Harley-Davidson (NYSE:HOG) Issues Earnings Results

Key Points

• Harley‑Davidson reported Q1 EPS $0.22 (met consensus) and revenue of $1.17B (above estimates) but revenue was down 11.7% YoY and operating income collapsed to $23M from $160M, driven in part by a 54% drop in HDFS revenue after the sale/forward‑flow of loan assets.
• Management unveiled the "Back to the Bricks" turnaround plan focused on rider‑centric products and dealer economics—including the Sportster return (2027), at least $150M annual run‑rate cost savings and a target of ›$350M EBITDA in 2027—but near‑term headwinds persist, including expected new/increased tariffs of $75M–$90M for 2026 and continued losses at LiveWire.

Harley-Davidson (NYSE:HOG - Get Free Report) posted its earnings results on Tuesday. The company reported $0.22 EPS for the quarter, meeting analysts' consensus estimates of $0.22, FiscalAI reports. Harley-Davidson had a return on equity of 10.27% and a net margin of 8.03%.The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the business earned $1.07 earnings per share. The company's revenue for the quarter was down 11.7% on a year-over-year basis.

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

• Q1 retail momentum and healthier dealer inventory — North America new motorcycle retail was up 14% (U.S. +16%), global retail sales were +8%, and global dealer inventory fell ~22% YoY with ~2/3 of North America inventory now 2026 model year, positioning dealers better for the riding season.
• Consolidated results weakened: consolidated revenue declined 12%, operating income dropped to $23 million from $160 million a year ago, and EPS was $0.22 versus $1.07, driven in part by a 54% decline in HDFS revenue after the sale/forward-flow of loan assets.
• Tariff pressure remains a near-term headwind — Q1 tariff costs were $45 million and the company now expects $75M–$90M of new/increased tariffs for full-year 2026, though management expects the quarterly cadence to ease and noted some recent exemptions.
• "Back to the Bricks" strategic plan centers on a rider‑centric portfolio and dealer economics, including the return of the Sportster (2027), the Sprint (H2 2026), a push to grow Parts & Accessories, at least $150M of annual run‑rate cost savings, and a target of >$350M EBITDA in 2027.
• LiveWire showed revenue growth (+87%) but remains loss-making (Q1 operating loss $18M; 2026 guide $70M–$80M); management says remaining capital commitments are funded and further funding from Harley-Davidson is not planned, leaving the segment's longer‑term cash impact unclear.

Harley-Davidson Trading Up 3.3%

Shares of HOG stock traded up $0.77 on Tuesday, hitting $23.98. The stock had a trading volume of 1,510,967 shares, compared to its average volume of 3,495,917. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.10 and a quick ratio of 1.83. The firm has a market capitalization of $2.62 billion, a P/E ratio of 9.18 and a beta of 1.27. Harley-Davidson has a 1 year low of $17.09 and a 1 year high of $31.25. The company's 50 day moving average price is $20.37 and its 200-day moving average price is $21.85.

Harley-Davidson Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 17th. Investors of record on Monday, March 2nd were issued a $0.1875 dividend. The ex-dividend date was Monday, March 2nd. This represents a $0.75 annualized dividend and a dividend yield of 3.1%. This is a boost from Harley-Davidson's previous quarterly dividend of $0.18. Harley-Davidson's dividend payout ratio (DPR) is presently 28.74%.

