v3.26.1
Supplemental Consolidating Data
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Consolidating Data Supplemental Consolidating Data
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 primarily 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 June 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Revenue:
Motorcycles and related products$1,114,127 $— $(733)$1,113,394 
Financial services— 117,475 (432)117,043 
1,114,127 117,475 (1,165)1,230,437 
Costs and expenses:
Motorcycles and related products cost of goods sold809,316 — — 809,316 
Financial services interest expense— 30,562 — 30,562 
Financial services provision for credit losses— 17,643 — 17,643 
Selling, administrative and engineering expense250,073 47,973 (1,140)296,906 
1,059,389 96,178 (1,140)1,154,427 
Operating income54,738 21,297 (25)76,010 
Other income, net 11,047 — — 11,047 
Investment income11,840 — — 11,840 
Interest expense(96,378)— 100,000 3,622 
Income before income taxes174,003 21,297 (100,025)95,275 
Income tax provision10,866 5,428 — 16,294 
Net income163,137 15,869 (100,025)78,981 
Less: loss attributable to noncontrolling interests824 $— $— $824 
Net income attributable to Harley-Davidson, Inc.$163,961 $15,869 $(100,025)$79,805 
Six months ended June 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Revenue:
Motorcycles and related products$2,175,439 $— $(1,458)$2,173,981 
Financial services— 229,737 (750)228,987 
2,175,439 229,737 (2,208)2,402,968 
Costs and expenses:
Motorcycles and related products cost of goods sold1,603,449 — — 1,603,449 
Financial services interest expense— 69,859 — 69,859 
Financial services provision for credit losses— 30,796 — 30,796 
Selling, administrative and engineering expense515,636 85,953 (2,227)599,362 
2,119,085 186,608 (2,227)2,303,466 
Operating income56,354 43,129 19 99,502 
Other income, net 24,526 — — 24,526 
Investment income20,536 — — 20,536 
Interest expense(92,808)— 100,000 7,192 
Income before income taxes194,224 43,129 (99,981)137,372 
Provision for income taxes23,671 10,596 — 34,267 
Net income170,553 32,533 (99,981)103,105 
Less: loss attributable to noncontrolling interests1,473 — — 1,473 
Net income attributable to Harley-Davidson, Inc.$172,026 $32,533 $(99,981)$104,578 
Three months ended June 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Revenue:
Motorcycles and Related Products$1,052,206 $— $(2,546)$1,049,660 
Financial Services— 258,834 (1,396)257,438 
1,052,206 258,834 (3,942)1,307,098 
Costs and expenses:
Motorcycles and related products cost of goods sold
750,793 — — 750,793 
Financial Services interest expense— 93,574 — 93,574 
Financial Services provision for credit losses— 49,738 — 49,738 
Selling, administrative and engineering expense257,361 46,884 (3,688)300,557 
1,008,154 190,196 (3,688)1,194,662 
Operating income44,052 68,638 (254)112,436 
Other income, net14,477 — — 14,477 
Investment income10,950 — — 10,950 
Interest expense7,696 — — 7,696 
Income before income taxes61,783 68,638 (254)130,167 
Provision for income taxes7,976 16,446 — 24,422 
Net income53,807 52,192 (254)105,745 
Less: loss attributable to noncontrolling interests1,824 — — 1,824 
Net income attributable to Harley-Davidson, Inc.$55,631 $52,192 $(254)$107,569 
Six months ended June 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Revenue:
Motorcycles and related products$2,138,719 $— $(4,810)$2,133,909 
Financial services— 504,551 (2,152)502,399 
2,138,719 504,551 (6,962)2,636,308 
Costs and expenses:
Motorcycles and related products cost of goods sold1,521,579 — — 1,521,579 
Financial services interest expense— 182,508 — 182,508 
Financial services provision for credit losses— 103,072 — 103,072 
Selling, administrative and engineering expense475,309 87,820 (6,915)556,214 
1,996,888 373,400 (6,915)2,363,373 
