Harley-Davidson (NYSE:HOG) Issues Earnings Results

Key Points

• Harley-Davidson beat Wall Street expectations for the quarter, posting EPS of $0.75 versus the $0.65 estimate and revenue of $1.23 billion versus $1.17 billion expected. Revenue still fell 5.9% year over year, and EPS was down from $0.88 a year ago.
• Management said Q2 showed early progress on its “Back to the Bricks” turnaround, with North America retail up 3% and U.S. market share holding at 32% in the 601cc+ market. Dealer inventory improved meaningfully, and the company expects domestic dealer profitability to double in 2026.
• Harley-Davidson raised its full-year guidance for 2026, including higher HDMC retail/wholesale unit expectations and improved operating income outlook. Even so, it flagged ongoing headwinds from Europe, supplier issues, and tariff uncertainty, with tariff costs still estimated at $75 million to $90 million for the year.

Harley-Davidson (NYSE:HOG - Get Free Report) announced its earnings results on Thursday. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.10, FiscalAI reports. The company had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.17 billion. Harley-Davidson had a net margin of 5.68% and a return on equity of 7.03%. The firm's quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.88 EPS.

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

• Harley-Davidson said Q2 showed early progress under its “Back to the Bricks” turnaround plan, with North America retail up 3% for the quarter and U.S. market share holding at 32% in the 601cc+ market.
• The company highlighted a much healthier dealer network, saying dealer inventory was down 17% year over year and that 85%+ of North American dealer stock was current-model-year product. Management expects domestic dealer profitability to double in 2026.
• New product launches are gaining traction, with management citing strong sell-through and pricing for the Super Glide and enthusiastic early reception for Deadwood. Harley also pointed to positive dealer and rider response as validation of its product direction.
• Harley raised full-year 2026 guidance, lifting expected HDMC retail and wholesale units to 133,500-138,500 and increasing HDMC operating income guidance to $10 million-$50 million. HDFS operating income guidance was also raised to $55 million-$70 million.
• Management acknowledged ongoing headwinds, including a challenging Europe market, domestic supplier issues that hurt 2026 margins, and continued tariff uncertainty. It said the tariff cost outlook remains $75 million-$90 million for 2026, excluding recoveries.

Harley-Davidson Stock Performance

Shares of NYSE HOG traded down $1.33 during midday trading on Thursday, reaching $26.29. 1,642,335 shares of the company traded hands, compared to its average volume of 3,239,546. Harley-Davidson has a 52 week low of $17.09 and a 52 week high of $31.25. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 17.14 and a beta of 1.26. The stock has a 50-day moving average price of $25.13 and a 200 day moving average price of $22.29. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.91 and a quick ratio of 1.66.

Harley-Davidson Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Monday, June 8th were paid a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, June 8th. Harley-Davidson's payout ratio is currently 42.61%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on HOG shares. Weiss Ratings raised shares of Harley-Davidson from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, June 18th. Citigroup raised their price objective on shares of Harley-Davidson from $26.00 to $27.00 and gave the company a "neutral" rating in a research report on Sunday, July 12th. Robert W. Baird set a $28.00 price objective on shares of Harley-Davidson in a research note on Wednesday, May 6th. DA Davidson lifted their price target on Harley-Davidson from $25.00 to $30.00 and gave the company a "buy" rating in a report on Monday, July 6th. Finally, Wells Fargo & Company increased their target price on Harley-Davidson from $15.00 to $19.00 and gave the company an "underweight" rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $25.67.

Insiders Place Their Bets

In other news, CFO Jonathan R. Root sold 1,554 shares of the company's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $24.44, for a total value of $37,979.76. Following the completion of the sale, the chief financial officer owned 29,400 shares in the company, valued at $718,536. This represents a 5.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul J. Krause sold 1,564 shares of Harley-Davidson stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $26.00, for a total value of $40,664.00. Following the transaction, the insider directly owned 30,012 shares in the company, valued at approximately $780,312. The trade was a 4.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 4,672 shares of company stock valued at $116,266. 0.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Harley-Davidson

A number of large investors have recently made changes to their positions in HOG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Harley-Davidson by 62.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,436 shares of the company's stock valued at $2,183,000 after acquiring an additional 33,097 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Harley-Davidson by 18.3% in the 1st quarter. Empowered Funds LLC now owns 17,560 shares of the company's stock worth $443,000 after purchasing an additional 2,712 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in Harley-Davidson by 153.8% during the first quarter. Geneos Wealth Management Inc. now owns 2,109 shares of the company's stock worth $53,000 after buying an additional 1,278 shares during the last quarter. Federated Hermes Inc. increased its holdings in Harley-Davidson by 32.8% during the 2nd quarter. Federated Hermes Inc. now owns 16,076 shares of the company's stock valued at $379,000 after purchasing an additional 3,967 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in shares of Harley-Davidson by 12.0% in the second quarter. California Public Employees Retirement System now owns 204,156 shares of the company's stock valued at $4,818,000 after buying an additional 21,913 shares in the last quarter. Institutional investors and hedge funds own 85.10% of the company's stock.

Harley-Davidson Company Profile

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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