HARLEY-DAVIDSON, INC.

For the period ended Sep 30, 2025. Filed Nov 5, 2025.

About this filing

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.

Sep 30, 2025 · Filed Nov 5, 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 September 30, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
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 expense	245,425	63,782	(16,322)	292,885
	1,044,108	(161,834)	(16,322)	865,952
Operating income	51,214	423,521	23	474,758
Other income, net	14,706	—	—	14,706
Investment income	12,267	—	—	12,267
Interest expense	10,182	—	—	10,182
Income before income taxes	68,005	423,521	23	491,549
Income tax provision	14,752	101,632	—	116,384
Net income	53,253	321,889	23	375,165
Less: (income) loss attributable to noncontrolling interests	2,201	$—	$—	$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 Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
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 sold	2,320,261	—	—	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 expense	720,733	151,602	(23,237)	849,098
	3,040,994	211,566	(23,237)	3,229,323
Operating income	193,047	554,672	(24)	747,695
Other income, net	45,456	—	—	45,456
Investment income	32,158	—	—	32,158
Interest expense	25,564	—	—	25,564
Income before income taxes	245,097	554,672	(24)	799,745
Provision for income taxes	55,496	132,540	—	188,036
Net income	189,601	422,132	(24)	611,709
Less: (income) loss attributable to noncontrolling interests	6,332	—	—	6,332
Net income attributable to Harley-Davidson, Inc.	$195,933	$422,132	$(24)	$618,041

	Three months ended September 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and Related Products	$883,958	$—	$(2,745)	$881,213
Financial Services	—	269,880	(398)	269,482
	883,958	269,880	(3,143)	1,150,695
Costs and expenses:
Motorcycles and related products cost of goods sold	618,580	—	—	618,580
Financial Services interest expense	—	94,463	—	94,463
Financial Services provision for credit losses	—	57,977	—	57,977
Selling, administrative and engineering expense	234,002	43,042	(3,165)	273,879
	852,582	195,482	(3,165)	1,044,899
Operating income	31,376	74,398	22	105,796
Other income, net	18,408	—	—	18,408
Investment income	16,450	—	—	16,450
Interest expense	7,707	—	—	7,707
Income before income taxes	58,527	74,398	22	132,947
Provision for income taxes	(914)	17,894	—	16,980
Net income	59,441	56,504	22	115,967
Less: (income) loss attributable to noncontrolling interests	3,073	—	—	3,073
Net income attributable to Harley-Davidson, Inc.	$62,514	$56,504	$22	$119,040
	Nine months ended September 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and related products	$3,724,668	$—	$(7,293)	$3,717,375
Financial services	—	783,339	(1,521)	781,818
	3,724,668	783,339	(8,814)	4,499,193
Costs and expenses:
Motorcycles and related products cost of goods sold	2,566,272	—	—	2,566,272
Financial services interest expense	—	276,943	—	276,943
Financial services provision for credit losses	—	175,017	—	175,017
Selling, administrative and engineering expense	744,663	135,169	(8,847)	870,985
	3,310,935	587,129	(8,847)	3,889,217
Operating income	413,733	196,210	33	609,976
Other income, net	54,851	—	—	54,851
Investment income	45,665	—	—	45,665
Interest expense	23,066	—	—	23,066
Income before income taxes	491,183	196,210	33	687,426
Provision for income taxes	76,648	47,173	—	123,821
Net income	414,535	149,037	33	563,605
Less: (income) loss attributable to noncontrolling interests	8,644	—	—	8,644
Net income attributable to Harley-Davidson, Inc.	$423,179	$149,037	$33	$572,249

	Three months ended September 30, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$53,253	$321,889	$23	$375,165
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	1,344	(2,986)	—	(1,642)
Derivative financial instruments	8,180	(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 income	62,001	305,278	23	367,302
Less: Comprehensive loss attributable to noncontrolling interests	2,201	—	—	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 Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$189,601	$422,132	$(24)	$611,709
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	47,486	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 income	212,654	425,500	(24)	638,130
Less: Comprehensive loss attributable to noncontrolling interests	6,332	—	—	6,332
Comprehensive income attributable to Harley-Davidson, Inc.	$218,986	$425,500	$(24)	$644,462

