Harley-Davidson

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).

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.

LiveWire

Livewire - Harley Discloses "substantial doubt" About Future

In speaking to LiveWire's contribution to Harley-Davidsons Q3, 2026 Financial Results at the end of October, the company announced that LiveWire has suspended forward facing guidance, in the midst of "substantial doubt about its ability to continue operating" as a going concern for the next year.

The withdrawal of guidance was accompanied with reiteration of the remarks confirming that Harley-Davidson would not "fund LiveWire's operating losses going forward." 

In its Q3 Fiscals LiveWire reports that it has some $40m of cash at present, though that is expected to halve by the end of 2026. Analysts estimate that another $60m in LiveWire losses will have to be consolidated into the Harley balance sheet in 2027 if nothing changes soon. Livewire has recorded operating losses exceeding $300m since its September 2022 spinoff.

The Dust Hightail will be among the new models that LiveWire will debut on the Harley-Davidson booth at EICMA this week …

A 20% YoY Q3 increase in unit sales (from 5,851 for the year-ago to 7,045 units for Q3 2026) and +41% increase in revenue ($7.9m. from $5.6m. for Q3, 2025) has to been seen in the context of an operating loss that has improved by just 2% from -$18.2m. to -$17.8 for Q3 2026 and by 6% from -$56.6m for first nine months of 2025 to -$53.4m. YTD 2026. 

Harley reports that 16,214 LiveWire units have been sold in the first nine months of 2026. These figures are for electric motorcycle unit sales and STACYC electric balance bikes revenue combined. 

Some days earlier LiveWire confirmed that CEO Karim Donnez had resigned (October 21, 2026) and that a Restructuring Committee had been established (October 22) with Roy Gallagher (Ankura Consulting Group) as Chief Restructuring Officer and principal executive officer. 

That committee has been tasked with exploring LiveWire's options, including new financing, a possible sale or a "broader restructuring" - which is barely disguised code for closure and liquidation of assets. Harley-Davidson's Chief Financial and Commercial Officer Jonathan Root serves as LiveWire's board chair.

The news came just ten days before LiveWire was slated to exhibit new Honcho and Dust models on the Harley booth at EICMA (The 'Milan' Show). The immediate pre-EICMA rumor mill suggested that the brand IP could find a home in China.

Prior Harley managements have a track record of failed EV start-up partnerships and equity investments. They partnered with Mission Motors in 2025 before that business folded, and bought a equity stake in Alta Motors in 2018. 

In May 2026 Harley-Davidson/LiveWire made a third attempt to rebuild its EV options through a third-party relationship, with the acquisition of Oregon based Dust Moto (Colin Godby) in another, belated effort to get closer to the burgeoning Dirt Bike/off-road segment, the one promising area of the electric motorcycle at this time.

Following Jochen Zeitz' predictably ill-fated Special Purpose Acquisition Company (SPAC) NYSE IPO/float, and a $100m 'PIPE' deal (private investment in public equity) collaboration with Taiwan's KymCo immediately 'Fell to Earth' with a thud in 2022, Harley-Davidson has remained stuck as LiveWire's controlling shareholder - owning 88% as at the end of Q1, 2026. 

LiveWire's stock was trading at 92 cents per share on the day the results were published (October 29, 2026), compared with a closing price of $1.60 on prior afternoon.

News Briefs

Struggling luxury British auto maker Aston Martin (of James Bond fame) has partnered with equally high-end motorcycle manufacturer Brough Superior (formerly another iconic British brand) to badge its first road legal motorcycle 0 the AMB 002.  Only 300 hand-built examples will be available, with deliveries slated to start in late 2027. The heart of the bike is an all-new 1,083 cc four-stroke, water-cooled V-twin with 130 hp and 81 lb.-ft. of torque. The engine features CNC-machined billet engine cases optimized for weight reduction and structural efficiency, sitting in an 11 lb titanium frame that's milled from a solid billet, forming a structural spine. It weighs a fraction of a conventional design - just over 11 lb. - and Brough says the AMB 002's frame is key to achieving a perfect 50:50 weight distribution. The price? If you have to ask, you can't afford it but don't expect much if any change from $150,000.

