HOG earnings analysis
What we found in HOG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Harley-Davidson's Q1 2026 results reveal a substantial decline in income and operating margins year-over-year, with net income falling to $24.8 million versus $133.1 million in Q1 2025. Despite a revenue increase to $1.173 billion, up 12% from last year, the EPS of $0.22 missed expectations. The company's new strategic plan, 'Back to the Bricks,' aims for resilience in the challenging market ahead.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increase Surplus
- Q1 2026 revenue surged to $1.173 billion, exceeding estimates by 18.6%.
- Decline in Net Income
- Net income fell 81.4% to $24.8 million from $133.1 million a year ago.
- EPS Misses Expectation
- Reported EPS of $0.22 was below estimated $0.25, marking a 79.4% decline from Q1 2025.
- Retail Sales Growth
- Worldwide retail motorcycle sales increased 8.1% year-over-year, with a notable 13.9% increase in North America.
- Cost Reduction Initiatives
- Cost base reduction targeted at $150 million through strategic plan implementation.
- Share Repurchase Progress
- The company repurchased $128 million of shares in Q1, reflecting confidence in share value and strengthening capital structure.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Substantial Operating Margin Loss
- HDMC segment's operating income plummeted 83.7%, leading to an operating margin drop to 1.8%.
- Declining HDFS Revenue
- HDFS revenue decreased by 54.3% to $111.9 million due to reduced interest income.
- Increased Tariff Costs
- New tariffs imposed resulted in an estimated cost burden of $45 million in Q1 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.22
- Operating margin
- 1.8%
- Segment
- Motorcycles: $836.294 million
- Segment
- Parts & Accessories: $142.243 million
- Segment
- Apparel: $57.313 million
- Segment
- Licensing: $6.048 million
What they said about what is next.
2026 wholesale motorcycle shipments are expected to be between 130,000 and 135,000 units.
The filing reads worse than the one before it.
What came before.
- 10-K · February 26, 2026
- Harley-Davidson's 10-K shows a material multi-year revenue decline from $5,836,478 (in thousands) in 2023 to $4,473,175 (in thousands) in 2025, with the Harley-Davidson Motor Company (HDMC) segment remaining the…
- 10-Q · May 6, 2025
- Harley‑Davidson reported Q1 revenue of $1,329,209,000, down $400,398,000 (‑23.2%) versus Q1 2024, with operating income falling to $160,499,000 (operating margin 12.08%) and diluted EPS of $1.07 (down $0.65, ‑37.8%…
- 10-K · February 26, 2025
- Harley‑Davidson's 2024 10‑K reiterates The Hardwire 2021–2025 strategic plan (profit focus, selective expansion, lead in electric, growth beyond bikes) while showing a material revenue step‑down in 2024. Total revenue…
- 10-Q · May 6, 2024
- Harley‑Davidson reported Q1 revenue of $1,729,607,000 (down from $1,788,686,000 a year ago) and diluted EPS of $1.72 (down from $2.04 in Q1 2023). Operating income declined to $263,079,000 (from $369,609,000) driving…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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