v3.26.3
Supplemental Consolidating Data (Tables)
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Operations Supplemental consolidating data is as follows (in thousands):
Three months ended September 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Revenue:
Motorcycles and related products$972,217 $— $(336)$971,881 
Financial services— 111,180 (422)110,758 
972,217 111,180 (758)1,082,639 
Costs and expenses:
Motorcycles and related products cost of goods sold701,453 — — 701,453 
Financial services interest expense— 32,245 — 32,245 
Financial services provision for credit losses— 20,324 — 20,324 
Selling, administrative and engineering expense244,265 47,767 (719)291,313 
945,718 100,336 (719)1,045,335 
Operating income26,499 10,844 (39)37,304 
Other income, net 12,598 — — 12,598 
Investment income11,647 — — 11,647 
Interest expense3,629 — — 3,629 
Income before income taxes47,115 10,844 (39)57,920 
Income tax provision11,271 5,706 — 16,977 
Net income35,844 5,138 (39)40,943 
Less: loss attributable to noncontrolling interests1,819 $— $— $1,819 
Net income attributable to Harley-Davidson, Inc.$37,663 $5,138 $(39)$42,762 
Nine months ended September 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Revenue:
Motorcycles and related products$3,147,655 $— $(1,794)$3,145,861 
Financial services— 340,917 (1,172)339,745 
3,147,655 340,917 (2,966)3,485,606 
Costs and expenses:
Motorcycles and related products cost of goods sold2,304,903 — — 2,304,903 
Financial services interest expense— 102,105 — 102,105 
Financial services provision for credit losses— 51,120 — 51,120 
Selling, administrative and engineering expense759,900 133,718 (2,946)890,672 
3,064,803 286,943 (2,946)3,348,800 
Operating income82,852 53,974 (20)136,806 
Other income, net 37,124 — — 37,124 
Investment income132,182 — (100,000)32,182 
Interest expense10,820 — — 10,820 
Income before income taxes241,338 53,974 (100,020)195,292 
Provision for income taxes34,943 16,302 — 51,245 
Net income206,395 37,672 (100,020)144,047 
Less: loss attributable to noncontrolling interests3,292 — — 3,292 
Net income attributable to Harley-Davidson, Inc.$209,687 $37,672 $(100,020)$147,339 
Three months ended September 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Revenue:
Motorcycles and Related Products$1,095,322 $— $(15,800)$1,079,522 
Financial Services— 261,687 (499)261,188 
1,095,322 261,687 (16,299)1,340,710 
Costs and expenses:
Motorcycles and related products cost of goods sold
798,683 — — 798,683 
Financial Services interest expense— 75,883 — 75,883 
Financial Services provision for credit losses— (301,499)— (301,499)
Selling, administrative and engineering expense245,425 63,782 (16,322)292,885 
1,044,108 (161,834)(16,322)865,952 
Operating income51,214 423,521 23 474,758 
Other income, net14,706 — — 14,706 
Investment income12,267 — — 12,267 
Interest expense10,182 — — 10,182 
Income before income taxes68,005 423,521 23 491,549 
Provision for income taxes14,752 101,632 — 116,384 
Net income53,253 321,889 23 375,165 
Less: loss attributable to noncontrolling interests2,201 — — 2,201 
Net income attributable to Harley-Davidson, Inc.$55,454 $321,889 $23 $377,366 
Nine months ended September 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Revenue:
Motorcycles and related products$3,234,041 $— $(20,610)$3,213,431 
Financial services— 766,238 (2,651)763,587 
3,234,041 766,238 (23,261)3,977,018 
Costs and expenses:
Motorcycles and related products cost of goods sold2,320,261 — — 2,320,261 
Financial services interest expense— 258,391 — 258,391 
Financial services provision for credit losses— (198,427)— (198,427)
Selling, administrative and engineering expense720,733 151,602 (23,237)849,098 
3,040,994 211,566 (23,237)3,229,323 
Operating income193,047 554,672 (24)747,695 
Other income, net45,456 — — 45,456 
Investment income
32,158 — — 32,158 
Interest expense25,564 — — 25,564 
Income before income taxes245,097 554,672 (24)799,745 
Provision for income taxes55,496 132,540 — 188,036 
Net income189,601 422,132 (24)611,709 