Moto Guzzi has opened a new manufacturing facility and 32,000 sq ft museum as the iconic Italian brand celebrates its 105th anniversary in 2026. The new facilities are both located in the town of Mandello del Lario, where Moto Guzzi was founded in 1921. Designed with a clear focus on environmental sustainability, the facility features 59,200 square feet of new industrial buildings and totals 409,000 square feet of factory space. It also features brand-new automated engine assembly line.

Regular reports are now emerging in USA, Europe and elsewhere confirming that far from being the end of employment as we know it, AI is increasing productivity and, therefore, profits and, therefore available investment capital. This is driving growth and - drum roll - increasing employment; it is especially jobs that demand specialised skill sets. Whodathunkit!

Applications for the 2027 Build.Train.Race. Flat Track and Road Racing seasons are now live, as Royal Enfield considers applications for the next cohort of BTR racers. The all-woman initiative, teaching women to build & race their own motorcycles, highlights women and motorcycle culture in North America through a unique program. Bringing riders from different backgrounds together to race in an exclusive series across the United States, the program consists of two racing disciplines with a separate grid of riders for separate flat track and road racing championships.

Plano, Texas based Cardo Systems has been awarded a prestigious ‘Red Dot’ Award for Product Design in 2026 - for its new smart helmet, the integrated comms Cardo Beyond GTS.

The MIC joined outdoor recreation industry leaders and partners in July to celebrate the first anniversary of the bipartisan Public Lands Caucus. During the event, House members from both parties highlighted the caucus's efforts over the past year to oppose proposals to sell millions of acres of federal public lands through budget reconciliation and tax legislation while reaffirming their commitment to protecting public access and conserving America's public lands.

Ahead of the planned retirement of chief commercial officer Paul Stroud, Triumph Motorcycles has appointed David George as Chief Sales Officer and Nick Bell as Head of Global Marketing Operations. Stroud's time at Triumph saw annual global motorcycle sales grow from around 45,000 motorcycles to more than 140,000 last year. George has held senior leadership positions with Volkswagen Group, Audi, Mercedes-Benz, MINI and BMW in the UK and Canada. Bell has worked closely with Triumph for more than a decade while at strategy consultancy OC&C. 

The Outdoor Power Equipment Institute (OPEI) is pushing back against California's latest emissions requirements for small off-road engines (SORE) as Congress considers whether to overturn the federal waiver that allows the California Air Resources Board (CARB) to enforce the rules/PSB

Level 3 DC fast charging is coming to Zero Motorcycles, delivering 20% to 80% charging in under 30 minutes for motorcycles with a battery capacity of up to 17.3 kWh. The new CCS port and fast charging module will be available for new Zero Street and Dual Sport/ADV motorcycles later in 2027. The system will also be offered as a retrofit accessory for Street and Dual Sport/ADV models from 2022 and up.

Honda has opened a new motorcycle production factory in Turkey. The new facility (at Aliaga, Izmir) is operated by Honda Türkiye A.S and is Honda's 38th factory worldwide and has an initial annual production capacity set at 100,000 units, with the opportunity to expand to up to 200,000. Production started in April 2026. Turkey has become one of Honda's key growth markets. In 2025 Honda took the number one position in the market for the 11th consecutive year.

Indian Motorcycle

Indian Motorcycle Racing Caps Historic 2026 KOTB Season 

New Jersey Motorsports Park Season Finale, September 25–27, 2026

In what will go down in the annals as the final time that the Indian and Harley Factory Bagger Racing teams faced off, the Vance & Hines Motorsports-Built Indian Challenger secured the 10th win of the seven-Round, 14-Race season, with a Podium Sweep in the first of the weekend's two races, setting a new record of 24 Podiums for the series.