Harley-Davidson News Roundup

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

• Positive Sentiment: Q1 revenue topped expectations — Harley reported roughly $1.17B in sales (above street ~$1.0–1.01B) and EPS of $0.22 that met consensus, which several outlets framed as a solid, if mixed, quarter. Harley-Davidson Stock Pops on Solid Earnings. It Has a Turnaround Plan.
• Positive Sentiment: Management unveiled "Back to the Bricks," a focused turnaround plan to restore volumes and profitability with an explicit target of >$350M HDMC EBITDA in 2027 — gives investors a tangible roadmap and targets to evaluate progress. Harley‑Davidson Announces "Back to the Bricks" Strategic Plan to Restore Performance and Deliver Profitable Growth
• Positive Sentiment: New CEO Artie Starrs is explicitly pushing lower‑priced models and a dealer‑network focus to drive volume recovery — a strategic shift investors view as addressing the company’s biggest demand challenges. Harley‑Davidson's New Boss Wants to Sell You a Bike You Can Actually Afford
• Neutral Sentiment: Market reaction is tempered by mixed analyst takes — some sources treat the quarter as a beat on revenue and meeting EPS, while Zacks flagged EPS as a miss versus its higher estimate, creating short‑term uncertainty. Harley‑Davidson (HOG) Misses Q1 Earnings Estimates
• Negative Sentiment: Underlying fundamentals still show pressure — revenue declined ~11.7% year‑over‑year and EPS fell from $1.07 a year ago to $0.22, signaling the company has work to do to restore growth and margins. Harley‑Davidson Q1 Press Release / Slide Deck
• Negative Sentiment: Shares have underperformed recently and trading volume is below average, so momentum could be limited unless subsequent quarters show clear improvement in volumes and margins. Harley‑Davidson Inc. stock falls Monday, underperforms market

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Citigroup reduced their target price on Harley-Davidson from $28.00 to $23.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 14th. BMO Capital Markets restated an "outperform" rating and issued a $24.00 target price on shares of Harley-Davidson in a research report on Wednesday, February 11th. Argus upgraded Harley-Davidson to a "strong-buy" rating in a research report on Tuesday, February 17th. Weiss Ratings downgraded Harley-Davidson from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, March 2nd. Finally, UBS Group cut their price objective on Harley-Davidson from $27.00 to $19.00 and set a "neutral" rating on the stock in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Harley-Davidson currently has a consensus rating of "Hold" and an average target price of $21.67.

Insider Buying and Selling at Harley-Davidson

In related news, Director James D. Farley, Jr. sold 6,454 shares of the business's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $18.71, for a total value of $120,754.34. Following the sale, the director owned 16,205 shares in the company, valued at approximately $303,195.55. The trade was a 28.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rafeh Masood bought 2,775 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were bought at an average cost of $18.00 per share, with a total value of $49,950.00. Following the completion of the purchase, the director directly owned 7,480 shares in the company, valued at $134,640. This represents a 58.98% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.97% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Triumph Capital Management grew its stake in Harley-Davidson by 4.7% during the 3rd quarter. Triumph Capital Management now owns 10,171 shares of the company's stock worth $284,000 after purchasing an additional 454 shares in the last quarter. Dark Forest Capital Management LP grew its stake in Harley-Davidson by 3.4% during the 3rd quarter. Dark Forest Capital Management LP now owns 26,445 shares of the company's stock worth $738,000 after purchasing an additional 872 shares in the last quarter. State of Wyoming grew its stake in Harley-Davidson by 11.5% during the 4th quarter. State of Wyoming now owns 10,865 shares of the company's stock worth $223,000 after purchasing an additional 1,121 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in Harley-Davidson by 153.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,109 shares of the company's stock worth $53,000 after purchasing an additional 1,278 shares in the last quarter. Finally, Pinnacle Holdings LLC acquired a new position in Harley-Davidson during the 4th quarter worth $30,000. 85.10% of the stock is owned by institutional investors and hedge funds.

About Harley-Davidson

Harley-Davidson, Inc is a renowned American motorcycle manufacturer best known for its heavyweight cruiser and touring bikes. Founded in 1903 in Milwaukee, Wisconsin, the company has built a strong reputation for producing distinctive motorcycles characterized by their signature V-twin engines, chrome finishes and robust frames. Harley-Davidson markets its products globally through a network of franchised dealerships and focuses on delivering an immersive brand experience to its customers, emphasizing lifestyle and community alongside its motorcycles.

In addition to its core motorcycle business, Harley-Davidson offers an extensive range of parts, accessories and apparel under its Genuine Motor Parts & Accessories and MotorClothes lines.

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