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

Harley-Davidson (NYSE:HOG) posted its 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. Harley-Davidson had a net margin of 4.78% and a return on equity of 6.28%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the previous year, the firm posted $3.10 EPS. The business’s revenue was down 19.3% compared to the same quarter last year.

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 Stock Up 1.5%

Shares of NYSE:HOG traded up $0.44 during trading on Thursday, hitting $29.96. The company’s stock had a trading volume of 2,109,069 shares, compared to its average volume of 2,839,817. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.70 and a current ratio of 1.90. Harley-Davidson has a fifty-two week low of $17.09 and a fifty-two week high of $31.12. The stock’s 50-day moving average price is $27.08 and its two-hundred day moving average price is $23.87. The company has a market capitalization of $3.12 billion, a PE ratio of 18.34, a PEG ratio of 9.52 and a beta of 1.30.

Harley-Davidson Announces Dividend

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

Insiders Place Their Bets

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 transaction of $38,086.37. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Artie Starrs purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average price of $25.89 per share, with a total value of $258,900.00. Following the purchase, the chief executive officer owned 25,000 shares of the company’s stock, valued at approximately $647,250. The trade was a 66.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have purchased 57,500 shares of company stock valued at $1,439,550 and have sold 4,667 shares valued at $119,423. 0.97% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on HOG shares. Weiss Ratings raised Harley-Davidson from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 23rd. DA Davidson upped their target price on Harley-Davidson from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Evercore upgraded Harley-Davidson from an “underperform” rating to an “outperform” rating and set a $33.00 target price for the company in a research note on Monday, October 5th. UBS Group raised their target price on Harley-Davidson from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Wednesday, September 2nd. Finally, Robert W. Baird raised their target price on Harley-Davidson from $28.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $28.40.

Harley-Davidson News Summary

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

• Positive Sentiment: Harley-Davidson raised its 2026 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 Reports Third Quarter Financial Results And Raises HDMC and HDFS Guidance
• Positive Sentiment: Demand trends improved: global retail sales of new motorcycles rose 5% year over year, while North American retail sales jumped 9%, accelerating from 3% growth in the prior quarter. Dealer inventory also ended the quarter 26% below year-ago levels, suggesting healthier channel conditions. Harley-Davidson Reports Third Quarter Financial Results And Raises HDMC and HDFS Guidance
• Positive Sentiment: HDMC’s gross margin expanded 173 basis points to 28.1%, and the company returned $110 million to shareholders through share repurchases and dividends.
• Neutral Sentiment: Harley-Davidson appointed two new independent directors, a move that could support governance and strategic oversight but offers limited immediate financial impact. Harley-Davidson Announces Board Appointments
• Negative Sentiment: Third-quarter adjusted earnings were $0.40 per diluted share, below consensus estimates of roughly $0.44-$0.47 and sharply lower than $3.10 a year earlier. Revenue also declined year over year, with HDMC revenue reported at $964 million versus a $1.07 billion FactSet estimate. Harley-Davidson Q3 Earnings and Revenues Miss Estimates
• Negative Sentiment: Net income attributable to Harley-Davidson plunged to $43 million from $377 million, while HDFS operating income fell to $11 million from $439 million. The comparison was pressured by a prior-year gain and changes to dealer inventory strategy, keeping profitability concerns in focus.

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.