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Key Takeaways Harley-Davidson's Q2 EPS beat estimates as HDMC revenues rose 6% on stronger motorcycle demand.North American retail sales grew 3%, marking a third straight quarter of year-over-year growth.HOG raised 2026 motorcycle sales and HDMC profit outlooks, while HDFS also lifted its income forecast. Harley-Davidson, Inc. (HOG - Free Report) reported second-quarter 2026 earnings of 75 cents per share, beating the Zacks Consensus Estimate of 62 cents by 21%. Earnings declined 15% from 88 cents a year ago. Harley-Davidson Motor Company revenues increased 6% year over year to $1.10 billion but missed the Zacks Consensus Estimate of $1.12 billion. Consolidated revenues fell 6% year over year to $1.23 billion as a sharp decline at Harley-Davidson Financial Services offset growth at the motorcycle business.

HOG Benefits From Stronger Motorcycle DemandMotorcycle revenues advanced 9% to $848 million, supported by higher shipments. Apparel and licensing revenues rose 2% to $62 million, while parts and accessories revenues declined 5% to $177 million.

Worldwide motorcycle shipments increased 9% to 39,209 units. Touring shipments rose 9%, cruiser shipments increased 3% and Sport and Lightweight shipments surged 45%. Adventure Touring shipments declined 4% from the prior-year quarter.

Harley-Davidson Retail Sales Rise in North AmericaWorldwide retail motorcycle sales increased 1% to 42,467 units. North American retail sales rose 3% to 29,751 units, marking the third consecutive quarter of year-over-year growth in the company’s core market. Strength in Touring and Sport models and favorable reception for the redesigned 2026 Trike lineup supported demand.

International performance remained mixed. EMEA retail sales fell 9%, reflecting weakness in the German region. Asia-Pacific sales were roughly flat, with growth in Australia and New Zealand offsetting a decline in Japan. Latin American retail sales increased 4%, aided by gains in Mexico.

HOG Posts Improved HDMC Operating ProfitHDMC gross profit increased 2% to $304 million, but gross margin contracted 108 basis points to 27.5%. Favorable manufacturing and other costs, including a tariff recovery, were offset by unfavorable product mix, net pricing, raw-material costs and foreign-currency effects.

Operating expenses declined 2% to $232 million despite $3 million of restructuring costs. HDMC operating income rose 18% to $72 million, while operating margin expanded 68 basis points to 6.6%. Adjusted EBITDA increased 18% to $115 million, producing a margin of 10.4% compared with 9.3% a year earlier.

Harley-Davidson Financial Services Results FallHDFS revenues declined 55% year over year to $117 million, primarily because of lower retail finance receivable balances following loan-asset sales completed in the second half of 2025. Interest income fell 72%, while other income increased 33% on favorable servicing fees.

Operating income decreased 69% to $22 million, and operating margin contracted to 18.5% from 27.1%. Lower interest expense and credit-loss provisions partly offset the reduced revenue base. Total retail loan originations increased 10%, while the managed retail credit-loss ratio improved to 3% from 3.3%.

HOG’s LiveWire Loss Narrows on Higher SalesLiveWire revenues rose 52% to $9.1 million, driven by increased electric motorcycle volumes and higher STACYC electric balance bike sales. Consolidated unit sales advanced 10% to 5,269 units during the quarter.

The segment’s operating loss narrowed to $17.9 million from $18.7 million. Higher revenues and lower selling, administrative and engineering expenses supported the improvement, partly offset by increased cost of goods sold. LiveWire also commenced production of the S4 Honcho and completed its acquisition of Dust Motorcycles in May.

Harley-Davidson’s Financial Position & Capital ReturnsAs of June 30, 2026, Harley-Davidson had cash and equivalents of $1.90 billion compared with $3.1 billion as of Dec. 31, 2025. It returned $50 million to shareholders during the quarter through $30 million of discretionary share repurchases and $20 million of dividends. For the first six months of 2026, operating cash outflow totaled $59 million and free cash outflow was $104 million.

HOG Raises Its 2026 OutlookHarley-Davidson raised its full-year projection for global motorcycle retail sales and wholesale shipments to 133,500-138,500 units from the previous estimate of 130,000-135,000 units. HDMC operating income is now expected between $10 million and $50 million compared with the earlier expected range of a $40 million loss to a $10 million profit.

HDFS operating income is projected at $55-$70 million, up from the prior forecast of $45-$60 million. The company maintained its expectation for a LiveWire operating loss of $70-$80 million and capital investments of $175-$200 million.

HOG currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Releases From Auto SpaceGeneral Motors Company (GM - Free Report) reported second-quarter 2026 adjusted earnings of $3.57 per share, up 41.3% year over year. The figure beat the Zacks Consensus Estimate of $3.13 by 14.06%. Revenues increased 1.9% to $48.03 billion and surpassed the consensus estimate of $46.56 billion by 3.15%. Strong pricing, lower costs and disciplined incentives supported results. General Motors raised its full-year adjusted EBIT guidance to $14-$16 billion from $13.5-$15.5 billion. Adjusted earnings are now projected at $12-$14 per share, up from the prior range of $11.50-$13.50.

Tesla, Inc. (TSLA - Free Report) reported second-quarter 2026 adjusted earnings of 33 cents per share, which declined 17.5% year over year. The figure missed the Zacks Consensus Estimate of 50 cents by 34%. Revenues advanced 25.5% to $28.24 billion and surpassed the consensus estimate of $25.81 billion by 9.41%. Tesla expects 2026 capital expenditures to exceed $25 billion and rise further over the next two to three years.

Genuine Parts (GPC - Free Report) reported second-quarter 2026 adjusted earnings of $2.15 per share, beating the Zacks Consensus Estimate of $2.10 by 2.38%. The bottom line increased 2.4% from $2.10 in the year-ago quarter. Revenues rose 6% year over year to $6.54 billion and surpassed the consensus estimate of $6.39 billion by 2.36%. Genuine Parts reaffirmed its 2026 adjusted earnings guidance of $7.50-$8 per share and total sales growth outlook of 3-5.5%. Genuine Parts ended June with $2.3 billion of liquidity, including $559 million in cash.

Harley Pivots Hard: Can New Bikes Fix an Old Brand?Harley-Davidson NYSE: HOG raised portions of its 2026 outlook after reporting second-quarter results that management said showed early progress under its “Back to the Bricks” strategic plan, including growth in North American retail motorcycle sales and improved dealer inventory health.

Chief Executive Officer Artie Starrs said 2026 remains a transition year for the company as it works to reset the business, rebuild dealer confidence and improve execution. “We are still early in the work, but the business is moving in the right direction,” Starrs said on the company’s earnings call.

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MarketBeat Week in Review – 04/20 - 04/24Chief Financial and Commercial Officer Jonathan Root said Harley-Davidson Motor Company, or HDMC, generated second-quarter revenue of $1.1 billion, up 6% from the prior year. Motorcycle revenue was $848 million, while parts and accessories revenue was $177 million, down from $187 million a year earlier. Apparel and licensing revenue was $62 million, compared with $61 million in the prior-year period.

HDMC operating income was $72 million, compared with $61 million a year earlier, and operating margin improved to 6.6% from 5.9%. Root said the quarter included $3 million of restructuring expense tied to the company’s new strategy. Excluding that restructuring expense, HDMC operating income would have been $75 million, with an operating margin of 6.8%.

Harley-Davidson Rallies 38%, But Analysts See Downside AheadAt the consolidated Harley-Davidson Inc. level, second-quarter revenue declined 6%, driven primarily by a 55% revenue decline at Harley-Davidson Financial Services as the segment transitioned to a capital-light model. Consolidated operating income was $76 million, down from $112 million in the year-ago quarter. Earnings per share were $0.75, compared with $0.88 in the second quarter of 2025.

North American Retail Growth Continues Root said North American retail sales of new motorcycles rose 3% in the quarter, with approximately 30,000 motorcycles sold. Starrs noted that marked the third consecutive year-over-year quarter of retail growth in North America.

