Harley-Davidson (NYSE:HOG) Releases Quarterly Earnings Results, Misses Estimates By $0.07 EPS

Harley-Davidson (NYSE:HOG) issued its quarterly earnings results on Thursday. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.07), FiscalAI reports. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.07 billion. Harley-Davidson had a return on equity of 6.28% and a net margin of 4.78%. Harley-Davidson’s quarterly revenue was down 19.3% compared to the same quarter last year. During the same quarter last year, the company posted $3.10 EPS.

Here are the key takeaways from Harley-Davidson’s conference call:

• North American retail sales rose 9% in Q3, lifting global retail sales 5% and Harley-Davidson’s U.S. 601+ cc market share to 37%. Strong sell-through of the Super Glide and Deadwood models was cited as a key driver.
• Dealer inventory declined 26% year over year, with 88% of global inventory and 91% of North American inventory consisting of current-model-year motorcycles. Management said North American dealer profitability is tracking ahead of its goal to double in 2026.
• Harley-Davidson raised its full-year 2026 guidance for HDMC retail and wholesale units to 135,500–139,000 and increased HDMC operating-income guidance to $25 million–$55 million. Capital-expenditure guidance was reduced to $140 million–$165 million, while the company repurchased $91 million of shares in the quarter.
• HDMC’s adjusted EBITDA margin improved to 9.7% from 8.7%, but operating income declined to $44 million from $54 million because of restructuring costs, product mix, pricing, and raw-material pressures. Gross tariff costs are now expected at $105 million–$120 million for 2026, although recoveries are expected to offset the operating-income impact.
• Europe remained weak, with Q3 retail sales down 5%, while supplier challenges and tariff uncertainty continue to pressure operations. LiveWire withdrew its guidance and disclosed substantial doubt about its ability to continue as a going concern; Harley-Davidson reiterated that it does not intend to fund LiveWire’s operating losses.

Harley-Davidson Trading Up 3.3%

NYSE HOG traded up $0.96 during trading on Thursday, hitting $30.48. The stock had a trading volume of 3,600,321 shares, compared to its average volume of 2,100,489. The company has a market capitalization of $3.17 billion, a PE ratio of 18.70, a PEG ratio of 8.26 and a beta of 1.30. The company has a quick ratio of 1.70, a current ratio of 1.90 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average price of $27.14 and a 200 day moving average price of $23.91. Harley-Davidson has a twelve month low of $17.09 and a twelve month high of $31.12.

Harley-Davidson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were given a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, September 15th. Harley-Davidson’s payout ratio is currently 46.01%.

Key Stories Impacting Harley-Davidson

Here are the key news stories impacting Harley-Davidson this week:

• Positive Sentiment: Raised 2026 guidance: Harley-Davidson increased its full-year outlook for both Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS) for the second time this year. Full-year motorcycle retail sales and wholesale shipments are now projected at 135,500 to 139,000 units. Harley-Davidson third-quarter results and guidance
• Positive Sentiment: Retail demand strengthened: North American retail sales of new motorcycles rose 9% year over year, accelerating from 3% growth in the prior quarter, while global retail sales increased 5%. Dealer inventory ended the quarter 26% below year-ago levels, suggesting healthier channel conditions. Harley-Davidson raises outlook as sales accelerate
• Positive Sentiment: Shareholder returns continued: HOG returned $110 million to shareholders during the quarter, including $91 million in share repurchases and $19 million in dividends. HDMC’s gross margin also improved by 173 basis points to 28.1%.
• Neutral Sentiment: Board changes: Harley-Davidson appointed two new independent directors, potentially supporting governance and strategic oversight, though the immediate financial impact is unclear. Harley-Davidson board appointments
• Negative Sentiment: Third-quarter results missed expectations: Adjusted diluted EPS was $0.40 versus the approximately $0.44–$0.47 analyst consensus, while revenue fell 19.3% year over year to about $1.08 billion; HDMC revenue was $964 million, below a $1.07 billion estimate. Net income attributable to Harley-Davidson fell to $43 million from $377 million a year earlier, and global motorcycle shipments declined 8% to 33,616 units. Harley-Davidson Q3 earnings miss

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Morgan Stanley reaffirmed an “underweight” rating and set a $19.00 target price on shares of Harley-Davidson in a research note on Monday. UBS Group increased their price objective on Harley-Davidson from $26.00 to $28.00 and gave the company a “neutral” rating in a research note on Wednesday, September 2nd. DA Davidson increased their target price on shares of Harley-Davidson from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, August 17th. Weiss Ratings upgraded shares of Harley-Davidson from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 23rd. Finally, Griffin Securities set a $33.00 target price on Harley-Davidson in a report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Harley-Davidson presently has an average rating of “Hold” and a consensus target price of $28.40.

Insider Buying and Selling at Harley-Davidson

In other news, CFO Jonathan Root sold 1,559 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $24.43, for a total value of $38,086.37. Following the completion of the transaction, the chief financial officer owned 24,733 shares of the company’s stock, valued at approximately $604,227.19. This trade represents a 5.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daniel Nova bought 40,000 shares of Harley-Davidson stock in a transaction on Friday, July 31st. The shares were acquired at an average price of $24.57 per share, for a total transaction of $982,800.00. Following the completion of the acquisition, the director owned 47,605 shares in the company, valued at $1,169,654.85. This represents a 525.97% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 57,500 shares of company stock worth $1,439,550 and sold 4,667 shares worth $119,423. 0.97% of the stock is currently owned by corporate insiders.

Harley-Davidson Company Profile

Harley-Davidson, Inc is a Milwaukee-based company that designs, manufactures and sells heavyweight motorcycles. Its product portfolio includes touring, cruiser, standard and adventure-touring motorcycles sold under the Harley-Davidson brand, as well as electric motorcycles offered through its LiveWire business.

The company also provides motorcycle parts, accessories, apparel and related merchandise. Through Harley-Davidson Financial Services, it offers financing and insurance products to motorcycle dealers and retail customers in supported markets.