Harley-Davidson Q2 net income down 26% to $80M; raises full-year guidance on HDMC strength

HARLEY-DAVIDSON, INC.

Q2 diluted EPS $0.75, down 15% YoY; revenue $1.23B, down 6% on HDFS shift to capital-light model.
HDMC revenue up 6% to $1.1B; operating income up 18% to $72M; adjusted EBITDA margin 10.4% vs 9.3%.
HDFS operating income fell 69% to $22M on $117M revenue (-55%) after sale of loan assets in H2 2025.
North American retail sales up 3% to 29,751 units; global retail up 1% to 42,500; dealer inventory down 17%.
Raised FY 2026 guidance: HDMC retail/wholesale 133.5k-138.5k; HDMC op income $10M-$50M; HDFS op income $55M-$65M.

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