Root said the region benefited from continued strength in redesigned trike models, as well as positive results across the portfolio, particularly sport and adventure touring families. Harley-Davidson reached 32% share of the U.S. 601cc-plus market, according to Root.

Globally, retail sales of new motorcycles rose 1% year over year to approximately 42,500 units. Outside North America, retail sales declined 5% to about 13,000 units. EMEA remained the weakest region, with retail sales down 9% in the second quarter. Root said performance in Europe reflected a subdued economic environment, though touring, sport and trike categories posted positive results. Asia Pacific retail sales were up slightly, while Latin America rose 4%, marking its fourth consecutive quarter of year-over-year growth.

Starrs said Europe remains a challenging market and that Harley-Davidson is making portfolio adjustments. He cited the planned return of the Sportster 883 in 2027 as an example, saying European dealers are “particularly excited” about the model.

Dealer Inventory Health Improves Management emphasized dealer inventory as a central priority. Root said global dealer inventory at the end of the second quarter was down 17% from a year earlier and down 7% from the end of the first quarter. North American dealer inventory was down 15%, while inventory outside North America was down 24%.

Starrs said more than 85% of dealer inventory was model year 2026 product at quarter end, describing it as the healthiest global dealer inventory position in years. Root said North America also had 85% current model year motorcycles in dealer inventory, compared with less than 75% in the prior-year period.

Starrs said the company expects domestic dealer profitability to double in 2026. In response to an analyst question, he said used Harley-Davidson residual values are “extremely strong” and that improving MSRP realization on new motorcycles is also supporting dealer profitability.

“Today, the vast majority believe it’s either just right or they’re asking for more bikes,” Starrs said of dealer inventory levels, contrasting that with the fourth quarter, when he said nearly every dealer was concerned about having too much inventory.

New Models and Parts Focus Support Strategy Starrs highlighted recent launches of the Super Glide and Deadwood models, describing them as “blank canvas motorcycles” aligned with the Back to the Bricks strategy. He said Super Glide sell-through has been strong, dealer enthusiasm has been high and MSRP realization is among the strongest the company has seen “in some time.” Deadwood motorcycles were reaching U.S. dealerships at the time of the call, and Starrs said early reactions from motorcycle media and riders on social media had been “overwhelmingly positive.”

The company is also working to rebuild its parts and accessories business. Starrs said Harley-Davidson has appointed a general manager for the business, identified near-term accessory categories and is preparing for a model year 2027 parts and accessories launch alongside its motorcycle launch. He said parts and accessories are tracking ahead of the company’s beginning-of-year plans.

Guidance Raised for HDMC and HDFS Harley-Davidson raised its 2026 guidance for HDMC retail and wholesale units to a range of 133,500 to 138,500, up from the prior range of 130,000 to 135,000. Root said the company expects retail and wholesale units to maintain a largely one-to-one relationship for the rest of the year because global dealer inventory levels are healthy.

The company now expects HDMC operating income of $10 million to $50 million, compared with prior guidance ranging from positive $10 million to a loss of $40 million. HDFS operating income guidance was raised to $55 million to $70 million, from $45 million to $60 million. LiveWire guidance was unchanged, with an expected operating loss of $70 million to $80 million.

Starrs also reiterated that Harley-Davidson believes it is on track for $150 million of fixed cost savings in 2027 and the HDMC EBITDA target of more than $350 million referenced on the prior call.

Tariffs and HDFS Transition Remain Key Factors Root said Harley-Davidson continues to expect the cost of new or increased tariffs to be in the range of $75 million to $90 million for 2026, unchanged from the prior outlook. In the second quarter, the company incurred $22 million in tariff expense before recoveries and benefited from tariff recoveries primarily related to IEEPA. Root said Harley-Davidson is not planning for additional meaningful tariff recoveries for the balance of 2026.

Starrs said tariff uncertainty remains an ongoing factor and noted the company’s recent announcement to move Rev Max production for North American motorcycles back to the United States.

At HDFS, second-quarter revenue fell to $117 million due to lower interest income following the sale of loan assets as part of a transaction completed last year. HDFS operating income was $22 million, with an operating margin of 18.5%. Root said annualized retail credit losses on managed loans were 3.0%, compared with 3.3% in the year-ago period, while total retail loan originations rose 10% to $940 million.

Harley-Davidson ended the quarter with $1.9 billion in cash equivalents, up from $1.6 billion a year earlier. Root said the company repurchased 1.3 million shares for $30 million during the second quarter and 7.9 million shares for $158 million during the first half of 2026, adding that returning capital to shareholders remains a top priority.

About Harley-Davidson (NYSE:HOG)Harley-Davidson, Inc is a renowned American motorcycle manufacturer best known for its heavyweight cruiser and touring bikes. Founded in 1903 in Milwaukee, Wisconsin, the company has built a strong reputation for producing distinctive motorcycles characterized by their signature V-twin engines, chrome finishes and robust frames. Harley-Davidson markets its products globally through a network of franchised dealerships and focuses on delivering an immersive brand experience to its customers, emphasizing lifestyle and community alongside its motorcycles.

In addition to its core motorcycle business, Harley-Davidson offers an extensive range of parts, accessories and apparel under its Genuine Motor Parts & Accessories and MotorClothes lines.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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The logo of American motorcycle manufacturer Harley-Davidson is seen at an Harley-Davidson dealership in Paris, France, April 8, 2025. REUTERS/Gonzalo Fuentes Purchase Licensing Rights, opens new tab

CompaniesJuly 23 (Reuters) - Harley-Davidson (HOG.N), opens new tab reported lower second-quarter profit and revenue but raised its annual forecast on Thursday, as the ​legacy motorbike maker leaned on its wider turnaround plan to ‌navigate higher costs of raw materials.

The company has been focused on its "Back to the Bricks" turnaround plan which attempts ​to capture younger riders by bringing back some ​of Harley's iconic motorcycles and rolling out models with smaller engines.

Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.

Here ⁠are the details:

The company under new CEO Artie ​Starrs has been trying to shift its focus away ​from premier touring models by moving back to lighter and more affordable bikes, with an entry point to the Harley experience ​now hovering around the $10,000 mark.

Shares of the company ​fell about 1% in premarket trade.

Banking on stronger retail demand, the ‌company now ⁠expects its annual global motorbike retail sales to be between 133,500 and 138,500 units, up from a previously expected range of 130,000 to 135,000 units.

The Milwaukee-based ​company reported ​a quarterly ⁠net income of $80 million, or 75 cents per share, compared with $108 million, or 88 ​cents per share, a year ago.

Overall revenue ​in ⁠the second quarter fell 6% to $1.23 billion from a year earlier.

Harley's second-quarter gross margin fell to 27.5% from 28.6% ⁠a ​year earlier, hurt by higher ​cost of raw materials, an unfavorable product mix and foreign exchange impacts.

Reporting ​by Nathan Gomes in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles., opens new tab

, /PRNewswire/ -- 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 

$ in millions (except EPS)

2nd quarter

2026

2025

Change

Revenue

$1,230

$1,307

-6 %

Operating Income

$76

$112

-32 %

Net Income Attributable to HDI

$80

$108

-26 %

Diluted EPS

$0.75

$0.88

-15 %

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

$ in millions

2nd quarter

2026

2025

Change

Motorcycle Shipments (thousands)

39.2

35.8

9 %

Revenue

$1,104

$1,044

6 %

   Motorcycles

$848

$778

9 %

   Parts & Accessories

$177

$187

-5 %

   Apparel & Licensing

$62

$61

2 %

   Other

$17

$18

-4 %

Gross Margin

27.5 %

28.6 %

-1.1 pts.

Operating Income

$72

$61

18 %

Operating Margin

6.6 %

5.9 %

0.7 pts.

Adjusted EBITDA1

$115

$97

18 %

Adjusted EBITDA Margin %1

10.4 %

9.3 %

1.1 pts

1

"Adjusted EBITDA" and "Adjusted EBITDA Margin %" are non-GAAP terms. Please see below for full reconciliation to the most directly comparable GAAP financial measures.

