v3.26.1
Supplemental Consolidating Data (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Operations Supplemental consolidating data is as follows (in thousands):
 Three months ended March 31, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 sold794,133 — — 794,133 
Financial services interest expense— 39,297 — 39,297 
Financial services provision for credit losses— 13,153 — 13,153 
Selling, administrative and engineering expense265,561 37,980 (1,087)302,454 
1,059,694 90,430 (1,087)1,149,037 
Operating income1,618 21,832 44 23,494 
Other income, net 13,477 — — 13,477 
Investment income8,696 — — 8,696 
Interest expense3,570 — — 3,570 
Income before income taxes20,221 21,832 44 42,097 
Income tax provision12,806 5,168 — 17,974 
Net income7,415 16,664 44 24,123 
Less: (income) loss attributable to noncontrolling interests650 $— $— $650 
Net income attributable to Harley-Davidson, Inc.$8,065 $16,664 $44 $24,773 
Three months ended March 31, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 expense217,948 40,936 (3,227)255,657 
988,733 183,204 (3,227)1,168,710 
Operating income97,779 62,513 207 160,499 
Other income, net16,273 — — 16,273 
Investment income8,941 — — 8,941 
Interest expense7,686 — — 7,686 
Income before income taxes115,307 62,513 207 178,027 
Provision for income taxes32,768 14,462 — 47,230 
Net income82,539 48,051 207 130,797 
Less: (income) loss attributable to noncontrolling interests2,307 — — 2,307 
Net income attributable to Harley-Davidson, Inc.$84,846 $48,051 $207 $133,104 
Schedule of Comprehensive Income
 Three months ended March 31, 2026
  Non-Financial Services Entities Financial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$7,415 $16,664 $44 $24,123 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(25,247)(2,137)— (27,384)
Derivative financial instruments7,347 5,545 — 12,892 
Unrealized gain on available for sale securities
— (392)— (392)
Pension and postretirement benefit plans(83)— — (83)
(17,983)3,016 — (14,967)
Comprehensive income(10,568)19,680 44 9,156 
Less: Comprehensive loss attributable to noncontrolling interests650 — — 650 
Comprehensive income attributable to Harley-Davidson, Inc.$(9,918)$19,680 $44 $9,806 
 Three months ended March 31, 2025
  Non-Financial Services Entities Financial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$82,539 $48,051 $207 $130,797 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments6,201 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 income78,913 46,200 207 125,320 
Less: Comprehensive loss attributable to noncontrolling interests2,307 — — 2,307 
Comprehensive income attributable to Harley-Davidson, Inc.$81,220 $46,200 $207 $127,627 
Schedule of Balance Sheet
 March 31, 2026
 Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,084,228 $720,840 $— $1,805,068 
Accounts receivable, net595,048 174 (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, net622,189 — — 622,189 
Other current assets413,844 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, net716,130 4,076 — 720,206 
Pension and postretirement assets558,540 — — 558,540 
Goodwill63,443 — — 63,443 
Deferred income taxes53,407 14,729 (785)67,351 
Lease assets79,301 2,222 — 81,523 
Other long-term assets199,193 107,912 (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 liabilities662,449 172,683 (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, net297,309 837,556 — 1,134,865 
Lease liabilities66,749 1,677 — 68,426 
Pension and postretirement liabilities52,257 — — 52,257 
Deferred income taxes2,275 3,243 — 5,518 
Other long-term liabilities141,607 54,254 1,476 197,337 
Commitments and contingencies (Note 14)
Shareholders’ equity2,746,992 458,253 (125,110)3,080,135 
$4,385,323 $3,355,345 $(495,007)$7,245,661 
 December 31, 2025
 Non-Financial Services EntitiesFinancial 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, net297,278 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 14)
Shareholders’ equity2,843,432 438,072 (124,654)3,156,850 
$4,245,567 $4,031,596 $(232,348)$8,044,815 
 March 31, 2025
 Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$947,446 $983,729 $— $1,931,175 
Accounts receivable, net635,492 66 (322,224)313,334 
Finance receivables held for investment, net
— 2,286,672 — 2,286,672 
Inventories, net712,312 — — 712,312 
Restricted cash— 150,132 — 150,132 
Other current assets232,091 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, net739,818 10,801 — 750,619 
Pension and postretirement assets454,359 — — 454,359 
Goodwill62,347 — — 62,347 
Deferred income taxes74,233 85,560 (753)159,040 
Lease assets60,410 2,995 — 63,405 
Other long-term assets216,289 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 liabilities525,799 177,331 (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, net449,903 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, net297,078 4,666,183 — 4,963,261 
Lease liabilities45,304 2,663 — 47,967 
Pension and postretirement liabilities53,104 — — 53,104 
Deferred income taxes15,784 1,231 — 17,015 
Other long-term liabilities129,560 39,440 1,612 170,612 
Commitments and contingencies (Note 14)
Shareholders’ equity2,214,741 1,082,001 (123,052)3,173,690 
$4,134,797 $8,731,705 $(484,121)$12,382,381 
Schedule of Cash Flows
 Three months ended March 31, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 amortization43,422 717 — 44,139 
Amortization of deferred loan origination costs— 2,153 — 2,153 
Amortization of financing origination fees32 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 expense8,043 500 — 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 taxes5,761 (3,501)(318)1,942 
Other, net9,737 (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, net102,804 — — 102,804 
Accounts payable and accrued liabilities254,255 200,113 (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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 activities91 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 amortization39,344 2,360 — 41,704 
Amortization of deferred loan origination costs— 15,856 — 15,856 
Amortization of financing origination fees182 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 expense6,241 574 — 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 taxes14,735 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, net42,217 — — 42,217 
Accounts payable and accrued liabilities125,876 299,158 (221,753)203,281 
Other current assets28,707 (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 activities171 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 activities5 — — 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 cash2,870 429 — 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