Harley-Davidson’s first-quarter 2026 earnings reflect ongoing headwinds from tariffs and softer consumer demand despite efforts to optimize product mix and pricing. The company rolled out its new Back to the Bricks strategic plan, emphasizing product innovation, dealer engagement, and operational adaptability to stabilize sales. The legacy Harley-Davidson Motor Company segment continued to face volume declines, while LiveWire's electric vehicle losses narrowed with rigorous cost control. Financial Services repositioned its portfolio post a significant receivables sale, affecting near-term income streams but reducing funding risk. Key risks remain tied to execution of the new strategy under persistent macroeconomic and geopolitical uncertainties.