Filing Flows › Harley-Davidson (HOG) › Q2 2026 › vs Q2 2025
Harley-Davidson (HOG) Q2 2026 vs Q2 2025 (year over year)
Harley-Davidson's revenue fell $76.7M (-6%) from $1.3B in Q2 2025 to $1.2B in Q2 2026. The biggest changes: Other revenues −$140M (-55%); Non-Financial Services Entities +$60.6M (+6%); LiveWire +$3.1M (+52%). Operating margin 6.2% against 8.6% (-2.4 pts).
Harley-Davidson, Q2 2026: revenue $1.2B (-6% year over year), operating margin 6.2%, net earnings $79.8M, operating cash flow $168M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 6.2% | 8.6% | -2.4 pts |
| Net margin | 6.5% | 8.2% | -1.7 pts |
| Free cash flow margin | 12.6% | 25.4% | -12.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Non-Financial Services Entities | $1.1B | $1.0B | $60.6M | +6% |
| LiveWire | $9.1M | $6.0M | $3.1M | +52% |
| Other revenues | $117M | $257M | −$140M | -55% |
| Revenue | $1.2B | $1.3B | −$76.7M | -6% |
| Other income, net | $19.3M | $17.7M | $1.5M | +9% |
| Operating profit | $76.0M | $112M | −$36.4M | -32% |
| Costs & expenses | $1.2B | $1.2B | −$40.2M | -3% |
| Pre-tax earnings | $95.3M | $130M | −$34.9M | -27% |
| Cost of revenue | $809M | $751M | $58.5M | +8% |
| SG&A | $297M | $301M | −$3.7M | -1% |
| Other operating costs | $48.2M | $143M | −$95.1M | -66% |
| Loss borne by minority interests | $824K | $1.8M | −$1.0M | -55% |
| Net earnings | $79.8M | $108M | −$27.8M | -26% |
| Income tax | $16.3M | $24.4M | −$8.1M | -33% |
| Depreciation & amortization | $42.6M | $40.4M | $2.1M | +5% |
| Share-based compensation | $9.5M | $10.6M | −$1.1M | -10% |
| Working capital & other | $36.5M | $209M | −$173M | -83% |
| Operating cash flow | $168M | $368M | −$200M | -54% |
| Free cash flow (OCF − capex) | $155M | $332M | −$177M | -53% |
| Capital expenditures | $12.9M | $35.6M | −$22.7M | -64% |
Questions
How much did Harley-Davidson's revenue grow year over year in Q2 2026?
Harley-Davidson's revenue fell $76.7M (-6%) from $1.3B in Q2 2025 to $1.2B in Q2 2026.
What drove Harley-Davidson's revenue change in Q2 2026?
Other revenues −$140M (-55%); Non-Financial Services Entities +$60.6M (+6%); LiveWire +$3.1M (+52%).