HARLEY-DAVIDSON, INC.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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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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3. Revenue
- Revenue
The Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or service to a customer. Revenue is measured based on the consideration that the Company expects to be entitled to in exchange for the goods or services transferred. Taxes that are collected from a customer concurrent with revenue-producing activities are excluded from revenue.
Disaggregated revenue by major source was as follows (in thousands):
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| September 30,2025 | September 30,2024 | September 30,2025 | September 30,2024 | |
| HDMC: | ||||
| Motorcycles | $821,864 | $615,628 | $2,463,793 | $2,905,861 |
| Parts and accessories | 167,252 | 174,301 | 497,558 | 534,359 |
| Apparel | 56,052 | 55,688 | 168,614 | 183,192 |
| Licensing | 5,547 | 3,897 | 14,549 | 18,312 |
| Other | 23,244 | 26,891 | 54,599 | 59,693 |
| 1,073,959 | 876,405 | 3,199,113 | 3,701,417 | |
| LiveWire | 5,563 | 4,808 | 14,318 | 15,958 |
| Motorcycles and related products revenue | 1,079,522 | 881,213 | 3,213,431 | 3,717,375 |
| HDFS: | ||||
| Interest income | 198,239 | 232,990 | 622,696 | 666,903 |
| Other | 62,949 | 36,492 | 140,891 | 114,915 |
| Financial services revenue | 261,188 | 269,482 | 763,587 | 781,818 |
| $1,340,710 | $1,150,695 | $3,977,018 | $4,499,193 | |
The Company maintains certain contract liability balances related to payments received at contract inception in advance of the Company’s performance under the contract which generally relate to the sale of memberships, loyalty points earned under membership programs and certain licensing and insurance-related contracts. Contract liabilities are recognized as revenue as the Company performs under the contract. Contract liabilities, included in Accrued liabilities and Other long-term liabilities on the Consolidated balance sheets, was as follows (in thousands):
| September 30,2025 | September 30,2024 | |
|---|---|---|
| Balance, beginning of period | $56,753 | $47,091 |
| Balance, end of period | $93,221 | $54,792 |
Previously recorded contract liabilities recognized as revenue in the three months ended September 30, 2025 and September 30, 2024 were $8.3 million and $7.3 million, respectively, and $26.1 million and $22.2 million in the nine months ended September 30, 2025 and September 30, 2024, respectively. The Company expects to recognize approximately $33.7 million of the remaining unearned revenue over the next 12 months and $59.5 million thereafter.
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