10-Q · May 6, 2026
Harley-Davidson's Q1 2026 results reveal a substantial decline in income and operating margins year-over-year, with net income falling to $24.8 million versus $133.1 million in Q1 2025. Despite a revenue increase to…
Earnings analysis · 10-Q
HOG earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
The filing reports third-quarter revenue of $964.017 million and diluted EPS of $0.40, but the supplied excerpt does not include the detailed income statement, segment results, balance sheet or cash-flow data needed to…
Read full summary
The filing reports third-quarter revenue of $964.017 million and diluted EPS of $0.40, but the supplied excerpt does not include the detailed income statement, segment results, balance sheet or cash-flow data needed to assess margins, working capital and year-over-year trends. Capital returns were significant, with 3,445,305 shares repurchased at an average $26 per share and 12,028,915 shares remaining under authorization. The principal filing update is a heightened risk around executing the new strategic plan under the recently appointed CEO, while market-risk disclosures were otherwise unchanged from the 2025 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.4
What stood out
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Q3 revenue and EPS reported
Third-quarter revenue was $964.017 million and diluted EPS was $0.40; the supplied filing materials do not provide the comparable prior-period or prior-year margin figures needed to quantify the trend.
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Share repurchases remained substantial
The company repurchased 3,445,305 shares during the quarter at an average price of $26 per share, supporting shareholder returns under its capital-allocation framework.
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Repurchase authorization remains available
As of September 30, 2026, 12,028,915 shares remained available under the repurchase authorization, which had permitted up to 15.0 million additional shares.
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Disclosure controls remained effective
Management concluded that disclosure controls were effective as of September 30, 2026, and reported no changes in internal control over financial reporting during the quarter.
What to watch
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Execution risk under new strategy
The filing updated the execution risk to reflect the recently appointed CEO and the new strategic plan announced in the second quarter. Execution depends on multiple factors, including product acceptance, dealer changes, market forecasting, competition, and geopolitical conflicts that have resulted in tariffs and additional trade restrictions.
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HDFS interest-rate exposure
HDFS remains exposed to interest-rate risk through finance receivables, debt, commercial paper and conduit-facility borrowings; the filing specifically identifies exposure outstanding at September 30, 2026, including Euro-denominated medium-term notes.
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Commodity and currency volatility
HDMC operating income remains exposed to commodity-price movements, while international sales create foreign-exchange exposure across multiple currencies; the filing states these risks were not materially changed from the December 31, 2025 10-K.
Management's outlook
The supplied 10-Q text does not provide quantitative revenue or EPS guidance. Prior outlook changes were disclosed in the October 29, 2026 earnings release rather than in the supplied filing excerpt.
Earlier filings 4
10-K · February 26, 2026
Harley-Davidson's 10-K shows a material multi-year revenue decline from $5,836,478 (in thousands) in 2023 to $4,473,175 (in thousands) in 2025, with the Harley-Davidson Motor Company (HDMC) segment remaining the…
10-Q · May 6, 2025
Harley‑Davidson reported Q1 revenue of $1,329,209,000, down $400,398,000 (‑23.2%) versus Q1 2024, with operating income falling to $160,499,000 (operating margin 12.08%) and diluted EPS of $1.07 (down $0.65, ‑37.8%…
10-K · February 26, 2025
Harley‑Davidson's 2024 10‑K reiterates The Hardwire 2021–2025 strategic plan (profit focus, selective expansion, lead in electric, growth beyond bikes) while showing a material revenue step‑down in 2024. Total revenue…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.