	Three months ended September 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$59,441	$56,504	$22	$115,967
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	61,961	1,961	—	63,922
Derivative financial instruments	(16,148)	(7,792)	—	(23,940)
Pension and postretirement benefit plans	(821)	—	—	(821)
	44,992	(5,831)	—	39,161
Comprehensive income	104,433	50,673	22	155,128
Less: Comprehensive loss attributable to noncontrolling interests	3,073	—	—	3,073
Comprehensive income attributable to Harley-Davidson, Inc.	$107,506	$50,673	$22	$158,201
	Nine months ended September 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$414,535	$149,037	$33	$563,605
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	27,969	(2,236)	—	25,733
Derivative financial instruments	(3,810)	(13,206)	—	(17,016)
Pension and postretirement benefit plans	(2,468)	—	—	(2,468)
	21,691	(15,442)	—	6,249
Comprehensive income	436,226	133,595	33	569,854
Less: Comprehensive loss attributable to noncontrolling interests	8,644	—	—	8,644
Comprehensive income attributable to Harley-Davidson, Inc.	$444,870	$133,595	$33	$578,498

	September 30, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,185,181	$589,857	$—	$1,775,038
Accounts receivable, net	506,057	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, net	512,186	—	—	512,186
Restricted cash	—	51,530	—	51,530
Other current assets	188,319	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, net	712,722	6,381	—	719,103
Pension and postretirement assets	481,427	—	—	481,427
Goodwill	63,850	—	—	63,850
Deferred income taxes	88,381	3,464	(1,008)	90,837
Lease assets	64,678	2,612	—	67,290
Other long-term assets	221,289	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 liabilities	481,314	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, net	745,508	2,402,328	—	3,147,836
Lease liabilities	50,309	2,178	—	52,487
Pension and postretirement liabilities	51,141	—	—	51,141
Deferred income taxes	15,789	1,866	—	17,655
Other long-term liabilities	140,940	53,330	1,752	196,022
Commitments and contingencies (Note 14)
Shareholders’ equity	2,223,361	1,462,373	(124,355)	3,561,379
	$4,024,090	$6,932,142	$(389,848)	$10,566,384

	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 held for investment, 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 held for investment, 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

	September 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,213,301	$1,030,609	$—	$2,243,910
Accounts receivable, net	498,694	60	(191,053)	307,701
Finance receivables held for investment, net	—	2,300,551	—	2,300,551
Inventories, net	681,864	—	—	681,864
Restricted cash	—	147,910	—	147,910
Other current assets	167,555	58,209	(17,764)	208,000
	2,561,414	3,537,339	(208,817)	5,889,936
Finance receivables held for investment, net	—	5,499,836	—	5,499,836
Property, plant and equipment, net	713,603	14,864	—	728,467
Pension and postretirement assets	452,515	—	—	452,515
Goodwill	62,909	—	—	62,909
Deferred income taxes	77,990	92,208	(908)	169,290
Lease assets	66,304	3,533	—	69,837
Other long-term assets	223,749	46,247	(116,127)	153,869
	$4,158,484	$9,194,027	$(325,852)	$13,026,659
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$283,296	$213,376	$(191,053)	$305,619
Accrued liabilities	491,697	151,907	(17,252)	626,352
Short-term deposits, net	—	178,638	—	178,638
Short-term debt	—	497,373	—	497,373
Current portion of long-term debt, net	449,759	2,111,776	—	2,561,535
	1,224,752	3,153,070	(208,305)	4,169,517
Long-term deposits, net	—	370,372	—	370,372
Long-term debt, net	296,859	4,442,648	—	4,739,507
Lease liabilities	48,821	3,134	—	51,955
Pension and postretirement liabilities	58,551	—	—	58,551
Deferred income taxes	30,266	3,227	—	33,493
Other long-term liabilities	147,563	28,697	1,892	178,152
Commitments and contingencies (Note 14)
Shareholders’ equity	2,351,672	1,192,879	(119,439)	3,425,112
	$4,158,484	$9,194,027	$(325,852)	$13,026,659

