HARLEY-DAVIDSON, INC.

For the period ended Jun 30, 2026. Filed Aug 5, 2026.

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.

Jun 30, 2026 · Filed Aug 5, 2026

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 primarily 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, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and related products	$1,114,127	$—	$(733)	$1,113,394
Financial services	—	117,475	(432)	117,043
	1,114,127	117,475	(1,165)	1,230,437
Costs and expenses:
Motorcycles and related products cost of goods sold	809,316	—	—	809,316
Financial services interest expense	—	30,562	—	30,562
Financial services provision for credit losses	—	17,643	—	17,643
Selling, administrative and engineering expense	250,073	47,973	(1,140)	296,906
	1,059,389	96,178	(1,140)	1,154,427
Operating income	54,738	21,297	(25)	76,010
Other income, net	11,047	—	—	11,047
Investment income	11,840	—	—	11,840
Interest expense	(96,378)	—	100,000	3,622
Income before income taxes	174,003	21,297	(100,025)	95,275
Income tax provision	10,866	5,428	—	16,294
Net income	163,137	15,869	(100,025)	78,981
Less: loss attributable to noncontrolling interests	824	$—	$—	$824
Net income attributable to Harley-Davidson, Inc.	$163,961	$15,869	$(100,025)	$79,805
	Six months ended June 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and related products	$2,175,439	$—	$(1,458)	$2,173,981
Financial services	—	229,737	(750)	228,987
	2,175,439	229,737	(2,208)	2,402,968
Costs and expenses:
Motorcycles and related products cost of goods sold	1,603,449	—	—	1,603,449
Financial services interest expense	—	69,859	—	69,859
Financial services provision for credit losses	—	30,796	—	30,796
Selling, administrative and engineering expense	515,636	85,953	(2,227)	599,362
	2,119,085	186,608	(2,227)	2,303,466
Operating income	56,354	43,129	19	99,502
Other income, net	24,526	—	—	24,526
Investment income	20,536	—	—	20,536
Interest expense	(92,808)	—	100,000	7,192
Income before income taxes	194,224	43,129	(99,981)	137,372
Provision for income taxes	23,671	10,596	—	34,267
Net income	170,553	32,533	(99,981)	103,105
Less: loss attributable to noncontrolling interests	1,473	—	—	1,473
Net income attributable to Harley-Davidson, Inc.	$172,026	$32,533	$(99,981)	$104,578

	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
Provision for income taxes	7,976	16,446	—	24,422
Net income	53,807	52,192	(254)	105,745
Less: 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: 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, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$163,137	$15,869	$(100,025)	$78,981
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(9,203)	(2,817)	—	(12,020)
Derivative financial instruments	4,263	5,502	—	9,765
Unrealized loss on available for sale securities	—	(161)	—	(161)
Pension and postretirement benefit plans	(82)	—	—	(82)
	(5,022)	2,524	—	(2,498)
Comprehensive income	158,115	18,393	(100,025)	76,483
Less: Comprehensive loss attributable to noncontrolling interests	1,238	—	—	1,238
Comprehensive income attributable to Harley-Davidson, Inc.	$159,353	$18,393	$(100,025)	$77,721
	Six months ended June 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$170,553	$32,533	$(99,981)	$103,105
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(34,450)	(4,954)	—	(39,404)
Derivative financial instruments	11,610	11,047	—	22,657
Unrealized loss on available for sale securities	—	(553)	—	(553)
Pension and postretirement benefit plans	(165)	—	—	(165)
	(23,005)	5,540	—	(17,465)
Comprehensive income	147,548	38,073	(99,981)	85,640
Less: Comprehensive loss attributable to noncontrolling interests	1,887	—	—	1,887
Comprehensive income attributable to Harley-Davidson, Inc.	$149,435	$38,073	$(99,981)	$87,527

	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 (loss) income, 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

	June 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,283,300	$612,489	$—	$1,895,789
Accounts receivable, net	616,735	200	(315,147)	301,788
Finance receivables held for sale, net	—	545,761	—	545,761
Finance receivables held for investment, net	—	1,094,533	—	1,094,533
Inventories, net	500,935	—	—	500,935
Other current assets	257,175	63,903	(70,658)	250,420
	2,658,145	2,316,886	(385,805)	4,589,226
Finance receivables held for investment, net	—	1,004,886	—	1,004,886
Property, plant and equipment, net	687,603	3,481	—	691,084
Pension and postretirement assets	567,824	—	—	567,824
Goodwill	63,608	—	—	63,608
Deferred income taxes	53,570	18,077	(863)	70,784
Lease assets	75,087	2,024	—	77,111
Other long-term assets	202,977	100,935	(122,570)	181,342
	$4,308,814	$3,446,289	$(509,238)	$7,245,865
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$374,508	$349,914	$(315,147)	$409,275
Accrued liabilities	504,277	189,991	(70,123)	624,145
Short-term deposits, net	—	266,421	—	266,421
Short-term debt	—	613,141	—	613,141
Current portion of long-term debt, net	—	498,466	—	498,466
	878,785	1,917,933	(385,270)	2,411,448
Long-term deposits, net	—	250,043	—	250,043
Long-term debt, net	297,342	833,505	—	1,130,847
Lease liabilities	63,228	1,421	—	64,649
Pension and postretirement liabilities	51,472	—	—	51,472
Deferred income taxes	2,283	4,837	—	7,120
Other long-term liabilities	151,196	61,589	1,482	214,267
Commitments and contingencies (Note 14)
Shareholders’ equity	2,864,508	376,961	(125,450)	3,116,019
	$4,308,814	$3,446,289	$(509,238)	$7,245,865

