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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Harley-Davidson
Harley-Davidson (HOG) investor relations material
Harley-Davidson Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Global motorcycle retail sales rose 5.4% to 35,833 units; North American retail grew 9.1%, while dealer inventory fell ~26% YoY.
Back to the Bricks progress supported higher FY2026 HDMC retail, shipment and operating-income guidance, plus higher HDFS operating-income guidance.
Consolidated operating income fell to $37.3M from $474.8M, largely reflecting weaker HDMC results and the prior-year HDFS receivables-sale benefit.
Financial highlights
Q3 revenue was $1.083B versus $1.341B; operating income was $37.3M versus $474.8M. Net income attributable to shareholders was $42.8M versus $377.4M; diluted EPS was $0.40 versus $3.10.
HDMC revenue declined 10.2% to $964.0M; operating income fell 18.1% to $44.3M, while gross margin rose 173 bps to 28.1%.
HDMC adjusted EBITDA was $93.9M versus $93.6M; adjusted EBITDA margin improved to 9.7% from 8.7%, despite $14M of restructuring costs.
Q3 operating cash flow was $275.9M versus $417M in the prior-year period; free cash flow was $212M versus $315M.
Outlook and guidance
FY2026 HDMC global retail sales and wholesale shipments guidance increased to 135,500–139,000 units each; operating-income guidance rose to $25M–$55M.
FY2026 HDFS operating-income guidance increased to $60M–$70M; capital-investment guidance decreased to $140M–$165M.
LiveWire withdrew FY2026 guidance.
FY2026 gross tariff costs are estimated at $105M–$120M, versus the prior $75M–$90M estimate; expected recoveries leave little change to FY2026 operating-income impact.
Back to the Bricks targets at least $150M in cost savings versus the 2025 cost base and at least $75M in HDMC profitability benefit, fully realized by end-2027.
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Latest events from Harley-Davidson
- Raised full-year guidance after strong North American retail growth and improved profitability.HOG
Q2 2026 - Board elections, strategic updates, and all proposals approved; SEC filing of results pending.HOGAGM 2025
- New strategy launched for growth; all board proposals passed, climate plan proposal failed.HOGAGM 2026
- Retail sales up 14%, but profit and revenue fell; 2026 guidance and new $650M credit facility set.HOGQ1 2026
- HDFS's partnership with KKR/PIMCO unlocks $1B and targets tripled income by 2029.HOGStatus update
- Proxy details board refresh, executive pay, equity plan, auditor, and climate proposal votes.HOGProxy filing
- Shareholders will vote on directors, executive pay, auditor, and a climate plan at the 2026 meeting.HOGProxy filing
- Revenue and net income fell sharply, but HDFS posted record profits after a major asset sale.HOGQ4 2025
- Q2 revenue up 12%, EPS up 34%, with $1B share buyback and lower full-year guidance.HOGQ2 2024
Next Harley-Davidson earnings date
Q4 202611 Feb, 2027
Harley-Davidson
Next Harley-Davidson earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
The notorious American motorcycle manufacturer founded in 1903
Harley-Davidson is an American motorcycle manufacturer founded in 1903. The company is best known for its iconic motorcycles, which have a distinctive look and sound that has made them a symbol of American culture. The business model is centered around producing high-quality motorcycles and related accessories and merchandise, with a strong focus on branding and marketing, which has helped to establish it as a leader in the motorcycle industry.
In addition to its motorcycles, Harley-Davidson also sells a wide range of branded merchandise, including clothing, accessories, and collectibles. This helps to create additional revenue streams for the company and helps to strengthen its brand.
Cult status
One of the key factors that make Harley-Davidson special is its loyal fan base. The company has built a community of enthusiasts who are passionate about the brand and its products. This has helped to create a sense of camaraderie among Harley riders, which has contributed to the company's success.
Listed peers to Harley-Davidson are:
Polaris. A manufacturer of power sports vehicles, including motorcycles, snowmobiles, and off-road vehicles.
BMW Group. Providing premium automobile and motorcycle products and financing services.
Eicher Motors. based in Gurgaon, India. It manufactures and sells motorcycles and commercial vehicles in India, Bangladesh, Kenya, and Uganda.