Harley-Davidson, Inc. (HOG) reported first-quarter earnings for 2026 of 22 cents per share, falling short of the Zacks Consensus Estimate of 34 cents by 36.1%, and representing a 79% decline from $1.07 a year ago. The company’s consolidated operating income dropped significantly to $23 million from $160 million in the prior year, marking a decrease in operating margin to 2% from 12.1%. Revenue for the quarter was $1,055 million, a 2% year-over-year decline but still beating the consensus estimate by 10.7%.
In terms of unit sales, global retail motorcycle sales increased 8% year over year to 33,507 units, particularly boosted by a 14% rise in North America. However, EMEA and Asia Pacific regions saw declines of 3% and 9% respectively. Harley-Davidson maintained its forecast for global motorcycle retail sales between 130,000 and 135,000 units for the full year.
Additionally, revenues from Harley-Davidson Financial Services slipped 54% year over year to $112 million, while operating income fell 65% to $22 million. The company had cash and equivalents of $1.8 billion as of March 31, 2026, and has a long-term debt of $1.13 billion. The first-quarter 2026 results reflect ongoing challenges in profitability despite stronger retail metrics.
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