The team said it has already set its sights on a 2027 pursuit of back-to-back championships, and remains committed to Hyden Gillim and Troy Herfoss. However, although MotoAmerica is holding its cards close to its chest at present, and even though the Indian Challenger has been dominant, the absence of Harley does question the viability of the series for 2027 and beyond. Especially as a resurgent Bagger Racing League's command of the 'Grass Roots' of Bagger Racing looks set to grow stronger.

"When you consider that we entered Daytona back in March with only a single testing session under our belt, it's pretty amazing to think about what we were able to accomplish," said Mike Kennedy, CEO of Indian Motorcycle. "When you break it all down, this season is the ultimate testament to the superior performance of the Indian Challenger and the broader PowerPlus platform, and to the collaborative power of Indian Motorcycle and Vance & Hines Motorsports."

After clinching the 2026 KOTB championship with Hayden Gillim at Circuit of the Americas earlier in September, the J&P Cycles / Motul / Vance & Hines Motorsports Factory Indian Motorcycle Racing team carried its momentum into the season finale. The team "delivered an unparalleled season of record-breaking success," including an individual record eight wins for Gillim. "This season was incredible, and we're proud of everything this team accomplished, but our work doesn't stop there," said Kennedy. 

The results marked a historic first season for the new partnership with Vance & Hines Motorsports, "which came together ahead of the 2026 season to bring a proven performance platform and decades of race development expertise together under one program. At the heart of the effort was the Indian Challenger, powered by the liquid-cooled PowerPlus 112 engine, giving the team a strong foundation to develop and refine a purpose-built race package throughout the season." 

In New Jersey, Herfoss closed out the season with a statement in Race 1, charging from the back of the pack to take his second victory of the season, followed by Gillim in second and Tyler O'Hara in third to complete the Indian Challenger podium sweep. In Race 2, 2026 Champion Gillim added another podium to his season, bringing his No. 69 home in third to close out the 2026 campaign.

"King of the Baggers represents the largest class of motorcycles sold in the United States, and this season has invigorated excitement and enthusiasm for American V-Twin riders all around the globe," said Kennedy. "At the end of the day, it's the average rider who benefits most from the competition between Indian Motorcycle and Harley-Davidson. We're extremely proud of our success this season but certainly expect the team from Milwaukee to be ready to fight for that No. 1 plate come Daytona 2027."

Gillim's championship marked Indian Motorcycle's fourth King of the Baggers title, joining O'Hara (2020, 2022) and Herfoss (2024) as Indian Motorcycle champions.

Feuling Parts

Feuling Reaper Camshafts

Feuling Parts' range of M8 application Reaper Camshafts has been updated - "designed not only for performance, but superior rideability."

"Developed to provide broad usable power bands that gives riders roll on throttle power in a wider RPM range, in a real-world application it's not how much power you have, but where the power is and how long it carries," says CEO Luke Leatherman.

"This not only makes the motorcycle feel faster, but much easier to ride. The lobe profiles are designed to provide a smooth operation for the valvetrain which will help prevent harmonics, noise and increase longevity. These lobe profiles also prove a unique lope at idle. 

"Available in multiple different grinds for each model to cover every engine size and riding style, whether you're looking for max low-end torque, a wicked mid to top-range puller or something in between, there is a Reaper Camshaft for you with new grinds coming soon for M-Eight Gen-2.

405: A workhorse for stock/near stock 107" and 114" engines. Wide powerband throughout the entire RPM range. Will respond well with slip-on mufflers and a high flow air cleaner. Gen-1 & Gen-2 bolt-in; C.A.R.B. Approved.

