Harley-Davidson Inc
XMUN:HAR
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Harley-Davidson Inc
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Harley-Davidson Inc
Harley-Davidson makes heavyweight motorcycles and sells them under one of the best-known names in motorcycling. Its core products are the bikes themselves, along with parts, accessories, apparel, and branded merchandise. The company also helps owners finance purchases through its lending business, which supports sales and gives it a bigger role in the ownership experience. Its main customers are riders who want large cruiser-style motorcycles and the lifestyle that goes with them. Harley-Davidson earns money when dealers sell motorcycles, when customers buy replacement parts and accessories, when fans buy clothing and licensed goods, and when borrowers use its financing products. This mix matters because the motorcycle sale often leads to years of follow-on spending on maintenance, upgrades, and gear. What makes Harley-Davidson different is that it is not just a vehicle maker; it is a brand built around a specific riding culture. That gives it stronger pricing power and a loyal customer base than a plain transportation company would have. At the same time, the business depends on keeping that brand relevant to new riders while continuing to serve long-time owners.
Harley-Davidson makes heavyweight motorcycles and sells them under one of the best-known names in motorcycling. Its core products are the bikes themselves, along with parts, accessories, apparel, and branded merchandise. The company also helps owners finance purchases through its lending business, which supports sales and gives it a bigger role in the ownership experience.
Its main customers are riders who want large cruiser-style motorcycles and the lifestyle that goes with them. Harley-Davidson earns money when dealers sell motorcycles, when customers buy replacement parts and accessories, when fans buy clothing and licensed goods, and when borrowers use its financing products. This mix matters because the motorcycle sale often leads to years of follow-on spending on maintenance, upgrades, and gear.
What makes Harley-Davidson different is that it is not just a vehicle maker; it is a brand built around a specific riding culture. That gives it stronger pricing power and a loyal customer base than a plain transportation company would have. At the same time, the business depends on keeping that brand relevant to new riders while continuing to serve long-time owners.
Guidance raised: Harley-Davidson lifted full-year 2026 guidance for retail units, wholesale units, HDMC operating income, and HDFS operating income after a better-than-expected quarter and early progress on its “Back to the Bricks” plan.
North America strong: North American retail sales rose 3% in Q2, the third straight year-over-year quarter of growth in the region, helped by redesigned Trike models, stronger Touring demand, and a positive response to the 2026 lineup.
Inventory healthier: Dealer inventory improved meaningfully, with 85% of North American dealer inventory now model year 2026 product, and management said dealers are moving from asking to reduce inventory to asking for more bikes in some cases.
New bikes gaining traction: Super Glide and Deadwood launches are generating strong enthusiasm, with management highlighting strong sell-through, high dealer enthusiasm, and strong MSRP realization on Super Glide.
2027 remains in focus: Management said it still feels good about the $150 million cost-savings target for 2027 and the $350 million plus HDMC EBITDA target, while saying it is too early to change those longer-term goals.
Tariffs and supply: Tariff costs remain a headwind at $75 million to $90 million for 2026, while domestic supplier issues hurt margins year-to-date; management said these issues have not changed its 2027 view.
HDFS and cash: HDFS continued to move toward a lighter capital model, with revenue down sharply as expected, while Harley-Davidson also repurchased 1.3 million shares for $30 million in Q2.