Filing Flows › Harley-Davidson (HOG) › Q3 2026 › vs Q3 2025
Harley-Davidson (HOG) Q3 2026 vs Q3 2025 (year over year)
Harley-Davidson's revenue fell $258M (-19%) from $1.3B in Q3 2025 to $1.1B in Q3 2026. The biggest changes: Other revenues −$150M (-58%); Non-Financial Services Entities −$110M (-10%); LiveWire +$2.3M (+41%). Operating margin 3.4% against 35.4% (-32.0 pts).
Harley-Davidson, Q3 2026: revenue $1.1B (-19% year over year), operating margin 3.4%, net earnings $42.8M, operating cash flow $336M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 3.4% | 35.4% | -32.0 pts |
| Net margin | 3.9% | 28.1% | -24.2 pts |
| Free cash flow margin | 29.2% | -9.6% | +38.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Non-Financial Services Entities | $964M | $1.1B | −$110M | -10% |
| LiveWire | $7.9M | $5.6M | $2.3M | +41% |
| Other revenues | $111M | $261M | −$150M | -58% |
| Revenue | $1.1B | $1.3B | −$258M | -19% |
| Other income, net | $20.6M | $16.8M | $3.8M | +23% |
| Operating profit | $37.3M | $475M | −$437M | -92% |
| Costs & expenses | $1.0B | $866M | $179M | +21% |
| Pre-tax earnings | $57.9M | $492M | −$434M | -88% |
| Loss borne by minority interests | $1.8M | $2.2M | −$382K | -17% |
| Net earnings | $42.8M | $377M | −$335M | -89% |
| Income tax | $17.0M | $116M | −$99.4M | -85% |
| Depreciation & amortization | $38.8M | $44.2M | −$5.4M | -12% |
| Share-based compensation | $7.4M | $8.4M | −$1.0M | -12% |
| Working capital & other | $247M | −$523M | $769M | — |
| Operating cash flow | $336M | −$92.6M | $428M | — |
| Free cash flow (OCF − capex) | $316M | −$129M | $445M | — |
| Capital expenditures | $19.7M | $36.5M | −$16.8M | -46% |
Questions
How much did Harley-Davidson's revenue grow year over year in Q3 2026?
Harley-Davidson's revenue fell $258M (-19%) from $1.3B in Q3 2025 to $1.1B in Q3 2026.
What drove Harley-Davidson's revenue change in Q3 2026?
Other revenues −$150M (-58%); Non-Financial Services Entities −$110M (-10%); LiveWire +$2.3M (+41%).