v3.26.1
Supplemental Consolidating Data (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Operations 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 
Schedule of Comprehensive Income
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 
Schedule of Balance Sheet
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 
Schedule of Cash Flows
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