HARLEY-DAVIDSON, INC.HOG
HARLEY-DAVIDSON, INC. Segments Disclosure
Reportable Segments and Geographic Information
The Company’s reportable segments and significant segment expenses are determined based on how the Company’s Chief Operating Decision Maker (CODM) assesses performance and decides how to allocate resources for the Company.
The Company’s President and Chief Executive Officer is the Company’s CODM. Operating income is the measure of profit and loss used by the CODM to assess performance and to decide how to allocate resources for each of the Company’s reportable segments.
Operating income is used to monitor actual results versus planned and prior period results for each segment based on their respective profitability objectives and business models. Operating income is also used to allocate human and capital resources among the reportable segments and to other corporate actions for returning capital to shareholders such as repurchasing common stock or paying dividends. Operating income is also a key metric used to establish and pay variable compensation to employees at all levels.
Reportable Segments – The Company operates with three segments: Harley-Davidson Motor Company (HDMC), LiveWire, and Harley-Davidson Financial Services (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.
HDMC designs, manufactures and sells motorcycles and also sells motorcycle parts, accessories, and apparel as well as licenses its trademarks. HDMC’s products are sold to retail customers primarily through a network of independent dealers. HDMC conducts business on a global basis, with sales in the U.S., Canada, Europe/Middle East/Africa (EMEA), Asia Pacific, and Latin America.
LiveWire sells electric motorcycles, electric bikes, parts and accessories and apparel in the United States and certain international markets. Electric motorcycles, related parts and accessories and apparel are sold at wholesale to a network of independent dealers and at retail through a company-owned dealer, through online sales and direct to customers through select international partners primarily in Europe. Electric bikes and related parts and accessories are sold through independent retail partners and distributors and direct to consumers online.
HDFS is engaged in the business of financing and servicing wholesale inventory receivables and retail consumer loans, primarily for the purchase of Harley-Davidson and LiveWire motorcycles. HDFS also works with certain unaffiliated third parties to provide motorcycle insurance and voluntary protection products to motorcycle owners. HDFS conducts business principally in the U.S. and Canada.
Selected segment information is set forth below for the years ended December 31 (in thousands):
| 2025 | 2024 | 2023 | |||||||||||||||
| HDMC: | |||||||||||||||||
| Revenue | $ | 3,578,308 | $ | 4,121,906 | $ | 4,844,594 | |||||||||||
| Motorcycles and related products cost of goods sold | 2,711,716 | 2,967,068 | 3,278,052 | ||||||||||||||
| Gross profit | 866,592 | 1,154,838 | 1,566,542 | ||||||||||||||
| Selling, administrative and engineering expense: | |||||||||||||||||
People expenses(a) | 342,336 | 364,416 | 417,109 | ||||||||||||||
Marketing and advertising expenses(b) | 158,250 | 123,811 | 124,551 | ||||||||||||||
Other segment items(c) | 394,737 | 388,767 | 363,731 | ||||||||||||||
Operating income | (28,731) | 277,844 | 661,151 | ||||||||||||||
| LiveWire: | |||||||||||||||||
| Revenue | 25,671 | 26,358 | 38,298 | ||||||||||||||
| Motorcycles and related products cost of goods sold | 30,105 | 38,872 | 44,254 | ||||||||||||||
| Gross profit | (4,434) | (12,514) | (5,956) | ||||||||||||||