465: Quick accelerator with strong and smooth torque for 114" - 117" engines. Broad overall power in 107" engines. Very strong bottom end with substantial gains above 2,500 RPM when compared to stock. Gen-1 & Gen-2 bolt-in; C.A.R.B. Approved

472: Great all-around gains camshaft, Feuling's go-to for 114" & 117" engines looking for a little more than the 465 grind. Great bottom end with substantial gains above 2,750 RPM when compared to stock. Responds very well to increased bore and/or compression; Gen-1 & Gen-2 bolt-in; C.A.R.B. Approved

476: Higher lift version of the 465. Quick accelerator. Strong and smooth torque for 114"-117" engines. Broad over all power in 107" engines. Very strong bottom end with substantial gains above 2,500 RPM when compared to stock. Gen-1 & Gen-2 bolt-in.

487: Hot rod camshaft - the Reaper 'Chop Cam'. Great for 114" - 117" looking for higher RPM pulling power. Nasty chop at idle, maintains bottom end power and really shines in the higher RPMs. Responds very well to increased bore and/or compression. Gen-1 & Gen-2 bolt-in.

508: Higher lift version of the 487 cam. Maintains bottom end power and really shines in the higher RPMs. The 508 revs up faster than the 521 grind and sounds nastier. Gen-1 engines require high lift valve springs (see Feuling #1107 or #1108); Gen-2 bolt-in.

521: Strong overall torque for 117" engines and stump pulling low to mid-range torque in 121" engines. Better street manners and less exhaust choice dependant than the 508 or 538. Gen-1 engines require high lift valve springs (see Feuling #1107 or #1108); Gen-2 bolt-in.

538: Strong mid to top range pulling power in 117" and 121" engines. Go-to bolt-in replacement cam for 131" - 135" kits/crate engines. Shines even more with cylinder head and intake work + high flow throttle body and performance exhaust. Gen-1 engines require high lift valve springs (see Feuling #1107 or #1108); Gen-2 bolt-in.

592: "The Big Nasty" with freight train pulling power. Get serious with bore size, ported cylinder heads and throttle body. Aggressive camshaft requires performance pushrods, lifters, high flow air cleaner, stepped exhaust and high lift / high load valve springs (see Feuling #1207).

618: Race Series Camshaft - Requires large bore size, ported cylinder heads, ported intake manifold, high flow valves and large throttle body. Aggressive camshaft requiring high lift and higher load valve springs see #1207, performance pushrods and lifters. High flow air cleaner and triple stepped exhaust pipe highly recommended. Feuling also recommends matching this cam with Race Series oiling system (#7097 or #7099).

FEULING PARTS

www.feulingparts.com

Vance & Hines

VHR 475 Performance Cams

Designed for 2017-2023 Touring and 2018-2024 Softail these new VHR Performance Cams will "maximize performance in street application Harley-Davidson motorcycles.

"The VHR475 camshaft allows Gen 1 Milwaukee-Eight engines to realize their full potential. This bolt-in camshaft makes exceptional performance gains (up to +18% hp and +13.5% torque) from 3,000 RPM to redline blending peak power gains with low end grunt that forces the rider to grip tighter with exhilaration throughout the power curve."

They do not require performance valve-springs or other head work - the VHR475 cam "extracts the maximum horsepower and torque with minimal invasion into the heart of your machine."

The Gross Valve Lift is .479 intake and exhaust, with .295 intake and exhaust Lobe Lift and 212 intake/234 exhaust duration at .050; intake center line is 100 and lobe separation 105.

They work with the stock valvetrain and are a genuine mod-free direct bolt-in with Cam Chest Gasket included. 

VANCE & HINES

www.vanceandhines.com

Drag Specialties

Drag Specialties - Additions

Quick Connect Braded Upper Clutch Cables

This Drag Specialties OE replacement cable easily and quickly connects to the OE lower clutch cable section to significantly reduce installation time; no need to drain the transmission fluid. Cables come pre-lubricated for smooth, consistent long-lasting action. The design meets or exceeds the OE specifications, and the OE cable cover and housing can be re-used. 

Available with black/black cable housing and fittings in stock cable lengths for 24-26 FLHX and 23-26 FLHXSE models. Replaces OEM# 37200574A and for 24-26 FLTRX and 23-25 FLTRXSE models replacing OEM# 37200592. 

