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  4. [8-K/A] HARLEY-DAVIDSON, INC. Amends Material Event Report

Stronger outlook: Harley-Davidson (NYSE: HOG) boosts 2026 guidance despite weaker Q2

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8-K/A

Rhea-AI Filing Summary

Harley-Davidson, Inc. corrected the high end of its 2026 Harley-Davidson Financial Services (HDFS) operating-income guidance and reiterated second-quarter 2026 results. Consolidated revenue was $1,230 million and net income attributable to Harley-Davidson, Inc. was $80 million, with diluted EPS of $0.75, lower than 2025 mainly because HDFS continues shifting to a capital light model.

Harley-Davidson Motor Company (HDMC) delivered revenue of $1,104 million, up 6%, with global motorcycle shipments up 9% and Adjusted EBITDA margin improving to 10.4%. Global retail motorcycle sales rose 1%, led by 3% growth in North America, while EMEA declined and Asia Pacific and Latin America were roughly flat to modestly positive. HDFS revenue fell 55% and operating income 69%, driven by the smaller loan portfolio after 2025 asset sales, although credit-loss provisions and interest expense were significantly lower. LiveWire revenue increased 52% and its operating loss narrowed to $18 million.

For full-year 2026, the company raised guidance: HDMC global retail and wholesale units are now expected at 133,500–138,500; HDMC operating income is projected at $10–$50 million instead of a prior range that included a sizable loss; and HDFS operating income at $55–$70 million. The company reported $1.9 billion of cash and cash equivalents as of June 30, 2026, after paying $41 million of dividends and repurchasing $158 million of shares (7.9 million shares) in the first half.

Positive

  • Raised full-year 2026 guidance, with HDMC operating income now projected at $10–$50 million instead of a range that included a $40 million loss, and HDFS operating income guidance increased to $55–$70 million.

Negative

  • Q2 profitability declined, as consolidated operating income fell 32% to $76 million and net income attributable to Harley-Davidson, Inc. fell 26% to $80 million versus the prior-year quarter.

Filing Explained

The amendment corrects an erroneous high-end HDFS operating-income guidance figure in the original July 23 earnings release by replacing its exhibit with a corrected version; all other information in the original report remains unchanged.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $1,230 million Consolidated revenue for the second quarter of 2026
Q2 2026 Net Income $80 million Net income attributable to Harley-Davidson, Inc. for Q2 2026
Q2 2026 Diluted EPS $0.75 Diluted earnings per share for the second quarter of 2026
HDMC Motorcycle Shipments 39,209 units Global HDMC motorcycle shipments in Q2 2026, up 9% year over year
HDFS Q2 2026 Revenue $117 million Harley-Davidson Financial Services revenue in the second quarter of 2026
HDFS Q2 2026 Operating Income $22 million HDFS operating income in Q2 2026, down 69% from prior year
2026 HDMC Operating Income Guidance $10–$50 million Revised full-year 2026 HDMC operating income outlook
Share Repurchases H1 2026 $158 million Cost of 7.9 million shares repurchased in the first six months of 2026
Adjusted EBITDA financial
"“Adjusted EBITDA” and “Adjusted EBITDA Margin %” are non-GAAP terms."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
capital light model financial
"due to HDFS shift to capital light model, partially offset by HDMC improvement"
securitization debt financial
"Proceeds from securitization debt | — | | | 497,790"
Securitization debt is financing created by bundling loans or receivables (like mortgages, car loans, or credit-card balances) and selling that bundle to investors as tradable debt securities. Think of pooling many IOUs into a single loaf and selling slices: investors receive the loan payments as income, but their return depends on how well the underlying borrowers pay and on the payment priority among slices. Investors care because it affects yield, credit risk, and how predictable cash flow is compared with plain corporate bonds.
provision for credit losses financial
"provision for credit loss expense were significantly lower, which was due to the decreased size"
Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.
At-The-Market Program financial
"expenses associated with the LiveWire At-The-Market Program."
An at-the-market program is a way for a company to sell new shares of its stock gradually over time directly into the stock market, rather than all at once. This approach allows the company to raise money as needed while giving investors the opportunity to buy shares at current market prices. It helps manage the timing and price of new stock offerings, providing flexibility for both the company and investors.
non-GAAP financial
"These non-GAAP financial measures, which may be different from similarly-titled measures"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
Revenue $1,230 million -6%
Operating Income $76 million -32%
Net Income Attributable to HDI $80 million -26%
Diluted EPS $0.75 -15%
Guidance

