The supplemental consolidating data includes separate legal entity data for the Company's financial services entities, including Harley-Davidson Financial Services, Inc. and its subsidiaries (Financial Services Entities), and all other Harley-Davidson, Inc. entities (Non-Financial Services Entities). This information is presented to highlight the separate financial statement impacts of the Company's Financial Services Entities and its Non-Financial Services Entities. The income statement information presented below differs from reportable segment income statement information due to the allocation of legal entity consolidating adjustments to income for reportable segments. Supplemental consolidating data is as follows (in thousands):


	Three months ended March 31, 2026
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Revenue:
Motorcycles and related products	$	1,061,312	$	—	$	(725)	$	1,060,587
Financial services	—		112,262		(318)		111,944
	1,061,312		112,262		(1,043)		1,172,531
Costs and expenses:
Motorcycles and related products cost of goods sold	794,133		—		—		794,133
Financial services interest expense	—		39,297		—		39,297
Financial services provision for credit losses	—		13,153		—		13,153
Selling, administrative and engineering expense	265,561		37,980		(1,087)		302,454

	1,059,694		90,430		(1,087)		1,149,037
Operating income	1,618		21,832		44		23,494
Other income, net	13,477		—		—		13,477
Investment income	8,696		—		—		8,696
Interest expense	3,570		—		—		3,570
Income before income taxes	20,221		21,832		44		42,097
Income tax provision	12,806		5,168		—		17,974
Net income	7,415		16,664		44		24,123
Less: (income) loss attributable to noncontrolling interests	650		$	—	$	—	$	650
Net income attributable to Harley-Davidson, Inc.	$	8,065	$	16,664	$	44	$	24,773
























	Three months ended March 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Revenue:
Motorcycles and Related Products	$	1,086,512	$	—	$	(2,264)	$	1,084,248
Financial Services	—		245,717		(756)		244,961
	1,086,512		245,717		(3,020)		1,329,209
Costs and expenses:
Motorcycles and related products cost of goods sold	770,785		—		—		770,785
Financial Services interest expense	—		88,934		—		88,934
Financial Services provision for credit losses	—		53,334		—		53,334
Selling, administrative and engineering expense	217,948		40,936		(3,227)		255,657

	988,733		183,204		(3,227)		1,168,710
Operating income	97,779		62,513		207		160,499
Other income, net	16,273		—		—		16,273
Investment income	8,941		—		—		8,941
Interest expense	7,686		—		—		7,686
Income before income taxes	115,307		62,513		207		178,027
Provision for income taxes	32,768		14,462		—		47,230
Net income	82,539		48,051		207		130,797
Less: (income) loss attributable to noncontrolling interests	2,307		—		—		2,307
Net income attributable to Harley-Davidson, Inc.	$	84,846	$	48,051	$	207	$	133,104


	Three months ended March 31, 2026
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Net income	$	7,415	$	16,664	$	44	$	24,123
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(25,247)		(2,137)		—		(27,384)

Derivative financial instruments	7,347		5,545		—		12,892
Unrealized gain on available for sale securities	—		(392)		—		(392)
Pension and postretirement benefit plans	(83)		—		—		(83)
	(17,983)		3,016		—		(14,967)
Comprehensive income	(10,568)		19,680		44		9,156
Less: Comprehensive loss attributable to noncontrolling interests	650		—		—		650
Comprehensive income attributable to Harley-Davidson, Inc.	$	(9,918)	$	19,680	$	44	$	9,806


	Three months ended March 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Net income	$	82,539	$	48,051	$	207	$	130,797
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	6,201		1,164		—		7,365

Derivative financial instruments	(9,050)		(3,015)		—		(12,065)

Pension and postretirement benefit plans	(777)		—		—		(777)
	(3,626)		(1,851)		—		(5,477)
Comprehensive income	78,913		46,200		207		125,320
Less: Comprehensive loss attributable to noncontrolling interests	2,307		—		—		2,307
Comprehensive income attributable to Harley-Davidson, Inc.	$	81,220	$	46,200	$	207	$	127,627


	March 31, 2026
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1,084,228	$	720,840	$	—	$	1,805,068

Accounts receivable, net	595,048		174		(309,436)		285,786
Finance receivables held for sale, net	—		426,792		—		426,792
Finance receivables held for investment, net	—		1,187,550		—		1,187,550
Inventories, net	622,189		—		—		622,189

