A month has gone by since the last earnings report for Harley-Davidson (HOG Quick QuoteHOG - Free Report) . Shares have added about 18.5% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Harley-Davidson due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.

Harley-Davidson Q2 Earnings Miss Estimates

Harley-Davidson reported second-quarter 2025 adjusted earnings of 88 cents per share, which lagged the Zacks Consensus Estimate of 99 cents. The company had reported earnings of $1.63 per share in the year-ago quarter. The motorcycle manufacturer generated consolidated revenues (including motorcycle sales and financial services revenues) of $1.31 billion, down 19% from the prior-year quarter.

Segmental Highlights

Harley-Davidson Motor Company: Total revenues from the Motorcycle and Related Products segment, constituting the bulk of the firm’s overall revenues, fell 23% on a year-over-year basis to $1.04 billion and missed our forecast of $1.15 billion on lower-than-expected motorcycle shipments. Motorcycle shipments worldwide decreased 28% to 35,800 units and lagged our estimate of 40,923 units. In the quarter under review, revenues from the sale of motorcycles came in at $778 million, down 27% year over year. The segment generated an operating income of $61 million, which slumped 69% year over year and fell short of our estimate of $83.4 million.

During the reported quarter, Harley-Davidson retailed 42,300 motorcycle units globally, which declined 15% year over year and lagged our expectations of 46,094 units. Its retail motorcycle units sold in North America decreased 17% to 28,900. Sales in EMEA or Europe, the Middle East and Africa declined 5% year over year. Sales in Asia Pacific and Latin America fell 21% and 11%, respectively, year over year.

Revenues from parts & accessories were down 4% from a year ago to $187 million, but beat our estimate of $185.3 million. Revenues from apparel fell 13% year over year to $55 million and fell short of our forecast of $67.7 million.

Harley-Davidson Financial Services: Revenues for Harley-Davidson Financial Services totaled $257 million. The figure declined 2% year over year and missed our forecast of $289.6 million. Operating income also declined 2% to $70 million but beat our estimate of $63.6 million.

LiveWire: During the reported quarter, the total shipment for LiveWire was 55 units, declining 65% from the year-ago quarter levels. Revenues declined 7% to $6 million but topped our estimate of $2.9 million. Operating loss narrowed from $28 million to $19 million. The reported loss was wider than our projection of a $15 million loss.

Financial Position

In the second quarter, selling, general and administrative expenses from the HDMC unit increased to $237.4 million from $235.2 million in the year-ago quarter. The company paid dividends of 18 cents per share. No shares were repurchased in the second quarter of 2025.

Harley-Davidson had cash and cash equivalents of $1.59 billion as of June 30, 2025. The long-term debt decreased to $4.37 million from $4.47 million recorded as of Dec. 31, 2024.

HOG Updates LiveWire & HDFS Guidance

The company still withholds its 2025 HDMC financial outlook amid tariff uncertainties, but updates guidance for LiveWire and HDFS businesses.

For LiveWire, it now expects an operating loss of $59-$69 million compared with the previous estimate of $70-$80 million. It expects total cash usage of $50-$60 million.

Following the HDFS strategic partnership with KKR and PIMCO, it anticipates full-year 2025 HDFS operating income to range between $525 and $550 million.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 47.38% due to these changes.

VGM Scores

At this time, Harley-Davidson has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Following the exact same course, the stock has a grade of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Harley-Davidson has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Harley-Davidson belongs to the Zacks Automotive - Domestic industry. Another stock from the same industry, Tesla (TSLA Quick QuoteTSLA - Free Report) , has gained 12.2% over the past month. More than a month has passed since the company reported results for the quarter ended June 2025.

Tesla reported revenues of $22.5 billion in the last reported quarter, representing a year-over-year change of -11.8%. EPS of $0.40 for the same period compares with $0.52 a year ago.

Tesla is expected to post earnings of $0.46 per share for the current quarter, representing a year-over-year change of -36.1%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.5%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #4 (Sell) for Tesla. Also, the stock has a VGM Score of D.