For full-year 2026, HDMC global motorcycle retail and wholesale units are guided to 133,500–138,500; HDMC operating income to $10–$50 million; HDFS operating income to $55–$70 million; LiveWire operating loss to $70–$80 million; and capital investments to $175–$200 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

Why did Harley-Davidson (HOG) file this amended 8-K/A?
Harley-Davidson filed the amendment to correct the high end of its 2026 HDFS operating-income guidance range in a previously issued press release. The updated, correct range appears in the revised earnings release attached as Exhibit 99.2.

How did Harley-Davidson (HOG) perform in Q2 2026 financially?
In Q2 2026, Harley-Davidson reported revenue of $1,230 million and net income attributable to the company of $80 million, with diluted EPS of $0.75. Both revenue and profit were lower than the prior year, largely due to weaker HDFS results.

What were Harley-Davidson Motor Company (HDMC) results in Q2 2026?
HDMC generated $1,104 million of revenue in Q2 2026, up 6% year over year, and increased global motorcycle shipments by 9% to 39,209 units. HDMC Adjusted EBITDA margin improved to 10.4%, reflecting better operating performance despite a slightly lower gross margin.

How did Harley-Davidson Financial Services (HDFS) impact HOG’s results?
HDFS Q2 2026 revenue declined 55% to $117 million and operating income fell 69% to $22 million. The drop mainly reflects a smaller retail loan portfolio after 2025 loan sales, partly offset by lower interest and credit-loss expenses and higher servicing-fee income.

What full-year 2026 guidance did Harley-Davidson (HOG) provide?
For 2026, Harley-Davidson now expects HDMC retail and wholesale units of 133,500–138,500, HDMC operating income of $10–$50 million, and HDFS operating income of $55–$70 million. It continues to project a LiveWire operating loss of $70–$80 million and capital investments of $175–$200 million.

What is Harley-Davidson’s (HOG) cash position and capital return in 2026 so far?
As of June 30, 2026, Harley-Davidson held $1.9 billion in cash and cash equivalents. In the first half of 2026 it paid $41 million in cash dividends and repurchased $158 million of common stock, equal to 7.9 million shares, on a discretionary basis.
0000793952false00007939522026-07-232026-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K/A 
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2026
Harley-Davidson, Inc.
(Exact name of registrant as specified in its charter)
Wisconsin1-918339-1382325
(State or other jurisdiction
of incorporation)		     (Commission
     File Number)		(IRS Employer
Identification No.)
3700 West Juneau Avenue, Milwaukee, Wisconsin 53208
(Address of principal executive offices, including zip code)
(414) 342-4680
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class  Trading Symbol  Name of exchange on which registered
COMMON STOCK, $0.01 par value per share  HOG  New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Explanatory Note
This Amendment No. 1 to Current Report on Form 8-K ("Amendment No. 1") amends the Current Report on Form 8-K furnished by Harley-Davidson, Inc. (the "Company") to the Securities and Exchange Commission on July 23, 2026 (the "Original Report") and is being furnished solely to include Item 7.01 disclosure to correct an item of full-year 2026 guidance included in Exhibit 99.1 to the Original Report. All other information contained in the Original Report remains unchanged.

