Harley-Davidson Reports Third Quarter Financial Results And Raises HDMC and HDFS Guidance
Harley-Davidson reported Q3 2026 results and raised full-year HDMC and HDFS guidance for the second time this year, with North American retail sales up 9% -- the fourth straight quarter of growth -- and global dealer inventory down 26% YoY under the Back to the Bricks strategy. HDMC revenue of $964 million fell 10% YoY on an 8% shipment cut, but gross margin expanded 173 bps to 28.1% and HDMC Adjusted EBITDA margin improved to 9.7%. Consolidated net income of $43 million versus $377 million a year ago reflects the prior-year HDFS asset-light sale benefit rather than core deterioration. The board appointed two independent directors, Anthony Fassino and Bryan Slone, bringing it to ten members.
Key figures
- Eps
- 0.4
- Revenue
- 964017000
- Guidance
- FY26 raised: HDMC retail sales and wholesale shipments 135,500-139,000 units, HDMC operating income $25-55M; HDFS operating income $60-70M; HDI capital investment $140-165M. LiveWire withdrew guidance.
- Revenue Yoy
- -10%
- Dividends q3
- 19000000
- Hdmc gross margin
- 28.1%
- Capital returned q3
- 110000000
- Cash and equivalents
- 2076378000
- Share repurchases q3
- 91000000
- Hdmc operating income
- 44298000
- Hdmc operating margin
- 4.6%
- Prior year net income
- 377366000
- Global retail sales yoy
- 5%
- Gross margin change bps
- 173
- Net income attributable
- 42762000
- Hdmc worldwide shipments
- 33616
- Global dealer inventory yoy
- -26%
- Hdmc adjusted ebitda margin
- 9.7%
- Hdmc worldwide shipments yoy
- -8%
- North america retail sales yoy
- 9%
AI analysis
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