American motorcycle manufacturing company Harley-Davidson (NYSE:HOG) will be reporting earnings tomorrow before the bell. Here’s what to look for.

Harley-Davidson missed analysts’ revenue expectations by 3.8% last quarter, reporting revenues of $687.6 million, down 34.7% year on year. It was a disappointing quarter for the company, with a miss of analysts’ motorcycles sold estimates and a significant miss of analysts’ adjusted operating income estimates. It reported 14,010 motorcycles sold, down 52.6% year on year.

Is Harley-Davidson a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Harley-Davidson’s revenue to decline 22.2% year on year to $1.35 billion, a further deceleration from the 3.3% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.77 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Harley-Davidson has missed Wall Street’s revenue estimates four times over the last two years.

Looking at Harley-Davidson’s peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Brunswick’s revenues decreased 10.5% year on year, beating analysts’ expectations by 7.9%, and Hasbro reported revenues up 17.1%, topping estimates by 14.8%. Brunswick traded up 3.6% following the results while Hasbro was also up 15.9%.

Read our full analysis of Brunswick’s results here and Hasbro’s results here.

Debates around the economy’s health and the impact of potential tariffs and corporate tax cuts have caused much uncertainty in 2025. While some of the consumer discretionary stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.8% on average over the last month. Harley-Davidson is down 6.4% during the same time and is heading into earnings with an average analyst price target of $29.42 (compared to the current share price of $23.45).

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