Harley-Davidson posts bigger Q4 loss, hurt by tariffs, lower sales

Harley-Davidson

10/02/2026 12:00

Overview

Motorcycle maker's Q4 revenue beat analyst expectations despite a 28% yr/yr decline

Q4 net loss widens, reflecting significant challenges

North America Q4 retail motorcycle sales rose 5%, offsetting global sales decline

Outlook

Harley-Davidson expects 2026 global motorcycle retail sales of 130,000 to 135,000 units

Company projects 2026 operating income of $40 mln loss to $10 mln profit

Harley-Davidson plans capital investments of $175 to $200 mln in 2026

Result Drivers

HDFS PARTNERSHIP - Strategic partnership with KKR and PIMCO transformed HDFS into a capital-light business, contributing to record-high earnings

TARIFF COSTS - Increased tariff costs and higher marketing expenses contributed to operating loss at HDMC

LIVEWIRE SALES - LiveWire increased sales of electric motorcycles, though overall revenue decreased slightly for the full year

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Beat
$496 mln
$483.18 mln (11 Analysts)
Q4 EPS
-$2.44
Q4 Net Income
-$279 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 10 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the auto & truck manufacturers peer group is "buy."

Wall Street's median 12-month price target for Harley-Davidson Inc is $27.50, about 36.5% above its February 9 closing price of $20.14

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)