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- **Revenue Growth**: North America retail up 3% YoY, driven by redesigned trike models and targeted incentives. Global retail up 1% YoY.
- **Dealer Health**: Dealer profitability expected to double in 2026. Inventory at healthiest levels in years (85% 2026 model year).
- **Product Success**: Super Glide sell-through strong; Deadwood motorcycles generating positive feedback. PNA business tracking ahead of plan.
- **Financial Updates**: HDMC operating income guidance raised to $10M-$50M. HDFS operating income guidance increased to $55M-$70M.
- **2027 Vision**: $150M cost savings target on track. New Sportster and Sprint models to launch, with cautious but optimistic volume expectations.

**【CEO Summary Section】**
- **Back to the Bricks Progress**: North American retail sales up 3% YoY, marking the 3rd consecutive quarter of growth. Dealer inventory improved to 85% model year 2026, healthiest in years. Dealer profitability expected to double in 2026.
- **Product Launch Success**: Super Glide sell-through strong with high MSRP realization; Deadwood motorcycles hitting dealerships with positive rider and media feedback.
- **Strategic Priorities**: Focus on aligning wholesale with retail demand, improving dealer economics, and advancing Parts & Accessories (PNA) business. PNA tracking ahead of FY26 plans.
- **Challenges**: Europe market underperformance, domestic supply chain issues, and tariff uncertainty. RevMax production moving to U.S. to strengthen domestic manufacturing.

**【CFO Financial Commentary】**
- **HDMC Financials**: Q2 revenue $1.1B (+6% YoY). Operating income $72M (6.6% margin), up from $61M (5.9% margin) YoY. Gross profit 27.5%, impacted by product mix and tariffs. Operating expenses down $6M YoY due to lower labor and professional services.
- **HDFS Performance**: Q2 revenue $117M (-55% YoY) due to HDFS transaction. Operating income $22M (18.5% margin). Retail loan originations up 10% to $940M. Total receivables $2.7B.
- **LiveWire Growth**: Q2 revenue up 52% YoY, net cash use improved 18%. S4 Honcho production underway, Dust Motorcycles acquisition to expand off-road category.
- **Updated Guidance**: HDMC retail units 133,500-138,500 (up from 130,000-135,000). HDMC operating income $10M-$50M (vs. prior -$40M to +$10M). HDFS operating income $55M-$70M (up from $45M-$60M).

**【Q&A Highlights】**
- **Inventory Management**: Dealer inventory levels at healthy levels, with 85% of North America inventory being 2026 model year. Focus on right bike in the right place for 2027.
- **Tariff Impact**: $75M-$90M tariff cost guidance unchanged. Q2 tariff recovery $20M included in updated guidance. No additional recoveries expected for FY26.
- **2027 Outlook**: $150M fixed cost savings target on track. Sprint and Sportster launches in 2027, with cautious volume expectations (mid-single digits). Dealer confidence in new product portfolio.
- **Retail Trends**: Used bike residuals strong, supporting dealer profitability. North America market share stable at 32% in U.S. 601+cc segment.


HOG

HOG

Harley-Davidson (HOG) Financials Overview

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