Selected segment information is set forth below (in thousands):


	Three months ended
	March 31, 2026		March 31, 2025
HDMC:
Revenue	$	1,055,471	$	1,081,505
Motorcycles and related products cost of goods sold	788,482		766,261
Gross profit	266,989		315,244
Selling, administrative and engineering expense:
People expenses(a)	101,788		81,308
Marketing and advertising expenses(b)	36,362		31,996
Other segment items(c)	109,914		85,668
Operating income	18,925		116,272
LiveWire:
Revenue	5,116		2,743
Motorcycles and related products cost of goods sold	5,651		4,524
Gross profit	(535)		(1,781)
Selling, administrative and engineering expense	17,136		18,028
Operating loss	(17,671)		(19,809)
HDFS:
Financial services revenue	111,944		244,961
Financial services interest expense	39,297		88,934
Financial services provision for credit losses	13,153		53,334
Selling and administrative expense	37,254		38,657
Operating income	22,240		64,036
Operating income	$	23,494	$	160,499

(a)People expenses include salary and related fringe costs, including payroll tax and health and welfare costs, as well as short-term incentive compensation and long-term incentive compensation, primarily in the form of share-based awards.

(b)Marketing and advertising expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.

(c)Other segment items for HDMC include depreciation, warranty, maintenance and facilities costs, supplies and materials, and other professional services. These costs are all included in Selling, administrative and engineering expense.


	(Unaudited)				(Unaudited)
	March 31, 2026		December 31, 2025		March 31, 2025
Assets:
HDMC	$	3,762,693	$	3,866,701	$	3,522,422
LiveWire	127,623		146,518		128,254
HDFS	3,355,345		4,031,596		8,731,705
Consolidated	$	7,245,661	$	8,044,815	$	12,382,381