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 

Motorcycles (thousands) 

2nd quarter

2026

2025

Change

North America

29.8

28.9

3 %

EMEA

7.0

7.6

-9 %

Asia Pacific

5.0

5.0

0 %

Latin America

0.8

0.7

4 %

Worldwide Total

42.5

42.3

1 %

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 region2 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.

2

The German region includes Germany, Austria, and Switzerland

Harley-Davidson Financial Services (HDFS) – Results

$ in millions

2nd quarter

2026

2025

Change

Revenue

$117

$257

-55 %

Operating Income

$22

$70

-69 %

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

$ in millions

2nd quarter

2026

2025

Change

Revenue

$9

$6

52 %

Operating Loss

($18)

($19)

4 %

Adjusted EBITDA

($15)

($16)

5 %

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 Company Background
Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, parts & accessories, experiences, riding gear and apparel. What We Make: The World's Best Motorcycles. Period. Who We Serve: Motorcycle Riders Worldwide. Why We Do It: To Protect and Grow Motorcycle Culture. What We Stand For: Life, Liberty and the Pursuit of Happiness. Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and has a controlling interest in Harley-Davidson Financial Services and LiveWire Group, Inc. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. LiveWire is committed to developing the technology of the future and investing in the capabilities needed to lead the transformation of motorsports. Learn more at harley-davidson.com. 

Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CDT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CDT.

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "plans," "projects," "may," "will," "estimates," "targets," "intends," "forecasts," "is on track," "remains confident," "seeks," "sees," "should," "feels," "commits," "assumes," "envisions," or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies, including without limitation the Back to the Bricks strategic plan, successfully execute its approach to a full enterprise economic model, and strengthen its existing businesses while allowing for growth; (b) manage supply chain and logistics issues, including without limitation quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Iran, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company's ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests, including successfully realigning its product portfolio, which encompasses re-introducing the Sportster; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of activist collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company's brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Iran; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to shift to a rider-centric portfolio that includes a focus on accessibility and customization and growing its Parts & Accessories and Motor Clothes and apparel businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) successfully manage and reduce costs throughout the business; (m) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (n) prevent, detect and remediate any issues with its motorcycles or any issues associated with the design, manufacturing, or assembly processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (o) successfully manage and reduce costs throughout the business; (p) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its  full enterprise economic model, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (q) realize the desired business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; (iii) the ability of LiveWire to obtain sufficient funding from sources other than the Company to sustain its operations; and (iv) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s most recent Annual Report on Form 10-K; (r) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (s) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name; (t) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (u) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (v) retain and attract talented employees and leadership and qualified and experienced independent directors for its Board of Directors, eliminate personnel duplication, inefficiencies and complexity throughout the organization, and successfully complete transitions of executives, and effectively manage the return to on-site work of Milwaukee-based corporate employees at specified Company facilities; (w) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (x) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (y) prevent a ransomware attack or cybersecurity incidents and data privacy breaches and respond to related evolving regulatory requirements; (z) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company's business; (aa) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (bb) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (cc) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (dd) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts and manage exposure in commercial or contractual disputes; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) realize the desired business benefits from KKR's and PIMCO's investments in Harley-Davidson Financial Services, Inc.; (gg) manage risks related to functions the Company outsources and the use of artificial intelligence by the Company and its vendors and suppliers; (hh) optimize capital allocation in light of the Company's capital allocation priorities; (ii) manage the Company's share repurchase strategy; (jj) manage issues related to climate change and related regulations; and (kk) realize the expected effects of the anticipated increase in Harley-Davidson Financial Services, Inc.'s retail finance receivable based on Harley-Davidson Financial Services, Inc.'s operating income.

The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

Harley-Davidson Financial Services, Inc.'s retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation and Harley-Davidson Financial Services, Inc.'s efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, Harley-Davidson Financial Services, Inc.'s efforts to adjust underwriting criteria based on market and economic conditions, and actions that the Company has taken and could take that impact motorcycle values, may impact Harley-Davidson Financial Services, Inc.'s retail credit losses.

The Company's operations, demand for its products, and its liquidity could be adversely impacted by changes in tariffs, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Iran, or other factors. Refer to "Risk Factors" under Item 1.A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Non-GAAP Financial Measures

This earnings release includes financial information that is not presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP", "GAAP"), including Adjusted EBITDA for HDMC and LiveWire and Adjusted EBITDA Margin for HDMC. These non-GAAP financial measures, which may be different from similarly-titled measures disclosed by other companies, are presented to enhance investors' overall understanding of the Company's financial performance.

Adjusted EBITDA for HDMC and Adjusted EBITDA for LiveWire are defined as Harley-Davidson, Inc. consolidated net income, excluding, on a consolidated basis, interest expense, income tax provision, investment income, and other income, net. Depreciation and amortization for HDMC and LiveWire, respectively, are excluded from Adjusted EBITDA for HDMC and LiveWire, respectively. In addition, certain other items impacting consolidated net income are excluded from HDMC Adjusted EBITDA and/or LiveWire Adjusted EBITDA. For example, the Company may exclude from HDMC or LiveWire Adjusted EBITDA the impacts of certain events, gains, losses or other costs and charges, such as corporate restructuring activities, reorganizations or one-time employee termination benefits, that affect the period-to-period comparability of HDMC's and LiveWire's operating performance. Adjusted EBITDA Margin is used by HDMC and is defined as HDMC Adjusted EBITDA divided by HDMC revenue.

The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin for HDMC and Adjusted EBITDA for LiveWire more clearly identify the core trends in the respective ongoing business operations that could otherwise be masked by the effects of the items that the Company excludes from Adjusted EBITDA and Adjusted EBITDA Margin for HDMC and Adjusted EBITDA for LiveWire. These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance with other comparable companies and between periods without regard to items the Company does not consider a component of core operating performance.

Adjusted EBITDA and Adjusted EBITDA Margin have limitations and should not be considered in isolation from, as a substitute for, or more meaningful than, consolidated net income as determined in accordance with U.S. GAAP. Certain items excluded from HDMC and LiveWire Adjusted EBITDA are significant components in understanding and assessing a company's financial performance. The presentation of Adjusted EBITDA and Adjusted EBITDA Margin should not be construed as implying that the Company's results will be unaffected by unusual or non-recurring items.

This earnings release includes a reconciliation of Harley-Davidson Inc. consolidated net income to HDMC Adjusted EBITDA and LiveWire Adjusted EBITDA.

### (HOG-Earnings)

Harley-Davidson, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

HDMC revenue

$    1,104,280

$     1,043,649

$     2,159,751

$     2,125,155

Gross profit

304,126

298,705

571,115

613,949

Selling, administrative and engineering expense

231,788

237,389

479,852

436,362

  Operating income from HDMC

72,338

61,316

91,263

177,587

LiveWire revenue

9,114

6,011

14,230

8,754

Gross (loss) profit

(48)

162

(583)

(1,619)

Selling, administrative and engineering expense

17,879

18,815

35,015

36,842

  Operating loss from Livewire

(17,927)

(18,653)

(35,598)

(38,461)

HDFS revenue

117,043

257,438

228,987

502,399

HDFS expense

95,444

187,665

185,150

368,590

  Operating income from HDFS

21,599

69,773

43,837

133,809

Operating income

76,010

112,436

99,502

272,935

Other income, net

11,047

14,477

24,526

30,750

Investment income

11,840

10,950

20,536

19,891

Interest expense

(3,622)

(7,696)

(7,192)

(15,382)

Income before income taxes

95,275

130,167

137,372

308,194

Income tax provision

16,294

24,422

34,267

71,652

Net income

$         78,981

$        105,745

$        103,105

$        236,542

Less: Loss attributable to noncontrolling interests

824

1,824

1,473

4,131

Net income attributable to Harley-Davidson, Inc. 