Operating income141,831 131,151 (47)272,935 
Other income, net30,750 — — 30,750 
Investment income
19,891 — — 19,891 
Interest expense15,382 — — 15,382 
Income before income taxes177,090 131,151 (47)308,194 
Provision for income taxes40,744 30,908 — 71,652 
Net income136,346 100,243 (47)236,542 
Less: loss attributable to noncontrolling interests4,131 — — 4,131 
Net income attributable to Harley-Davidson, Inc.$140,477 $100,243 $(47)$240,673 
Three months ended June 30, 2026
 Non-Financial Services Entities Financial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$163,137 $15,869 $(100,025)$78,981 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(9,203)(2,817)— (12,020)
Derivative financial instruments4,263 5,502 — 9,765 
Unrealized loss on available for sale securities— (161)— (161)
Pension and postretirement benefit plans(82)— — (82)
(5,022)2,524 — (2,498)
Comprehensive income158,115 18,393 (100,025)76,483 
Less: Comprehensive loss attributable to noncontrolling interests1,238 — — 1,238 
Comprehensive income attributable to Harley-Davidson, Inc.$159,353 $18,393 $(100,025)$77,721 
Six months ended June 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$170,553 $32,533 $(99,981)$103,105 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(34,450)(4,954)— (39,404)
Derivative financial instruments11,610 11,047 — 22,657 
Unrealized loss on available for sale securities— (553)— (553)
Pension and postretirement benefit plans(165)— — (165)
(23,005)5,540 — (17,465)
Comprehensive income147,548 38,073 (99,981)85,640 
Less: Comprehensive loss attributable to noncontrolling interests1,887 — — 1,887 
Comprehensive income attributable to Harley-Davidson, Inc.$149,435 $38,073 $(99,981)$87,527 
Three months ended June 30, 2025
 Non-Financial Services Entities Financial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$53,807 $52,192 $(254)$105,745 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments39,941 6,355 — 46,296 
Derivative financial instruments(21,234)15,475 — (5,759)
Pension and postretirement benefit plans(776)— — (776)
17,931 21,830 — 39,761 
Comprehensive income71,738 74,022 (254)145,506 
Less: Comprehensive loss attributable to noncontrolling interests1,824 — — 1,824 
Comprehensive income attributable to Harley-Davidson, Inc.$73,562 $74,022 $(254)$147,330 
Six months ended June 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$136,346 $100,243 $(47)$236,542 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments46,142 7,519 — 53,661 
Derivative financial instruments(30,284)12,460 — (17,824)
Pension and postretirement benefit plans(1,553)— — (1,553)
14,305 19,979 — 34,284 
Comprehensive income150,651 120,222 (47)270,826 
Less: Comprehensive loss attributable to noncontrolling interests4,131 — — 4,131 
Comprehensive income attributable to Harley-Davidson, Inc.$154,782 $120,222 $(47)$274,957 
June 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,283,300 $612,489 $— $1,895,789 
Accounts receivable, net616,735 200 (315,147)301,788 
Finance receivables held for sale, net
— 545,761 — 545,761 
Finance receivables held for investment, net
— 1,094,533 — 1,094,533 
Inventories, net500,935 — — 500,935 
Other current assets257,175 63,903 (70,658)250,420 
2,658,145 2,316,886 (385,805)4,589,226 
Finance receivables held for investment, net
— 1,004,886 — 1,004,886 
Property, plant and equipment, net687,603 3,481 — 691,084 
Pension and postretirement assets567,824 — — 567,824 
Goodwill63,608 — — 63,608 
Deferred income taxes53,570 18,077 (863)70,784 
Lease assets75,087 2,024 — 77,111 
Other long-term assets202,977 100,935 (122,570)181,342 
$4,308,814 $3,446,289 $(509,238)$7,245,865 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$374,508 $349,914 $(315,147)$409,275 
Accrued liabilities504,277 189,991 (70,123)624,145 
Short-term deposits, net— 266,421 — 266,421 
