased to $25 million to $55 million from $10 million to $50 million, including $31 million of year-to-date restructuring costs. HDFS operating income guidance increased to $60 million to $70 million from $55 million to $70 million.
Fixed-Cost Savings and 2027 EBITDA Targets Maintained
Despite higher tariff costs, management said it remains on track to deliver $150 million in fixed-cost savings and remains committed to $350 million of HDMC EBITDA in 2027.
Share Repurchases and Balance Sheet Strength
Harley-Davidson repurchased approximately 3.4 million shares for $91 million during the quarter. The company ended Q3 with $2.1 billion of cash and equivalents, compared with $1.8 billion a year earlier, and HDMC had $1.4 billion of cash versus $297 million of total debt.
Upcoming Sprint and Sportster Expansion
Harley-Davidson Sprint is launching internationally first, with some markets expected to receive the motorcycle in late Q4 and broader international availability in early 2027. Sportster 883 is planned for the first half of 2027. Management said dealers are highly enthusiastic about both launches and that the motorcycles are intended to address lower-price-point and smaller-displacement portfolio gaps.
Riding Academy Customer Opportunity
The company trains approximately 50,000 riders annually in the United States through its Riding Academy programs, but the new-bike purchase yield from those students is currently only about 8% to 10%. Management said Sprint and the return of Sportster 883 provide motorcycles that can better meet the needs of those new riders.
LiveWire Revenue Growth
LiveWire revenue increased 41% year over year in Q3, driven by higher unit sales of electric motorcycles and STACYC electric balance bikes.
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