HOG

North American motorcycle retail sales grew 9% year over year. Global dealer inventory fell 26% compared to the prior year.

HOG's improving North American retail trends, cost savings and strong liquidity support its recovery, but shipment weakness, tariff pressures and LiveWire losses remain concerns.

Harley-Davidson NYSE: HOG reported higher third-quarter global motorcycle retail sales and raised portions of its 2026 outlook, citing improved North American demand, tighter dealer inventories and early results from its “Back to the Bricks” strategy.

Harley-Davidson, Inc. ( HOG ) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT Company Participants Arthur Starrs - CEO, President & Director Jonathan Root - CFO & Chief Commercial Officer Conference Call Participants Spencer Hanus Joseph Altobello - Raymond James & Associates, Inc., Research Division Anthony Bonadio - Wells Fargo Securities, LLC, Research Division Noah Zatzkin - KeyBanc Capital Markets Inc., Research Division Craig Kennison - Robert W. Baird & Co. Incorporated, Research Division Andrew Didora - BofA Securities, Research Division Tristan Thomas-Martin - BMO Capital Markets Equity Research James Hardiman - Citigroup Inc., Research Division Robin Farley - UBS Investment Bank, Research Division Presentation Operator Thank you for standing by, and welcome to the Harley-Davidson 2026 Third Quarter Investor and Analyst Conference Call.

Harley-Davidson is overvalued at a 27x P/E, despite weak operating income and declining sales forecasts through 2027. Current retail and inventory improvements do not translate into sustainable earnings recovery; management's 2026E guidance implies minimal profitability. I lower my fair value target to $14/share, based on an 8-9x P/E and $1.9/share EPS, and maintain a 'Hold' rating.

While the top- and bottom-line numbers for Harley-Davidson (HOG) give a sense of how the business performed in the quarter ended September 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Harley-Davidson (HOG) came out with quarterly earnings of $0.4 per share, missing the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $3.1 per share a year ago.

Harley-Davidson's third-quarter net income fell as a year-earlier gain and a shift in its dealer inventory strategy weighed, but the maker of high-end motorbikes boosted its sales volume projection for the year.

MILWAUKEE, Oct. 29, 2026 /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company") (NYSE: HOG) today reported third quarter 2026 results, announced the addition of two new members to its Board of Directors, and raised HDMC and HDFS full-year guidance for the 2nd time this year following strong execution in Q3 2026. Third Quarter Highlights North American retail sales of new motorcycles were up 9 percent in Q3 2026 versus prior year, accelerating from 3 percent Year-over-Year (YoY) growth in the previous quarter.

Harley-Davidson (HOG) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.