H-D Q3 North America Retail Unit Sales +9% - 4th Consecutive Quarter of Y0Y growth; Global +5%; FY Guidance Raised
Among third quarter highlights, North American retail sales of new motorcycles were up +9% in Q3 2026 (25,603 units) versus prior year (23,462 in 2025 Q3), accelerating from +3% Year-over-Year (YoY) growth in the previous quarter. Q3 2026 marks the 4th consecutive quarter of YoY retail growth for HDI in its North American core market.
United States Q3 unit sales were 23,812 units vs 21,799 (+9.23% for the year ago); Sales in Canada were reported to be up for Q3 2026 at 1,791 units (+6.42% vs. 1,683 units for the year ago).
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| CEO Artie Starrs "our dealer network is becoming increasingly profitable" |
In Global terms, Q3 2026 retail sales of new motorcycles were up +5% versus prior year (35,833 units vs. 33,984), with North America and Asia-Pacific driving growth. Asia-Pacific grew by 1% overall and while Australia and New Zealand grew by 15%, sales in EMEA were down by -5.34% at 4,764 units from 5,033 for 2025 Q3.
Global dealer inventory of new motorcycles ended Q3 2026 down 26% vs. Q3 2025, and down 6% vs Q2 2026. In North America, 91% of dealer inventory was comprised of current Model Year 2026 motorcycles at the end of Q3 2026, up from 86% at the end of Q3 2025. HDMC global motorcycle shipments of 33,616 units in the quarter were down -8% vs. prior year, which continues the trend to lower, and especially lower/older inventory in the drive long-term dealer health, and in alignment with the Back to the Bricks strategy.
"We are pleased with the continued progress made toward aligning wholesale activity with retail demand, achieving a further 26% reduction in dealer inventory while delivering 5% growth in global retail sales compared with Q3 2025," said Artie Starrs, President and CEO, Harley-Davidson.
"North America sales were up for the fourth consecutive quarter, demonstrating an entrenched foothold in our home market. We are encouraged by the improvement in our key growth drivers over the quarter. Models like the Super Glide and Deadwood are creating deeper connection between the brand and riders. Our dealer network is becoming increasingly profitable, and we are actioning our Back to the Bricks strategy - just one full quarter into execution - in partnership with our dealers."
Balance sheet details include an increased HDMC Gross Margin Percentage against decreased Operating Expenses.
HDMC revenue of $964m in the quarter, was down -10% vs. prior year driven by the lower shipment volume. Third quarter gross margin percentage increased by 173 bps YoY to 28.1%.
Operating expenses continued to remain lower than prior year in the third quarter, coming in 1% lower than a year ago, at $227m. HDMC operating income was $44m in Q3 2026, down 18% YoY. HDMC operating income margin was 4.6% in Q3 2026 compared to 5.0% in the prior year.
Adjusted EBITDA margin improved to 9.7% in Q3 2026 compared to 8.7% in the prior year.
Net income attributable to HDI of $43m was down from $377m in Q3 2025, primarily as a result of lapping HDFS's sale of the majority of its securitization beneficial interests and retail finance receivables in the prior year, which drove a benefit in Q3 2025.
HDFS operating income margin was 9.7% in Q3 2026 down from 168.0% in Q3 2025, with a Q3 2026 annualized managed retail credit loss ratio below same periods in 2024 and 2025.
Harley states that its "strong balance sheet allowed a continued capital return program", with $110m in total capital returned to shareholders in Q3 2026, including $91m shares repurchased on a discretionary basis and $19m in cash dividends. Cash and cash equivalents were $2.1bn as of September 30, 2026.
For the full year 2026, the Company is raising its HDMC and HDFS financial guidance (for the second time this year) and now expect HDMC to see Global Motorcycle Retail Sales and Motorcycle Wholesale Shipments in balance at 135,500 to 139,000 units, generating operating income of $25 to $55m.
Meanwhile, at HDFS operating income is forecast to be in the region of $60 to $70m.
HDI has revised its capital investment to being in the region of $140 to $165m. Meanwhile, LiveWire has withdrawn its guidance.
Harley-Davidson has additionally announced the appointment of two new independent directors to its Board.
Anthony D. Fassino is a three-decade veteran at Caterpillar "with a track record of driving profitability, mitigating risk, and overseeing product development across a global manufacturing footprint."
Bryan Slone is a former Managing Partner at Deloitte's Nebraska office and the former President & CEO of the Nebraska Chamber of Commerce & Industry - his "experience in tax, public policy, and corporate governance, together with Board experience in the financial services and insurance industries, deepens our audit and risk knowledge across both HDMC and HDFS." The appointments brings the total number of directors on the Board to ten.



