Item 7.01
Regulation FD Disclosure.
On July 23, 2026, the Company issued a press release announcing the Company’s results for the second quarter ended June 30, 2026 and updated full-year 2026 guidance. The press release reflected a range for expected Harley-Davidson Financial Services (“HDFS”) operating income for the full year 2026, but it included an incorrect number for the high end of the range. The correct guidance range for HDFS’ operating income for the full year 2026 appears in the corrected version of the press release furnished as Exhibit 99.2 hereto, which replaces Exhibit 99.1 in its entirety. Also on July 23, 2026, the Company discussed its financial results and outlook on an audio webcast. The supporting slides for the webcast and the discussion on the webcast reflected the correct guidance range.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits. The following exhibits are being furnished herewith:

Exhibit No.Description
99.1
Original Earnings Press Release of Harley-Davidson, Inc. dated July 23, 2026 - Previously Furnished.
99.2
Corrected Earnings Press Release of Harley-Davidson, Inc. dated July 23, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to report to be signed on its behalf by the undersigned hereunto duly authorized.
HARLEY-DAVIDSON, INC.
Date: July 23, 2026/s/ Gayle Littleton
Gayle Littleton
Secretary

2


harley-davidsonlogo2026x2c.jpg

FOR IMMEDIATE RELEASE


Harley-Davidson Delivers Second Quarter Financial Results and Raises Full-Year Guidance


MILWAUKEE (July 23, 2026) – Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”) (NYSE: HOG) today reported second quarter 2026 results and raised full-year guidance.

“Our second-quarter performance reflects strength in our domestic retail business, continued focus on healthy dealer inventory levels and the exceptional commitment of our dealer network. We also made meaningful progress against our Back to the Bricks strategic initiatives, strengthening execution across the business and driving improved profitability. Given this progress, our first-half results, and our market share gains, we are raising our full-year guidance and remain confident in our ability to create long-term value for shareholders,” said Artie Starrs, President and CEO, Harley-Davidson.

Second Quarter 2026 Highlights

•North American retail motorcycle sales of 29,751 units, up 3% vs. prior year
•Global dealer inventory of new motorcycles ended Q2 ’26 down 17% vs. end Q2 ’25
•Introduced 2026 Super Glide® in June
•HDMC global motorcycle shipments of 39,209, up 9% vs. prior year
•Net Income attributable to HDI of $80 million, down 26% from prior year primarily due to HDFS shift to capital light model, partially offset by HDMC improvement
•HDMC revenue of $1.1 billion, up 6% vs. prior year
•HDMC Adjusted EBITDA margin of 10.4%, up from 9.3% in Q2 ’25
•HDFS operating income margin of 18.5%, down from 27.1% in Q2 ’25
•Delivered diluted EPS of $0.75, down 15% vs. prior year
•Q2 performance enabled raising FY 2026 guidance for retail sales and wholesale shipments as well as HDMC & HDFS operating income

Second Quarter 2026 Results

Harley-Davidson, Inc. Consolidated Financial Results


$ in millions (except EPS)		2nd quarter
20262025Change
Revenue$1,230$1,307-6%
Operating Income$76$112-32%
Net Income Attributable to HDI$80$108-26%
Diluted EPS$0.75$0.88-15%

Consolidated revenue in the second quarter was down 6 percent, driven largely by an HDFS revenue decrease of 55 percent.

Consolidated operating income in the second quarter was down 32 percent, driven largely by a decline of 69 percent at HDFS, partially offset by an increase of 18 percent at HDMC. At the LiveWire segment, the operating loss improved by $1 million and was 4 percent lower than the prior year loss. Consolidated operating income margin in the second quarter was 6.2 percent relative to 8.6 percent in the second quarter a year ago.


Harley-Davidson Motor Company (HDMC) – Results


$ in millions		2nd quarter
20262025Change
Motorcycle Shipments (thousands)39.235.89%
Revenue$1,104$1,0446%
   Motorcycles$848$7789%
   Parts & Accessories$177$187-5%
   Apparel & Licensing$62$612%
   Other$17$18-4%
Gross Margin 27.5%28.6%-1.1 pts.
Operating Income$72$6118%
Operating Margin 6.6%5.9%0.7 pts.
Adjusted EBITDA1
$115$9718%
Adjusted EBITDA Margin %1
10.4%9.3%1.1 pts.
1 “Adjusted EBITDA” and “Adjusted EBITDA Margin %” are non-GAAP terms. Please see below for full reconciliation to the most directly comparable GAAP financial measures.

