Harley-Davidson’s latest reported quarter, Q2 2026, shows a mixed picture rather than a simple collapse or a completed turnaround. Its motorcycle business improved shipments, revenue, operating income and retail sales, while consolidated revenue, operating income, net income and diluted earnings per share remained below Q2 2025. Harley-Davidson Financial Services (HDFS) also posted lower revenue and earnings after a major 2025 loan-asset sale reshaped the business. The figures below are company-reported results released July 23, 2026.
1. Consolidated results were still down year over year
Harley-Davidson, Inc. reported Q2 2026 revenue of $1.230 billion, down 6% from the prior-year quarter. Operating income was $76 million, down 32%; net income attributable to HDI was $80 million, down 26%; and diluted EPS was $0.75, down 15%. These company-reported consolidated figures include the motorcycle, financial-services and LiveWire businesses. Harley-Davidson’s Q2 2026 results.
2. The motorcycle segment improved on several measures
Harley-Davidson Motor Company (HDMC) shipped 39,209 motorcycles in Q2, 9% more than a year earlier. HDMC revenue rose 6% to $1.104 billion, and operating income increased 18% to $72 million. Those gains show improvement in the core motorcycle segment, even as the company’s consolidated totals declined.
Not every margin measure improved. HDMC gross margin was 27.5%, down 1.1 percentage points year over year. Adjusted EBITDA margin, a non-GAAP measure, increased to 10.4% from 9.3%. Harley-Davidson attributed gross-margin pressure to product mix, net pricing, raw materials and foreign exchange; favorable manufacturing and other costs, including a tariff recovery, partly offset those factors. Company Q2 release.
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3. Retail sales were nearly flat globally, with regional differences
Worldwide retail motorcycle sales were 42,500 in Q2, up 1% year over year. The global total masks sharply different regional results:
| Region | Q2 2026 retail sales | Year-over-year change |
|---|---|---|
| North America | 29,751 | Up 3% |
| EMEA | 7,000 | Down 9% |
| APAC | Approximately 5,000 | Approximately flat |
| Latin America | 800 | Up 4% |
Management cited strength in North American Touring and Sport motorcycles and softer international results. Retail sales track motorcycles sold to customers through dealers; they are not the same as wholesale shipments from the company to dealers. Harley-Davidson’s regional Q2 results.
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4. The 2025 downturn is important context
The better HDMC quarter followed a materially weaker 2025. For the full year, HDMC revenue fell 13%, shipments declined 16%, and the segment recorded a $29 million operating loss, compared with $278 million of operating income in 2024. Consolidated net income attributable to HDI was $339 million in 2025, down from $455 million in 2024.
The company linked the motorcycle segment’s pressure to lower shipments in response to falling worldwide retail sales and a challenging market for premium discretionary products. Its annual filing also identified high interest rates, consumer sentiment and tariffs as important pressures. Harley-Davidson’s 2025 Form 10-K.
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5. HDFS is operating with a smaller retained loan portfolio
In July 2025, Harley-Davidson announced a partnership with KKR and PIMCO involving the sale of more than $5 billion of existing retail loan receivables. The agreement also covers the sale of approximately two-thirds of annual future retail loan originations for at least five years. HDFS retained loan origination and servicing, and the arrangement provides servicing-fee revenue. Harley-Davidson’s transaction announcement.
6. HDFS declines reflect the transaction as well as business conditions
Q2 2026 HDFS revenue was $117 million, down 55%, and operating income was $22 million, down 69%. Net finance receivables at quarter-end were $2.6 billion, 64% lower year over year. Harley-Davidson said the smaller retail receivables balance following the 2025 asset sales was the principal driver of the revenue decline. These comparisons therefore should not be read as a standalone measure of motorcycle demand or as a like-for-like decline in the former financing business. Q2 2026 results; 2025 partnership announcement.
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7. LiveWire grew revenue but remained loss-making
LiveWire reported Q2 revenue of $9 million, up 52% year over year, with an operating loss of $18 million. Harley-Davidson attributed the revenue increase to higher electric motorcycle and STACYC electric balance-bike sales. Revenue growth alone does not show that the segment has reached profitability. Harley-Davidson’s Q2 2026 results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.8. Management raised some 2026 guidance ranges
After Q2, Harley-Davidson revised its outlook for HDMC retail sales, wholesale shipments and operating income. It maintained its guidance for LiveWire operating loss and capital investment. These are management’s projections, not reported outcomes:
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| Measure | 2026 management guidance after Q2 |
|---|---|
| HDMC retail motorcycle sales | 133,500–138,500 units |
| HDMC wholesale motorcycle shipments | 133,500–138,500 units |
| HDMC operating income | $10 million–$50 million |
| HDFS operating income | $55 million–$70 million |
| LiveWire operating loss | $70 million–$80 million |
| Capital investments | $175 million–$200 million |
The ranges can change as conditions and company plans change. Harley-Davidson’s Q2 guidance.
9. Margin pressure remains a risk to the improvement
HDMC’s gross-margin decline shows why higher shipments and segment operating income do not settle the longer-term question. Pricing, product mix, input costs and currency movements weighed on gross margin in Q2, while manufacturing and other cost benefits provided a partial offset. The company’s 2025 Form 10-K also points to interest rates, consumer sentiment and tariffs as factors that can affect results. Q2 2026 results; 2025 Form 10-K.
10. Lower dealer inventory supports discipline, not proof of recovery
Harley-Davidson said Q2 wholesale shipments were below retail sales, consistent with its stated priority of managing dealer inventory. Global dealer inventory ended the quarter 17% lower than a year earlier. This is relevant because shipments reflect company deliveries to dealers, while retail sales reflect dealer sales to customers. Leaner inventory can indicate improved channel discipline, but it does not by itself establish a durable recovery in end-customer demand. Harley-Davidson’s Q2 2026 results.
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