HARLEY-DAVIDSON, INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
HOG$34.22+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Net cash provided by operating activities (Note 5) | $568,922 | $1,063,833 | $754,887 |
| Cash flows from investing activities: | |||
| Capital expenditures | (153,679) | (196,563) | (207,404) |
| Origination of finance receivables held for investment | (2,553,575) | (3,639,279) | (3,873,542) |
| Collections of finance receivables held for investment | 2,650,199 | 3,440,340 | 3,570,822 |
| Proceeds from sale of finance receivables initially held for investment | 3,685,613 | — | — |
| Proceeds from sale of securitization beneficial interests, net | 125,369 | — | — |
| Collections of retained securitization beneficial interests | 23,722 | — | — |
| Other investing activities | 1,126 | 12,172 | (2,180) |
| Net cash provided (used) by investing activities | 3,778,775 | (383,330) | (512,304) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of medium-term notes | 647,088 | 495,856 | 1,446,304 |
| Repayments of medium-term notes | (1,815,368) | (660,780) | (1,056,680) |
| Proceeds from term loan | 448,013 | — | — |
| Repayment of term loan | (450,000) | — | — |
| Repayment of senior unsecured notes | (450,000) | — | — |
| Proceeds from securitization debt | 497,790 | 1,145,211 | 1,045,547 |
| Repayments of securitization debt | (781,141) | (1,078,248) | (1,193,526) |
| Borrowings of asset-backed commercial paper | 155,000 | 469,986 | 42,429 |
| Repayments of asset-backed commercial paper | (671,526) | (258,077) | (237,370) |
| Net (decrease) increase in unsecured commercial paper | (141,600) | (237,340) | 107,146 |
| Capital contribution from third parties | 46,600 | — | — |
| Net (decrease) increase in deposits | (14,711) | 102,119 | 129,855 |
| Dividends paid | (86,388) | (91,224) | (96,310) |
| Repurchase of common stock | (353,270) | (459,829) | (363,987) |
| Share repurchases not yet settled | (40,000) | — | — |
| Other financing activities | (787) | 11 | 1,946 |
| Net cash used by financing activities | (3,010,300) | (572,315) | (174,646) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 13,493 | (16,145) | 1,697 |
| Net increase in cash, cash equivalents and restricted cash | $1,350,890 | $92,043 | $69,634 |
| Cash, cash equivalents and restricted cash: | |||
| Cash, cash equivalents and restricted cash, beginning of period | $1,740,854 | $1,648,811 | $1,579,177 |
| Net increase in cash, cash equivalents and restricted cash | 1,350,890 | 92,043 | 69,634 |
| Cash, cash equivalents and restricted cash, end of period | $3,091,744 | $1,740,854 | $1,648,811 |
| Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows: | |||
| Cash and cash equivalents | $3,091,744 | $1,589,608 | $1,533,806 |
| Restricted cash | — | 135,661 | 104,642 |
| Restricted cash included in Other long-term assets | — | 15,585 | 10,363 |
| Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows | $3,091,744 | $1,740,854 | $1,648,811 |
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