Harley-Davidson reported 132,535 global retail motorcycle sales in 2025, down 12% from 2024. Its wholesale shipments fell further, down 16% to 124,477. The latest reported quarter in the available results offers a more mixed picture: Q2 2026 retail sales edged up 1% year over year, while results varied sharply by region and dealer inventory remained lower.
How many motorcycles did Harley-Davidson sell in 2025?
Harley-Davidson’s full-year results report 132,535 global retail motorcycle sales in 2025, 12% fewer than in 2024. That retail series excludes LiveWire units. Separately, Harley-Davidson Motor Company (HDMC) shipped 124,477 motorcycles to dealers and other channel partners, down 16% year over year. Retail sales and wholesale shipments describe different points in the sales channel; shipments are not the number of motorcycles consumers bought.
The gap matters. In 2025, shipments declined faster than retail sales, consistent with the company’s stated focus on managing dealer inventory. Treating both figures as a single “sales” number would obscure that distinction. Harley-Davidson’s February 10, 2026 full-year results provide the reported figures.
Where did sales fall—and where did they grow?
The 2025 downturn was broad, but not universal. North America was Harley-Davidson’s largest retail region and had the steepest decline among the regions listed below by percentage, while Latin America posted a small increase.
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| Region | 2025 retail sales | Change from 2024 |
|---|---|---|
| North America | 89,100 | Down 13% |
| EMEA | 21,400 | Down 11% |
| Asia Pacific | 19,000 | Down 15% |
| Latin America | 3,000 | Up 2% |
Harley-Davidson attributed North American weakness to softer Touring sales in the first half, lower customer traffic and a greater focus on affordability. It described EMEA weakness across countries and said the APAC decrease was concentrated most heavily in non-core motorcycle models. Those are the company’s explanations, not independently established causes. The company characterized international results overall as soft. The full-year results release discusses regional performance.
Are Harley-Davidson sales improving in 2026?
Q2 2026 global retail motorcycle sales were 42,500, up 1% from Q2 2025. The modest global gain masked different regional directions: North America and Latin America grew, EMEA declined, and APAC was flat.
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| Region | Q2 2026 retail sales | Change from Q2 2025 |
|---|---|---|
| North America | 29,751 | Up 3% |
| EMEA | 7,000 | Down 9% |
| Asia Pacific | 5,000 | Flat |
| Latin America | 800 | Up 4% |
HDMC shipped 39,209 motorcycles in the quarter, 9% more than a year earlier. Harley-Davidson said wholesale shipments remained below retail sales as it followed dealer-inventory management plans. Dealer inventory was 17% lower than in Q2 2025. That inventory comparison is not a measure of consumer sales, and the shipment increase should not be read as an equivalent rise in customer demand.
CEO Artie Starrs described the quarter as reflecting strength in domestic retail, attention to healthy dealer inventory and dealer commitment. The reported results support a cautious reading: North American retail was stronger, but international performance remained uneven and the global increase was small. Harley-Davidson’s Q2 2026 release, dated July 23, 2026, contains the quarterly figures and management commentary.
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Why can revenue and profit tell a different story from motorcycle sales?
Harley-Davidson reports motorcycle operations as HDMC and financing operations as HDFS. HDFS activity can materially affect consolidated revenue and earnings, so the company-wide total is not a direct proxy for motorcycle demand.
In 2025, HDMC revenue was $3.578 billion, down 13%, and the segment recorded a $29 million operating loss, compared with $278 million of operating income in 2024. Harley-Davidson cited lower wholesale volumes, incremental tariffs, negative operating leverage and lower volumes when discussing the decline and margin pressure. It said those factors contributed to a 3.8-percentage-point reduction in HDMC gross margin.
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In Q2 2026, consolidated revenue was $1.230 billion, down 6% year over year. HDMC revenue, by contrast, rose 6% to $1.104 billion, and HDMC operating income increased 18%. Its gross margin slipped to 27.5% from 28.6%; the company described mixed effects from product mix, net pricing, raw materials, foreign exchange, costs and a tariff recovery.
HDFS revenue fell 55% in Q2 2026 after loan-asset sales in the second half of 2025 reduced the portfolio. In 2025, HDFS recorded $490 million in operating income, aided by effects of its transaction. These financing effects help explain why consolidated results can diverge from the motorcycle segment’s performance. The Q2 2026 release and the 2025 full-year release report the segment figures.
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What did Harley-Davidson ship by motorcycle family in 2025?
The company’s 2025 shipment table breaks HDMC units out by product family. These are wholesale shipments, not retail sales to end customers; Grand American Touring includes Trike.
| Product family | 2025 shipments |
|---|---|
| Grand American Touring, including Trike | 69,251 |
| Cruisers | 41,173 |
| Sport and Lightweight | 9,638 |
| Adventure Touring | 4,415 |
Harley-Davidson’s motorcycle shipments resource lists the product-family breakdown.
What is Harley-Davidson forecasting for 2026?
On July 23, 2026, Harley-Davidson revised its full-year 2026 guidance to 133,500–138,500 global retail sales and the same range of wholesale shipments. It also raised its HDMC operating-income guidance to $10–$50 million. These figures are company expectations for the full year, not results already achieved. The ranges also should not be confused with actual year-to-date sales. The Q2 2026 release gives the revised outlook.
Can Harley-Davidson’s decline be compared with the motorcycle industry?
The reported figures establish Harley-Davidson’s own sales and shipment trends, but do not establish a directly comparable primary-source total for the wider motorcycle industry in 2025. On this evidence, it is not possible to say whether Harley-Davidson’s decline was better or worse than the industry’s.
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