Second quarter global motorcycle shipments increased 9 percent, while wholesale unit shipments were lower than retail unit sales. This is aligned with Company plans as dealer inventory management remains a top priority. Revenue was up 6 percent driven by increased shipments and favorable foreign exchange effects, partially offset by net pricing. Parts & Accessories revenue was down 5 percent and Apparel & Licensing revenue was up 2 percent.

Second quarter gross margin came in at 27.5 percent, which was down 108 basis points versus prior year. Gross profit was impacted favorably by manufacturing and other costs, including a tariff recovery that benefited gross profit. The favorability was offset by unfavorable product mix, net pricing, raw materials, and foreign exchange effects. Operating expenses came in $6 million lower than a year ago, at $232 million, including a restructuring expense of $3 million. Second quarter operating income margin was 6.6 percent compared to 5.9 percent in the prior year quarter.

Harley-Davidson Retail Motorcycle Sales


Motorcycles (thousands)
2nd quarter
20262025Change
North America29.828.93%
EMEA7.07.6-9%
Asia Pacific5.05.00%
Latin America0.80.74%
Worldwide Total42.542.31%

Global retail motorcycle sales in the second quarter were up 1 percent versus prior year, reflecting North American growth and soft international results. North American retail was up 3 percent, driven by continued strength in the Touring and Sport categories and a positive response to the new ’26 motorcycle line-up. EMEA retail performance, down 9 percent, was characterized by positive results in the Touring and Sport categories, while the German region2 experienced a decline. APAC retail performance was slightly positive in the quarter, where Australia & New Zealand led the region from a growth standpoint. Latin America retail was characterized by strong gains in Mexico and a modest decline in Brazil.

2 The German region includes Germany, Austria, and Switzerland

2

Harley-Davidson Financial Services (HDFS) – Results


$ in millions
2nd quarter
20262025Change
Revenue
$117$257-55%
Operating Income
$22$70-69%

In the second quarter, HDFS revenue was down 55 percent from prior year, driven by lower retail finance receivables. The decline in retail receivables was due to the sale of loan assets that took place in the second half of 2025. Other income within HDFS revenue was favorable year-over-year due to new servicing fees.

HDFS operating income came in at $22 million in the second quarter, a decrease of $48 million or 69 percent from the prior year period. On the expense side, both interest expense and the provision for credit loss expense were significantly lower, which was due to the decreased size of the retail loan portfolio and related debt on a year-over-year basis. Operating expenses increased by $3 million versus prior year. Total quarter-end net finance receivables, including both retail and wholesale loans, were $2.6 billion, a 64 percent decline compared to the prior year primarily due to the sale of loan assets that took place in the second half of 2025.

LiveWire – Results


$ in millions
2nd quarter
2026
2025
Change
Revenue$9$652%
Operating Loss($18)($19)4%
Adjusted EBITDA($15)($16)5%

LiveWire revenue for the second quarter increased by 52 percent. The revenue increase was due to higher electric motorcycle unit sales and higher STACYC electric balance bike sales. LiveWire’s operating loss of $18 million in the second quarter compared to a loss of $19 million in the prior year period.

Harley-Davidson, Inc. Other Results – Six Months ended June 30, 2026

•Net cash use of $60 million from operating activities
•Effective tax rate was 25%
•Paid cash dividends of $41 million
•Repurchased $158 million of shares (7.9 million shares) on a discretionary basis
•Cash and cash equivalents of $1.9 billion as of June 30

2026 Financial Outlook

For the full year 2026, the Company is revising its financial guidance and now expects:

•HDMC global motorcycle retail sales of 133,500 to 138,500 units from a previously expected range of 130,000 to 135,000 units
•HDMC global motorcycle wholesale shipments of 133,500 to 138,500 units from a previously expected range of 130,000 to 135,000 units
•HDMC operating income of $10 million to $50 million from a previously expected range of a $40 million loss to a $10 million profit
•HDFS operating income of $55 million to $70 million from a previously expected range of $45 million to $60 million

