Harley-davidson, Inc. · NYSE:HOG
Harley-davidson — Q2 2026 Earnings Presentation
26 slides from Harley-davidson's earnings presentation, Jul 23, 2026
Slide 1: Harley-Davidson Q2 2026 Earnings Results
Thursday, July 23, 2026 Harley-Davidson Q2 2026 Earnings Results HARLEY- DAVIDSON
Slide 2: Speakers
Q2 2026 Earnings Results Speakers ▪ Artie Starrs, President and CEO ▪ Jonathan Root, Chief Financial Officer and Chief Commercial Officer ▪ Shawn Collins, Director of Investor Relations 2
Slide 3: Back To The Bricks Spotlight: Q2 Strategy Execution
Back To The Bricks Spotlight: Q2 Strategy Execution Restoring profitable growth ▪ Raising full-year guidance following strong first-half execution Winning in North America ▪ Third consecutive quarter of year-over-year retail growth, led by continued strength in Touring Building the next phase of gro
Slide 4: Back To The Bricks Spotlight: 2026 Super Glide
Back To The Bricks Spotlight: 2026 Super Glide® ▪ In June, Harley-Davidson revived an iconic motorcycle in celebration of America’s 250th Anniversary ▪ Introduced 55 years after the original Factory Custom motorcycle launched in 1971 ▪ Limited-edition with 2,500 serialized motorcycles ▪ Limited avai
Slide 5: Q2 2026 Business Highlights
Q2 2026 Business Highlights Motorcycle Motorcycle HDMC HDFS HDI Other Retail Portfolio Financials Financials Financials Activities ▪ North American ▪ Global dealer ▪ HDMC revenue ▪ Operating ▪ Delivered ▪ Incurred $3 retail motorcycle inventory levels of $1.1 billion, under updated diluted EPS milli
Slide 6: Harley-Davidson Worldwide Retail Sales & Market Share
Harley-Davidson Worldwide Retail Sales & Market Share Q2 ‘26 H-D Motorcycle Retail Sales (vs. PY) Regional Highlights in Q2 2026 North Latin EMEA APAC Worldwide America America North America Units 29,751 6,959 4,990 767 42,467 ▪ Strength in the Touring and Sport categories YoY Change 3% -9% 0% 4% 1%
Slide 7: Harley-Davidson Shipments & Dealer Inventory
Harley-Davidson Shipments & Dealer Inventory HDMC Worldwide Motorcycle Shipments Global HDMC Motorcycle Dealer Inventory Levels Units (in Thousands) Units (in Thousands) Q2 Results1 YTD Results2 68 Units Q2 ‘25 Q2 ‘26 Y-o-Y 1H ‘25 1H ‘26 Y-o-Y Change Change (Thousands) Down 17% vs. Q2 ’25 Touring 18
Slide 8: HDMC Revenue
HDMC Revenue Q2 Results YTD Results Y-o-Y Y-o-Y Q2 ‘25 Q2 ‘26 Change 1H ‘25 1H ‘26 Change (in $ millions) Motorcycles $778 $848 9% $1,642 $1,684 3% Parts and Accessories 187 177 -5% 330 319 -3% Apparel & Licensing 61 62 2% 122 126 3% Other 18 17 -4% 31 31 -3% HDMC Total Revenue $1,044 $1,104 6% $2,1
Slide 9: HDMC Income Statement
HDMC Income Statement Q2 Results YTD Results Q2 ‘25 Q2 ‘26 Change 1H ‘25 1H ’26 Change (in $ millions) HDMC Revenue $1,044 $1,104 6% $2,125 $2,160 2% Gross Profit 299 304 2% 614 571 -7% Gross Margin % 28.6% 27.5% -108 bps 28.9% 26.4% -245 bps Operating Expenses1 237 232 -2% 436 480 10% Operating Inc
Slide 10: HDMC Revenue & Gross Margin Bridges
HDMC Revenue & Gross Margin Bridges1 Q2 ‘26 Revenue Bridge (in %) YTD ‘26 Revenue Bridge (in %) 6% 6% 2% 1% 2% 1% -1% 0% 0% -1% Volume Pricing Mix FX Total Volume Pricing Mix FX Total Q2 ‘26 Gross Margin Percent Bridge (in %) YTD ‘26 Gross Margin Percent Bridge (in %) 3% 1% 0% 0% -1% 0% 0% 0% 0% -1%
Slide 11: HDFS Income Statement
HDFS Income Statement Q2 Results YTD Results Y-o-Y Y-o-Y (in $ millions) Q2 ‘25 Q2 ‘26 Change 1H ‘25 1H ‘26 Change Interest Income $215 $61 -72% $424 $111 -74% Second Quarter 2026 Highlights Other Income 42 56 33% 78 118 52% ▪ HDFS Operating Income HDFS Revenue 257 117 -55% 502 229 -54% margin of 18
Slide 12: HDFS Segment Performance
HDFS Segment Performance Retail Finance Receivables Annualized Managed Retail Credit Losses1, 2 Owned Portfolio + Off-balance Sheet Portfolio3, 4 Retail Receivables Owned Receivables Off B/S Receivables $6.4 $6.1 $6.0 $6.1 3.1% 3.3% 3.0% 2.6% $4.7 $4.5 $5.1 1.9% 1.4% 0.8% $1.3 $1.6 $1.0 Q2 '20 Q2 '2
Slide 13: LiveWire Segment Results
