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Ticker Byline
Harley-Davidson sells motorcycles, parts, apparel and related services, operates a finance business and controls electric motorcycle company LiveWire.
Harley-Davidson, Inc. trades on the New York Stock Exchange under HOG. Its main motorcycle business, HDMC, sells bikes, parts, apparel and related products. Harley-Davidson Financial Services provides financing and servicing. Harley also controls the separately listed electric-motorcycle company LiveWire.
Comparable third quarters ended September 30. Dollar amounts are millions; retail sales and shipments are motorcycle units. The retail and shipment figures cover HDMC, excluding LiveWire.
| Metric | Q3 2025 | Q3 2026 |
|---|---|---|
| Worldwide retail sales | 33,984 | 35,833 |
| North American retail sales | 23,462 | 25,603 |
| Factory shipments | 36,524 | 33,616 |
| HDMC revenue | $1,074.0 | $964.0 |
| HDMC operating profit | $54.1 | $44.3 |
| Net income attributable to Harley | $377.4 | $42.8 |
North American retail growth accelerated from 3% in Q2 2026 to 9% in Q3. Global dealer inventory fell 26% from September 2025 and 6% from June 2026. July's report had shown a 17% year-over-year reduction. Harley has been limiting shipments to improve dealer inventory levels.
Full-year 2026 forecasts, set in February, raised in July and raised again in October. May's results reaffirmed the February ranges. Volume figures are motorcycles; operating profit is millions of dollars.
| Forecast | February | July | October |
|---|---|---|---|
| Retail sales | 130,000 to 135,000 | 133,500 to 138,500 | 135,500 to 139,000 |
| Factory shipments | 130,000 to 135,000 | 133,500 to 138,500 | 135,500 to 139,000 |
| HDMC operating profit | ($40) to $10 | $10 to $50 | $25 to $55 |
| HDFS operating profit | $45 to $60 | $55 to $65 | $60 to $70 |
The next results can show whether retail growth continues while shipments and dealer stocks move into balance, and whether motorcycle and finance operating profits meet those annual ranges.
In 2025, HDFS began shifting toward originating and servicing loans while selling more of the loan assets. The partnership with KKR and PIMCO included a sale of roughly $6 billion of existing receivables, future loan-sale arrangements and a 9.8% equity interest in HDFS.
The transaction unfolded in stages. Harley sold its stakes in loan pools in August 2025. The broader agreements covering the older loan book, future loan sales and stakes in HDFS completed in October. Preparing loans for sale produced a large credit-reserve release in Q3 2025, inflating that quarter's profit comparison.
At September 30, 2026, group cash was $2.08 billion, down from $3.09 billion at December 31. Operating cash flow for the first nine months was $275.9 million, compared with $416.9 million a year earlier; capital spending was $64.4 million. The balance sheet showed $470.4 million of short-term debt, $543.7 million of current long-term debt and $1.33 billion of noncurrent long-term debt.
LiveWire withdrew its $70 million to $80 million annual operating-loss forecast in October. Its own September results reported $39.9 million of cash and $38.3 million of operating cash use over nine months. It raised substantial doubt about continuing to operate within one year after issuance of those financial statements.
Harley's August filing said it did not plan further investment to fund LiveWire operations beyond the existing term loan. LiveWire formed a restructuring committee on October 22 and appointed a chief restructuring officer on October 25 to examine financing, sales and other strategic options. Future funding and the outcome of that review are material developments to track alongside the dealer recovery.
Analysis HOG
Harley-Davidson's dealers sold more motorcycles while factory shipments fell. Lower inventory explains the gap, as the group raises targets and LiveWire faces a funding problem.