$         79,805

$        107,569

$        104,578

$        240,673

Earnings per share:

  Basic

$              0.76

$               0.89

$               0.97

$               1.96

  Diluted

$              0.75

$               0.88

$               0.97

$               1.95

Weighted-average shares:

  Basic

105,099

121,521

107,544

122,727

  Diluted

108,568

122,203

108,325

123,457

Cash dividends per share:

$         0.1875

$           0.1800

$           0.3750

$           0.3600

LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.

Harley-Davidson, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

(Unaudited)

June 30

December 31,

June 30

2026

2025

2025

ASSETS

Current assets:

    Cash and cash equivalents

1,895,789

3,091,744

1,587,664

    Accounts receivable, net

301,788

225,760

325,756

    Finance receivables held for sale, net

545,761

264,238

-

    Finance receivables held for investment, net

1,094,533

981,926

2,127,866

    Inventories, net

500,935

730,898

630,287

    Restricted cash

-

-

149,782

    Other current assets

250,420

292,383

327,260

4,589,226

5,586,949

5,148,615

Finance receivables held for investment, net

1,004,886

719,060

5,198,356

Other long-term assets

1,651,753

1,738,806

1,703,474

$     7,245,865

$     8,044,815

$   12,050,445

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

    Accounts payable and accrued liabilities

$     1,033,420

$     1,061,194

$     1,040,616

    Short-term deposits, net

266,421

280,095

243,101

    Short-term debt

613,141

497,776

503,353

    Current portion of long-term debt, net

498,466

819,629

1,983,828

2,411,448

2,658,694

3,770,898

Long-term debt, net

1,130,847

1,649,612

4,367,553

Other long-term liabilities

587,551

579,659

604,061

Shareholders' equity

3,116,019

3,156,850

3,307,933

$     7,245,865

$     8,044,815

$   12,050,445

Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

 (In thousands)

(Unaudited)

Six months ended

June 30

June 30

2026

2025

Net cash (used) provided by operating activities

$         (59,685)

$        509,492

Cash flows from investing activities:

  Capital expenditures

(44,694)

(65,560)

  Finance receivables held for investment, net

(296,798)

(24,985)

  Collection from retained securitization beneficial interests

23,460

-

  Proceeds from derivative instruments

51,574

-

  Other investing activities

(280)

691

Net cash used by investing activities

(266,738)

(89,854)

Cash flows from financing activities:

  Proceeds from issuance of medium-term notes

-

647,088

  Repayments of medium-term notes

(810,950)

(700,000)

  Proceeds from securitization debt

-

497,790

  Repayments of securitization debt

-

(584,153)

  Net increase (decrease) in unsecured commercial paper

114,102

(135,902)

  Borrowings of asset-backed commercial paper

-

155,000

  Repayments of asset-backed commercial paper

-

(145,379)

  Net decrease in deposits

(20,554)

(13,073)

  Dividends paid

(41,211)

(44,756)

  Repurchase of common stock

(100,388)

(93,140)

  Other financing activities

97

6

Net cash used by financing activities

(858,904)

(416,519)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(10,628)

12,375

Net (decrease) increase in cash, cash equivalents and restricted cash

$    (1,195,955)

$           15,494

Cash, cash equivalents and restricted cash:

Cash, cash equivalents and restricted cash, beginning of period

$     3,091,744

$     1,740,854

Net (decrease) increase in cash, cash equivalents and restricted cash

(1,195,955)

15,494

Cash, cash equivalents and restricted cash, end of period

$     1,895,789

$     1,756,348

Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance
sheets to the Consolidated statements of cash flows: 

  Cash and cash equivalents

$     1,895,789

$     1,587,664

  Restricted cash

-

149,782

  Restricted cash included in Other long-term assets

-

18,902

  Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows

$     1,895,789

$     1,756,348

HDMC Revenue and Motorcycle Shipment Data

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

HDMC REVENUE (in thousands)

  Motorcycles

$       848,057

$        778,051

$     1,684,351

$     1,641,929

  Parts and accessories

176,950

186,874

319,193

330,307

  Apparel

56,068

55,240

113,380

112,564

  Licensing

6,298

5,944

12,345

9,002

  Other

16,907

17,540

30,482

31,353

$    1,104,280

$     1,043,649

$     2,159,751

$     2,125,155

HDMC U.S. MOTORCYCLE SHIPMENTS

25,322

21,736

49,206

46,601

HDMC WORLDWIDE MOTORCYCLE SHIPMENTS

    Grand American Touring(a)

19,641

18,080

41,161

41,758

    Cruiser

13,550

13,110

24,209

24,970

    Sport and Lightweight

4,617

3,188

8,348

5,296

    Adventure Touring

1,401

1,459

2,786

2,414

39,209

35,837

76,504

74,438

(a) Includes Trike

LiveWire Motorcycle Shipments

267

55

358

88

HDMC Gross Profit

(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from the second quarter of 2025 to the second quarter of 2026
were as follows (in millions):

 Three months
ended 

 Six months
ended 

2025 gross profit

$               299

$                614

Volume

17

7

Price and sales incentives

(9)

(32)

Foreign currency exchange rates and hedging

(2)

12

Shipment mix

(27)

(47)

Raw material prices

(4)

(3)

Manufacturing and other costs

30

20

5

(43)

2026 gross profit

$               304

$                571

HDFS Finance Receivables Allowance for Credit Losses

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Balance, beginning of period

$         21,596

$        393,178

$             2,235

$        401,183

Provision for credit losses

17,643

49,738

30,796

103,072

Charge-offs, net of recoveries

(1,079)

(43,623)

5,129

(104,962)

Balance, end of period

$         38,160

$        399,293

$           38,160

$        399,293

Worldwide Retail Sales of Harley-Davidson Motorcycles(a)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

United States

27,574

26,704

49,819

45,911

Canada

2,177

2,227

3,735

3,912

Total North America

29,751

28,931

53,554

49,823

EMEA

6,959

7,621

11,993

12,796

Asia Pacific

4,990

4,967

8,957

9,329

Latin America

767

735

1,470

1,316

      Total worldwide retail sales

42,467

42,254

75,974

73,264

(a) Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

Harley-Davidson, Inc.

Reconciliation from Harley-Davidson, Inc. Net Income to HDMC Adjusted EBITDA

(In thousands) 

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Net income

$         78,981

$        105,745

$        103,105

$        236,542

Interest expense

3,622

7,696

7,192

15,382

Provision for income taxes

16,294

24,422

34,267

71,652

Investment Income(a)

(11,840)

(10,950)

(20,536)

(19,891)

Other income, net(b)

(11,047)

(14,477)

(24,526)

(30,750)

Operating income

76,010

112,436

99,502

272,935

Less: 

LiveWire operating loss

$        (17,927)

$         (18,653)

$         (35,598)

$         (38,461)

HDFS operating income

21,599

69,773

43,837

133,809

HDMC operating income

72,338

61,316

91,263

177,587

HDMC depreciation and amortization

39,644

35,420

80,651

71,679

Adjustments(c)

2,618

-

17,203

-

HDMC Adjusted EBITDA

$       114,600

$           96,736

$        189,117

$        249,266

HDMC Adjusted EBITDA Margin %

10.4 %

9.3 %

8.8 %

11.7 %

Harley-Davidson, Inc.

Reconciliation from Harley-Davidson, Inc. Net Income to LiveWire Adjusted EBITDA

(In thousands) 

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Net income

$         78,981

$        105,745

$        103,105

$        236,542

Interest expense

3,622

7,696

7,192

15,382

Provision for income taxes

16,294

24,422

34,267

71,652

Investment Income(a)

(11,840)

(10,950)

(20,536)

(19,891)

Other income, net(b)

(11,047)

(14,477)

(24,526)

(30,750)

Operating income

76,010

112,436

99,502

272,935

Less: 

HDMC operating income

$         72,338

$           61,316

$           91,263

$        177,587

HDFS operating income

21,599

69,773

43,837

133,809

LiveWire operating loss

(17,927)

(18,653)

(35,598)

(38,461)

LiveWire depreciation and amortization

2,245

2,588

4,660

5,673

Adjustments(d)

424

-

731

-

LiveWire Adjusted EBITDA

$        (15,258)

$         (16,065)

$         (30,207)

$         (32,788)

(a) Represents non-operating investment income, primarily due to income from short-term investments

(b) Represents non-operating other income, primarily related to the Company's defined benefit plans

(c) Represents adjustments related to corporate restructuring, primarily due to one-time employee termination benefits

(d) Represents adjustments related to transaction costs for the acquisition of Dust Motorcycles, Inc. and expenses associated with the LiveWire At-The-Market Program

SOURCE Harley-Davidson, Inc.

