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Based on results reported through Q2 2026, Harley-Davidson had significant operating challenges, but its reported results do not establish that the company is about to fail or is insolvent. It remained profitable overall in the second quarter and reported $1.9 billion in cash at June 30, 2026. However, Q2 revenue, operating income and earnings per share all fell year over year, and its motorcycle business recorded an operating loss for 2025.
What the latest financial results show
Harley-Davidson’s figures point in two directions: weakening results in important parts of the business, alongside positive cash and earnings indicators. The distinction matters because “financial trouble” can mean declining sales or profits, a cash shortage, or an inability to meet obligations. The reported figures support concern about operating performance, but do not by themselves prove a liquidity crisis or insolvency.
| Measure | Reported result | What it indicates |
|---|---|---|
| Consolidated revenue | $4.473 billion for 2025, down 14% from 2024, according to Harley-Davidson’s FY2025 results released February 10, 2026. | A substantial annual decline in company-wide sales. |
| Net income attributable to Harley-Davidson | $339 million for 2025, down 26% from 2024; diluted EPS was $2.78, compared with $3.44 in 2024, according to the company’s FY2025 results. | The company remained profitable for the year, but earned less than the prior year. |
| Consolidated Q2 results | For the quarter ended June 30, 2026, revenue was $1.230 billion, down 6% year over year; operating income was $76 million, down 32%; net income attributable to HDI was $80 million, down 26%; diluted EPS was $0.75, down 15%, according to the July 23, 2026 release. | Harley-Davidson was profitable in the quarter, while several key measures weakened from Q2 2025. |
| Cash and operating cash flow | The company reported $1.9 billion in cash and cash equivalents at June 30, 2026, and $60 million of net cash use from operating activities in the six months ended that date. | Cash is a liquidity indicator, but it does not alone show total debt, upcoming payments or the ability to service obligations over time. |
These are company-reported figures, not an independent credit assessment. A firm conclusion about solvency would require a fuller view of matters such as debt maturities, covenants and available credit facilities; the Q2 release’s summary figures do not settle those questions.
How the motorcycle business is doing
2025: fewer sales and an operating loss
Harley-Davidson reported 132,535 global retail motorcycle sales in 2025, down 12% from 2024, and 124,477 wholesale shipments, down 16%. Its Harley-Davidson Motor Company (HDMC) segment recorded a $29 million operating loss for the year. Together, those figures show that the core motorcycle business was under pressure, not merely that consolidated results were affected by a change elsewhere in the company.
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Q2 2026: some improvement, but not proof of a turnaround
There were also countervailing signs in the second quarter. HDMC revenue was $1.1 billion, up 6% year over year; North American retail sales were up 3%; and global dealer inventory at quarter-end was 17% below its Q2 2025 level. A single quarter does not establish that demand or profitability has durably recovered, particularly alongside the full-year 2025 decline.
Why Harley-Davidson Financial Services changed
Harley-Davidson Financial Services (HDFS) is not simply a mirror of motorcycle sales. The company entered a transaction with KKR and PIMCO that reduced HDFS’s finance receivables and debt. Harley-Davidson said the transaction enabled a $1 billion dividend from HDFS to the parent company in Q4 2025 and significantly reduced HDFS debt. A smaller finance portfolio can mean lower funding needs and less exposure to the loans sold, but it also means less interest income from those loans; servicing and other income remain part of the business.
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The shift is visible in Q2 2026: HDFS revenue was down 55% year over year, operating income was down 69%, and net finance receivables were $2.6 billion, down 64%. The company attributed the smaller receivables balance chiefly to asset sales in the second half of 2025, so the revenue decline should be read in the context of a smaller portfolio rather than as a like-for-like measure of loan demand alone.
HDFS reported $490 million of operating income for 2025, compared with $248 million in 2024. That increase is not, by itself, proof that recurring earnings power improved: Harley-Davidson’s annual report says it was driven in material part by a favorable credit-loss provision effect associated with the HDFS transaction, as well as higher other income. The annual report also showed pressure in managed-basis credit measures: retail motorcycle loan credit losses were 3.37% in 2025 versus 3.31% in 2024, and 30-day managed delinquencies were 5.77% at December 31, 2025 versus 5.34% a year earlier. Those measures cover managed loans, not only loans still held on the balance sheet.
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What management expects for 2026
On July 23, 2026, Harley-Davidson raised its full-year outlook. These are company forecasts, not completed results or guarantees; actual performance may differ, and the release cautions that forward-looking statements are subject to risks.
| 2026 company outlook as of July 23, 2026 | Expected range |
|---|---|
| HDMC global retail motorcycle sales | 133,500–138,500 units |
| HDMC global wholesale shipments | 133,500–138,500 units |
| HDMC operating income | $10–$50 million |
| HDFS operating income | $55–$70 million |
| LiveWire operating loss | $70–$80 million; unchanged from the prior outlook |
| Harley-Davidson, Inc. capital investments | $175–$200 million; unchanged from the prior outlook |
Management’s July statement emphasized domestic retail strength, dealer inventory levels and market-share gains as reasons for raising guidance. That is management’s assessment; it should be considered alongside Q2’s year-over-year declines in consolidated revenue, operating income and earnings per share.
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Does this mean Harley-Davidson is going out of business?
The reported evidence through Q2 2026 does not establish that Harley-Davidson is going out of business or is insolvent. It shows a profitable consolidated company in that quarter, cash on hand, a weak 2025 result in the motorcycle segment, and lower consolidated Q2 revenue and earnings than a year earlier. The HDFS asset sales also changed both the finance business’s scale and its reported revenue and earnings profile.
As of October 4, 2026, the latest quarter identified on Harley-Davidson’s investor-relations page was Q2 2026, released July 23. The outlook should be judged against later reported results when they become available; it is not evidence that the forecast has already been achieved.
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