Supplemental Consolidating Data (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental consolidating data for 2025 is as follows (in thousands):


	Year Ended December 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Revenue:
Motorcycles and related products	$	3,621,606	$	—	$	(17,627)	$	3,603,979
Financial services	—		872,042		(2,846)		869,196
	3,621,606		872,042		(20,473)		4,473,175
Costs and expenses:
Motorcycles and related products cost of goods sold	2,741,821		—		—		2,741,821
Financial services interest expense	—		388,636		—		388,636
Financial services provision for credit losses	—		(191,392)		—		(191,392)
Selling, administrative and engineering expense	968,952		199,197		(20,674)		1,147,475

	3,710,773		396,441		(20,674)		4,086,540
Operating income	(89,167)		475,601		201		386,635
Other income, net	61,270		—		—		61,270
Investment income	1,044,270		—		(1,000,000)		44,270
Interest expense	33,444		—		—		33,444
Income before income taxes	982,929		475,601		(999,799)		458,731
Income tax provision	6,213		123,364		—		129,577
Net income	976,716		352,237		(999,799)		329,154
Less: (income) loss attributable to noncontrolling interests	9,584		—		—		9,584
Net income attributable to Harley-Davidson, Inc.	$	986,300	$	352,237	$	(999,799)	$	338,738


	Year Ended December 31, 2024
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Revenue:
Motorcycles and related products	$	4,157,275	$	—	$	(9,011)	$	4,148,264
Financial services	—		1,040,203		(1,665)		1,038,538
	4,157,275		1,040,203		(10,676)		5,186,802
Costs and expenses:
Motorcycles and related products cost of goods sold	3,005,940		—		—		3,005,940
Financial services interest expense	—		371,766		—		371,766
Financial services provision for credit losses	—		247,225		—		247,225
Selling, administrative and engineering expense	976,028		180,137		(10,921)		1,145,244

	3,981,968		799,128		(10,921)		4,770,175
Operating income	175,307		241,075		245		416,627
Other income, net	72,295		—		—		72,295
Investment income	258,964		—		(200,000)		58,964
Interest expense	30,748		—		—		30,748
Income before income taxes	475,818		241,075		(199,755)		517,138
Income tax provision	15,197		56,766		—		71,963
Net income	460,621		184,309		(199,755)		445,175
Less: (income) loss attributable to noncontrolling interests	10,182		—		—		10,182
Net income attributable to Harley-Davidson, Inc.	$	470,803	$	184,309	$	(199,755)	$	455,357


	Year Ended December 31, 2023
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Revenue:
Motorcycles and related products	$	4,891,449	$	—	$	(8,557)	$	4,882,892
Financial services	—		955,810		(2,224)		953,586
	4,891,449		955,810		(10,781)		5,836,478
Costs and expenses:
Motorcycles and related products cost of goods sold	3,322,306		—		—		3,322,306
Financial services interest expense	—		332,380		—		332,380
Financial services provision for credit losses	—		227,158		—		227,158
Selling, administrative and engineering expense	1,018,670		167,861		(10,981)		1,175,550

	4,340,976		727,399		(10,981)		5,057,394
Operating income	550,473		228,411		200		779,084
Other income, net	71,808		—		—		71,808
Investment income	246,771		—		(200,000)		46,771
Interest expense	30,787		—		—		30,787
Income before income taxes	838,265		228,411		(199,800)		866,876
Income tax provision	125,356		46,474		—		171,830
Net income	712,909		181,937		(199,800)		695,046
Less: (income) loss attributable to noncontrolling interests	11,540		—		—		11,540
Net income attributable to Harley-Davidson, Inc.	$	724,449	$	181,937	$	(199,800)	$	706,586

Schedule of Comprehensive Income


	Year Ended December 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Net income	$	976,716	$	352,237	$	(999,799)	$	329,154
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	59,020		6,088		—		65,108

