Shares of motorcycle maker Harley-Davidson fell early Tuesday after the company's fourth-quarter results and 2026 financial guidance failed to live up to expectations.

On Tuesday, Harley reported a per-share loss of $2.44, from sales of $496 million. Wall Street was looking for a $1.07 loss from sales of $485 million.

A year ago, Harley reported a per-share loss of 93 cents from sales of $688 million. Sales dropped 28% year over year.

Harley stock was down 11% at $17.91 in premarket trading, while S&P 500 and Dow Jones Industrial Average futures were up 0.2% and 0.1%, respectively.

Investors don't like earnings misses. Guidance didn't help either. For 2026, Harley expects operating income from motorcycle operations to be between a loss of $40 million and a gain of $10 million. Wall Street was looking for a profit of closer to $80 million.

What's more, Harley expects financial service income of about $53 million, down from $490 million in 2025.

On the plus side, Harley sees higher wholesale shipments of bikes. The company plans to deliver about 133,000 motorcycles, up from about 125,000 in 2025. Retail sales by Harley dealers should also be about 133,000 bikes, flat year over year.

Things have been tough for Harley for a while. Sales in 2026 are expected to be about $3.8 billion. Harley generated sales of closer to $5 billion annually before the COVID-19 pandemic.

Coming into Tuesday trading, Harley stock was down 22% over the past 12 months.