	December 31, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,314,917	$1,776,827	$—	$3,091,744
Accounts receivable, net	288,183	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, net	730,898	—	—	730,898
Other current assets	196,406	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, net	745,451	4,773	—	750,224
Pension and postretirement assets	546,303	—	—	546,303
Goodwill	63,913	—	—	63,913
Deferred income taxes	61,956	12,939	(1,103)	73,792
Lease assets	80,124	2,418	—	82,542
Other long-term assets	217,416	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 liabilities	477,041	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, net	297,278	1,352,334	—	1,649,612
Lease liabilities	67,497	1,928	—	69,425
Pension and postretirement liabilities	53,135	—	—	53,135
Deferred income taxes	2,267	3,239	—	5,506
Other long-term liabilities	138,410	55,080	1,554	195,044
Commitments and contingencies (Note 14)
Shareholders’ equity	2,843,432	438,072	(124,654)	3,156,850
	$4,245,567	$4,031,596	$(232,348)	$8,044,815

	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 held for investment, 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 held for investment, 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

	Six months ended June 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from operating activities:
Net income	$170,553	$32,533	$(99,981)	$103,105
Adjustments to reconcile Net income to Net cash (used) provided by operating activities:
Depreciation and amortization	85,311	1,392	—	86,703
Amortization of deferred loan origination costs	—	4,804	—	4,804
Amortization of financing origination fees	64	2,421	—	2,485
Income related to long-term employee benefits	(20,424)	—	—	(20,424)
Employee benefit plan contributions and payments	(2,975)	—	—	(2,975)
Stock compensation expense	17,219	815	—	18,034
Net change in wholesale finance receivables related to sales	—	—	(80,003)	(80,003)
Provision for credit losses	—	30,796	—	30,796
Collections from finance receivables held for sale	—	74,760	—	74,760
Proceeds from sale of finance receivables held for sale	—	761,221	—	761,221
Originations of finance receivables held for sale	—	(1,181,674)	—	(1,181,674)
Deferred income taxes	4,129	(7,097)	(240)	(3,208)
Other, net	16,675	(1,365)	(20)	15,290
Changes in current assets and liabilities:
Accounts receivable, net	(333,774)	—	252,560	(81,214)
Finance receivables – accrued interest and other	—	(4,721)	—	(4,721)
Inventories, net	221,794	—	—	221,794
Accounts payable and accrued liabilities	54,870	220,362	(269,872)	5,360
Other current assets	(50,865)	17,291	23,756	(9,818)
	(7,976)	(80,995)	(73,819)	(162,790)
Net cash (used) provided by operating activities	162,577	(48,462)	(173,800)	(59,685)

	Six months ended June 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from investing activities:
Capital expenditures	(44,594)	(100)	—	(44,694)
Origination of finance receivables held for investment	—	(2,370,945)	1,498,284	(872,661)
Collections on finance receivables held for investment	—	2,000,347	(1,424,484)	575,863
Collection of retained securitization beneficial interests	—	23,460	—	23,460
Proceeds from derivative instruments	—	51,574	—	51,574
Other investing activities	(280)	—	—	(280)
Net cash (used) provided by investing activities	(44,874)	(295,664)	73,800	(266,738)
Cash flows from financing activities:
Repayments of medium-term notes	—	(810,950)	—	(810,950)
Net increase in unsecured commercial paper	—	114,102	—	114,102
Net decrease in deposits	—	(20,554)	—	(20,554)
Dividends paid	(41,211)	(100,000)	100,000	(41,211)
Repurchase of common stock	(100,388)	—	—	(100,388)
Other financing activities	97	—	—	97
Net cash (used) provided by financing activities	(141,502)	(817,402)	100,000	(858,904)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(7,818)	(2,810)	—	(10,628)
Net decrease in cash, cash equivalents and restricted cash	$(31,617)	$(1,164,338)	$—	$(1,195,955)
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 decrease in cash, cash equivalents and restricted cash	(31,617)	(1,164,338)	—	(1,195,955)
Cash, cash equivalents and restricted cash, end of period	$1,283,300	$612,489	$—	$1,895,789

	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 (used) 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 (used) 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 held for investment	—	(3,203,305)	1,437,354	(1,765,951)
Collections on finance receivables held for investment	—	3,037,751	(1,296,785)	1,740,966
Other investing activities	691	—	—	691
Net cash (used) provided 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 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

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