Harley-Davidson(NYSE) HOG

Harley-Davidson makes motorcycles for people who want to travel on two wheels. They also provide loans and insurance to help riders buy their bikes. The company sells its products through a global network of independent dealers.

What's in the Showroom?

• Motorcycles: Touring, cruiser, and sport bikes for global riders; generated $1.06 billion in revenue in Q1 2026.
• Financial Services: Loans and insurance for buying motorcycles; contributed $111.9 million in revenue in Q1 2026.
• LiveWire: Electric motorcycles and products for modern riders; accounted for $5.1 million in revenue in Q1 2026.

Strategic Moves and Growth

• Established a Forward Flow Agreement to sell retail loans to partners through 2030.
• Consolidated LiveWire Group, Inc. to expand into the electric vehicle market.
• Renewed a $1.50 billion U.S. Conduit Facility in October 2025 to support lending.
• Redeemed €700 million in medium-term notes in March 2026 to manage debt.

How the Business Stands Out

Harley-Davidson operates a global distribution network across North America, Europe, and Asia-Pacific. The company integrates motorcycle design and manufacturing with an internal finance division for riders and dealers.

By the Numbers

• Revenue was $1.17 billion in Q1 2026, down 11.8% from Q1 2025.
• Net income hit $24.8 million in Q1 2026, down 81.4% from Q1 2025.
• Operating cash flow reached -$228 million in Q1 2026, worsened from $141.5 million in Q1 2025.
• Free cash flow hit -$259.8 million in Q1 2026, worsened from $111.6 million in Q1 2025.
• The P/E (price-to-earnings) ratio rose to 22.4 in Q1 2026 from 5.9 in Q1 2025.

Bottom Line

Harley-Davidson has expanded from traditional heavy motorcycles into electric vehicles and financial services. This evolution allows the company to reach new riders while managing the high costs of vehicle manufacturing.