For the full year 2026, the Company continues to expect:

•LiveWire operating loss of $70 to $80 million
•Harley-Davidson, Inc. capital investments of $175 million to $200 million

3

Company Background
Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, parts & accessories, experiences, riding gear and apparel. What We Make: The World’s Best Motorcycles. Period. Who We Serve: Motorcycle Riders Worldwide. Why We Do It: To Protect and Grow Motorcycle Culture. What We Stand For: Life, Liberty and the Pursuit of Happiness. Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and has a controlling interest in Harley-Davidson Financial Services and LiveWire Group, Inc. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. LiveWire is committed to developing the technology of the future and investing in the capabilities needed to lead the transformation of motorsports. Learn more at harley-davidson.com.

Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CDT today. The webcast login and supporting slides can be accessed at  http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CDT.

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” “projects,” “may,” “will,” “estimates,” “targets,” “intends,” “forecasts,” “is on track,” “remains confident,” “seeks,” “sees,” “should,” “feels,” “commits,” “assumes,” “envisions,” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company’s ability to: (a) execute its business plans and strategies, including without limitation the Back to the Bricks strategic plan, successfully execute its approach to a full enterprise economic model, and strengthen its existing businesses while allowing for growth; (b) manage supply chain and logistics issues, including without limitation quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Iran, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company’s ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests, including successfully realigning its product portfolio, which encompasses re-introducing the Sportster; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company’s complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of activist collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company’s brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Iran; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to shift to a rider-centric portfolio that includes a focus on accessibility and customization and growing its Parts & Accessories and Motor Clothes and apparel businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) successfully manage and reduce costs throughout the business; (m) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (n) prevent, detect and remediate any issues with its motorcycles or any issues associated with the design, manufacturing, or assembly processes to avoid delays in new model launches, recall campaigns, regulatory agency
4

investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (o) successfully manage and reduce costs throughout the business; (p) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its full enterprise economic model, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (q) realize the desired business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; (iii) the ability of LiveWire to obtain sufficient funding from sources other than the Company to sustain its operations; and (iv) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.’s most recent Annual Report on Form 10-K; (r) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (s) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name; (t) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company’s Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (u) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (v) retain and attract talented employees and leadership and qualified and experienced independent directors for its Board of Directors, eliminate personnel duplication, inefficiencies and complexity throughout the organization, and successfully complete transitions of executives, and effectively manage the return to on-site work of Milwaukee-based corporate employees at specified Company facilities; (w) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (x) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services’ loan portfolio; (y) prevent a ransomware attack or cybersecurity incidents and data privacy breaches and respond to related evolving regulatory requirements; (z) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company’s business; (aa) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (bb) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (cc) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (dd) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts and manage exposure in commercial or contractual disputes; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) realize the desired business benefits from KKR’s and PIMCO’s investments in Harley-Davidson Financial Services, Inc.; (gg) manage risks related to functions the Company outsources and the use of artificial intelligence by the Company and its vendors and suppliers; (hh) optimize capital allocation in light of the Company’s capital allocation priorities; (ii) manage the Company’s share repurchase strategy; (jj) manage issues related to climate change and related regulations; and (kk) realize the expected effects of the anticipated increase in Harley-Davidson Financial Services, Inc.’s retail finance receivable based on Harley-Davidson Financial Services, Inc.’s operating income.

The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company’s dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

Harley-Davidson Financial Services, Inc.’s retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation and Harley-Davidson Financial Services, Inc.’s efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, Harley-Davidson Financial Services, Inc.’s efforts to adjust underwriting criteria based on market and economic conditions, and actions that the Company has taken and could take that impact motorcycle values, may impact Harley-Davidson Financial Services, Inc.’s retail credit losses.

