Harley-Davidson (NYSE:HOG) Posts Earnings Results, Hits Estimates

Posted by Brian Himes on May 5th, 2026

Harley-Davidson (NYSE:HOG – Get Free Report) released its quarterly earnings data 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 business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the business posted $1.07 EPS. The business’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 Stock Performance

Shares of NYSE HOG traded up $0.77 during trading hours on Tuesday, reaching $23.98. The stock had a trading volume of 1,510,967 shares, compared to its average volume of 3,495,917. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 9.18 and a beta of 1.27. The company has a current ratio of 2.10, a quick ratio of 1.83 and a debt-to-equity ratio of 0.52. Harley-Davidson has a fifty-two week low of $17.09 and a fifty-two week high of $31.25. The firm has a 50-day moving average of $20.37 and a 200-day moving average of $21.85.

Harley-Davidson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 17th. Investors of record on Monday, March 2nd were given a $0.1875 dividend. This is a boost from Harley-Davidson’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.1%. Harley-Davidson’s payout ratio is currently 28.74%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on HOG. Citigroup dropped their price objective on Harley-Davidson from $28.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, January 14th. UBS Group dropped 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. Argus upgraded Harley-Davidson to a “strong-buy” rating in a report on Tuesday, February 17th. Morgan Stanley reiterated an “underweight” rating and issued a $12.00 price objective on shares of Harley-Davidson in a report on Tuesday, February 17th. Finally, Wall Street Zen downgraded Harley-Davidson from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $21.67.

Read Our Latest Analysis on HOG

Harley-Davidson News Summary

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

Insider Transactions at Harley-Davidson

In other news, Director Rafeh Masood bought 2,775 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The stock was purchased at an average cost of $18.00 per share, with a total value of $49,950.00. Following the transaction, the director directly owned 7,480 shares in the company, valued at $134,640. This trade represents a 58.98% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James D. Farley, Jr. sold 6,454 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $18.71, for a total value of $120,754.34. Following the completion of the sale, the director directly owned 16,205 shares of the company’s stock, valued at approximately $303,195.55. This trade represents a 28.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.97% of the stock is owned by corporate insiders.

Institutional Trading of Harley-Davidson

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Boston Partners lifted its position in Harley-Davidson by 2.1% during the 3rd quarter. Boston Partners now owns 4,021,078 shares of the company’s stock worth $112,179,000 after acquiring an additional 84,516 shares during the period. State Street Corp lifted its position in Harley-Davidson by 1.7% during the 2nd quarter. State Street Corp now owns 3,757,709 shares of the company’s stock worth $88,682,000 after acquiring an additional 64,118 shares during the period. Bank of New York Mellon Corp lifted its position in Harley-Davidson by 3.7% during the 4th quarter. Bank of New York Mellon Corp now owns 1,946,790 shares of the company’s stock worth $39,890,000 after acquiring an additional 69,231 shares during the period. Voloridge Investment Management LLC lifted its position in Harley-Davidson by 48.9% during the 4th quarter. Voloridge Investment Management LLC now owns 1,161,724 shares of the company’s stock worth $23,804,000 after acquiring an additional 381,769 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Harley-Davidson by 155.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 959,517 shares of the company’s stock worth $19,661,000 after acquiring an additional 584,593 shares during the period. 85.10% of the stock is owned by hedge funds and other institutional investors.

Harley-Davidson Company Profile

(Get Free Report)

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.