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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for Harley-Davidson, Inc. (HOG) is 3/10, down 1 point from the prior quarter.
Harley-Davidson's first quarter separated a recovering retail business from a shrinking reported P&L. Global retail sales rose 8% and North America 14% to approximately 24,000 motorcycles, lifting US 601 CC+ share 2 percentage points to 38%, while dealer inventory ended down 22% year-over-year with about two-thirds of North American stock now current model year. Reported results moved the other way: consolidated revenue fell 12% as HDFS revenue dropped 54% into the new capital-light model, and consolidated operating income fell to $23 million from $160 million on $45 million of tariff cost, a $15 million restructuring charge and $49 million of higher operating expenses, leaving GAAP EPS at $0.22 against $1.07. Management reaffirmed 2026 guidance of 130,000 to 135,000 retail and wholesale units and trimmed the full year tariff forecast to $75 million to $90 million. Alongside results it launched the Back to the Bricks plan, targeting $350 million plus EBITDA in 2027 on roughly $150 million of fixed cost reduction, with the Sportster returning in 2027 and Sprint arriving in the back half of 2026.
Scored from Harley-Davidson, Inc.’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
All prior quarters are free.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $688M | -34.7% | $-0.93 | -616.7% | 22.3% | -28.1% | -17.0% | $77M |
| FY2025 Q1 | $1.33B | -23.1% | $1.07 | -37.8% | 35.3% | 12.1% | 10.0% | $112M |
| FY2025 Q2 | $1.31B | -19.3% | $0.88 | -46.0% | 28.2% | 8.6% | 8.2% | $332M |
| FY2025 Q3 | $1.34B | +16.5% | $3.10 | +240.7% | 35.2% | 35.7% | 28.1% | $-129M |
| FY2025 Q4 | $496M | -27.8% | $-2.44 | -162.4% | -22.8% | -72.8% | -56.3% | $100M |
| FY2026 Q1 | $1.17B | -11.8% | $0.22 | -79.4% | 29.5% | 3.9% | 2.1% | $-260M |
| FY2026 Q2 | $1.23B | -5.9% | $0.75 | -14.8% | 24.7% | 6.2% | 6.5% | $155M |
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