Derivative financial instruments	(18,532)		(4,427)		—		(22,959)
Unrealized gain on available for sale securities	—		176				176
Pension and postretirement benefit plans	33,244		—		—		33,244
	73,732		1,837		—		75,569
Comprehensive income	1,050,448		354,074		(999,799)		404,723
Less: Comprehensive loss attributable to noncontrolling interests	6,524		—		—		6,524
Comprehensive income attributable to Harley-Davidson, Inc.	$	1,056,972	$	354,074	$	(999,799)	$	411,247


	Year Ended December 31, 2024
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Net income	$	460,621	$	184,309	$	(199,755)	$	445,175
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(13,039)		(9,324)		—		(22,363)
Derivative financial instruments	16,621		(2,478)		—		14,143


Pension and postretirement benefit plans	(19,524)		—		—		(19,524)
	(15,942)		(11,802)		—		(27,744)
Comprehensive income	444,679		172,507		(199,755)		417,431
Less: Comprehensive loss attributable to noncontrolling interests	10,182		—		—		10,182
Comprehensive income attributable to Harley-Davidson, Inc.	$	454,861	$	172,507	$	(199,755)	$	427,613


	Year Ended December 31, 2023
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Net income	$	712,909	$	181,937	$	(199,800)	$	695,046
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	9,619		1,913		—		11,532
Derivative financial instruments	919		2,920		—		3,839


Pension and postretirement benefit plans	21,596		—		—		21,596
	32,134		4,833		—		36,967
Comprehensive income	745,043		186,770		(199,800)		732,013
Less: Comprehensive loss attributable to noncontrolling interests	11,540		—		—		11,540
Comprehensive income attributable to Harley-Davidson, Inc.	$	756,583	$	186,770	$	(199,800)	$	743,553

Schedule of Balance Sheet


	December 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1,314,917	$	1,776,827	$	—	$	3,091,744

Accounts receivable, net	288,183		164		(62,587)		225,760
Finance receivables held for sale, net	—		264,238		—		264,238
Finance receivables held for investment, net	—		981,926		—		981,926
Inventories, net	730,898		—		—		730,898

Other current assets	196,406		142,880		(46,903)		292,383
	2,530,404		3,166,035		(109,490)		5,586,949
Finance receivables held for investment, net	—		719,060		—		719,060
Property, plant and equipment, net	745,451		4,773		—		750,224
Pension and postretirement assets	546,303		—		—		546,303
Goodwill	63,913		—		—		63,913
Deferred income taxes	61,956		12,939		(1,103)		73,792
Lease assets	80,124		2,418		—		82,542
Other long-term assets	217,416		126,371		(121,755)		222,032
	$	4,245,567	$	4,031,596	$	(232,348)	$	8,044,815
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	366,507	$	85,317	$	(62,587)	$	389,237
Accrued liabilities	477,041		241,577		(46,661)		671,957
Short-term deposits, net	—		280,095		—		280,095
Short-term debt	—		497,776		—		497,776
Current portion of long-term debt, net	—		819,629		—		819,629
	843,548		1,924,394		(109,248)		2,658,694
Long-term deposits, net	—		256,549		—		256,549
Long-term debt, net	297,278		1,352,334		—		1,649,612
Lease liabilities	67,497		1,928		—		69,425
Pension and postretirement liabilities	53,135		—		—		53,135
Deferred income taxes	2,267		3,239		—		5,506
Other long-term liabilities	138,410		55,080		1,554		195,044
Commitments and contingencies (Note 15)
Shareholders’ equity	2,843,432		438,072		(124,654)		3,156,850
	$	4,245,567	$	4,031,596	$	(232,348)	$	8,044,815


	December 31, 2024
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1,105,663	$	483,945	$	—	$	1,589,608