Short-term debt— 613,141 — 613,141 
Current portion of long-term debt, net— 498,466 — 498,466 
878,785 1,917,933 (385,270)2,411,448 
Long-term deposits, net— 250,043 — 250,043 
Long-term debt, net297,342 833,505 — 1,130,847 
Lease liabilities63,228 1,421 — 64,649 
Pension and postretirement liabilities51,472 — — 51,472 
Deferred income taxes2,283 4,837 — 7,120 
Other long-term liabilities151,196 61,589 1,482 214,267 
Commitments and contingencies (Note 14)
Shareholders’ equity2,864,508 376,961 (125,450)3,116,019 
$4,308,814 $3,446,289 $(509,238)$7,245,865 
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 
June 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,067,346 $520,318 $— $1,587,664 
Accounts receivable, net602,064 99 (276,407)325,756 
Finance receivables held for investment, net
— 2,127,866 — 2,127,866 
Inventories, net630,287 — — 630,287 
Restricted cash— 149,782 — 149,782 
Other current assets249,430 134,295 (56,465)327,260 
2,549,127 2,932,360 (332,872)5,148,615 
Finance receivables held for investment, net
— 5,198,356 — 5,198,356 
Property, plant and equipment, net720,914 8,577 — 729,491 
Pension and postretirement assets467,893 — — 467,893 
Goodwill63,839 — — 63,839 
Deferred income taxes84,817 82,876 (893)166,800 
Lease assets69,133 2,805 — 71,938 
Other long-term assets225,461 98,798 (120,746)203,513 
$4,181,184 $8,323,772 $(454,511)$12,050,445 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$337,519 $306,268 $(276,407)$367,380 
Accrued liabilities562,411 166,796 (55,971)673,236 
Short-term deposits, net— 243,101 — 243,101 
Short-term debt— 503,353 — 503,353 
Current portion of long-term debt, net449,976 1,533,852 — 1,983,828 
1,349,906 2,753,370 (332,378)3,770,898 
Long-term deposits, net— 294,783 — 294,783 
Long-term debt, net297,188 4,070,365 — 4,367,553 
Lease liabilities53,880 2,422 — 56,302 
Pension and postretirement liabilities52,189 — — 52,189 
Deferred income taxes15,794 1,233 — 17,027 
Other long-term liabilities137,012 44,988 1,760 183,760 
Commitments and contingencies (Note 14)
Shareholders’ equity2,275,215 1,156,611 (123,893)3,307,933 
$4,181,184 $8,323,772 $(454,511)$12,050,445 
Six months ended June 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Cash flows from operating activities:
Net income$170,553 $32,533 $(99,981)$103,105 
Adjustments to reconcile Net income to Net cash (used) provided by operating activities:
Depreciation and amortization85,311 1,392 — 86,703 
Amortization of deferred loan origination costs— 4,804 — 4,804 
Amortization of financing origination fees64 2,421 — 2,485 
Income related to long-term employee benefits
(20,424)— — (20,424)
Employee benefit plan contributions and payments(2,975)— — (2,975)
Stock compensation expense17,219 815 — 18,034 
Net change in wholesale finance receivables related to sales— — (80,003)(80,003)
Provision for credit losses— 30,796 — 30,796 
Collections from finance receivables held for sale
— 74,760 — 74,760 
Proceeds from sale of finance receivables held for sale
— 761,221 — 761,221 
Originations of finance receivables held for sale
— (1,181,674)— (1,181,674)
Deferred income taxes4,129 (7,097)(240)(3,208)
Other, net16,675 (1,365)(20)15,290 
Changes in current assets and liabilities:
Accounts receivable, net(333,774)— 252,560 (81,214)
Finance receivables – accrued interest and other
— (4,721)— (4,721)
Inventories, net221,794 — — 221,794 
Accounts payable and accrued liabilities54,870 220,362 (269,872)5,360 
Other current assets(50,865)17,291 23,756 (9,818)
(7,976)(80,995)(73,819)(162,790)
Net cash (used) provided by operating activities 162,577 (48,462)(173,800)(59,685)
Six months ended June 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Cash flows from investing activities:
Capital expenditures(44,594)(100)— (44,694)
Origination of finance receivables held for investment
