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Revenue
9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or service to a customer. Revenue is measured based on the consideration that the Company expects to be entitled to in exchange for the goods or services transferred. Taxes that are collected from a customer concurrent with revenue-producing activities are excluded from revenue.
Disaggregated revenue by major source was as follows (in thousands):
Three months endedNine months ended
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2024
HDMC:
Motorcycles$821,864 $615,628 $2,463,793 $2,905,861 
Parts and accessories167,252 174,301 497,558 534,359 
Apparel56,052 55,688 168,614 183,192 
Licensing5,547 3,897 14,549 18,312 
Other23,244 26,891 54,599 59,693 
1,073,959 876,405 3,199,113 3,701,417 
LiveWire5,563 4,808 14,318 15,958 
Motorcycles and related products revenue1,079,522 881,213 3,213,431 3,717,375 
HDFS:
Interest income198,239 232,990 622,696 666,903 
Other62,949 36,492 140,891 114,915 
Financial services revenue261,188 269,482 763,587 781,818 
$1,340,710 $1,150,695 $3,977,018 $4,499,193 
The Company maintains certain contract liability balances related to payments received at contract inception in advance of the Company’s performance under the contract which generally relate to the sale of memberships, loyalty points earned under membership programs and certain licensing and insurance-related contracts. Contract liabilities are recognized as revenue as the Company performs under the contract. Contract liabilities, included in Accrued liabilities and Other long-term liabilities on the Consolidated balance sheets, was as follows (in thousands):
September 30,
2025
September 30,
2024
Balance, beginning of period$56,753 $47,091 
Balance, end of period$93,221 $54,792 
Previously recorded contract liabilities recognized as revenue in the three months ended September 30, 2025 and September 30, 2024 were $8.3 million and $7.3 million, respectively, and $26.1 million and $22.2 million in the nine months ended September 30, 2025 and September 30, 2024, respectively. The Company expects to recognize approximately $33.7 million of the remaining unearned revenue over the next 12 months and $59.5 million thereafter.