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Harley-Davidson (HOG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Harley-Davidson (HOG) Q3 2026 earnings results →
Q3 2026 Revenue down 19% year over year to $1.1B · 4¢ of every $1 of revenue kept as net profit · operating margin 3.4%
Harley-Davidson made $1.1B in Q3 2026 (-19% Y/Y): Non-Financial Services Entities $964M, Other revenues $111M, LiveWire $7.9M. Operating margin 3.4%, net earnings $42.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.1B in Q3 2026, down 19% year over year and down 12% from the previous quarter. Non-Financial Services Entities was the largest line at 89% of revenue. Non-Financial Services Entities lost $0.11B year over year (down 10%), 43% of the total change.
Operating profit was $0.04B, a 3.4% margin (down 32.0 points year over year). Total costs grew 21% against a revenue fall of 19%. Net earnings were $0.04B, down 89% year over year ($0.04B including minority interests, which bore $1.8M of losses). The effective tax rate was 29.3%. Non-operating items added $0.02B, 36% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.34B, 820% of net income including minority interests. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.25B. Capital expenditures of $0.02B left free cash flow of $0.32B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $1.1B | -19% | 3.4% | $42.8M | $336M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $1.2B | -6% | 6.2% | $79.8M | $168M |
| Q1 2026 | 10-Q | May 6, 2026 | $1.2B | -12% | 2.0% | $24.8M | −$228M |
| Q4 2025 | 10-K | Feb 26, 2026 | $496M | -28% | -72.8% | −$283M | $152M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $1.3B | +16% | 35.4% | $377M | −$92.6M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $1.3B | -19% | 8.6% | $108M | $368M |
| Q1 2025 | 10-Q | May 6, 2025 | $1.3B | -23% | 12.1% | $133M | $142M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About Harley-Davidson
Harley-Davidson was founded in 1903. Harley-Davidson, Inc. was incorporated in 1981, at which time it purchased the Harley-Davidson® motorcycle business from AMF Incorporated in a management buyout. In 1986, Harley-Davidson, Inc. became publicly held. Unless the context otherwise requires, all references to the “Company” include Harley-Davidson, Inc. and all of its subsidiaries. The Company has three reportable segments: Harley-Davidson Motor Company (HDMC), LiveWire, and Harley-Davidson Financial Services (HDFS). The Company's reportable segments, which are discussed in greater detail below, are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations. Revenue by segment for the last three fiscal years was as follows (in thousands):
In its own words, from its 10-K, filed Feb 26, 2026.
Harley-Davidson against its Motorcycles, Bicycles & Parts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -19% against the peers' median +1%. Operating margin: 3.4% against the peers' median 3.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HOG Harley-Davidson | Q3 2026 | $1.1B | -19% | 3.4% |
| FOXF Fox Factory Holding | Q3 2026 | $338M | -10% | -29.1% |
| LEAT Leatt | Q2 2026 | $16.4M | +1% | 7.0% |
| LVWR LiveWire Group | Q3 2026 | $7.9M | +38% | -222.7% |
Source: Harley-Davidson 10-Q on SEC EDGAR · CIK 793952 · Motorcycles, Bicycles & Parts
Guidance and outlook
13F: who owns HOG and who is buying
More on HOG
- How Harley-Davidson makes money: revenue by segment
- Harley-Davidson next earnings date and what analysts expect
- Harley-Davidson stock forecast, price target and fair value
- Who owns Harley-Davidson stock: holders, funds and Congress trades
- Harley-Davidson guidance and outlook
- Is Harley-Davidson a takeover target? LBO and rumors
- Harley-Davidson recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Harley-Davidson guidance history: guided vs reported
- Harley-Davidson operating margin by quarter
- Harley-Davidson net income by quarter
- Harley-Davidson free cash flow by quarter
- Harley-Davidson capital expenditures by quarter
- Harley-Davidson Non-Financial Services Entities revenue by quarter
- Harley-Davidson LiveWire revenue by quarter