Harley-Davidson (HOG) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Harley-Davidson published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Harley-Davidson's release does not print a consolidated revenue line. Total revenue is from the 10-Q income statement, and equals HDMC, LiveWire and HDFS revenue combined.
• The year-ago quarter included a large gain at HDFS from its sale of most of its securitization beneficial interests and retail finance receivables as part of a partnership with KKR and PIMCO, so Q3 2025 HDFS expense was negative and EPS was $3.10.
• Harley-Davidson reports in thousands of dollars; figures here are converted to millions with one decimal.

Source: Harley-Davidson Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Harley-Davidson splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Harley-Davidson's HDMC revenue was $964 million in Q3 2026, down 10% from $1.1 billion in Q3 2025, 89% of total revenue.
• Harley-Davidson's LiveWire revenue was $7.9 million in Q3 2026, up 41% from $5.6 million in Q3 2025, under 1% of total revenue.
• Harley-Davidson's HDFS revenue was $111 million in Q3 2026, down 58% from $261 million in Q3 2025, 10% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first two quotes are Harley-Davidson's guidance for HDMC, its motorcycle business, which also expects wholesale shipments of 135,500 to 139,000 units. The third is for HDFS, its financial services arm. Harley-Davidson raised both with Q3 2026 results.

In its Q3 2026 release, Harley-Davidson said:

“Global Motorcycle Retail Sales of 135,500 to 139,000 units”

“Operating income of $25 to $55 million”

“Operating income of $60 to $70 million”

“LiveWire has withdrawn its guidance.”

Source: Harley-Davidson Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the HOG forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP diluted EPS and total revenue (HDMC, LiveWire and HDFS revenue combined), each from that quarter's release as first reported.

We do not hold a confirmed date for Harley-Davidson's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Harley-Davidson reports three segments. HDMC, the Harley-Davidson Motor Company, brought in $964.0 million of $1,082.6 million total revenue in Q3 2026: $733.6 million from motorcycles, $152.9 million from parts and accessories and $55.2 million from apparel. HDFS, the financing and insurance arm, brought in $110.8 million, and LiveWire, the electric motorcycle business, $7.9 million. HDFS lends to buyers of new and used Harley-Davidson and LiveWire motorcycles through most HDMC and LiveWire dealerships in the U.S. and Canada. (Harley-Davidson Q3 2026 release, Oct 29, 2026; Harley-Davidson Form 10-Q, Q3 2026, Nov 4, 2026; Harley-Davidson Form 10-K, 2025, Feb 26, 2026)

HDMC revenue fell 10%, which Harley-Davidson attributes to lower shipment volume. Worldwide motorcycle shipments were 33,616 units, down 8% from 36,524, as it cut wholesale shipments to bring dealer inventory down under its Back to the Bricks strategy. Grand American Touring shipments fell to 17,970 from 22,035, while Cruiser and Sport and Lightweight shipments rose. (Harley-Davidson Q3 2026 release, Oct 29, 2026)

Retail demand moved the other way. Global retail sales of new motorcycles rose 5% and North American retail sales rose 9%, the fourth straight quarter of year-over-year growth there, while global dealer inventory ended the quarter down 26% from a year earlier. (Harley-Davidson Q3 2026 release, Oct 29, 2026)

HDFS revenue fell to $110.8 million from $261.2 million because HDFS sold most of its retail finance receivables in 2025, so it earns less interest: HDFS interest income was $66.6 million against $198.2 million. HDMC gross margin rose 173 basis points to 28.1%, helped by $44 million of lower manufacturing and other costs, while the 10-Q puts the gross cost of new or increased tariffs at about $94 million for the first nine months of 2026. (Harley-Davidson Q3 2026 release, Oct 29, 2026; Harley-Davidson Form 10-Q, Q3 2026, Nov 4, 2026)

Harley-Davidson reports GAAP EPS only; its non-GAAP figure is HDMC Adjusted EBITDA margin, 9.7% in Q3 2026 against 8.7%. Diluted EPS was $0.40 against $3.10 a year earlier, when net income attributable to Harley-Davidson of $377.4 million included the gain from HDFS's sale of most of its securitization beneficial interests and retail finance receivables. HDFS operating income was $10.8 million, against $438.8 million. (Harley-Davidson Q3 2026 release, Oct 29, 2026)

By segment, HDMC operating income was $44.3 million, down 18%, and LiveWire had an operating loss of $17.8 million. Other income and investment income added $24.2 million. The effective income tax rate for the first nine months of 2026 was 26.2%, against 23.5%, which the 10-Q attributes to discrete items and the mix of domestic and foreign earnings. (Harley-Davidson Q3 2026 release, Oct 29, 2026; Harley-Davidson Form 10-Q, Q3 2026, Nov 4, 2026)

Buybacks cut the share count sharply: diluted weighted-average shares were 106,588 thousand, against 121,676 thousand a year earlier. Harley-Davidson repurchased 3.4 million shares on a discretionary basis in the quarter, $91 million in total, and had 12.0 million shares left under its authorizations. It paid $19 million in dividends, $0.1875 per share. (Harley-Davidson Q3 2026 release, Oct 29, 2026; Harley-Davidson Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Harley-Davidson gives full-year guidance in its release by business. With Q3 2026 results it raised HDMC and HDFS guidance for the second time this year: HDMC global retail sales and wholesale shipments of 135,500 to 139,000 units each and HDMC operating income of $25 to $55 million, and HDFS operating income of $60 to $70 million. It now expects capital investment of $140 to $165 million. (Harley-Davidson Q3 2026 release, Oct 29, 2026)

Harley-Davidson's release says LiveWire has withdrawn its guidance, and its cautionary statement notes LiveWire's own disclosure that conditions and events raise substantial doubt about LiveWire's ability to continue as a going concern. Harley-Davidson holds a controlling interest in LiveWire Group, Inc., which is a separate public company. (Harley-Davidson Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Harley-Davidson, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Harley-Davidson's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning HOG is on is HOG a buy or a sell?, what analysts expect next is on the HOG forecast, and what the company does is on the Harley-Davidson (HOG) stock page.

Every number on this page can be traced to a document Harley-Davidson published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.