📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Harley-Davidson, Inc. manufactures and sells motorcycles in the United States and internationally. The company operates in three segments: Harley-Davidson Motor Company, LiveWire, and Harley-Davidson Financial Services. The Harley-Davidson Motor Company segment designs, manufactures, and sells motorcycles, including cruiser, trike, Grand American touring, standard, sportbike, adventure touring, and dual sport, as well as motorcycle parts, accessories, and apparel, as well as licenses its trademarks and related services. This segment sells its products to retail customers through a network of independent dealers, as well as e-commerce channels. The LiveWire segment sells electric motorcycles, balance bikes for kids, electric bikes, parts and accessories, apparel, and related parts and services. The Harley-Davidson Financial Services segment provides wholesale financing services, such as floorplan and open-account financing of motorcycles, and parts and accessories; and retail financing services, such as installment lending for the purchase of new and used Harley-Davidson motorcycles, as well as point-of-sale insurance and voluntary protection products. This segment also licenses third-party financial institutions that issue credit cards bearing the Harley-Davidson brand. Harley-Davidson, Inc. was founded in 1903 and is based in Milwaukee, Wisconsin.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 4 quarters analysed

Q2 2025

Confident Specific

Management used phrases like 'very pleased', 'big win on all levels', and 'significant value unlock' to describe the HDFS transaction, while openly acknowledging 'continuously challenging commercial environment', 'elevated interest rates', and 'overall economic uncertainty'. They provided specific financial figures and timelines, indicating a grounded confidence.

Q3 2025

Cautious

The call opens with CEO Artie Starrs expressing excitement but immediately acknowledging disappointment in Motor Company results and describing 'work to do' on dealer profitability. CFO Jonathan Root repeatedly notes macro headwinds (interest rates, inflation, tariff uncertainty) and declines to provide formal guidance, reinforcing a guarded posture.

Q4 2025

Confident Specific

Artie Starrs stated 'I'm confident there's a clear path to put Harley-Davidson back on the right trajectory' and provided concrete figures such as 'dealer inventory declined 16%' and 'at least $150 million of annual run rate savings'. CFO Jonathan Root gave specific guidance ranges (wholesale 130k-135k, tariff cost $75M-$105M) and called 2026 a 'transition year' with deliberate financial steps.

Q1 2026 latest

Confident Specific

Management led with specific positive retail figures (8% global growth, 14% NA, 38% US market share) and detailed the Back to the Bricks strategy with clear financial targets ($350M+ EBITDA by 2027, $150M+ cost savings, 10-12% EBITDA margin medium term). They acknowledged tariff headwinds but provided quantified ranges ($45M in Q1, $75-90M full year) and noted improvement from prior guidance.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears moderately stronger after this call. Management provided a clear strategic roadmap (Back to the Bricks) with quantified cost savings ($150M+ run-rate) and medium-term EBITDA targets ($350M+ by 2027), which addresses previous concerns about direction. Q1 retail and market share gains show early traction, and improved tariff guidance reduces near-term risk. However, the thesis remains unproven: HDMC operating income guidance for FY 2026 is still weak (breakeven to loss), LiveWire remains a cash absorber without a clear path to profitability, and demographic headwinds were not convincingly addressed. Key items to watch next quarter: retail sales sustainability, tariff cost progression, initial Sprint reception, and any further dealer profitability metrics.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Q1 2026: Global retail sales up 8%, HDMC revenue $1.1B, operating income $23M.

Revenue & Profitability

Consolidated revenue decreased 12% year-over-year to $1.1 billion, driven by a 54% decline in HDFS revenue due to the new capital-light model. Consolidated operating income was $23 million, compared to $160 million in Q1 2025. Earnings per share was $0.22 versus $1.07. HDMC operating income was $19 million, HDFS operating income was $22 million, and LiveWire operating loss was $18 million.

Outlook

Management noted a challenging and uneven consumer discretionary environment globally, with inflationary pressures, elevated interest rates, and geopolitical uncertainty. However, they expressed increased optimism for the year due to strong Q1 retail results and early cost reduction progress. HDMC reaffirmed guidance: full-year retail and wholesale units of 130,000-135,000, with retail and wholesale expected to have a largely one-to-one relationship.

Growth Drivers

Key growth levers include the return of the iconic Sportster in 2027 (most requested by dealers and riders), the introduction of the lightweight Sprint model in late 2026, expansion of blank-canvas customizable motorcycles, and a renewed focus on Parts & Accessories targeting 20%-30% sales growth. Management also expects mid-single-digit retail unit growth over the medium term.

Balance Sheet & CapEx

CapEx is expected to remain broadly in line with recent expenditure levels. The company plans to leverage existing platforms and powertrains for new models, reducing capital requirements. No specific CapEx numbers were provided.

Margins

HDMC gross profit margin was 25.3% in Q1 2026, down from 29.1% due to $45 million in tariffs, net pricing, mix, and supply costs. Over the medium term, management targets gross margins approaching 30%, operating expenses as a percentage of sales below 20% (was 25% in 2025), and EBITDA margin of 10%-12%. Operating leverage is expected to improve as production aligns with demand.

Key Risks

Key risks flagged include tariffs (expected $75-$90 million in 2026, though favorable versus prior guidance), ongoing inflationary pressures, high interest rates, global geopolitical uncertainty, and dealer health. The company also faces risks from supply management issues and the need to maintain appropriate inventory levels. Reliance on dealer network profitability is a central concern.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-23

Q2 saw continued North American retail growth, improved dealer inventory health, and strong new product launches, leading to raised full-year guidance for retail units and operating income. Tariff costs and European market challenges persist, but cost savings and capital-light financing initiatives remain on track.

Q1 2026 Q1 2026 2026-05-05

Q1 2026 saw 8% global retail sales growth, led by North America, but revenue and margins declined due to HDFS restructuring and higher tariffs. The Back to the Bricks plan aims to restore volume, expand the portfolio, and boost dealer profitability, with guidance reaffirmed and optimism for the year.

Q4 2025 Q4 2025 2026-02-10

2025 saw significant revenue and earnings declines amid macro and inventory challenges, but decisive actions on inventory, cost savings, and dealer support are underway. 2026 is a transition year with margin pressure expected, while new models and a capital-light HDFS model position the business for future growth.

Q3 2025 Q3 2025 2025-11-04

Q3 revenue rose 17% year-over-year, driven by HDMC growth and a transformative HDFS transaction, which unlocked over $1.2 billion in cash. Dealer inventory was reduced, but global retail sales declined 6% amid soft demand and tariff headwinds. Share buybacks and new product launches remain priorities.

Q2 2025 Q2 2025 2025-07-30

Entered strategic partnerships for HDFS, unlocking $1.25B in cash and shifting to a capital-light model. Q2 revenue fell 19% year-over-year amid soft demand, but new entry-level products and cost-saving initiatives are expected to drive future growth.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.