Harley-Davidson stock: Q3 demand lifts outlook despite lower revenue

Harley-Davidson raised its 2026 outlook after reporting stronger retail demand in the third quarter, even as lower wholesale shipments reduced revenue. The company announced the update in a Harley-Davidson investor release dated October 29, 2026.

Retail demand improves

Global retail sales of new Harley-Davidson motorcycles increased 5 percent year over year to 35,833 units in the quarter ended September 30. North American retail sales rose 9 percent to 25,603 units, marking the fourth consecutive quarter of regional growth. Global dealer inventory fell 26 percent from a year earlier.

HDMC revenue declined 10 percent to USD 964 million as worldwide motorcycle shipments fell 8 percent to 33,616 units. Gross margin increased 173 basis points to 28.1 percent, while adjusted EBITDA margin rose to 9.7 percent from 8.7 percent. HDMC operating income was USD 44 million, including restructuring-related adjustments.

Guidance moves higher

Harley-Davidson now expects 2026 HDMC global retail sales and wholesale shipments of 135,500 to 139,000 units. HDMC operating income guidance increased to USD 25 million to USD 55 million, while Harley-Davidson Financial Services operating income guidance moved to USD 60 million to USD 70 million. LiveWire withdrew its full-year guidance.

Consolidated net income attributable to Harley-Davidson was USD 43 million, compared with USD 377 million in the year-earlier quarter. The comparison was affected by a prior-year benefit from the sale of most HDFS securitization interests and retail finance receivables. The company returned USD 110 million to shareholders during the quarter.

Stock and investor context

Harley-Davidson stock traded at 30.62 euros on Lang & Schwarz at 10:59 p.m. CET on Wednesday, November 11. The company’s raised targets point to improving retail execution, while lower shipments, restructuring costs and higher tariff expenses remain factors for investors to monitor.

Business model and market position

Harley-Davidson sells motorcycles, parts and accessories, riding gear, apparel, licensing and rider experiences worldwide. Its parent company also controls Harley-Davidson Financial Services, which provides financing and insurance programs, and holds a controlling interest in LiveWire Group. The company is a specialist global motorcycle manufacturer with a particularly established position in North America.

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