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Harley-Davidson sinks on falling motorcycle sales, weaker-than-expected 2026 profit forecast

Harley-Davidson posted a loss per share more than twice as bad as Wall Street had expected in its fourth quarter. The company, which reported Q4 and full-year results on Tuesday, posted an adjusted loss of $2.44 per share, compared to Wall Street estimates of a $1.06 loss per share.

The motorcycle maker is contending with declining sales of, well, motorcycles. Shipments fell 4% in the fourth quarter from the year prior, while analysts had anticipated a 22% increase. Harley’s full-year gross margin was about 4 percentage points lower year over year, a decline the company said was driven by tariffs.

Harley CEO Artie Starrs called 2025 a “challenging year” and said the company is “taking deliberate actions to stabilize the business, restore dealer confidence, and align wholesale activity with retail demand.” Near-term results reflect those actions, Starrs said.

The year ahead didn’t offer much optimism for investors. For its motorcycle division, the company forecast a full-year operating income of between a $40 million loss and a $10 million profit. Wall Street analysts polled by FactSet expected $128 million in profit. The company said its full-year guidance could be impacted by a new strategic plan, set to be announced in May.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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