What is the primary revenue source for Harley-Davidson (HOG)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze HOG's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Harley-Davidson's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Harley-Davidson Makes Money: HOG Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Watch

Revenue declined year over year, putting pressure on the core business.

The largest revenue segment accounts for 70.09% of revenue, indicating concentration.

Operating margin declined by 6.21 percentage points year over year.

Revenue: USD 2.40B
Largest revenue segment share (Motorcycles): 70.09%
Cost of revenue: USD 1.60B
Selling, general and administrative: USD 599.36M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueTotal revenue · Revenues
Cost of revenueMotorcycles and related products cost of goods sold · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, administrative and engineering expense · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Motorcycles)Motorcycles · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Cash and cash equivalents: USD 1.90B
Property, plant and equipment: USD 691.08M
Inventory: USD 500.94M
Shareholder equity: USD 3.12B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
InventoryInventories, net · InventoryNet
Property, plant and equipmentProperty, plant and equipment, net · PropertyPlantAndEquipmentNet

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Net income: USD 104.58M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to harley-davidson, inc. · NetIncomeLoss

Some conclusions lack complete source metrics and should be interpreted cautiously.

Capital expenditure data is missing, so free cash flow cannot be calculated.

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

The company returned cash to shareholders, but free cash flow data is missing, so coverage cannot be assessed.

Cash dividends: USD 41.21M
Share repurchases: USD 100.39M
Net shareholder return: USD 141.60M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?