HARLEY-DAVIDSON, INC.

For the period ended Jun 30, 2025. Filed Aug 6, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 6, 2025

HOG$32.66+0.2%Stored close · as of Nov 6, 2026

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Contents

17. 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 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, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
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 expense	257,361	46,884	(3,688)	300,557
	1,008,154	190,196	(3,688)	1,194,662
Operating income	44,052	68,638	(254)	112,436
Other income, net	14,477	—	—	14,477
Investment income	10,950	—	—	10,950
Interest expense	7,696	—	—	7,696
Income before income taxes	61,783	68,638	(254)	130,167
Income tax provision	7,976	16,446	—	24,422
Net income	53,807	52,192	(254)	105,745
Less: (income) loss attributable to noncontrolling interests	1,824	$—	$—	$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 Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
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 sold	1,521,579	—	—	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 expense	475,309	87,820	(6,915)	556,214
	1,996,888	373,400	(6,915)	2,363,373
Operating income	141,831	131,151	(47)	272,935
Other income, net	30,750	—	—	30,750
Investment income	19,891	—	—	19,891
Interest expense	15,382	—	—	15,382
Income before income taxes	177,090	131,151	(47)	308,194
Provision for income taxes	40,744	30,908	—	71,652
Net income	136,346	100,243	(47)	236,542
Less: (income) loss attributable to noncontrolling interests	4,131	—	—	4,131
Net income attributable to Harley-Davidson, Inc.	$140,477	$100,243	$(47)	$240,673

	Three months ended June 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and Related Products	$1,357,953	$—	$(2,599)	$1,355,354
Financial Services	—	264,220	(681)	263,539
	1,357,953	264,220	(3,280)	1,618,893
Costs and expenses:
Motorcycles and Related Products cost of goods sold	924,012	—	—	924,012
Financial Services interest expense	—	93,741	—	93,741
Financial Services provision for credit losses	—	56,030	—	56,030
Selling, administrative and engineering expense	262,188	45,004	(3,184)	304,008
	1,186,200	194,775	(3,184)	1,377,791
Operating income	171,753	69,445	(96)	241,102
Other income, net	15,879	—	—	15,879
Investment income	14,811	—	—	14,811
Interest expense	7,680	—	—	7,680
Income before income taxes	194,763	69,445	(96)	264,112
Provision for income taxes	32,032	16,674	—	48,706
Net income	162,731	52,771	(96)	215,406
Less: (income) loss attributable to noncontrolling interests	2,863	—	—	2,863
Net income attributable to Harley-Davidson, Inc.	$165,594	$52,771	$(96)	$218,269
	Six months ended June 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and related products	$2,840,712	$—	$(4,548)	$2,836,164
Financial services	—	513,459	(1,123)	512,336
	2,840,712	513,459	(5,671)	3,348,500
Costs and expenses:
Motorcycles and related products cost of goods sold	1,947,693	—	—	1,947,693
Financial services interest expense	—	182,480	—	182,480
Financial services provision for credit losses	—	117,040	—	117,040
Selling, administrative and engineering expense	510,661	92,126	(5,682)	597,105
	2,458,354	391,646	(5,682)	2,844,318
Operating income	382,358	121,813	11	504,182
Other income, net	36,443	—	—	36,443
Investment income	29,215	—	—	29,215
Interest expense	15,359	—	—	15,359
Income before income taxes	432,657	121,813	11	554,481
Provision for income taxes	77,562	29,280	—	106,842
Net income	355,095	92,533	11	447,639
Less: (income) loss attributable to noncontrolling interests	5,571	—	—	5,571
Net income attributable to Harley-Davidson, Inc.	$360,666	$92,533	$11	$453,210

	Three months ended June 30, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$53,807	$52,192	$(254)	$105,745
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	39,941	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 income	71,738	74,022	(254)	145,506
Less: Comprehensive loss attributable to noncontrolling interests	1,824	—	—	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 Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$136,346	$100,243	$(47)	$236,542
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	46,142	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 income	150,651	120,222	(47)	270,826
Less: Comprehensive loss attributable to noncontrolling interests	4,131	—	—	4,131
Comprehensive income attributable to Harley-Davidson, Inc.	$154,782	$120,222	$(47)	$274,957