The Company’s operations, demand for its products, and its liquidity could be adversely impacted by changes in tariffs, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Iran, or other factors. Refer to “Risk Factors” under Item 1.A of the Company’s Annual
5

Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Non-GAAP Financial Measures
This earnings release includes financial information that is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”, “GAAP”), including Adjusted EBITDA for HDMC and LiveWire and Adjusted EBITDA Margin for HDMC. These non-GAAP financial measures, which may be different from similarly-titled measures disclosed by other companies, are presented to enhance investors’ overall understanding of the Company’s financial performance.

Adjusted EBITDA for HDMC and Adjusted EBITDA for LiveWire are defined as Harley-Davidson, Inc. consolidated net income, excluding, on a consolidated basis, interest expense, income tax provision, investment income, and other income, net. Depreciation and amortization for HDMC and LiveWire, respectively, are excluded from Adjusted EBITDA for HDMC and LiveWire, respectively. In addition, certain other items impacting consolidated net income are excluded from HDMC Adjusted EBITDA and/or LiveWire Adjusted EBITDA. For example, the Company may exclude from HDMC or LiveWire Adjusted EBITDA the impacts of certain events, gains, losses or other costs and charges, such as corporate restructuring activities, reorganizations or one-time employee termination benefits, that affect the period-to-period comparability of HDMC’s and LiveWire’s operating performance. Adjusted EBITDA Margin is used by HDMC and is defined as HDMC Adjusted EBITDA divided by HDMC revenue.

The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin for HDMC and Adjusted EBITDA for LiveWire more clearly identify the core trends in the respective ongoing business operations that could otherwise be masked by the effects of the items that the Company excludes from Adjusted EBITDA and Adjusted EBITDA Margin for HDMC and Adjusted EBITDA for LiveWire. These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance with other comparable companies and between periods without regard to items the Company does not consider a component of core operating performance.

Adjusted EBITDA and Adjusted EBITDA Margin have limitations and should not be considered in isolation from, as a substitute for, or more meaningful than, consolidated net income as determined in accordance with U.S. GAAP. Certain items excluded from HDMC and LiveWire Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance. The presentation of Adjusted EBITDA and Adjusted EBITDA Margin should not be construed as implying that the Company’s results will be unaffected by unusual or non-recurring items.

This earnings release includes a reconciliation of Harley-Davidson Inc. consolidated net income to HDMC Adjusted EBITDA and LiveWire Adjusted EBITDA.


Media Contact:
Jenni Coats
jenni.coats@Harley-Davidson.com
414.343.7902

Financial Contact:
Shawn Collins
shawn.collins@Harley-Davidson.com
414.343.8002

### (HOG-Earnings)
6

Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
HDMC revenue$1,104,280 $1,043,649 $2,159,751 $2,125,155 
Gross profit304,126 298,705 571,115 613,949 
Selling, administrative and engineering expense231,788 237,389 479,852 436,362 
Operating income from HDMC72,338 61,316 91,263 177,587 
LiveWire revenue9,114 6,011 14,230 8,754 
Gross (loss) profit(48)162 (583)(1,619)
Selling, administrative and engineering expense17,879 18,815 35,015 36,842 
Operating loss from LiveWire(17,927)(18,653)(35,598)(38,461)
HDFS revenue117,043 257,438 228,987 502,399 
HDFS expense95,444 187,665 185,150 368,590 
Operating income from HDFS21,599 69,773 43,837 133,809 
Operating income76,010 112,436 99,502 272,935 
Other income, net11,047 14,477 24,526 30,750 
Investment income11,840 10,950 20,536 19,891 
Interest expense(3,622)(7,696)(7,192)(15,382)
Income before income taxes95,275 130,167 137,372 308,194 
Income tax provision16,294 24,422 34,267 71,652 
Net income$78,981 $105,745 $103,105 $236,542 
Less: Loss attributable to noncontrolling interests824 1,824 1,473 4,131 
Net income attributable to Harley-Davidson, Inc. $79,805 $107,569 $104,578 $240,673 
Earnings per share:
Basic$0.76 $0.89 $0.97 $1.96 
Diluted$0.75 $0.88 $0.97 $1.95 
Weighted-average shares:
Basic105,099 121,521 107,544 122,727 
Diluted108,568 122,203 108,325 123,457 
Cash dividends per share:$0.1875 $0.18 $0.375 $0.36 
LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.