Accounts receivable, net	294,776		65		(60,526)		234,315

Finance receivables held for investment, net	—		2,031,496		—		2,031,496
Inventories, net	745,793		—		—		745,793
Restricted cash	—		135,661		—		135,661
Other current assets	273,791		63,608		(77,635)		259,764
	2,420,023		2,714,775		(138,161)		4,996,637
Finance receivables held for investment, net	—		5,256,798		—		5,256,798
Property, plant and equipment, net	743,875		13,197		—		757,072
Pension and postretirement assets	440,825		—		—		440,825
Goodwill	61,655		—		—		61,655
Deferred income taxes	88,734		88,109		(1,017)		175,826
Lease assets	60,628		3,225		—		63,853
Other long-term assets	221,694		26,805		(119,586)		128,913
	$	4,037,434	$	8,102,909	$	(258,764)	$	11,881,579
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	275,314	$	83,930	$	(60,526)	$	298,718
Accrued liabilities	515,830		155,437		(77,307)		593,960
Short-term deposits, net	—		173,099		—		173,099
Short-term debt	—		640,204		—		640,204
Current portion of long-term debt, net	449,831		1,401,682		—		1,851,513
	1,240,975		2,454,352		(137,833)		3,557,494
Long-term deposits, net	—		377,487		—		377,487
Long-term debt, net	296,969		4,171,696		—		4,468,665
Lease liabilities	44,520		2,900		—		47,420
Pension and postretirement liabilities	53,874		—		—		53,874
Deferred income taxes	15,765		1,124		—		16,889
Other long-term liabilities	139,373		60,123		1,754		201,250
Commitments and contingencies (Note 15)
Shareholders’ equity	2,245,958		1,035,227		(122,685)		3,158,500
	$	4,037,434	$	8,102,909	$	(258,764)	$	11,881,579

Schedule of Cash Flows


	Year Ended December 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net income	$	976,716	$	352,237	$	(999,799)	$	329,154
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	163,013		9,358		—		172,371
Amortization of deferred loan origination costs	—		45,165		—		45,165
Amortization of financing origination fees	2,465		11,087		—		13,552
Income related to long-term employee benefits	(55,195)		—		—		(55,195)
Employee benefit plan contributions and payments	(6,835)		—		—		(6,835)
Stock compensation expense	29,580		2,169		—		31,749
Net change in wholesale finance receivables related to sales	—		—		64,461		64,461
Provision for credit losses	—		(191,392)		—		(191,392)

Collections from finance receivables held for sale	—		28,979		—		28,979
Proceeds from sale of finance receivables held for sale	—		552,670		—		552,670
Originations and purchases of finance receivables held for sale	—		(844,232)		—		(844,232)
Gain on sale of securitization beneficial interests	—		(27,867)		—		(27,867)
Loss on sale of finance receivables	—		11,378		—		11,378
Loss on debt extinguishment	—		72,630		—		72,630

Deferred income taxes	5,937		78,120		86		84,143
Other, net	6,799		26,576		(201)		33,174
Changes in current assets and liabilities:
Accounts receivable, net	30,585		—		2,061		32,646
Finance receivables - accrued interest and other	—		43,786		—		43,786
Inventories, net	47,577		—		—		47,577
Accounts payable and accrued liabilities	22,072		66,849		36,635		125,556

Other current assets	60,801		(24,616)		(30,733)		5,452
	306,799		(139,340)		72,309		239,768
Net cash provided by operating activities	1,283,515		212,897		(927,490)		568,922


	Year Ended December 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from investing activities:
Capital expenditures	(152,670)		(1,009)		—		(153,679)
Origination of finance receivables held for investment	—		(4,932,753)		2,379,178		(2,553,575)
Collections of finance receivables held for investment	—		5,101,887		(2,451,688)		2,650,199

Proceeds from sale of finance receivables initially held for investment	—		3,685,613		—		3,685,613
Proceeds from sale of securitization beneficial interests, net	—		125,369		—		125,369

Collections of retained securitization beneficial interests	—		23,722		—		23,722
Other investing activities	1,126		—		—		1,126
Net cash (used) provided by investing activities	(151,544)		4,002,829		(72,510)		3,778,775

