HARLEY-DAVIDSON, INC.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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16. Reportable Segments
- Reportable Segments
The Company operates inthree business segments: HDMC, LiveWire and HDFS. The Company's reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations.
Selected segment information is set forth below (in thousands):
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| September 30,2025 | September 30,2024 | September 30,2025 | September 30,2024 | |
| HDMC: | ||||
| Revenue | $1,073,959 | $876,405 | $3,199,113 | $3,701,417 |
| Motorcycles and related products cost of goods sold | 790,849 | 612,592 | 2,302,054 | 2,543,407 |
| Gross profit | 283,110 | 263,813 | 897,059 | 1,158,010 |
| Selling, administrative and engineering expense: | ||||
| People expenses(a) | 92,212 | 76,197 | 264,086 | 289,944 |
| Marketing and advertising expenses(b) | 40,610 | 30,850 | 121,524 | 96,070 |
| Other segment items(c) | 96,169 | 101,629 | 279,742 | 280,508 |
| Operating income | 54,119 | 55,137 | 231,707 | 491,488 |
| LiveWire: | ||||
| Revenue | 5,563 | 4,808 | 14,318 | 15,958 |
| Motorcycles and related products cost of goods sold | 7,834 | 5,988 | 18,207 | 22,865 |
| Gross profit | (2,271) | (1,180) | (3,889) | (6,907) |
| Selling, administrative and engineering expense | 15,910 | 24,905 | 52,752 | 76,587 |
| Operating loss | (18,181) | (26,085) | (56,641) | (83,494) |
| HDFS: | ||||
| Financial services revenue | 261,188 | 269,482 | 763,587 | 781,818 |
| Financial services interest expense | 75,883 | 94,463 | 258,391 | 276,943 |
| Financial services provision for credit losses | (301,499) | 57,977 | (198,427) | 175,017 |
| Selling and administrative expense | 47,984 | 40,298 | 130,994 | 127,876 |
| Operating income | 438,820 | 76,744 | 572,629 | 201,982 |
| Operating income | $474,758 | $105,796 | $747,695 | $609,976 |
(a)People expenses include salary and related fringe costs, including payroll tax and health and welfare costs, as well as short-term incentive compensation and long-term incentive compensation, primarily in the form of share-based awards.
(b)Marketing and advertising expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.
(c)Other segment items for HDMC include depreciation, warranty, maintenance and facilities costs, supplies and materials, and other professional services. These costs are all included in Selling, administrative and engineering expense.
Additional segment information is set forth below (in thousands):
| (Unaudited) · (Unaudited) | |||
|---|---|---|---|
| September 30,2025 | December 31,2024 | September 30,2024 | |
| Assets: | |||
| HDMC | $3,545,022 | $3,630,710 | $3,654,334 |
| LiveWire | 89,220 | 147,960 | 178,298 |
| HDFS | 6,932,142 | 8,102,909 | 9,194,027 |
| Consolidated | $10,566,384 | $11,881,579 | $13,026,659 |
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| September 30,2025 | September 30,2024 | September 30,2025 | September 30,2024 | |
| Depreciation and Amortization: | ||||
| HDMC | $39,472 | $34,142 | $111,151 | $104,868 |
| LiveWire | 2,354 | 2,695 | 8,027 | 7,737 |
| HDFS | 2,384 | 2,355 | 7,161 | 6,963 |
| Consolidated | $44,210 | $39,192 | $126,339 | $119,568 |
| Nine months ended | ||
|---|---|---|
| September 30,2025 | September 30,2024 | |
| Capital expenditures: | ||
| HDMC | $98,894 | $132,634 |
| LiveWire | 2,778 | 6,661 |
| HDFS | 418 | 1,129 |
| Consolidated | $102,090 | $140,424 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.