7

Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)(Unaudited)
June 30,
2026		December 31,
2025		June 30,
2025
ASSETS
Current assets:
Cash and cash equivalents$1,895,789 $3,091,744 $1,587,664 
Accounts receivable, net301,788 225,760 325,756 
Finance receivables held for sale, net545,761 264,238 — 
Finance receivables held for investment, net1,094,533 981,926 2,127,866 
Inventories, net500,935 730,898 630,287 
Restricted cash— — 149,782 
Other current assets250,420 292,383 327,260 
4,589,226 5,586,949 5,148,615 
Finance receivables held for investment, net1,004,886 719,060 5,198,356 
Other long-term assets1,651,753 1,738,806 1,703,474 
$7,245,865 $8,044,815 $12,050,445 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$1,033,420 $1,061,194 $1,040,616 
Short-term deposits, net266,421 280,095 243,101 
Short-term debt613,141 497,776 503,353 
Current portion of long-term debt, net498,466 819,629 1,983,828 
2,411,448 2,658,694 3,770,898 
Long-term debt, net 1,130,847 1,649,612 4,367,553 
Other long-term liabilities587,551 579,659 604,061 
Shareholders’ equity3,116,019 3,156,850 3,307,933 
$7,245,865 $8,044,815 $12,050,445 



8

Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six months ended
 June 30,
2026		June 30,
2025
Net cash (used) provided by operating activities$(59,685)$509,492 
Cash flows from investing activities:
Capital expenditures(44,694)(65,560)
Finance receivables held for investment, net(296,798)(24,985)
Collection from retained securitization beneficial interests23,460 — 
Proceeds from derivative instruments51,574 — 
Other investing activities(280)691 
Net cash used by investing activities(266,738)(89,854)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes— 647,088 
Repayments of medium-term notes (810,950)(700,000)
Proceeds from securitization debt— 497,790 
Repayments of securitization debt— (584,153)
Net increase (decrease) in unsecured commercial paper114,102 (135,902)
Borrowings of asset-backed commercial paper— 155,000 
Repayments of asset-backed commercial paper— (145,379)
Net decrease in deposits(20,554)(13,073)
Dividends paid(41,211)(44,756)
Repurchase of common stock(100,388)(93,140)
Other financing activities97 6 
Net cash used by financing activities(858,904)(416,519)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(10,628)12,375 
Net (decrease) increase in cash, cash equivalents and restricted cash$(1,195,955)$15,494 
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$3,091,744 $1,740,854 
Net (decrease) increase in cash, cash equivalents and restricted cash(1,195,955)15,494 
Cash, cash equivalents and restricted cash, end of period$1,895,789 $1,756,348 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$1,895,789 $1,587,664 
Restricted cash— 149,782 
Restricted cash included in Other long-term assets— 18,902 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$1,895,789 $1,756,348 




9



HDMC Revenue and Motorcycle Shipment Data
(Unaudited)
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
HDMC REVENUE (in thousands)
Motorcycles$848,057 $778,051 $1,684,351 $1,641,929 
Parts and accessories176,950 186,874 319,193 330,307 
Apparel56,068 55,240 113,380 112,564 
Licensing6,298 5,944 12,345 9,002 
Other16,907 17,540 30,482 31,353 
$1,104,280 $1,043,649 $2,159,751 $2,125,155 
HDMC U.S. MOTORCYCLE SHIPMENTS25,322 21,736 49,206 46,601 
HDMC WORLDWIDE MOTORCYCLE SHIPMENTS
Grand American Touring(a)
19,641 18,080 41,161 41,758 
Cruiser13,550 13,110 24,209 24,970 
Sport and Lightweight4,617 3,188 8,348 5,296 
Adventure Touring1,401 1,459 2,786 2,414 
39,209 35,837 76,504 74,438 
(a)Includes Trike
LiveWire Motorcycle Shipments267 55 358 88 

