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

Harley-Davidson (NYSE:HOG) issued its quarterly earnings data on Thursday. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.07), FiscalAI reports. Harley-Davidson had a negative return on equity of 4.26% and a negative net margin of 3.31%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the company earned $3.10 earnings per share. Harley-Davidson’s quarterly 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 Price Performance

Shares of NYSE HOG traded up $0.73 during mid-day trading on Friday, reaching $31.06. 3,252,575 shares of the company traded hands, compared to its average volume of 2,183,224. Harley-Davidson has a fifty-two week low of $17.09 and a fifty-two week high of $31.23. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.97 and a quick ratio of 1.70. The firm has a market cap of $3.23 billion, a PE ratio of -29.03, a price-to-earnings-growth ratio of 8.48 and a beta of 1.30. The stock has a fifty day simple moving average of $27.21 and a 200-day simple moving average of $23.96.

Harley-Davidson Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were paid a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Tuesday, September 15th. Harley-Davidson’s dividend payout ratio (DPR) is currently -70.09%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on HOG shares. Evercore raised shares of Harley-Davidson from an “underperform” rating to an “outperform” rating and set a $33.00 price target for the company in a report on Monday, October 5th. Wall Street Zen cut shares of Harley-Davidson from a “hold” rating to a “sell” rating in a report on Saturday. Robert W. Baird increased their price objective on shares of Harley-Davidson from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. UBS Group lifted their price objective on shares of Harley-Davidson from $26.00 to $28.00 and gave the company a “neutral” rating in a research report on Wednesday, September 2nd. Finally, Wells Fargo & Company upped their target price on shares of Harley-Davidson from $20.00 to $25.00 and gave the stock an “underweight” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.91.

Key Headlines Impacting Harley-Davidson

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

• Positive Sentiment: Raised 2026 outlook: Harley-Davidson raised its full-year guidance 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 135,500–139,000 units. Harley-Davidson Reports Third Quarter Financial Results And Raises HDMC and HDFS Guidance
• Positive Sentiment: Improving retail demand: North American retail motorcycle sales rose 9% year over year in the third quarter, accelerating from 3% growth in the prior quarter. Global retail sales increased 5%, while dealer inventory ended the quarter 26% below the year-earlier level. Harley-Davidson Lifts 2026 Outlook
• Positive Sentiment: Positive analyst action and options activity: Citigroup raised its price target from $33 to $37 and initiated a “buy” rating. Traders also purchased 3,586 call options, roughly 225% above average volume, signaling increased bullish speculative interest.
• Positive Sentiment: Shareholder returns: Harley-Davidson returned $110 million to shareholders during the quarter, including $91 million in share repurchases and $19 million in dividends.
• Neutral Sentiment: Board changes: The company appointed two new independent directors, potentially supporting governance and strategic oversight.
• Negative Sentiment: Quarterly earnings missed expectations: Adjusted diluted EPS was $0.40, below the roughly $0.44–$0.47 analyst consensus. Revenue declined year over year, while HDMC shipments fell 8% to 33,616 units. Harley-Davidson Q3 Earnings and Revenues Miss Estimates
• Negative Sentiment: Profitability weakened sharply: Net income attributable to Harley-Davidson fell to $43 million from $377 million a year earlier, reflecting a difficult comparison and lower HDFS earnings. Wells Fargo raised its target from $20 to $25 but maintained an “underweight” rating, highlighting continued downside risk.

Insider Buying and Selling

In other news, CEO Artie Starrs purchased 10,000 shares of the stock in a transaction dated Monday, August 10th. The shares were bought at an average cost of $25.89 per share, for a total transaction of $258,900.00. Following the transaction, the chief executive officer owned 25,000 shares in the company, valued at $647,250. This trade represents a 66.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jonathan R. Root sold 1,559 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $24.43, for a total value of $38,086.37. Following the completion of the sale, the chief financial officer directly owned 24,733 shares in the company, valued at $604,227.19. This represents a 5.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 4,667 shares of company stock valued at $119,423 over the last quarter. Corporate insiders own 0.97% of the company’s stock.

About Harley-Davidson

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.