Wall Street expects a year-over-year decline in earnings on higher revenues when Harley-Davidson (HOG - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 23. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis motorcycle maker is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of -34.1%.

Revenues are expected to be $1.12 billion, up 6.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Harley-Davidson?For Harley-Davidson, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.16%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Harley-Davidson will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Harley-Davidson would post earnings of $0.34 per share when it actually produced earnings of $0.22, delivering a surprise of -35.29%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Harley-Davidson doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Automotive - Domestic industry, General Motors (GM - Free Report) , is soon expected to post earnings of $3.13 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +23.7%. Revenues for the quarter are expected to be $45.96 billion, down 2.5% from the year-ago quarter.

The consensus EPS estimate for General Motors has remained unchanged over the last 30 days. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +5.17%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that General Motors will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

HOG is priced like the margin collapse is permanent, yet Q1 retail sales rose 8% and dealer inventory fell 22%, signaling demand may have stopped bleeding. The 2027 reset is the first catalyst: less discounting, $150M+ cost cuts, U.S.-built Revolution Max, and fuller York production can lift HDMC EBITDA to over $350M. My base case is $32 in 12-18 months and $48 in 2-3 years, with greater upside if Harley turns dealers into rider factories and rebuilds cultural demand.

Strategy Leverages Harley-Davidson's Competitive Advantages to Restore Volumes and Build Platform for Value Creation; Targeting over $350 million of HDMC EBITDA in 2027

Conference Call at 8 a.m. CT to Present Strategy and Discuss First Quarter 2026 Financial Results; Presentation Available on Harley-Davidson's Investor Relations Website

, /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson" or the "Company") (NYSE: HOG) today announced "Back to the Bricks," its new strategic plan designed to restore the Company's performance and deliver profitable growth.

"Having defined the motorcycle industry for more than 123 years, Harley-Davidson remains one of the world's most iconic and respected brands," said Artie Starrs, President and CEO, Harley-Davidson. "Back to the Bricks builds on our core strengths and competitive advantages, harnessing the passion of our riders to deliver profitable growth for the Company and both our dealers and shareholders. This next chapter in Harley-Davidson's evolution is already underway, and early momentum reinforces our confidence in the significant opportunities ahead. As we drive towards this new phase of growth, we remain committed to the craftsmanship and dedication that define our brand - while delivering meaningful value to the Company for our riders, dealers, and shareholders alike."

Back to the Bricks is built on five key pillars:

Deep appreciation of Harley-Davidson's competitive advantages and legacy: The Company's iconic brand, diversified and powerful revenue channels, and best-in-class dealer network provide a powerful foundation for growth. Renewed commitment to exclusive dealer network to drive enterprise profitability: Harley-Davidson's dealers are a competitive advantage. The Company is planning actions to enable dealers to double profitability in 2026 and then double it again by 2029. Immediate actions to recapture share in areas where Harley-Davidson has right to win: Harley-Davidson has strong legacy equity in existing markets including new motorcycles, used motorcycles, Parts & Accessories, and Apparel & Licensing. The Company's new strategy is focused on positioning the Company to regain share and drive meaningful volume growth in categories where it benefits from credibility, scale, and deep rider connection. Strong financial position with a path to stronger free cash flow and EBITDA margin: Cost and restructuring actions already underway support a path to stronger free cash flow and EBITDA margin over time. Bolstered management team with balance of fresh perspectives and institutional knowledge: Harley-Davidson has made a number of leadership appointments that support the Company as it leverages its innate strengths. Financial Targets
The Company is targeting more than $350 million in EBITDA in 2027 for Harley-Davidson Motor Company (HDMC), with additional future upside through execution against Harley-Davidson's strategic priorities.

Over the medium term, Harley-Davidson is targeting:

Mid-single-digit CAGR for HDMC retail unit growth HDMC gross margin of 25-30% Mid-single-digit CAGR for HDMC Parts & Accessories and Apparel & Licensing growth HDMC operational expenditures of less than 20% of sales HDMC EBITDA margin of 10-12% Webcast 
Harley-Davidson will discuss the Company's strategic plan, first quarter financial results, developments in the business, and updates to the Company's outlook on an audio webcast at 8:00 a.m. CST today. Webcast participants should log-on and register at least 10 minutes prior to the start time and can access the slide presentation here: https://investor.harley-davidson.com/events-and-presentations/default.aspx. A replay of the audio webcast will be available approximately two hours after the call concludes.

First Quarter 2026 Financial Results
In a separate press release, Harley-Davidson today reported first quarter 2026 financial results and provided updates to the Company's outlook. The press release and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. 

Company Background  
Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, Parts & Accessories, experiences, riding gear and apparel. What We Make: The World's Best Motorcycles. Period. Who We Serve: Motorcycle Riders Worldwide. Why We Do It: To Protect and Grow Motorcycle Culture. What We Stand For: Life, Liberty and the Pursuit of Happiness. Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and has a controlling interest in Harley-Davidson Financial Services and LiveWire Group, Inc. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. LiveWire is committed to developing the technology of the future and investing in the capabilities needed to lead the transformation of motorsports. Learn more at harley-davidson.com. 

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "plans," "projects," "may," "will," "estimates," "targets," "intends," "forecasts," "seeks," "sees," "should," "feels," "commits," "assumes," "envisions," or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies, including the Company's new strategic plan announced in the second quarter of 2026, successfully execute its approach to a full enterprise economic model, and strengthen its existing businesses while allowing for growth; (b) manage supply chain and logistics issues, including without limitation quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Iran, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company's ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests, including successfully realigning its product portfolio, which encompasses re-introducing the Sportster; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of activist collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company's brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Iran; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to shift to a rider-centric portfolio that includes a focus on accessibility and customization and growing its Parts & Accessories and Motor Clothes and apparel businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) successfully manage and reduce costs throughout the business; (m) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (n) prevent, detect and remediate any issues with its motorcycles or any issues associated with the design, manufacturing, or assembly processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (o) successfully manage and reduce costs throughout the business; (p) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its  full enterprise economic model, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (q) realize the desired business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; (iii) the ability of LiveWire to obtain sufficient funding from sources other than the Company to sustain its operations; and (iv) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s most recent Annual Report on Form 10-K; (r) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (s) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name; (t) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (u) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (v) retain and attract talented employees and leadership and qualified and experienced independent directors for its Board of Directors, eliminate personnel duplication, inefficiencies and complexity throughout the organization, and successfully complete transitions of executives, and effectively manage the return to on-site work of Milwaukee-based corporate employees at specified Company facilities; (w) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (x) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (y) prevent a ransomware attack or cybersecurity incidents and data privacy breaches and respond to related evolving regulatory requirements; (z) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company's business; (aa) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (bb) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (cc) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (dd) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts and manage exposure in commercial or contractual disputes; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) realize the desired business benefits from KKR's and PIMCO's investments in Harley-Davidson Financial Services, Inc.; (gg) manage risks related to functions the Company outsources and the use of artificial intelligence by the Company and its vendors and suppliers; (hh) achieve anticipated results with respect to the Company's preowned motorcycle program, Harley-Davidson Certified, the Company's H-D1 Marketplace, and Apparel and Licensing; (ii) optimize capital allocation in light of the Company's capital allocation priorities; (jj) manage the Company's share repurchase strategy; (kk) manage issues related to climate change and related regulations; and (ll) realize the expected effects of the anticipated increase in Harley-Davidson Financial Services, Inc.'s retail finance receivable base on Harley-Davidson Financial Services, Inc.'s operating income.

