$HOG

HARLEY-DAVIDSON, INC.

CIK:0000793952|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Motorcycles and related products	$ 1,113,394		$ 1,049,660		$ 2,173,981	$ 2,133,909
Financial services	117,043		257,438		228,987	502,399
Total revenue	1,230,437		1,307,098		2,402,968	2,636,308
Costs and expenses:
Motorcycles and related products cost of goods sold	809,316		750,793		1,603,449	1,521,579
Financial services interest expense	30,562		93,574		69,859	182,508
Financial services provision for credit losses	17,643		49,738		30,796	103,072
Selling, administrative and engineering expense	296,906		300,557		599,362	556,214
Total costs and expenses	1,154,427		1,194,662		2,303,466	2,363,373
Operating income	76,010		112,436		99,502	272,935
Other income, net	11,047		14,477		24,526	30,750
Investment income	11,840		10,950		20,536	19,891
Interest expense	3,622		7,696		7,192	15,382
Income before income taxes	95,275		130,167		137,372	308,194
Income tax provision	16,294		24,422		34,267	71,652
Net income	78,981	$ 24,123	105,745	$ 130,797	103,105	236,542
Less: Loss attributable to noncontrolling interests	824		1,824		1,473	4,131
Net income attributable to Harley-Davidson, Inc.	$ 79,805		$ 107,569		$ 104,578	$ 240,673
Earnings per share:
Basic (in dollars per share)	$ 0.76		$ 0.89		$ 0.97	$ 1.96
Diluted (in dollars per share)	0.75		0.88		0.97	1.95
Cash dividends per share (in dollars per share)	$ 0.1875	$ 0.1875	$ 0.1800	$ 0.1800	$ 0.3750	$ 0.3600

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net cash (used) provided by operating activities (Note 6)	$ (59,685)	$ 509,492
Cash flows from investing activities:
Capital expenditures	(44,694)	(65,560)
Origination of finance receivables held for investment	(872,661)	(1,765,951)
Collections from finance receivables held for investment	575,863	1,740,966
Collection of retained securitization beneficial interests	23,460	0
Proceeds from derivative instruments	51,574	0
Other investing activities	(280)	691
Net cash (used) provided by investing activities	(266,738)	(89,854)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes	0	647,088
Repayments of medium-term notes	(810,950)	(700,000)
Proceeds from securitization debt	0	497,790
Repayments of securitization debt	0	(584,153)
Borrowings of asset-backed commercial paper	0	155,000
Repayments of asset-backed commercial paper	0	(145,379)
Net increase (decrease) in unsecured commercial paper	114,102	(135,902)
Net decrease in deposits	(20,554)	(13,073)
Dividends paid	(41,211)	(44,756)
Repurchase of common stock	(100,388)	(93,140)
Other financing activities	97	6
Net cash used by financing activities	(858,904)	(416,519)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(10,628)	12,375
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,195,955)	15,494
Cash, cash equivalents and restricted cash, beginning of period	3,091,744	1,740,854
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,195,955)	15,494
Cash, cash equivalents and restricted cash, end of period	1,895,789	1,756,348
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents	1,895,789	1,587,664
Restricted cash	0	149,782
Restricted cash included in Other long-term assets	0	18,902
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows	$ 1,895,789	$ 1,756,348

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
ASSETS
Cash and cash equivalents	$ 1,895,789	$ 3,091,744	$ 1,587,664
Accounts receivable, net	301,788	225,760	325,756
Finance receivables held for sale, net	545,761	264,238	0
Finance receivables held for investment, net of allowance of $3,984, $5,591, and $72,225	1,094,533	981,926	2,127,866
Inventories, net	500,935	730,898	630,287
Restricted cash	0	0	149,782
Other current assets	250,420	292,383	327,260
Current assets	4,589,226	5,586,949	5,148,615
Finance receivables held for investment, net of allowance (recovery) of $34,176, $(7,826), and $327,068	1,004,886	719,060	5,198,356
Property, plant and equipment, net	691,084	750,224	729,491
Pension and postretirement assets	567,824	546,303	467,893
Goodwill	63,608	63,913	63,839
Deferred income taxes	70,784	73,792	166,800
Lease assets	77,111	82,542	71,938
Other long-term assets	181,342	222,032	203,513
Assets	7,245,865	8,044,815	12,050,445
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	409,275	389,237	367,380
Accrued liabilities	624,145	671,957	673,236
Short-term deposits, net	266,421	280,095	243,101
Short-term debt	613,141	497,776	503,353
Current portion of long-term debt, net	498,466	819,629	1,983,828
Current liabilities	2,411,448	2,658,694	3,770,898
Long-term deposits, net	250,043	256,549	294,783
Long-term debt, net	1,130,847	1,649,612	4,367,553
Lease liabilities	64,649	69,425	56,302
Pension and postretirement liabilities	51,472	53,135	52,189
Deferred income taxes	7,120	5,506	17,027
Other long-term liabilities	214,267	195,044	183,760
Commitments and contingencies (Note 14)
Shareholders’ equity:
Common stock	1,736	1,726	1,726
Additional paid-in-capital	1,866,243	1,790,175	1,806,340
Retained earnings	3,780,775	3,717,408	3,660,975
Accumulated other comprehensive loss	(274,188)	(257,137)	(298,422)
Treasury stock, at cost	(2,275,356)	(2,111,504)	(1,853,694)
Total Harley-Davidson, Inc. shareholders' equity	3,099,210	3,140,668	3,316,925
Noncontrolling interest	16,809	16,182	(8,992)
Total equity	3,116,019	3,156,850	3,307,933
Total liabilities and shareholders' equity	$ 7,245,865	$ 8,044,815	$ 12,050,445