Freedom Touring Seat with Backrest Option

This Freedom Touring Seat by Drag Seats features a 5 3/4" tall driver support with unique styling and is covered in high-quality automotive-grade vinyl. Seating area is contoured for maximum comfort and is made narrow up front for better leg clearance. 

This seat also works with Drag's EZ Glide frame-mounted receiver mechanism to accept EZ Glide backrests. It will also work with H-D and OEM frame-mounted backrest mechanisms and backrest pads. Available in Double diamond stitch with black or silver thread for 15-25 FLRT and 23-25 FLTRT models. All mounting hardware is included. 

Lower Rear Belt Guard

This Drag Specialties branded Rear Belt Guard will save the belt from debris and rain damage. Made of high-quality stamped-steel with simple bolt-on installation. Available for 09-26 FLHT/FLHX/FLHR/FLTR models (covers OEM guard); replacing OEM# 60408-09. 

Drag Specialties/Gilles - Adjustable Heel/Toe Shifter Kits

These adjustable shifter levers are constructed of CNC-milled 6082 T6 aluminum and allow shorter motion for shifting. The spline axle features aggressive teeth flanks for added bite. Front and rear pegs are double eccentric with the front having 360-degree adjustment and the rear adjustable in angle. The shift arm is adjustable in 3 ratios. Available in either black or black/gold finishes for 99-25 FLHT/FLHX/FLTRX/FLTRU/FLTRK, 09-25 H-D FL Trike and 00-17 FLST models. 

Rear Brake Caliper Kit

Providing the same reliable braking tame after time, this Drag Specialties Rear Brake Caliper accepts OEM bolts and comes with brake pads and bleeder screw. Replaces OEM# 41300097. Available in chrome for 15-17 Softail models.

DRAG SPECIALTIES

www.dragspecialties.com

Freedom Performance

Freedom Performance 'Sharktails' for 2000 'Gilroy Chief' 

Here's something you don't see very often these days - a vendor with a fitment for a 'Gilroy' era Indian Motorcycle model. Indeed, the bike itself is not something that you see very often either - a rare survivor.

My thanks to Freedom Performance Exhausts (Corona, CA) for news of a gentleman by the name of 'Mazen' and his 2000 "Gilroy Chief". 

This is one of the Gen 1.0 'Gilroy Indians' that were based on the 88 ci, 1,442 cc S&S V-twin. The Chief was followed in 2001 by new Scout and Spirit models, before the iteration of the 'Powerplus' engine made its debut in 2002 (the 1,600 cc Powerplus 100 ci; aka the "bottlecap" engine) - a design that was much liked but reliability and performance were not great; it was widely regarded as having been rushed. 

That pre-Carolwood, pre-Polaris, Pre-King's Mountain era Indian Motorcycle Company of America (IMCOA) was based in the former California Motorcycle Company (CMC) facility at Gilroy, CA. It was the first real volume come-back for the brand since the company went broke and the iconic 'Wigwam' factory at Springfield, Mass., was shuttered in 1953.

The IMCOA holding company was created to bring together competing and disparate name and rights ownerships but, itself, entered bankruptcy in 2003. That was when Stephen Julius (UK based Stellican), acquired the rights from IMCA. It was Julius/Stellican who had brought Chris Craft back from the dead, so they had form where famous brand turnarounds were concerned. They acquired a facility at King's Mountain, NC., fixed the (still admired) "bottlecap" engine and ran production there from 2006-2011. 

That gave new long-term hope to Indian fans worldwide before Julius passed the torch to Polaris Industries in 2011.

Meanwhile 'Mazen' and his 2000 "Gilroy Chief" are enjoying a new set of Freedom Performance 33" Softail 'Sharktails' - and long may he continue to do so. 

FREEDOM PERFORMANCE EXHAUST

www.freedomperform.com