The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

Harley-Davidson Financial Services, Inc.'s retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation and Harley-Davidson Financial Services, Inc.'s efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, Harley-Davidson Financial Services, Inc.'s efforts to adjust underwriting criteria based on market and economic conditions, and actions that the Company has taken and could take that impact motorcycle values, may impact Harley-Davidson Financial Services, Inc.'s retail credit losses.

The Company's operations, demand for its products, and its liquidity could be adversely impacted by changes in tariffs, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Iran, or other factors. Refer to "Risk Factors" under Item 1.A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Non-GAAP Considerations
The Company has not provided a reconciliation of guidance for EBITDA margin because the Company is unable, without unreasonable efforts, to reconcile this measure to a comparable U.S. GAAP financial measure as the target is medium term and not based on a given year nor based on a specific set of U.S. GAAP financial measures and is instead a general profitability target for the HDMC segment.

### (HOG-Other)

SOURCE Harley-Davidson, Inc.

Harley-Davidson (HOG - Free Report) came out with quarterly earnings of $0.22 per share, missing the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $1.07 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -36.05%. A quarter ago, it was expected that this motorcycle maker would post a loss of $0.92 per share when it actually produced a loss of $2.44, delivering a surprise of -165.22%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Harley-Davidson, which belongs to the Zacks Automotive - Domestic industry, posted revenues of $1.06 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 10.68%. This compares to year-ago revenues of $1.08 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Harley-Davidson shares have added about 13.3% since the beginning of the year versus the S&P 500's gain of 5.2%.

What's Next for Harley-Davidson?While Harley-Davidson has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Harley-Davidson was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.69 on $1.12 billion in revenues for the coming quarter and $0.60 on $3.6 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Domestic is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Aebi Schmidt Holding AG (AEBI - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 14.

This company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of -94.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Aebi Schmidt Holding AG's revenues are expected to be $427.2 million, up 71.4% from the year-ago quarter.

Image: Bigstock

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For the quarter ended March 2026, Harley-Davidson (HOG - Free Report) reported revenue of $1.06 billion, down 2.2% over the same period last year. EPS came in at $0.22, compared to $1.07 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $958.26 million, representing a surprise of +10.68%. The company delivered an EPS surprise of -36.05%, with the consensus EPS estimate being $0.34.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Harley-Davidson performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

HDMC Worldwide Motorcycle Shipments - Total: 37,295 versus 35,944 estimated by three analysts on average.Worldwide Retail Sales of Harley-Davidson Motorcycles - United States: 22,245 compared to the 19,333 average estimate based on two analysts.Worldwide Retail Sales of Harley-Davidson Motorcycles - Canada: 1,558 compared to the 1,566 average estimate based on two analysts.Worldwide Retail Sales of Harley-Davidson Motorcycles - EMEA: 5,034 versus the two-analyst average estimate of 4,812.Revenue- Motorcycles and related products- HDMC revenue- Licensing: $6.05 million versus $3 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +97.8% change.Revenue- Live Wire: $5.12 million versus the three-analyst average estimate of $4.82 million. The reported number represents a year-over-year change of +86.5%.Revenue- Motorcycles and related products- HDMC revenue- Apparel: $57.31 million versus $55.88 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a 0% change.Revenue- Motorcycles and related products (HDMC & Live Wire): $1.06 billion compared to the $958.26 million average estimate based on three analysts. The reported number represents a change of -2.2% year over year.Revenue- Motorcycles and related products- HDMC revenue- Other: $13.57 million versus the three-analyst average estimate of $14.45 million. The reported number represents a year-over-year change of -1.9%.Revenue- Motorcycles and related products- HDMC revenue: $1.06 billion versus the three-analyst average estimate of $953.44 million.Revenue- Motorcycles and related products- HDMC revenue- Motorcycles: $836.29 million versus $740.35 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -3.2% change.Revenue- Motorcycles and related products- HDMC revenue- Parts & Accessories: $142.24 million versus $139.76 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -0.8% change.View all Key Company Metrics for Harley-Davidson here>>>

Shares of Harley-Davidson have returned +10.5% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Published in earnings earnings-estimates-revisions earnings-surprise

Harley-Davidson, Inc. (HOG) Q1 2026 Earnings Call Transcript

What happenedAccording to an SEC filing dated May 5, 2026, Robinson Value Management, Ltd. initiated a new stake in Harley-Davidson (HOG +5.41%), buying 158,986 shares in the first quarter.

The estimated transaction value was $3.12 million, calculated using the average unadjusted closing price within the quarter. At quarter-end, the position’s value was $3.21 million, reflecting both trading activity and price movement.

What else to knowThis was a new position, representing 1.79% of 13F reportable assets under management.Top holdings after the filing:NASDAQ: VCSH: $12.53 million (7.0% of AUM)NYSEMKT: SPUU: $12.35 million (6.9% of AUM)NASDAQ: QCOM: $5.72 million (3.2% of AUM)NYSE: MTB: $5.45 million (3.0% of AUM)NYSE: NEM: $5.16 million (2.9% of AUM)As of May 4, 2026, shares were priced at $23.21, with a one-year total return of 0.78% and a one-year alpha of -24.69 percentage points versus the S&P 500.Harley-Davidson’s trailing twelve months revenue was $4.47 billion, net income was $338.74 million, and dividend yield was 2.96%.Robinson Value Management reported 73 positions totaling $179.65 million in U.S. equity assets.Company overviewMetricValueRevenue (TTM)$4.47 billionNet income (TTM)$338.74 millionDividend yield2.96%Price (as of market close May 4, 2026)$23.21Company snapshotHarley-Davidson manufactures and sells motorcycles, parts, accessories, apparel, and related services, with additional revenue from financial services including retail and wholesale financing.It operates a dual-segment business model. The Motorcycles and Related Products segment generates revenue through product sales and branded merchandise, while the Financial Services segment provides installment lending and insurance products.The company serves retail customers globally through a network of independent dealers and e-commerce channels, targeting motorcycle enthusiasts in the United States and international markets.Harley-Davidson is a leading manufacturer of heavyweight motorcycles, leveraging a globally recognized brand and a diversified revenue base that includes both product sales and financial services.

The company maintains a strong presence in the recreational vehicles market, supported by a broad dealer network and a loyal customer base. Strategic focus on brand heritage, product innovation, and integrated financial solutions helps sustain its competitive position in the industry.

What this transaction means for investorsThe Q1 purchase of Harley-Davidson stock by San Antonio-based Robinson Value Management is a noteworthy event because it represents a new position in the motorcycle company. This suggests the investment advisory firm is bullish on Harley-Davidson.

Shares of Harley-Davidson plunged to a 52-week low of $17.09 on March 19, which may have prompted Robinson to scoop up the stock. The share price decline makes sense given the company reported fourth quarter revenue of $496 million, a significant 28% fall from the prior year’s $688 million.

Harley-Davidson stock rebounded recently as it reported Q1 earnings of $1.2 billion. While that’s down 12% year over year, the company saw Q1 global retail sales grow 8% as it took action to drive demand and improve inventory levels.

The increase in Harley-Davidson shares means it’s no longer the bargain it was in Q1. However, its price-to-earnings ratio of eight is down from the peak over the past year, and its robust dividend yield suggests it may be an appealing stock for income-focused investors.

Robert Izquierdo has positions in Qualcomm. The Motley Fool has positions in and recommends Qualcomm. The Motley Fool recommends Harley-Davidson. The Motley Fool has a disclosure policy.

MILWAUKEE, May 21, 2026 /PRNewswire/ -- The Harley-Davidson, Inc. (NYSE: HOG) Board of Directors has approved a cash dividend of $0.1875 per share for the second quarter of 2026. The dividend is payable June 25, 2026 to the shareholders of record of the Company's common stock as of June 8, 2026.

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services.