Cash flows from financing activities:
Proceeds from issuance of medium-term notes	—		647,088		—		647,088
Repayments of medium-term notes	—		(1,815,368)		—		(1,815,368)
Proceeds from term loan	448,013		—		—		448,013
Repayments of term loan	(450,000)		—		—		(450,000)
Repayment of senior unsecured notes	(450,000)		—		—		(450,000)
Proceeds from securitization debt	—		497,790		—		497,790
Repayments of securitization debt	—		(781,141)		—		(781,141)
Borrowings of asset-backed commercial paper	—		155,000		—		155,000
Repayments of asset-backed commercial paper	—		(671,526)		—		(671,526)
Net decrease in unsecured commercial paper	—		(141,600)		—		(141,600)
Capital contribution from third parties	—		46,600		—		46,600
Net decrease in deposits	—		(14,711)		—		(14,711)
Dividends paid	(86,388)		(1,000,000)		1,000,000		(86,388)
Repurchase of common stock	(353,270)		—		—		(353,270)
Share repurchases not yet settled	(40,000)		—		—		(40,000)

Other financing activities	(789)		2		—		(787)
Net cash used by financing activities	(932,434)		(3,077,866)		1,000,000		(3,010,300)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	9,717		3,776		—		13,493






Net increase in cash, cash equivalents and restricted cash	$	209,254	$	1,141,636	$	—	$	1,350,890


Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	$	1,105,663	$	635,191	$	—	$	1,740,854
Net increase in cash, cash equivalents and restricted cash	209,254		1,141,636		—		1,350,890
Cash, cash equivalents and restricted cash, end of period	$	1,314,917	$	1,776,827	$	—	$	3,091,744


	Year Ended December 31, 2024
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net income	$	460,621	$	184,309	$	(199,755)	$	445,175
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	151,316		9,357		—		160,673
Amortization of deferred loan origination costs	—		70,745		—		70,745
Amortization of financing origination fees	721		13,242		—		13,963
Provision for long-term employee benefits	(54,008)		—		—		(54,008)
Employee benefit plan contributions and payments	(5,078)		—		—		(5,078)
Stock compensation expense	46,960		2,045		—		49,005
Net change in wholesale finance receivables related to sales	—		—		46,884		46,884
Provision for credit losses	—		247,225		—		247,225

Deferred income taxes	(21,136)		(4,811)		(329)		(26,276)
Other, net	17,289		25		(244)		17,070
Changes in current assets and liabilities:
Accounts receivable, net	107,088		—		(87,310)		19,778
Finance receivables - accrued interest and other	—		36		—		36
Inventories, net	164,609		—		—		164,609
Accounts payable and accrued liabilities	(27,273)		(73,795)		45,632		(55,436)

Other current assets	(110,404)		9,818		70,054		(30,532)
	270,084		273,887		74,687		618,658
Net cash provided by operating activities	730,705		458,196		(125,068)		1,063,833
Cash flows from investing activities:
Capital expenditures	(194,707)		(1,856)		—		(196,563)
Origination of finance receivables held for investment	—		(6,464,892)		2,825,613		(3,639,279)
Collections of finance receivables held for investment	—		6,340,885		(2,900,545)		3,440,340




Other investing activities	8,172		—		4,000		12,172
Net cash used by investing activities	(186,535)		(125,863)		(70,932)		(383,330)


	Year Ended December 31, 2024
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from financing activities:
Proceeds from issuance of medium-term notes	—		495,856		—		495,856
Repayments of medium-term notes	—		(660,780)		—		(660,780)

Proceeds from securitization debt	—		1,145,211		—		1,145,211
Repayments of securitization debt	—		(1,078,248)		—		(1,078,248)
Borrowings of asset-backed commercial paper	—		469,986		—		469,986
Repayments of asset-backed commercial paper	—		(258,077)		—		(258,077)
Net decrease in unsecured commercial paper	—		(237,340)		—		(237,340)