Less: loss attributable to noncontrolling interests6,332 — — 6,332 
Net income attributable to Harley-Davidson, Inc.$195,933 $422,132 $(24)$618,041 
Schedule of Comprehensive Income
Three months ended September 30, 2026
 Non-Financial Services Entities Financial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$35,844 $5,138 $(39)$40,943 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(2,783)870 — (1,913)
Derivative financial instruments(311)(2,025)— (2,336)
Unrealized loss on available for sale securities— (23)— (23)
Pension and postretirement benefit plans(82)— — (82)
(3,176)(1,178)— (4,354)
Comprehensive income32,668 3,960 (39)36,589 
Less: Comprehensive loss attributable to noncontrolling interests1,819 — — 1,819 
Comprehensive income attributable to Harley-Davidson, Inc.$34,487 $3,960 $(39)$38,408 
Nine months ended September 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$206,395 $37,672 $(100,020)$144,047 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(37,233)(4,084)— (41,317)
Derivative financial instruments11,299 9,022 — 20,321 
Unrealized loss on available for sale securities— (576)— (576)
Pension and postretirement benefit plans(247)— — (247)
(26,181)4,362 — (21,819)
Comprehensive income180,214 42,034 (100,020)122,228 
Less: Comprehensive loss attributable to noncontrolling interests3,706 — — 3,706 
Comprehensive income attributable to Harley-Davidson, Inc.$183,920 $42,034 $(100,020)$125,934 
Three months ended September 30, 2025
 Non-Financial Services Entities Financial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$53,253 $321,889 $23 $375,165 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments1,344 (2,986)— (1,642)
Derivative financial instruments8,180 (14,343)— (6,163)
Unrealized gain on available for sale securities
— 718 — 718 
Pension and postretirement benefit plans(776)— — (776)
8,748 (16,611)— (7,863)
Comprehensive income62,001 305,278 23 367,302 
Less: Comprehensive loss attributable to noncontrolling interests2,201 — — 2,201 
Comprehensive income attributable to Harley-Davidson, Inc.$64,202 $305,278 $23 $369,503 
Nine months ended September 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$189,601 $422,132 $(24)$611,709 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments47,486 4,533 — 52,019 
Derivative financial instruments(22,104)(1,883)— (23,987)
Unrealized gain on available for sale securities
— 718 — 718 
Pension and postretirement benefit plans(2,329)— — (2,329)
23,053 3,368 — 26,421 
Comprehensive income212,654 425,500 (24)638,130 
Less: Comprehensive loss attributable to noncontrolling interests6,332 — — 6,332 
Comprehensive income attributable to Harley-Davidson, Inc.$218,986 $425,500 $(24)$644,462 
Schedule of Balance Sheet
September 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,409,525 $666,853 $— $2,076,378 
Accounts receivable, net489,011 246 (212,867)276,390 
Finance receivables held for sale, net
— 417,696 — 417,696 
Finance receivables held for investment, net
— 1,057,228 — 1,057,228 
Inventories, net458,745 — — 458,745 
Restricted cash— 14,610 — 14,610 
Other current assets244,533 65,876 (78,207)232,202 
2,601,814 2,222,509 (291,074)4,533,249 
Finance receivables held for investment, net
— 1,142,858 — 1,142,858 
Property, plant and equipment, net660,326 2,926 — 663,252 
Pension and postretirement assets580,061 — — 580,061 
Goodwill64,377 — — 64,377 
Deferred income taxes50,313 24,005 (956)73,362 
Lease assets76,203 1,823 — 78,026 
Other long-term assets195,268 89,408 (122,953)161,723 
$4,228,362 $3,483,529 $(414,983)$7,296,908 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$388,441 $235,496 $(212,867)$411,070 
Accrued liabilities483,780 214,441 (77,821)620,400 
Short-term deposits, net— 255,439 — 255,439 
Short-term debt— 470,420 — 470,420 
Current portion of long-term debt, net— 543,740 — 543,740 
872,221 1,719,536 (290,688)2,301,069 
Long-term deposits, net— 281,974 — 281,974 
Long-term debt, net297,374 1,027,901 — 1,325,275 
Lease liabilities62,409 1,161 — 63,570 
Pension and postretirement liabilities50,064 — — 50,064 