### (HOG-DIVIDEND)

SOURCE Harley-Davidson, Inc.

Robby Starbuck is renewing his boycott call against Harley-Davidson, accusing the iconic motorcycle maker of elevating executives who supported educational materials discussing white privilege, gender identity and intersectionality — and arguing that riders who buy Harleys are indirectly funding a “radical ideology.”

The conservative influencer, who is known for forcing some of America’s biggest companies to roll back diversity, equity and inclusion initiatives, said Harley-Davidson has failed to change course despite previously signaling it would abandon controversial DEI efforts.

“I regret to inform you unfortunately today I am going to have to expose them again,” Starbuck said in a Wednesday social media post

Conservative influencer Robby Starbuck is renewing his boycott campaign against Harley-Davidson. YouTube/@RobbyStarbuck In 2024, Harley-Davidson promised to drop DEI initiatives in the face of pressure from activists including Starbuck.

His latest broadside centers on the company’s CEO Artie Starrs and Chief Brand Officer Marcus Fischer, whom Starbuck accused of bringing DEI efforts, LGBTQ-related programs, transgender-inclusion efforts and race-conscious workplace policies into organizations they previously led.

Starbuck said Harley-Davidson riders should “leave and go to another brand,” arguing that the company’s leadership has doubled down on progressive corporate culture instead of restoring what he called the motorcycle brand’s “masculine” and “pro-American” identity.

Starrs took over Harley-Davidson after serving as CEO of Topgolf and president of Pizza Hut.

It’s time to expose Harley-Davidson… AGAIN! What I found reveals shocking stupidity. I now see @harleydavidson as hopelessly woke.

My previous videos exposing Harley resulted in a huge stock collapse and promises that they’d change, but… have they?

My investigation into their… pic.twitter.com/8rdE1do0Ny

— Robby Starbuck (@robbystarbuck) June 3, 2026 Starbuck pointed to LGBTQ initiatives at Topgolf during Starrs’ tenure, including a company Pride group and support for an LGBTQ golf tournament that raised money for San Francisco Pride.

He also singled out Pizza Hut’s partnership with First Book on anti-racism educational materials while Starrs was leading the pizza chain.

Starbuck claimed the materials promoted white privilege, microaggressions, intersectionality, gender identity and equity — which he described as “Communism.”

“Anybody who would put this vile garbage in front of teachers and students so that kids can be indoctrinated should not be running a dog-catching program, let alone one of the biggest companies on Earth,” Starbuck said.

Starbuck says he’s “out of second chances” for Harley-Davidson, urging riders to abandon the iconic motorcycle brand. JHVEPhoto – stock.adobe.com Starbuck then directed his ire at Fischer, whom he described as one of Starrs’ first major hires.

Fischer previously served as CEO of ad agency Carmichael Lynch, which the influencer accused of being “on the forefront of pushing DEI and advertising.”

Starbuck pointed to Fischer’s use of pronouns online, his past posts about DEI conferences and transgender representation in vehicle advertising, and his former agency’s LGBTQ-related workplace initiatives.

He also claimed Fischer’s former company had a program “specifically for people who are not white,” which Starbuck called “racism.”

Harley-Davidson CEO Artie Starrs is at the center of Robby Starbuck’s latest criticism of the motorcycle maker’s culture. AP/Business Wire Starbuck further criticized the agency for sending a representative to the Cannes Film Festival for a presentation on “the stereotypes of masculinity” and for holding an office drag show that raised $12,000 for LGBTQ groups.

“I wish I was joking,” he said. “I wish that this guy was not actually the chief brand officer of Harley-Davidson.”

Starbuck argued that Harley-Davidson’s corporate leadership “must think Harley riders are dumb” and will keep buying motorcycles regardless of the company’s direction.

Harley-Davidson is facing a renewed boycott campaign from Starbuck, who says the company has failed to abandon policies he characterizes as “woke.” Anton Pentegov – stock.adobe.com He said riders should abandon the brand and send a message to corporate America with their wallets.

“Every time he got on his Harley, he felt like he was indirectly supporting a radical ideology that he disagreed with,” Starbuck said, referring to UFC fighter Sean Strickland’s decision to stop riding Harley-Davidson.

Starbuck framed the fight as a test of whether Harley-Davidson’s brand power comes from the company or from the riders who made it famous.

“I think what makes Harley special and what has made Harley a seminal American brand is the riders,” he said.

“The truth is you are what made Harley strong and you will make whatever company you switch to strong as well,” Starbuck added.

The Post has sought comment from Harley-Davidson and Carmichael Lynch.

Harley-Davidson's recent executive hires risk alienating Americans fed up with alleged wokeness from corporate icons like the motorcycle manufacturer, a conservative activist is warning.

Robby Starbuck, who has waged a public campaign against corporate diversity, equity and inclusion (DEI) policies and wokeness, criticized Harley-Davidson in a post on X for appointing Artie Starrs as CEO last year due to his sponsorship of groups contributing to San Francisco Pride and offering antiracism training to teachers while in his previous corporate stops.

Starbuck led a consumer boycott against Harley-Davidson in 2024, which prompted the company to announce a rollback of DEI programs, but he warned that the hire suggests the company wasn't committed to those changes over the long-term.

"Harley-Davidson's recent hires show me they didn't learn anything from the backlash they already faced for going woke," Starbuck told FOX Business.

WHITE HOUSE STUDY SAYS DEI POLICIES COST US ECONOMY BY PROMOTING UNQUALIFIED MANAGERS

Harley-Davidson is facing criticism over recent executive hires. (Scott Olson/Getty Images)

"You can't tell working-class American riders that you respect them while filling leadership with people tied to woke policies, DEI activism and cultural radicalism. It is out of step with Harley's customer base and heritage," Starbuck said.

"At this point, enough is enough. They don't deserve another chance. It's time for riders to go elsewhere. Only through a real power struggle can Harley be saved," he added.

Starbuck's social media criticism of Harley-Davidson also included the company's chief brand officer, Marcus Fischer, who previously led an advertising agency and encouraged efforts to boost transgender representation.

Ticker Security Last Change Change % HOG HARLEY-DAVIDSON INC. 25.74 +1.32 +5.41% IS CORPORATE AMERICA BREAKING UP WITH DEI OR JUST TAKING ITS RELATIONSHIP UNDERGROUND?

"I expose this stuff because consumers deserve to know who is running the brands they support and what values those companies are pushing behind the scenes," Starbuck said. "This isn't about revenge. It's about accountability. Companies should be politically neutral, merit-based and focused on making great products, not chasing approval from far-left activists."

"My goal is to give forgotten consumers a voice and make it clear that if brands keep choosing woke ideology over their customers, those customers can and should walk away. There are consequences for woke behavior and woke executives," he added.

Conservative activist Robby Starbuck said that Harley-Davidson's hires shown it hasn't learned from the 2024 anti-DEI backlash. (Bess Adler/Bloomberg via Getty Images)

DEI DISCLOSURE PARTICIPATION PLUMMETS AMONG MAJOR COMPANIES AS CORPORATE PULLBACK CONTINUES

FOX Business has reached out to Harley-Davidson for comment.

Harley-Davidson provided a statement to USA Today in a report about Starbuck's criticism that defended its CEO.

"Since stepping into the role eight months ago, CEO Artie Starrs has spent time across the country listening directly to our riders, dealers, employees, and unions," Harley-Davidson said in the statement. 

"As our dealers and employees can attest, our only agenda is getting back to basics: building great motorcycles, strengthening our network of 500+ U.S. dealers, and supporting a workforce that is proud of the product they put on the road. We have made meaningful improvements and changes, and that work continues," the company added.

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Move supports Back to the Bricks strategy and leans into Company's American manufacturing footprint

, /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson" or the "Company") (NYSE: HOG) today announced that it is bringing production of the Revolution® Max platform for North America back to the United States as part of the Company's Back to the Bricks strategy. The move brings machining, powertrain assembly, painting, and final vehicle assembly work back to Harley-Davidson facilities in Pennsylvania and Wisconsin, supporting skilled union jobs and strengthening the Company's American manufacturing footprint.

