Harley-Davidson Q2 2026 Earnings: North American Strength Drives Raised Full-Year Guidance

Raine Devries | 23 July 2026

Harley-Davidson delivered mixed but encouraging results for the second quarter of 2026, with notable gains in North American retail sales and wholesale shipments offsetting challenges in its financial services segment. The company raised its full-year outlook, reflecting confidence in its “Back to the Bricks” initiatives and improving execution.

• North American retail motorcycle sales rose 3% to 29,751 units, fueled by strong demand in Touring and Sport categories and positive reception to the 2026 lineup.

• Global retail sales edged up 1% to 42,500 units, despite softer international markets (EMEA down 9%).

• Global wholesale shipments increased 9% to 39,209 units, supporting healthier dealer inventory levels (down 17% year-over-year).

• HDMC revenue grew 6% to $1.1 billion, with Adjusted EBITDA margin expanding to 10.4% from 9.3%.

• Consolidated net income fell 26% to $80 million ($0.75 diluted EPS), primarily due to the strategic shift at Harley-Davidson Financial Services (HDFS) to a capital-light model.

HDMC operating income rose 18%, and the company continued to manage inventory tightly while introducing new models like the 2026 Super Glide.

Harley-Davidson Motor Company (HDMC) showed resilience with higher shipments and favorable foreign exchange helping revenue. Gross margin dipped slightly to 27.5% due to product mix and pricing pressures, but operating expenses were well controlled.

Harley-Davidson Financial Services (HDFS) saw revenue drop 55% and operating income fall 69% as the portfolio shrank following loan asset sales in 2025. This was expected as part of the capital-light transition.

LiveWire posted higher revenue (up 52%) from electric motorcycles and STACYC bikes, with a slightly improved operating loss.

Buoyed by first-half performance and market share gains, Harley-Davidson updated its outlook upward:

• HDMC global retail sales: 133,500–138,500 units (previously 130,000–135,000)

• Wholesale shipments: 133,500–138,500 units (previously 130,000–135,000)

• HDMC operating income: $10M–$50M (previously -$40M to $10M)

• HDFS operating income: $55M–$65M (previously $45M–$60M)

LiveWire operating loss guidance remains $70M–$80M, with capital investments expected at $175M–$200M.

CEO Artie Starrs highlighted domestic retail strength, disciplined inventory management, and progress on strategic priorities. Share repurchases ($158 million in the first half) and a solid cash position ($1.9 billion) underscore financial flexibility.

For riders and investors alike, these results point to a stabilizing core business with room for growth as new models hit the road and international headwinds potentially ease.

Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Always conduct your own due diligence or consult a qualified advisor.

Stay tuned to 2 Wheel Media for more motorcycle industry financial insights, brand updates, and riding perspectives. What are your thoughts on Harley’s direction—drop a comment below!

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