Earnings Releases·Oct 29, 2026, 6:52 AM ET

Harley-Davidson — Q3 2026 Earnings Summary

HDMC revenue declined 10% YoY to $964 million due to lower shipment volume, while gross margin expanded 173 bps to 28.1% and adjusted EBITDA margin improved to 9.7%; consolidated net income fell to $43 million from $377 million in the prior year primarily due to one-time HDFS asset sales.
The Company raised full-year 2026 guidance for HDMC and HDFS for the second time, projecting HDMC operating income between $25–$55 million and HDFS operating income between $60–$70 million, though LiveWire has withdrawn its guidance.
Global motorcycle retail sales grew 5% YoY in Q3 2026, driven by a 9% increase in North America, while global dealer inventory decreased 26% YoY to 33,616 units shipped, reflecting improved alignment with demand.
Total capital returned to shareholders amounted to $110 million, comprising $91 million in share repurchases and $19 million in dividends, with cash and cash equivalents standing at $2.1 billion.
The Board appointed two new independent directors, and while HDFS credit loss ratios remain favorable, risks persist regarding LiveWire's funding, supply chain volatility, and geopolitical conditions.