The production transition is expected to be completed ahead of the start of Model Year 2028 production in 2027. Harley-Davidson expects to manufacture over 100,000 motorcycles out of the Company's York, Pennsylvania facility in 2027.

The Company shared the following statement:

For more than a century, Harley-Davidson has invested in American manufacturing, skilled workers, and the communities that build our motorcycles. Today, we're proud to announce another step forward by bringing production of the Revolution® Max platform for North America—including Pan America, Sportster® S, and Nightster models—back to the United States. This move returns machining, powertrain assembly, painting, and final vehicle assembly work to our facilities in Pennsylvania and Wisconsin, supporting dozens of additional American manufacturing and union jobs.

The Trump Administration's changes to U.S. trade policy, combined with shifts in the global trade environment, have created new opportunities for companies to invest in domestic manufacturing. For Harley-Davidson under our new CEO Artie Starrs, this means we are able to lean even further into our American manufacturing footprint and build more motorcycles here at home. This decision, which has been months in the making, reflects our commitment to strengthening Harley-Davidson's manufacturing base for the long term.

Harley-Davidson has built motorcycles that represent freedom, independence, and American craftsmanship for 123 consecutive years. That legacy was built by generations of employees, many of them union workers, whose skill and dedication continue to define this company today. We are grateful to our employees, our network of 500+ U.S. dealers, and most importantly our riders for their continued support as we get back to basics that have made Harley-Davidson an enduring symbol of freedom and the most iconic motorcycle brand in the world.

Bill Davidson, Vice President, Special Advisor to the CEO and Global Brand Ambassador, said, "My family has spent generations working in this company, and I've seen firsthand the pride, craftsmanship, and hard work that go into building Harley-Davidson motorcycles in America. My father, Willie, my sister, Karen, and I are incredibly excited about what's happening at Harley-Davidson. Bringing this work back home is another important step in getting back to the bricks, investing in American manufacturing, and building on the values that have made Harley-Davidson one of the most iconic brands in the world."

Company Background
Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, Parts & Accessories, experiences, riding gear and apparel. What We Make: The World's Best Motorcycles. Period. Who We Serve: Motorcycle Riders Worldwide. Why We Do It: To Protect and Grow Motorcycle Culture. What We Stand For: Life, Liberty and the Pursuit of Happiness. Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and has a controlling interest in Harley-Davidson Financial Services and LiveWire Group, Inc. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. LiveWire is committed to developing the technology of the future and investing in the capabilities needed to lead the transformation of motorsports. Learn more at harley-davidson.com.

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "plans," "projects," "may," "will," "estimates," "targets," "intends," "forecasts," "seeks," "sees," "should," "feels," "commits," "assumes," "envisions," or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies, including the Company's new strategic plan announced in the second quarter of 2026, successfully execute its approach to a full enterprise economic model, and strengthen its existing businesses while allowing for growth; (b) effectively move production at all or on expected timelines, including production of the Revolution® Max platform for North America back to the United States; (c) manufacture motorcycles at or near its production goals; and (d) strengthen its manufacturing capabilities.

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SOURCE Harley-Davidson, Inc.

Harley-Davidson dealers are accusing rival Indian Motorcycle of engaging in “attack-based marketing” after the company posted an advertisement mocking CEO Artie Starrs — a move that has fueled speculation about whether a broader anti-Harley social media campaign is benefiting the competitor.

The controversy erupted after Indian Motorcycle posted a commercial on Instagram that opened by noting Harley-Davidson had hired “a CEO from a pizza company,” referring to Starrs’ previous role as CEO of Pizza Hut.

The ad also criticized Harley’s electric-motorcycle strategy, overseas manufacturing and past diversity, equity and inclusion initiatives.

Harley-Davidson is facing renewed criticism from conservative influencers as dealers rally behind CEO Artie Starrs and the company’s new leadership team. Getty Images The commercial landed as conservative influencer Robby Starbuck and UFC fighter Sean Strickland have intensified criticism of Harley-Davidson, urging riders to abandon the iconic Milwaukee motorcycle maker over what they characterize as the company’s embrace of “woke” corporate policies.

Harley dealers told the Milwaukee Business Journal that the timing of its rival’s ad campaign and the broader social-media attacks raised questions about whether the efforts were connected.

“The personal attacks on Starrs are below-the belt,” Jeff Binkert, president of House of Harley-Davidson in Greenfield, told the Business Journal.

Harley-Davidson CEO Artie Starrs has become the target of criticism from conservative influencers and rival Indian Motorcycle. AP/Business Wire “Regardless of who created them, I believe the motorcycle industry is best served when manufacturers compete on products, innovation, dealer support and customer experience — not personal attacks,” Binkert said.

Indian Motorcycle’s ad contrasted Starrs with its own CEO Mike Kennedy, describing Kennedy as “a lifetime industry veteran and an avid motorcycle rider.”

Kennedy, a former Harley executive, told the Milwaukee Business Journal last month that recent turnover in the company’s executive ranks presented an opportunity for Indian to gain market share.

“There’s short-term vulnerability there,” Kennedy said. “We think there’s significant market share to be gained.”

The ad appeared to spark backlash among some Harley riders and dealers, who accused Indian of trying to capitalize on the anti-Harley influencer campaign rather than competing on products.

Conservative influencer Robby Starbuck has renewed his criticism of Harley-Davidson. YouTube/@RobbyStarbuck Indian rejected the criticism and defended the commercial.

“Indian Motorcycle did not manufacture the criticism of Harley-Davidson. Riders were already having that conversation,” an Indian Motorcycle spokesperson said in a statement.

“Harley’s dealer group calls our ad ‘attack-based’ because they do not want to call it false. We stand by it. The point was not pizza. The point was leadership, judgment and Harley’s understanding of the riders it claims to represent.”

The company also argued that Harley previously targeted Indian customers through its own “Indian Conquest” program and said competition between the brands was nothing new.

“We believe Indian builds the better motorcycle. We believe Indian is closer to the rider culture that built American motorcycling,” the spokesperson said.

Indian Motorcycle says its criticism of Harley-Davidson reflects concerns already being voiced by riders about the company’s leadership and strategy. Getty Images Neither Kennedy nor Indian Motorcycle’s public-relations firm responded to requests for additional comment. Harley-Davidson declined to comment.

The dispute comes as Starbuck renews his campaign against Harley-Davidson, arguing that the company has failed to change course despite rolling back DEI-related initiatives last year.

In recent remarks, Starbuck accused Harley of elevating executives whom he says previously supported DEI initiatives, LGBTQ-related programs and educational materials discussing issues such as white privilege, gender identity and intersectionality.

Starbuck has focused much of his criticism on Starrs and Chief Brand Officer Marcus Fischer, arguing that their backgrounds are inconsistent with traditional biker culture.

Starbuck denied any involvement by Indian Motorcycle or outside sponsors.

He told The Post neither Indian nor anyone else sponsored his recent investigation into Harley-Davidson’s leadership and policies.

The iconic Milwaukee motorcycle maker has become the focus of a growing dispute involving influencers, dealers and rival manufacturer Indian Motorcycle. Getty Images “The greatest attack on Harley Davidson in the long history of the company was not waged by my hands,” Starbuck said in an email.

“It was waged by executives who understand more about pronouns than they do about their riders.”

Starbuck also defended his criticism of Harley’s leadership, saying: “Dealers should ask if their hiring was really a wise fiduciary choice for the company.”

He added that he believes Harley’s board remains out of touch with its customers and said his reporting on the company will continue.

“At this point, it’s clear the board doesn’t understand the customers,” Starbuck said.

The Harley-Davidson Council of the National Powersports Dealer Association on Wednesday issued a public letter backing Starrs and the company’s leadership team while condemning what Chairman George Gatto called “attack-based marketing.”

Gatto described the Indian commercial and anti-Harley influencer posts as “reprehensible,” “contemptible” and “downright dirty.”

The Post has sought comment from Strickland.