Other current assets	413,844		63,989		(62,532)		415,301
	2,715,309		2,399,345		(371,968)		4,742,686
Finance receivables held for investment, net	—		827,061		—		827,061
Property, plant and equipment, net	716,130		4,076		—		720,206
Pension and postretirement assets	558,540		—		—		558,540
Goodwill	63,443		—		—		63,443
Deferred income taxes	53,407		14,729		(785)		67,351
Lease assets	79,301		2,222		—		81,523
Other long-term assets	199,193		107,912		(122,254)		184,851
	$	4,385,323	$	3,355,345	$	(495,007)	$	7,245,661
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	415,685	$	353,110	$	(309,437)	$	459,358
Accrued liabilities	662,449		172,683		(61,936)		773,196
Short-term deposits, net	—		248,642		—		248,642
Short-term debt	—		498,685		—		498,685
Current portion of long-term debt, net	—		498,246		—		498,246
	1,078,134		1,771,366		(371,373)		2,478,127
Long-term deposits, net	—		228,996		—		228,996
Long-term debt, net	297,309		837,556		—		1,134,865
Lease liabilities	66,749		1,677		—		68,426
Pension and postretirement liabilities	52,257		—		—		52,257
Deferred income taxes	2,275		3,243		—		5,518
Other long-term liabilities	141,607		54,254		1,476		197,337
Commitments and contingencies (Note 14)
Shareholders’ equity	2,746,992		458,253		(125,110)		3,080,135
	$	4,385,323	$	3,355,345	$	(495,007)	$	7,245,661


	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 14)
Shareholders’ equity	2,843,432		438,072		(124,654)		3,156,850
	$	4,245,567	$	4,031,596	$	(232,348)	$	8,044,815


	March 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	947,446	$	983,729	$	—	$	1,931,175

Accounts receivable, net	635,492		66		(322,224)		313,334

Finance receivables held for investment, net	—		2,286,672		—		2,286,672
Inventories, net	712,312		—		—		712,312
Restricted cash	—		150,132		—		150,132
Other current assets	232,091		62,581		(40,985)		253,687
	2,527,341		3,483,180		(363,209)		5,647,312
Finance receivables held for investment, net	—		5,112,935		—		5,112,935
Property, plant and equipment, net	739,818		10,801		—		750,619
Pension and postretirement assets	454,359		—		—		454,359
Goodwill	62,347		—		—		62,347
Deferred income taxes	74,233		85,560		(753)		159,040
Lease assets	60,410		2,995		—		63,405
Other long-term assets	216,289		36,234		(120,159)		132,364
	$	4,134,797	$	8,731,705	$	(484,121)	$	12,382,381
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	403,524	$	361,829	$	(322,224)	$	443,129
Accrued liabilities	525,799		177,331		(40,457)		662,673
Short-term deposits, net	—		178,376		—		178,376
Short-term debt	—		498,500		—		498,500
Current portion of long-term debt, net	449,903		1,389,197		—		1,839,100
	1,379,226		2,605,233		(362,681)		3,621,778
Long-term deposits, net	—		334,954		—		334,954
Long-term debt, net	297,078		4,666,183		—		4,963,261
Lease liabilities	45,304		2,663		—		47,967
Pension and postretirement liabilities	53,104		—		—		53,104
Deferred income taxes	15,784		1,231		—		17,015
Other long-term liabilities	129,560		39,440		1,612		170,612
Commitments and contingencies (Note 14)
Shareholders’ equity	2,214,741		1,082,001		(123,052)		3,173,690
	$	4,134,797	$	8,731,705	$	(484,121)	$	12,382,381


	Three months ended March 31, 2026
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net income	$	7,415	$	16,664	$	44	$	24,123
Adjustments to reconcile Net income to Net cash (used) provided by operating activities:
Depreciation and amortization	43,422		717		—		44,139
Amortization of deferred loan origination costs	—		2,153		—		2,153
Amortization of financing origination fees	32		1,319		—		1,351
Income related to long-term employee benefits	(11,686)		—		—		(11,686)
Employee benefit plan contributions and payments	(1,535)		—		—		(1,535)
Stock compensation expense	8,043		500		—		8,543
Net change in wholesale finance receivables related to sales	—		—		(178,721)		(178,721)
Provision for credit losses	—		13,153		—		13,153
Collections from finance receivables held for sale	—		24,950		—		24,950
Proceeds from sale of finance receivables held for sale	—		275,439		—		275,439
Originations of finance receivables held for sale	—		(491,565)		—		(491,565)



Deferred income taxes	5,761		(3,501)		(318)		1,942
Other, net	9,737		(6,312)		(45)		3,380
Changes in current assets and liabilities:
Accounts receivable, net	(310,862)		—		246,849		(64,013)
Finance receivables – accrued interest and other	—		(4,378)		—		(4,378)
Inventories, net	102,804		—		—		102,804
Accounts payable and accrued liabilities	254,255		200,113		(258,658)		195,710
Other current assets	(209,049)		19,609		15,630		(173,810)
	(109,078)		32,197		(175,263)		(252,144)
Net cash (used) provided by operating activities	(101,663)		48,861		(175,219)		(228,021)


