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…
Earnings analysis · 10-Q
HOG earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.22
- Operating margin
- 1.8%
What stood out
-
Revenue Increase Surplus
Q1 2026 revenue surged to $1.173 billion, exceeding estimates by 18.6%.
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Decline in Net Income
Net income fell 81.4% to $24.8 million from $133.1 million a year ago.
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EPS Misses Expectation
Reported EPS of $0.22 was below estimated $0.25, marking a 79.4% decline from Q1 2025.
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Retail Sales Growth
Worldwide retail motorcycle sales increased 8.1% year-over-year, with a notable 13.9% increase in North America.
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Cost Reduction Initiatives
Cost base reduction targeted at $150 million through strategic plan implementation.
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Share Repurchase Progress
The company repurchased $128 million of shares in Q1, reflecting confidence in share value and strengthening capital structure.
What to watch
-
Substantial Operating Margin Loss
HDMC segment's operating income plummeted 83.7%, leading to an operating margin drop to 1.8%.
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Declining HDFS Revenue
HDFS revenue decreased by 54.3% to $111.9 million due to reduced interest income.
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Increased Tariff Costs
New tariffs imposed resulted in an estimated cost burden of $45 million in Q1 2026.
Management's outlook
2026 wholesale motorcycle shipments are expected to be between 130,000 and 135,000 units.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.