v3.25.4
Supplemental Consolidating Data (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Operations Supplemental consolidating data for 2025 is as follows (in thousands):
 Year Ended December 31, 2025
  Non-Financial Services Entities Financial Services EntitiesConsolidating AdjustmentsConsolidated
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 sold2,741,821 — — 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 expense968,952 199,197 (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, net61,270 — — 61,270 
Investment income1,044,270 — (1,000,000)44,270 
Interest expense33,444 — — 33,444 
Income before income taxes982,929 475,601 (999,799)458,731 
Income tax provision6,213 123,364 — 129,577 
Net income976,716 352,237 (999,799)329,154 
Less: (income) loss attributable to noncontrolling interests9,584 — — 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 EntitiesConsolidating AdjustmentsConsolidated
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 sold3,005,940 — — 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 expense976,028 180,137 (10,921)1,145,244 
3,981,968 799,128 (10,921)4,770,175 
Operating income175,307 241,075 245 416,627 
Other income, net72,295 — — 72,295 
Investment income258,964 — (200,000)58,964 
Interest expense30,748 — — 30,748 
Income before income taxes475,818 241,075 (199,755)517,138 
Income tax provision15,197 56,766 — 71,963 
Net income460,621 184,309 (199,755)445,175 
Less: (income) loss attributable to noncontrolling interests10,182 — — 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 EntitiesConsolidating AdjustmentsConsolidated
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 sold3,322,306 — — 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 expense1,018,670 167,861 (10,981)1,175,550 
4,340,976 727,399 (10,981)5,057,394 
Operating income550,473 228,411 200 779,084 
Other income, net71,808 — — 71,808 
Investment income246,771 — (200,000)46,771 
Interest expense30,787 — — 30,787 
Income before income taxes838,265 228,411 (199,800)866,876 
Income tax provision125,356 46,474 — 171,830 
Net income712,909 181,937 (199,800)695,046 
Less: (income) loss attributable to noncontrolling interests11,540 — — 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 EntitiesConsolidating AdjustmentsConsolidated
Net income$976,716 $352,237 $(999,799)$329,154 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments59,020 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 plans33,244 — — 33,244 
73,732 1,837 — 75,569 
Comprehensive income1,050,448 354,074 (999,799)404,723 
Less: Comprehensive loss attributable to noncontrolling interests6,524 — — 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 EntitiesConsolidating AdjustmentsConsolidated
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 income444,679 172,507 (199,755)417,431 
Less: Comprehensive loss attributable to noncontrolling interests10,182 — — 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 EntitiesConsolidating AdjustmentsConsolidated
Net income$712,909 $181,937 $(199,800)$695,046 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments9,619 1,913 — 11,532 
Derivative financial instruments
919 2,920 — 3,839 
Pension and postretirement benefit plans21,596 — — 21,596 
32,134 4,833 — 36,967 
Comprehensive income745,043 186,770 (199,800)732,013 
Less: Comprehensive loss attributable to noncontrolling interests11,540 — — 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 EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,314,917 $1,776,827 $— $3,091,744 
Accounts receivable, net288,183 164 (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, net730,898 — — 730,898 
Other current assets196,406 142,880 (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, net745,451 4,773 — 750,224 
Pension and postretirement assets546,303 — — 546,303 
Goodwill63,913 — — 63,913 
Deferred income taxes61,956 12,939 (1,103)73,792 
Lease assets80,124 2,418 — 82,542 
Other long-term assets217,416 126,371 (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 liabilities477,041 241,577 (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 liabilities67,497 1,928 — 69,425 
Pension and postretirement liabilities53,135 — — 53,135 
Deferred income taxes2,267 3,239 — 5,506 
Other long-term liabilities138,410 55,080 1,554 195,044 
Commitments and contingencies (Note 15)
Shareholders’ equity2,843,432 438,072 (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 EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,105,663 $483,945 $— $1,589,608 
Accounts receivable, net294,776 65 (60,526)234,315 
Finance receivables held for investment, net
— 2,031,496 — 2,031,496 
Inventories, net745,793 — — 745,793 
Restricted cash— 135,661 — 135,661 
Other current assets273,791 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, net743,875 13,197 — 757,072 
Pension and postretirement assets440,825 — — 440,825 
Goodwill61,655 — — 61,655 
Deferred income taxes88,734 88,109 (1,017)175,826 
Lease assets60,628 3,225 — 63,853 
Other long-term assets221,694 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 liabilities515,830 155,437 (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 liabilities44,520 2,900 — 47,420 
Pension and postretirement liabilities53,874 — — 53,874 
Deferred income taxes15,765 1,124 — 16,889 
Other long-term liabilities139,373 60,123 1,754 201,250 
Commitments and contingencies (Note 15)
Shareholders’ equity2,245,958 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 EntitiesConsolidating AdjustmentsConsolidated
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 amortization163,013 9,358 — 172,371 
Amortization of deferred loan origination costs— 45,165 — 45,165 
Amortization of financing origination fees2,465 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 expense29,580 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 taxes5,937 78,120 86 84,143 
Other, net6,799 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 assets60,801 (24,616)(30,733)5,452 
306,799 (139,340)72,309 239,768 
Net cash provided by operating activities1,283,515 212,897 (927,490)568,922 
 Year Ended December 31, 2025
 Non-Financial Services Entities Financial Services EntitiesConsolidating AdjustmentsConsolidated
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 activities1,126 — — 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 loan448,013 — — 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 cash9,717 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 amortization151,316 9,357 — 160,673 
Amortization of deferred loan origination costs— 70,745 — 70,745 
Amortization of financing origination fees721 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 expense46,960 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, net17,289 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 activities730,705 458,196 (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 activities8,172 — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 activities11 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 amortization149,187 8,925 — 158,112 
Amortization of deferred loan origination costs— 85,018 — 85,018 
Amortization of financing origination fees709 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 expense79,311 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 activities769,261 556,245 (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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 activities1,946 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 cash1,697 — — 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