HDMC Gross Profit
(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from the second quarter of 2025 to the second quarter of 2026 were as follows (in millions):
2025 gross profit$299 $614 
Volume17 7 
Price and sales incentives(9)(32)
Foreign currency exchange rates and hedging(2)12 
Shipment mix(27)(47)
Raw material prices(4)(3)
Manufacturing and other costs30 20 
5 (43)
2026 gross profit$304 $571 



10

HDFS Finance Receivables Allowance for Credit Losses
(Unaudited)
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Balance, beginning of period$21,596 $393,178 $2,235 $401,183 
Provision for credit losses17,643 49,738 30,796 103,072 
Charge-offs, net of recoveries(1,079)(43,623)5,129 (104,962)
Balances, end of period$38,160 $399,293 $38,160 $399,293 


Worldwide Retail Sales of Harley-Davidson Motorcycles(a)
(Unaudited)
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
United States27,574 26,704 49,819 45,911 
Canada2,177 2,227 3,735 3,912 
Total North America29,751 28,931 53,554 49,823 
EMEA6,959 7,621 11,993 12,796 
Asia Pacific4,990 4,967 8,957 9,329 
Latin America767 735 1,470 1,316 
Total worldwide retail sales42,467 42,254 75,974 73,264 
(a)Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

Harley-Davidson, Inc.
Reconciliation from Harley-Davidson, Inc. Net Income to HDMC Adjusted EBITDA
(In thousands)
(Unaudited)
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net Income$78,981 $105,745 $103,105 $236,542 
Interest expense3,622 7,696 7,192 15,382 
Provision for income taxes16,294 24,422 34,267 71,652 
Investment income(a)
(11,840)(10,950)(20,536)(19,891)
Other income, net(b)
(11,047)(14,477)(24,526)(30,750)
Operating income76,010 112,436 99,502 272,935 
Less:
LiveWire operating loss$(17,927)$(18,653)$(35,598)$(38,461)
HDFS operating income21,599 69,773 43,837 133,809 
HDMC operating income72,338 61,316 91,263 177,587 
HDMC depreciation and amortization39,644 35,420 80,651 71,679 
Adjustments(c)
2,618 — 17,203 — 
HDMC Adjusted EBITDA$114,600 $96,736 $189,117 $249,266 
HDMC Adjusted EBITDA Margin %10.4 %9.3 %8.8 %11.7 %

11

Harley-Davidson, Inc.
Reconciliation from Harley-Davidson, Inc. Net Income to LiveWire Adjusted EBITDA
(In thousands)
(Unaudited)
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net Income$78,981 $105,745 $103,105 $236,542 
Interest expense3,622 7,696 7,192 15,382 
Provision for income taxes16,294 24,422 34,267 71,652 
Investment income(a)
(11,840)(10,950)(20,536)(19,891)
Other income, net(b)
(11,047)(14,477)(24,526)(30,750)
Operating income76,010 112,436 99,502 272,935 
Less:
HDMC operating income$72,338 $61,316 $91,263 $177,587 
HDFS operating income21,599 69,773 43,837 133,809 
LiveWire operating loss(17,927)(18,653)(35,598)(38,461)
LiveWire depreciation and amortization2,245 2,588 4,660 5,673 
Adjustments(d)
424 — 731 — 
LiveWire Adjusted EBITDA$(15,258)$(16,065)$(30,207)$(32,788)
(a)Represents non-operating investment income, primarily due to income from short-term investments.
(b)Represents non-operating other income, primarily related to the Company's defined benefit plans.
(c)Represents adjustments related to corporate restructuring, primarily due to one-time employee termination benefits.
(d)Represents adjustments related to transaction costs for the acquisition of Dust Motorcycles, Inc. and expenses associated with the LiveWire At-The-Market Program.


12

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