	Nine months ended September 30, 2025
Non-Financial Services Entities · Financial Services Entities · Consolidating Adjustments · Consolidated
Cash flows from operating activities:
Net income	$189,601		$422,132	$(24)		$611,709
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	119,178		7,161	—		126,339
Amortization of deferred loan origination costs	—		43,871	—		43,871
Amortization of financing origination fees	694		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 expense	24,192		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)
Origination of finance receivables held for sale	—		(414,009)	—		(414,009)
Collections from finance receivables held for sale	—		16,916	—		16,916
Gain on sale of securitization beneficial interests	—		(26,958)	—		(26,958)
Deferred income taxes	6,109		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, net	262,287		—	—		262,287
Accounts payable and accrued liabilities	3,969		194,538	(123,468)		75,039
Other current assets	68,175		(19,396)	(11,216)		37,563
	241,982		(259,776)	(177,012)		(194,806)
Net cash provided by operating activities	431,583		162,356	(177,036)		416,903
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 activities	808		—	—		808
Net cash used by investing activities	(100,864)		129,305	177,036		205,477

	Nine months ended September 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 term loan	448,013	—	—	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 decrease in unsecured commercial paper	—	44,938	—	44,938
Net decrease in deposits	—	3,312	—	3,312
Dividends paid	(66,288)	—	—	(66,288)
Repurchase of common stock	(193,209)	—	—	(193,209)
Other financing activities	1,269	—	—	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 cash	9,014	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 cash	79,518	6,196	—	85,714
Cash, cash equivalents and restricted cash, end of period	$1,185,181	$641,387	$—	$1,826,568

	Nine months ended September 30, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from operating activities:
Net income	$414,535	$149,037	$33	$563,605
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	112,605	6,963	—	119,568
Amortization of deferred loan origination costs	—	54,461	—	54,461
Amortization of financing origination fees	540	9,823	—	10,363
Income related to long-term employee benefits	(40,076)	—	—	(40,076)
Employee benefit plan contributions and payments	(3,781)	—	—	(3,781)
Stock compensation expense	38,234	1,586	—	39,820
Net change in wholesale finance receivables related to sales	—	—	(211,800)	(211,800)
Provision for credit losses	—	175,017	—	175,017
Deferred income taxes	3,347	(4,724)	(438)	(1,815)
Other, net	15,505	4,085	(33)	19,557
Changes in current assets and liabilities:
Accounts receivable, net	(79,746)	—	43,217	(36,529)
Finance receivables – accrued interest and other	—	2,325	—	2,325
Inventories, net	253,373	—	—	253,373
Accounts payable and accrued liabilities	(35,743)	53,591	(30,751)	(12,903)
Other current assets	(23,008)	12,295	10,183	(530)
	241,250	315,422	(189,622)	367,050
Net cash provided by operating activities	655,785	464,459	(189,589)	930,655
Cash flows from investing activities:
Capital expenditures	(139,295)	(1,129)	—	(140,424)
Origination of finance receivables held for investment	—	(5,671,416)	2,668,679	(3,002,737)
Collections on finance receivables held for investment	—	5,136,239	(2,479,090)	2,657,149
Other investing activities	(1,165)	—	1,000	(165)
Net cash used by investing activities	(140,460)	(536,306)	190,589	(486,177)

	Nine months ended September 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	—	1,145,211	—	1,145,211
Repayments of securitization debt	—	(782,161)	—	(782,161)
Borrowings of asset-backed commercial paper	—	366,171	—	366,171
Repayments of asset-backed commercial paper	—	(195,709)	—	(195,709)
Net decrease in unsecured commercial paper	—	(387,392)	—	(387,392)
Net increase in deposits	—	100,737	—	100,737
Dividends paid	(69,454)	—	—	(69,454)
Repurchase of common stock	(359,810)	—	—	(359,810)
Other financing activities	11	1,000	(1,000)	11
Net cash (used) provided by financing activities	(429,253)	743,713	(1,000)	313,460
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(171)	369	—	198
Net increase in cash, cash equivalents and restricted cash	$85,901	$672,235	$—	$758,136
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	85,901	672,235	—	758,136
Cash, cash equivalents and restricted cash, end of period	$1,213,301	$1,193,646	$—	$2,406,947

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