Deferred income taxes2,367 4,239 — 6,606 
Other long-term liabilities150,598 67,413 1,577 219,588 
Commitments and contingencies (Note 14)
Shareholders’ equity2,793,329 381,305 (125,872)3,048,762 
$4,228,362 $3,483,529 $(414,983)$7,296,908 
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 
September 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,185,181 $589,857 $— $1,775,038 
Accounts receivable, net506,057 142 (201,189)305,010 
Finance receivables held for sale, net
— 4,080,885 — 4,080,885 
Finance receivables held for investment, net
— 1,221,348 — 1,221,348 
Inventories, net512,186 — — 512,186 
Restricted cash— 51,530 — 51,530 
Other current assets188,319 175,544 (66,419)297,444 
2,391,743 6,119,306 (267,608)8,243,441 
Finance receivables held for investment, net
— 662,201 — 662,201 
Property, plant and equipment, net712,722 6,381 — 719,103 
Pension and postretirement assets481,427 — — 481,427 
Goodwill63,850 — — 63,850 
Deferred income taxes88,381 3,464 (1,008)90,837 
Lease assets64,678 2,612 — 67,290 
Other long-term assets221,289 138,178 (121,232)238,235 
$4,024,090 $6,932,142 $(389,848)$10,566,384 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$315,728 $228,248 $(201,189)$342,787 
Accrued liabilities481,314 213,366 (66,056)628,624 
Short-term deposits, net— 292,667 — 292,667 
Short-term debt— 684,741 — 684,741 
Current portion of long-term debt, net— 1,329,244 — 1,329,244 
797,042 2,748,266 (267,245)3,278,063 
Long-term deposits, net— 261,801 — 261,801 
Long-term debt, net745,508 2,402,328 — 3,147,836 
Lease liabilities50,309 2,178 — 52,487 
Pension and postretirement liabilities51,141 — — 51,141 
Deferred income taxes15,789 1,866 — 17,655 
Other long-term liabilities140,940 53,330 1,752 196,022 
Commitments and contingencies (Note 14)
Shareholders’ equity2,223,361 1,462,373 (124,355)3,561,379 
$4,024,090 $6,932,142 $(389,848)$10,566,384 
Schedule of Cash Flows
Nine months ended September 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Cash flows from operating activities:
Net income$206,395 $37,672 $(100,020)$144,047 
Adjustments to reconcile Net income to Net cash provided (used) by operating activities:
Depreciation and amortization123,471 2,009 — 125,480 
Amortization of deferred loan origination costs— 8,324 — 8,324 
Amortization of financing origination fees96 3,580 — 3,676 
Income related to long-term employee benefits
(32,112)— — (32,112)
Employee benefit plan contributions and payments(5,039)— — (5,039)
Stock compensation expense24,261 1,198 — 25,459 
Net change in wholesale finance receivables related to sales— — 603 603 
Provision for credit losses— 51,120 — 51,120 
Collections from finance receivables held for sale
— 128,186 — 128,186 
Proceeds from sale of finance receivables held for sale
— 1,307,502 — 1,307,502 
Originations of finance receivables held for sale
— (1,727,770)— (1,727,770)
Gain on sale of securitization beneficial interests— (856)— (856)
Deferred income taxes6,742 (12,365)(147)(5,770)
Other, net30,790 14,167 19 44,976 
Changes in current assets and liabilities:
Accounts receivable, net(205,955)— 150,280 (55,675)
Finance receivables – accrued interest and other
— (7,877)— (7,877)
Inventories, net263,392 — — 263,392 
Accounts payable and accrued liabilities46,668 130,769 (173,790)3,647 
Other current assets(40,341)13,657 31,305 4,621 
211,973 (88,356)8,270 131,887 
Net cash provided (used) by operating activities 418,368 (50,684)(91,750)275,934 
Nine months ended September 30, 2026
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Cash flows from investing activities:
Capital expenditures(64,259)(163)— (64,422)
Origination of finance receivables held for investment
— (3,475,268)2,176,927 (1,298,341)
Collections on finance receivables held for investment
— 3,046,855 (2,185,177)861,678 
Collection of retained securitization beneficial interests
— 32,115 — 32,115 
Proceeds from derivative instruments
— 51,574 — 51,574 
Other investing activities(52)— — (52)
Net cash used by investing activities(64,311)(344,887)(8,250)(417,448)
Cash flows from financing activities:
Repayments of medium-term notes— (810,950)— (810,950)
Borrowings of asset-backed commercial paper— 260,250 — 260,250 
Repayments of asset-backed commercial paper— (17,675)— (17,675)
Net decrease in unsecured commercial paper— (26,744)— (26,744)
Net increase in deposits— 196 — 196 
Dividends paid(60,382)(100,000)100,000 (60,382)
Repurchase of common stock(191,169)— — (191,169)
Other financing activities96 — — 96 
Net cash (used) provided by financing activities(251,455)(694,923)100,000 (846,378)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(7,994)(2,495)— (10,489)
Net increase (decrease) in cash, cash equivalents and restricted cash$94,608 $(1,092,989)$— $(998,381)
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 increase (decrease) in cash, cash equivalents and restricted cash94,608 (1,092,989)— (998,381)
Cash, cash equivalents and restricted cash, end of period$1,409,525 $683,838 $— $2,093,363 
Nine months ended September 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Cash flows from operating activities:
Net income$189,601 $422,132 $(24)$611,709 
Adjustments to reconcile Net income to Net cash provided (used) by operating activities:
Depreciation and amortization119,178 7,161 — 126,339 
Amortization of deferred loan origination costs— 43,871 — 43,871 
Amortization of financing origination fees694 9,079 — 9,773 
Income related to long-term employee benefits
(41,287)— — (41,287)
Employee benefit plan contributions and payments(5,091)— — (5,091)
Stock compensation expense24,192 1,646 — 25,838 
Net change in wholesale finance receivables related to sales— — (183,006)(183,006)
Provision for credit losses— (198,427)— (198,427)
Collections from finance receivables held for sale— 16,916 — 16,916 
Originations of finance receivables held for sale— (414,009)— (414,009)
Gain on sale of securitization beneficial interests— (26,958)— (26,958)
Deferred income taxes6,109 86,022 (9)92,122 
Other, net(9,166)28,502 24 19,360 
Changes in current assets and liabilities:
Accounts receivable, net(187,078)— 140,663 (46,415)
Finance receivables – accrued interest and other
— 11,279 — 11,279 
Inventories, net262,287 — — 262,287 
Accounts payable and accrued liabilities3,969 194,538 (123,468)75,039 
Other current assets68,175 (19,396)(11,216)37,563 
241,982 (259,776)(177,012)(194,806)
Net cash provided (used) by operating activities 431,583 162,356 (177,036)416,903 
Nine months ended September 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Cash flows from investing activities:
Capital expenditures(101,672)(418)— (102,090)
Origination of finance receivables held for investment
— (4,477,446)2,190,077 (2,287,369)
Collections on finance receivables held for investment
— 4,472,447 (2,013,041)2,459,406 
Proceeds from sale of securitization beneficial interests, net— 125,369 — 125,369 
Collection of retained securitization beneficial interests— 9,353 — 9,353 
Other investing activities808 — — 808 
Net cash (used) provided by investing activities(100,864)129,305 177,036 205,477 
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 term loan448,013 — — 448,013 
Repayments of senior unsecured notes(450,000)— — (450,000)
Proceeds from securitization debt— 497,790 — 497,790 
Repayments of securitization debt— (718,034)— (718,034)
Borrowings of asset-backed commercial paper— 155,000 — 155,000 
Repayments of asset-backed commercial paper— (217,554)— (217,554)
Net increase in unsecured commercial paper— 44,938 — 44,938 
Net increase in deposits— 3,312 — 3,312 
Dividends paid(66,288)— — (66,288)
Repurchase of common stock(193,209)— — (193,209)
Other financing activities1,269 — — 1,269 
Net cash used by financing activities(260,215)(287,460)— (547,675)
Effect of exchange rate changes on cash, cash equivalents and restricted cash9,014 1,995 — 11,009 
Net increase in cash, cash equivalents and restricted cash$79,518 $6,196 $— $85,714 
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 cash79,518 6,196 — 85,714 
Cash, cash equivalents and restricted cash, end of period$1,185,181 $641,387 $— $1,826,568