	Three months ended June 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$162,731	$52,771	$(96)	$215,406
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(5,607)	(1,288)	—	(6,895)
Derivative financial instruments	2,756	(353)	—	2,403
Pension and postretirement benefit plans	(824)	—	—	(824)
	(3,675)	(1,641)	—	(5,316)
Comprehensive income	159,056	51,130	(96)	210,090
Less: Comprehensive loss attributable to noncontrolling interests	2,863	—	—	2,863
Comprehensive income attributable to Harley-Davidson, Inc.	$161,919	$51,130	$(96)	$212,953
	Six months ended June 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$355,095	$92,533	$11	$447,639
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(33,992)	(4,197)	—	(38,189)
Derivative financial instruments	12,338	(5,414)	—	6,924
Pension and postretirement benefit plans	(1,647)	—	—	(1,647)
	(23,301)	(9,611)	—	(32,912)
Comprehensive income	331,794	82,922	11	414,727
Less: Comprehensive loss attributable to noncontrolling interests	5,571	—	—	5,571
Comprehensive income attributable to Harley-Davidson, Inc.	$337,365	$82,922	$11	$420,298

	June 30, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,067,346	$520,318	$—	$1,587,664
Accounts receivable, net	602,064	99	(276,407)	325,756
Finance receivables, net	—	2,127,866	—	2,127,866
Inventories, net	630,287	—	—	630,287
Restricted cash	—	149,782	—	149,782
Other current assets	249,430	134,295	(56,465)	327,260
	2,549,127	2,932,360	(332,872)	5,148,615
Finance receivables, net	—	5,198,356	—	5,198,356
Property, plant and equipment, net	720,914	8,577	—	729,491
Pension and postretirement assets	467,893	—	—	467,893
Goodwill	63,839	—	—	63,839
Deferred income taxes	84,817	82,876	(893)	166,800
Lease assets	69,133	2,805	—	71,938
Other long-term assets	225,461	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 liabilities	562,411	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, net	449,976	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, net	297,188	4,070,365	—	4,367,553
Lease liabilities	53,880	2,422	—	56,302
Pension and postretirement liabilities	52,189	—	—	52,189
Deferred income taxes	15,794	1,233	—	17,027
Other long-term liabilities	137,012	44,988	1,760	183,760
Commitments and contingencies (Note 14)
Shareholders’ equity	2,275,215	1,156,611	(123,893)	3,307,933
	$4,181,184	$8,323,772	$(454,511)	$12,050,445

	December 31, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,105,663	$483,945	$—	$1,589,608
Accounts receivable, net	294,776	65	(60,526)	234,315
Finance receivables, net	—	2,031,496	—	2,031,496
Inventories, net	745,793	—	—	745,793
Restricted cash	—	135,661	—	135,661
Other current assets	273,791	63,608	(77,635)	259,764
	2,420,023	2,714,775	(138,161)	4,996,637
Finance receivables, net	—	5,256,798	—	5,256,798
Property, plant and equipment, net	743,875	13,197	—	757,072
Pension and postretirement assets	440,825	—	—	440,825
Goodwill	61,655	—	—	61,655
Deferred income taxes	88,734	88,109	(1,017)	175,826
Lease assets	60,628	3,225	—	63,853
Other long-term assets	221,694	26,805	(119,586)	128,913
	$4,037,434	$8,102,909	$(258,764)	$11,881,579
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$275,314	$83,930	$(60,526)	$298,718
Accrued liabilities	515,830	155,437	(77,307)	593,960
Short-term deposits, net	—	173,099	—	173,099
Short-term debt	—	640,204	—	640,204
Current portion of long-term debt, net	449,831	1,401,682	—	1,851,513
	1,240,975	2,454,352	(137,833)	3,557,494
Long-term deposits, net	—	377,487	—	377,487
Long-term debt, net	296,969	4,171,696	—	4,468,665
Lease liabilities	44,520	2,900	—	47,420
Pension and postretirement liabilities	53,874	—	—	53,874
Deferred income taxes	15,765	1,124	—	16,889
Other long-term liabilities	139,373	60,123	1,754	201,250
Commitments and contingencies (Note 14)
Shareholders’ equity	2,245,958	1,035,227	(122,685)	3,158,500
	$4,037,434	$8,102,909	$(258,764)	$11,881,579

	June 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,276,973	$572,186	$—	$1,849,159
Accounts receivable, net	636,846	46	(315,607)	321,285
Finance receivables, net	—	2,472,784	—	2,472,784
Inventories, net	668,924	—	—	668,924
Restricted cash	—	137,486	—	137,486
Other current assets	143,012	59,086	(14,096)	188,002
	2,725,755	3,241,588	(329,703)	5,637,640
Finance receivables, net	—	5,545,780	—	5,545,780
Property, plant and equipment, net	703,548	16,875	—	720,423
Pension and postretirement assets	438,805	—	—	438,805
Goodwill	62,152	—	—	62,152
Deferred income taxes	72,899	86,473	(792)	158,580
Lease assets	58,078	3,838	—	61,916
Other long-term assets	224,645	25,941	(115,640)	134,946
	$4,285,882	$8,920,495	$(446,135)	$12,760,242
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$351,209	$341,465	$(315,607)	$377,067
Accrued liabilities	502,575	172,019	(13,427)	661,167
Short-term deposits, net	—	206,972	—	206,972
Short-term debt	—	497,792	—	497,792
Current portion of long-term debt, net	—	2,021,344	—	2,021,344
	853,784	3,239,592	(329,034)	3,764,342
Long-term deposits, net	—	297,121	—	297,121
Long-term debt, net	746,438	4,203,433	—	4,949,871
Lease liabilities	41,991	3,364	—	45,355
Pension and postretirement liabilities	58,886	—	—	58,886
Deferred income taxes	30,266	3,231	—	33,497
Other long-term liabilities	143,946	32,034	1,874	177,854
Commitments and contingencies (Note 14)
Shareholders’ equity	2,410,571	1,141,720	(118,975)	3,433,316
	$4,285,882	$8,920,495	$(446,135)	$12,760,242