| Selling, administrative and engineering expense | 70,582 | 97,125 | 110,853 | ||||||||||||||
| Operating loss | (75,016) | (109,639) | (116,809) | ||||||||||||||
| HDFS: | |||||||||||||||||
| Financial services revenue | 869,196 | 1,038,538 | 953,586 | ||||||||||||||
| Financial services interest expense | 388,636 | 371,766 | 332,380 | ||||||||||||||
| Financial services provision for credit losses | (191,392) | 247,225 | 227,158 | ||||||||||||||
| Selling and administrative expense | 181,570 | 171,125 | 159,306 | ||||||||||||||
| Operating income | 490,382 | 248,422 | 234,742 | ||||||||||||||
| Operating income | $ | 386,635 | $ | 416,627 | $ | 779,084 | |||||||||||
(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 as of December 31 (in thousands):
| HDMC | LiveWire | HDFS | Consolidated | ||||||||||||||||||||
| 2025: | |||||||||||||||||||||||
| Assets | $ | 3,866,701 | $ | 146,518 | $ | 4,031,596 | $ | 8,044,815 | |||||||||||||||
| Depreciation and amortization | $ | 152,872 | $ | 10,141 | $ | 9,358 | $ | 172,371 | |||||||||||||||
| Capital expenditures | $ | 148,859 | $ | 3,811 | $ | 1,009 | $ | 153,679 | |||||||||||||||
| 2024: | |||||||||||||||||||||||
| Assets | $ | 3,630,710 | $ | 147,960 | $ | 8,102,909 | $ | 11,881,579 | |||||||||||||||
| Depreciation and amortization | $ | 141,275 | $ | 10,041 | $ | 9,357 | $ | 160,673 | |||||||||||||||
| Capital expenditures | $ | 186,639 | $ | 8,068 | $ | 1,856 | $ | 196,563 | |||||||||||||||
| 2023: | |||||||||||||||||||||||
| Assets | $ | 3,644,016 | $ | 266,404 | $ | 8,230,134 | $ | 12,140,554 | |||||||||||||||
| Depreciation and amortization | $ | 143,355 | $ | 5,832 | $ | 8,925 | $ | 158,112 | |||||||||||||||
| Capital expenditures | $ | 188,863 | $ | 13,462 | $ | 5,079 | $ | 207,404 | |||||||||||||||
Geographic Information – Included in the Consolidated financial statements are the following amounts relating to geographic locations for the years ended December 31 (in thousands):
| 2025 | 2024 | 2023 | |||||||||||||||
HDMC revenue(a): | |||||||||||||||||
| United States | $ | 2,404,505 | $ | 2,814,482 | $ | 3,289,227 | |||||||||||
| EMEA | 538,781 | 584,490 | 637,492 | ||||||||||||||
| Canada | 161,449 | 210,526 | 220,158 | ||||||||||||||
| Japan | 112,376 | 128,432 | 200,539 | ||||||||||||||
| Australia and New Zealand | 105,855 | 119,949 | 127,352 | ||||||||||||||
| Other countries | 255,342 | 264,027 | 369,826 | ||||||||||||||
| $ | 3,578,308 | $ | 4,121,906 | $ | 4,844,594 | ||||||||||||
LiveWire revenue(a): | |||||||||||||||||
| United States | 19,053 | 21,461 | 31,483 | ||||||||||||||
| International | 6,618 | 4,897 | 6,815 | ||||||||||||||
| $ | 25,671 | $ | 26,358 | $ | 38,298 | ||||||||||||
HDFS revenue(a): | |||||||||||||||||
| United States | $ | 843,453 | $ | 1,006,574 | $ | 922,758 | |||||||||||
| Canada | 12,775 | 21,167 | 18,220 | ||||||||||||||
| Europe | 8,056 | 6,503 | 7,343 | ||||||||||||||
| Other countries | 4,912 | 4,294 | 5,265 | ||||||||||||||
| $ | 869,196 | $ | 1,038,538 | $ | 953,586 | ||||||||||||
Long-lived assets(b): | |||||||||||||||||
| United States | $ | 613,500 | $ | 640,837 | $ | 644,620 | |||||||||||
| Thailand | 115,726 | 113,094 | 82,197 | ||||||||||||||
| Other countries | 20,998 | 3,141 | 4,907 | ||||||||||||||
| 136,724 | 116,235 | 87,104 | |||||||||||||||
| $ | 750,224 | $ | 757,072 | $ | 731,724 | ||||||||||||
(a)Revenue is attributed to geographic regions based on location of customer.
(b)Long-lived assets include all long-term assets except those specifically excluded under ASC Topic 280, Segment Reporting, such as deferred income taxes and finance receivables.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 18, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.