Net increase in deposits	—		102,119		—		102,119
Dividends paid	(91,224)		(200,000)		200,000		(91,224)
Repurchase of common stock	(459,829)		—		—		(459,829)

Other financing activities	11		4,000		(4,000)		11
Net cash used by financing activities	(551,042)		(217,273)		196,000		(572,315)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(14,865)		(1,280)		—		(16,145)






Net (decrease) increase in cash, cash equivalents and restricted cash	$	(21,737)	$	113,780	$	—	$	92,043


Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	$	1,127,400	$	521,411	$	—	$	1,648,811
Net (decrease) increase in cash, cash equivalents and restricted cash	(21,737)		113,780		—		92,043
Cash, cash equivalents and restricted cash, end of period	$	1,105,663	$	635,191	$	—	$	1,740,854


	Year Ended December 31, 2023
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net income	$	712,909	$	181,937	$	(199,800)	$	695,046
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	149,187		8,925		—		158,112
Amortization of deferred loan origination costs	—		85,018		—		85,018
Amortization of financing origination fees	709		12,499		—		13,208
Provision for long-term employee benefits	(67,624)		—		—		(67,624)
Employee benefit plan contributions and payments	(5,736)		—		—		(5,736)
Stock compensation expense	79,311		3,590		—		82,901
Net change in wholesale finance receivables related to sales	—		—		(387,743)		(387,743)
Provision for credit losses	—		227,158		—		227,158

Deferred income taxes	(26,720)		(3,663)		324		(30,059)
Other, net	(18,480)		(21,033)		(200)		(39,713)
Changes in current assets and liabilities:
Accounts receivable, net	(42,312)		—		30,869		(11,443)
Finance receivables - accrued interest and other	—		(339)		—		(339)
Inventories, net	21,257		—		—		21,257
Accounts payable and accrued liabilities	(21,957)		67,635		(17,108)		28,570

Other current assets	(11,283)		(5,482)		3,039		(13,726)
	56,352		374,308		(370,819)		59,841
Net cash provided by operating activities	769,261		556,245		(570,619)		754,887
Cash flows from investing activities:
Capital expenditures	(202,325)		(5,079)		—		(207,404)
Origination of finance receivables held for investment	—		(7,284,431)		3,410,889		(3,873,542)
Collections of finance receivables held for investment	—		6,611,092		(3,040,270)		3,570,822




Other investing activities	(4,680)		—		2,500		(2,180)
Net cash used by investing activities	(207,005)		(678,418)		373,119		(512,304)


	Year Ended December 31, 2023
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from financing activities:
Proceeds from issuance of medium-term notes	—		1,446,304		—		1,446,304
Repayments of medium-term notes	—		(1,056,680)		—		(1,056,680)

Proceeds from securitization debt	—		1,045,547		—		1,045,547
Repayments of securitization debt	—		(1,193,526)		—		(1,193,526)
Borrowings of asset-backed commercial paper	—		42,429		—		42,429
Repayments of asset-backed commercial paper	—		(237,370)		—		(237,370)
Net increase in unsecured commercial paper	—		107,146		—		107,146

Net increase in deposits	—		129,855		—		129,855
Dividends paid	(96,310)		(200,000)		200,000		(96,310)
Repurchase of common stock	(363,987)		—		—		(363,987)

Other financing activities	1,946		2,500		(2,500)		1,946
Net cash (used) provided by financing activities	(458,351)		86,205		197,500		(174,646)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,697		—		—		1,697






Net increase (decrease) in cash, cash equivalents and restricted cash	$	105,602	$	(35,968)	$	—	$	69,634


Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	$	1,021,798	$	557,379	$	—	$	1,579,177
Net increase (decrease) in cash, cash equivalents and restricted cash	105,602		(35,968)		—		69,634
Cash, cash equivalents and restricted cash, end of period	$	1,127,400	$	521,411	$	—	$	1,648,811

HARLEY-DAVIDSON, INC. 10-K