	Six months ended June 30, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from operating activities:
Net income	$136,346	$100,243	$(47)	$236,542
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	77,352	4,777	—	82,129
Amortization of deferred loan origination costs	—	32,489	—	32,489
Amortization of financing origination fees	364	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 expense	16,246	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 taxes	11,955	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, net	142,996	—	—	142,996
Accounts payable and accrued liabilities	95,281	230,797	(189,980)	136,098
Other current assets	6,156	(10,497)	(21,170)	(25,511)
	18,188	395,284	(140,522)	272,950
Net cash 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	—	(3,203,305)	1,437,354	(1,765,951)
Collections on finance receivables	—	3,037,751	(1,296,785)	1,740,966
Other investing activities	691	—	—	691
Net cash used by investing activities	(64,639)	(165,784)	140,569	(89,854)

	Six months ended June 30, 2025
Non-Financial Services Entities · Financial Services Entities · Consolidating Adjustments · Consolidated
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 activities	6		—	—		6
Net cash (used) provided by financing activities	(137,890)		(278,629)	—		(416,519)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	9,678		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

	Six months ended June 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from operating activities:
Net income	$355,095	$92,533	$11	$447,639
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	75,768	4,608	—	80,376
Amortization of deferred loan origination costs	—	36,466	—	36,466
Amortization of financing origination fees	360	6,433	—	6,793
Income related to long-term employee benefits	(26,143)	—	—	(26,143)
Employee benefit plan contributions and payments	(2,593)	—	—	(2,593)
Stock compensation expense	27,896	1,099	—	28,995
Net change in wholesale finance receivables related to sales	—	—	(388,030)	(388,030)
Provision for credit losses	—	117,040	—	117,040
Deferred income taxes	2,145	(1,445)	(554)	146
Other, net	13,339	1,637	(11)	14,965
Changes in current assets and liabilities:
Accounts receivable, net	(233,698)	—	167,771	(65,927)
Finance receivables – accrued interest and other	—	2,759	—	2,759
Inventories, net	235,539	—	—	235,539
Accounts payable and accrued liabilities	48,395	171,199	(155,428)	64,166
Other current assets	9,347	9,589	6,515	25,451
	150,355	349,385	(369,737)	130,003
Net cash provided by operating activities	505,450	441,918	(369,726)	577,642
Cash flows from investing activities:
Capital expenditures	(87,050)	(785)	—	(87,835)
Origination of finance receivables	—	(4,210,218)	2,114,266	(2,095,952)
Collections on finance receivables	—	3,531,504	(1,744,540)	1,786,964
Other investing activities	(1,206)	—	1,000	(206)
Net cash used by investing activities	(88,256)	(679,499)	370,726	(397,029)

	Six months ended June 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from financing activities:
Proceeds from issuance of medium-term notes	—	495,856	—	495,856
Proceeds from securitization debt	—	547,618	—	547,618
Repayments of securitization debt	—	(506,489)	—	(506,489)
Borrowings of asset-backed commercial paper	—	351,429	—	351,429
Repayments of asset-backed commercial paper	—	(125,654)	—	(125,654)
Net decrease in unsecured commercial paper	—	(379,743)	—	(379,743)
Net increase in deposits	—	56,007	—	56,007
Dividends paid	(47,359)	—	—	(47,359)
Repurchase of common stock	(209,675)	—	—	(209,675)
Other financing activities	8	1,000	(1,000)	8
Net cash (used) provided by financing activities	(257,026)	440,024	(1,000)	181,998
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(10,595)	(226)	—	(10,821)
Net increase in cash, cash equivalents and restricted cash	$149,573	$202,217	$—	$351,790
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	$1,127,400	$521,411	$—	$1,648,811
Net increase in cash, cash equivalents and restricted cash	149,573	202,217	—	351,790
Cash, cash equivalents and restricted cash, end of period	$1,276,973	$723,628	$—	$2,000,601

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