	Three months ended March 31, 2026
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated

Cash flows from investing activities:
Capital expenditures	(31,772)		(20)		—		(31,792)
Origination of finance receivables held for investment	—		(1,122,001)		753,162		(368,839)
Collections on finance receivables held for investment	—		824,644		(577,943)		246,701

Collection of retained securitization beneficial interests	—		10,261		—		10,261
Proceeds from derivative instruments	—		51,574		—		51,574
Other investing activities	91		—		—		91
Net cash (used) provided by investing activities	(31,681)		(235,542)		175,219		(92,004)

Cash flows from financing activities:

Repayments of medium-term notes	—		(810,950)		—		(810,950)






Net increase in unsecured commercial paper	—		2,364		—		2,364

Net decrease in deposits	—		(59,193)		—		(59,193)

Dividends paid	(21,540)		—		—		(21,540)
Repurchase of common stock	(70,018)		—		—		(70,018)


Net cash used by financing activities	(91,558)		(867,779)		—		(959,337)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5,787)		(1,527)		—		(7,314)
Net decrease in cash, cash equivalents and restricted cash	$	(230,689)	$	(1,055,987)	$	—	$	(1,286,676)

Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	$	1,314,917	$	1,776,827	$	—	$	3,091,744
Net decrease in cash, cash equivalents and restricted cash	(230,689)		(1,055,987)		—		(1,286,676)
Cash, cash equivalents and restricted cash, end of period	$	1,084,228	$	720,840	$	—	$	1,805,068


	Three months ended March 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net income	$	82,539	$	48,051	$	207	$	130,797
Adjustments to reconcile Net income to Net cash (used) provided by operating activities:
Depreciation and amortization	39,344		2,360		—		41,704
Amortization of deferred loan origination costs	—		15,856		—		15,856
Amortization of financing origination fees	182		3,087		—		3,269
Income related to long-term employee benefits	(13,763)		—		—		(13,763)
Employee benefit plan contributions and payments	(1,556)		—		—		(1,556)
Stock compensation expense	6,241		574		—		6,815
Net change in wholesale finance receivables related to sales	—		—		(270,851)		(270,851)
Provision for credit losses	—		53,334		—		53,334



Deferred income taxes	14,735		4,102		(264)		18,573
Other, net	(5,550)		8,567		(209)		2,808
Changes in current assets and liabilities:
Accounts receivable, net	(334,284)		—		261,698		(72,586)
Finance receivables – accrued interest and other	—		(3,496)		—		(3,496)
Inventories, net	42,217		—		—		42,217
Accounts payable and accrued liabilities	125,876		299,158		(221,753)		203,281
Other current assets	28,707		(6,925)		(36,650)		(14,868)
	(97,851)		376,617		(268,029)		10,737
Net cash (used) provided by operating activities	(15,312)		424,668		(267,822)		141,534
Cash flows from investing activities:
Capital expenditures	(29,935)		(38)		—		(29,973)
Origination of finance receivables held for investment	—		(1,493,955)		757,154		(736,801)
Collections on finance receivables held for investment	—		1,317,330		(489,332)		827,998

Other investing activities	171		—		—		171
Net cash (used) provided by investing activities	(29,764)		(176,663)		267,822		61,395


	Three months ended March 31, 2025
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from financing activities:

Proceeds from issuance of medium-term notes	—		647,088		—		647,088


Repayments of securitization debt	—		(292,671)		—		(292,671)
Borrowings of asset-backed commercial paper	—		155,000		—		155,000
Repayments of asset-backed commercial paper	—		(65,004)		—		(65,004)
Net decrease in unsecured commercial paper	—		(140,778)		—		(140,778)

Net decrease in deposits	—		(37,439)		—		(37,439)

Dividends paid	(22,921)		—		—		(22,921)
Repurchase of common stock	(93,095)		—		—		(93,095)
Other financing activities	5		—		—		5
Net cash (used) provided by financing activities	(116,011)		266,196		—		150,185
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,870		429		—		3,299
Net (decrease) increase in cash, cash equivalents and restricted cash	$	(158,217)	$	514,630	$	—	$	356,413

Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	$	1,105,663	$	635,191	$	—	$	1,740,854
Net (decrease) increase in cash, cash equivalents and restricted cash	(158,217)		514,630		—		356,413
Cash, cash equivalents and restricted cash, end of period	$	947,446	$	1,149,821	$	—	$	2,097,267