— (2,370,945)1,498,284 (872,661)
Collections on finance receivables held for investment
— 2,000,347 (1,424,484)575,863 
Collection of retained securitization beneficial interests
— 23,460 — 23,460 
Proceeds from derivative instruments
— 51,574 — 51,574 
Other investing activities(280)— — (280)
Net cash (used) provided by investing activities
(44,874)(295,664)73,800 (266,738)
Cash flows from financing activities:
Repayments of medium-term notes— (810,950)— (810,950)
Net increase in unsecured commercial paper
— 114,102 — 114,102 
Net decrease in deposits
— (20,554)— (20,554)
Dividends paid(41,211)(100,000)100,000 (41,211)
Repurchase of common stock(100,388)— — (100,388)
Other financing activities97 — — 97 
Net cash (used) provided by financing activities(141,502)(817,402)100,000 (858,904)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(7,818)(2,810)— (10,628)
Net decrease in cash, cash equivalents and restricted cash
$(31,617)$(1,164,338)$— $(1,195,955)
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
(31,617)(1,164,338)— (1,195,955)
Cash, cash equivalents and restricted cash, end of period$1,283,300 $612,489 $— $1,895,789 
Six months ended June 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Cash flows from operating activities:
Net income$136,346 $100,243 $(47)$236,542 
Adjustments to reconcile Net income to Net cash (used) provided by operating activities:
Depreciation and amortization77,352 4,777 — 82,129 
Amortization of deferred loan origination costs— 32,489 — 32,489 
Amortization of financing origination fees364 6,266 — 6,630 
Income related to long-term employee benefits
(27,526)— — (27,526)
Employee benefit plan contributions and payments(3,256)— — (3,256)
Stock compensation expense16,246 1,161 — 17,407 
Net change in wholesale finance receivables related to sales— — (145,174)(145,174)
Provision for credit losses— 103,072 — 103,072 
Deferred income taxes11,955 2,025 (124)13,856 
Other, net(18,648)20,195 45 1,592 
Changes in current assets and liabilities:
Accounts receivable, net(282,732)— 215,881 (66,851)
Finance receivables – accrued interest and other
— 4,999 — 4,999 
Inventories, net142,996 — — 142,996 
Accounts payable and accrued liabilities95,281 230,797 (189,980)136,098 
Other current assets6,156 (10,497)(21,170)(25,511)
18,188 395,284 (140,522)272,950 
Net cash (used) provided by operating activities 154,534 495,527 (140,569)509,492 
Cash flows from investing activities:
Capital expenditures(65,330)(230)— (65,560)
Origination of finance receivables held for investment
— (3,203,305)1,437,354 (1,765,951)
Collections on finance receivables held for investment
— 3,037,751 (1,296,785)1,740,966 
Other investing activities691 — — 691 
Net cash (used) provided by investing activities(64,639)(165,784)140,569 (89,854)
Six months ended June 30, 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 medium-term notes— (700,000)— (700,000)
Proceeds from securitization debt— 497,790 — 497,790 
Repayments of securitization debt— (584,153)— (584,153)
Borrowings of asset-backed commercial paper— 155,000 — 155,000 
Repayments of asset-backed commercial paper— (145,379)— (145,379)
Net decrease in unsecured commercial paper— (135,902)— (135,902)
Net decrease in deposits
— (13,073)— (13,073)
Dividends paid(44,756)— — (44,756)
Repurchase of common stock(93,140)— — (93,140)
Other financing activities6 — — 6 
Net cash used by financing activities(137,890)(278,629)— (416,519)
Effect of exchange rate changes on cash, cash equivalents and restricted cash9,678 2,697 — 12,375 
Net (decrease) increase in cash, cash equivalents and restricted cash$(38,317)$53,811 $— $15,494 
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(38,317)53,811 — 15,494 
Cash, cash equivalents and restricted cash, end of period$1,067,346 $689,002 $— $1,756,348