LiveWire Segment Results ▪ Q2 Revenue increase of 52% and YTD Revenue increase of Q2 YTD 2026 63% due to increase in volumes of electric motorcycles and % vs % vs STACYC electric balance bikes 2025 2026 2025 2026 $ millions1, 2 PY PY ▪ Q2 Operating Loss decrease of $0.8 million and Consolidated Unit
Slide 14: Capital Allocation & Financial Position
Capital Allocation & Financial Position Capital Allocation Prioritization Demonstrated Return of Capital to Shareholders ▪ $50 million in total capital returned in Q2 ‘26 ▪ Reinvest in key growth initiatives o $30 million shares repurchased1 ▪ Return of capital through share buybacks and dividends o
Slide 15: Select Balance Sheet Items
Select Balance Sheet Items Select Balance Sheet Items by Segment – as of June 30, 2026 Harley-Davidson, Inc. (HDI) HDMC HDFS HDI2 ▪ Cash & Equivalents at HDI increased from In $ millions 6/30/26 6/30/26 6/30/26 $1,805 million in Q1 ’26 to $1,896 million Total Debt + Total Deposits $297 $2,461 $2,758
Slide 16: Consolidated Results
Consolidated Results Harley-Davidson, Inc. (HDI) Q2 ‘26 Results YTD ‘26 Results In $ millions, except EPS HDMC HDFS LVWR HDI HDMC HDFS LVWR HDI Revenue $1,104 $117 $9 $1,230 $2,160 $229 $14 $2,403 % vs PY 6% -55% 52% -6% 2% -54% 63% -9% Operating Income (Loss)2 $72 $22 ($18) $76 $91 $44 ($36) $100 M
Slide 17: Harley-Davidson, Inc. – 2026 Financial Guidance
Harley-Davidson, Inc. – 2026 Financial Guidance Raising Guidance: Raising Guidance: Continue to Expect: HDMC HDFS LiveWire Global Motorcycle Retail Sales Operating Income Operating Loss 133,500 to 138,500 units $55 million to $70 million ($70 million) to ($80 million) From previous 130,000 to 135,00
Slide 18: Back to the Bricks Execution
Back to the Bricks Execution ▪ Improved Q2 results demonstrate execution against Back to the Bricks strategy ▪ North America retail motorcycle sales grew year-over-year for the third quarter in a row ▪ Dealer profitability improved which we expect to aid in driving growth ▪ Recent motorcycle introdu
Slide 19: Appendix
APPENDIX C O N F I D E N TI A L & P R O P R I E TA R Y. C O P YR I G H T © 2 0 2 6 H A R L E Y - D A V I D S O N . A L L R I G H TS R E S E R V E D 19
Slide 20: HDMC – Tariff Update
HDMC – Tariff Update Full Year Tariff Picture1 Harley-Davidson as of July 17, 2026 Tariff Environment Full Year Tariff Picture1 Harley-Davidson ▪ U.S. centric manufacturing footprint $ in millions 2025A 2026 Est. ▪ U.S. market sales & U.S. centric sourcing approach Total 1, 2, 3 $67 ~$75 - $90 Prior
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations HDMC Net Income / (Loss) Reconciliation to Adjusted EBITDA2 $ in millions Q2 ‘25 Q2 ‘26 YTD ‘25 YTD ‘26 Net income $106 $79 $237 $103 Interest expense 8 4 15 7 Provision for income taxes 24 16 72 34 Investment income (11) (12) (20) (21) Other income, net (14) (11) (31) (25)
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations LiveWire Net Income / (Loss) Reconciliation to Adjusted EBITDA2 $ in millions Q2 ‘25 Q2 ‘26 YTD ‘25 YTD ‘26 Net income $106 $79 $237 $103 Interest expense 8 4 15 7 Provision for income taxes 24 16 72 34 Investment income (11) (12) (20) (21) Other income, net (14) (11) (31) (
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Operating Cash Flow to Free Cash Flow $ in millions Q2 ‘25 YTD Q2 ‘26 YTD Operating Cash Flow $509 ($59) Capital expenditures (65) (45) Free Cash Flow $444 ($104) Cash and Cash Equivalents / Debt & Deposits Reconciliation to Net Cash / (Net Debt) $ in millions as of June 30,
Slide 24: Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measures That Supplement GAAP Measures This presentation 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, Adjusted EBITDA Ma
Slide 25: Forward Looking Statements
Forward Looking Statements The Company intends that certain matters discussed in this presentation 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 general
Slide 26: C O N F I D E N TI A L & P R
C O N F I D E N TI A L & P R O P R I E TA R Y. C O P YR I G H T © 2 0 2 6 H A R L E Y - D A V I D S O N . A L L R I G H TS R E S E R V E D