HARLEY-DAVIDSON, INC.

For the period ended Sep 30, 2026. Filed Nov 4, 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.

Sep 30, 2026 · Filed Nov 4, 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 September 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and related products	$972,217	$—	$(336)	$971,881
Financial services	—	111,180	(422)	110,758
	972,217	111,180	(758)	1,082,639
Costs and expenses:
Motorcycles and related products cost of goods sold	701,453	—	—	701,453
Financial services interest expense	—	32,245	—	32,245
Financial services provision for credit losses	—	20,324	—	20,324
Selling, administrative and engineering expense	244,265	47,767	(719)	291,313
	945,718	100,336	(719)	1,045,335
Operating income	26,499	10,844	(39)	37,304
Other income, net	12,598	—	—	12,598
Investment income	11,647	—	—	11,647
Interest expense	3,629	—	—	3,629
Income before income taxes	47,115	10,844	(39)	57,920
Income tax provision	11,271	5,706	—	16,977
Net income	35,844	5,138	(39)	40,943
Less: loss attributable to noncontrolling interests	1,819	$—	$—	$1,819
Net income attributable to Harley-Davidson, Inc.	$37,663	$5,138	$(39)	$42,762
	Nine months ended September 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and related products	$3,147,655	$—	$(1,794)	$3,145,861
Financial services	—	340,917	(1,172)	339,745
	3,147,655	340,917	(2,966)	3,485,606
Costs and expenses:
Motorcycles and related products cost of goods sold	2,304,903	—	—	2,304,903
Financial services interest expense	—	102,105	—	102,105
Financial services provision for credit losses	—	51,120	—	51,120
Selling, administrative and engineering expense	759,900	133,718	(2,946)	890,672
	3,064,803	286,943	(2,946)	3,348,800
Operating income	82,852	53,974	(20)	136,806
Other income, net	37,124	—	—	37,124
Investment income	132,182	—	(100,000)	32,182
Interest expense	10,820	—	—	10,820
Income before income taxes	241,338	53,974	(100,020)	195,292
Provision for income taxes	34,943	16,302	—	51,245
Net income	206,395	37,672	(100,020)	144,047
Less: loss attributable to noncontrolling interests	3,292	—	—	3,292
Net income attributable to Harley-Davidson, Inc.	$209,687	$37,672	$(100,020)	$147,339

	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
Provision for income taxes	14,752	101,632	—	116,384
Net income	53,253	321,889	23	375,165
Less: 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: 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, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$35,844	$5,138	$(39)	$40,943
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(2,783)	870	—	(1,913)
Derivative financial instruments	(311)	(2,025)	—	(2,336)
Unrealized loss on available for sale securities	—	(23)	—	(23)
Pension and postretirement benefit plans	(82)	—	—	(82)
	(3,176)	(1,178)	—	(4,354)
Comprehensive income	32,668	3,960	(39)	36,589
Less: Comprehensive loss attributable to noncontrolling interests	1,819	—	—	1,819
Comprehensive income attributable to Harley-Davidson, Inc.	$34,487	$3,960	$(39)	$38,408
	Nine months ended September 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$206,395	$37,672	$(100,020)	$144,047
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(37,233)	(4,084)	—	(41,317)
Derivative financial instruments	11,299	9,022	—	20,321
Unrealized loss on available for sale securities	—	(576)	—	(576)
Pension and postretirement benefit plans	(247)	—	—	(247)
	(26,181)	4,362	—	(21,819)
Comprehensive income	180,214	42,034	(100,020)	122,228
Less: Comprehensive loss attributable to noncontrolling interests	3,706	—	—	3,706
Comprehensive income attributable to Harley-Davidson, Inc.	$183,920	$42,034	$(100,020)	$125,934

	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 (loss) income, 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

	September 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,409,525	$666,853	$—	$2,076,378
Accounts receivable, net	489,011	246	(212,867)	276,390
Finance receivables held for sale, net	—	417,696	—	417,696
Finance receivables held for investment, net	—	1,057,228	—	1,057,228
Inventories, net	458,745	—	—	458,745
Restricted cash	—	14,610	—	14,610
Other current assets	244,533	65,876	(78,207)	232,202
	2,601,814	2,222,509	(291,074)	4,533,249
Finance receivables held for investment, net	—	1,142,858	—	1,142,858
Property, plant and equipment, net	660,326	2,926	—	663,252
Pension and postretirement assets	580,061	—	—	580,061
Goodwill	64,377	—	—	64,377
Deferred income taxes	50,313	24,005	(956)	73,362
Lease assets	76,203	1,823	—	78,026
Other long-term assets	195,268	89,408	(122,953)	161,723
	$4,228,362	$3,483,529	$(414,983)	$7,296,908
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$388,441	$235,496	$(212,867)	$411,070
Accrued liabilities	483,780	214,441	(77,821)	620,400
Short-term deposits, net	—	255,439	—	255,439
Short-term debt	—	470,420	—	470,420
Current portion of long-term debt, net	—	543,740	—	543,740
	872,221	1,719,536	(290,688)	2,301,069
Long-term deposits, net	—	281,974	—	281,974
Long-term debt, net	297,374	1,027,901	—	1,325,275
Lease liabilities	62,409	1,161	—	63,570
Pension and postretirement liabilities	50,064	—	—	50,064
Deferred income taxes	2,367	4,239	—	6,606
Other long-term liabilities	150,598	67,413	1,577	219,588
Commitments and contingencies (Note 14)
Shareholders’ equity	2,793,329	381,305	(125,872)	3,048,762
	$4,228,362	$3,483,529	$(414,983)	$7,296,908

	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

	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

	Nine months ended September 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from operating activities:
Net income	$206,395	$37,672	$(100,020)	$144,047
Adjustments to reconcile Net income to Net cash provided (used) by operating activities:
Depreciation and amortization	123,471	2,009	—	125,480
Amortization of deferred loan origination costs	—	8,324	—	8,324
Amortization of financing origination fees	96	3,580	—	3,676
Income related to long-term employee benefits	(32,112)	—	—	(32,112)
Employee benefit plan contributions and payments	(5,039)	—	—	(5,039)
Stock compensation expense	24,261	1,198	—	25,459
Net change in wholesale finance receivables related to sales	—	—	603	603
Provision for credit losses	—	51,120	—	51,120
Collections from finance receivables held for sale	—	128,186	—	128,186
Proceeds from sale of finance receivables held for sale	—	1,307,502	—	1,307,502
Originations of finance receivables held for sale	—	(1,727,770)	—	(1,727,770)
Gain on sale of securitization beneficial interests	—	(856)	—	(856)
Deferred income taxes	6,742	(12,365)	(147)	(5,770)
Other, net	30,790	14,167	19	44,976
Changes in current assets and liabilities:
Accounts receivable, net	(205,955)	—	150,280	(55,675)
Finance receivables – accrued interest and other	—	(7,877)	—	(7,877)
Inventories, net	263,392	—	—	263,392
Accounts payable and accrued liabilities	46,668	130,769	(173,790)	3,647
Other current assets	(40,341)	13,657	31,305	4,621
	211,973	(88,356)	8,270	131,887
Net cash provided (used) by operating activities	418,368	(50,684)	(91,750)	275,934

	Nine months ended September 30, 2026
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from investing activities:
Capital expenditures	(64,259)	(163)	—	(64,422)
Origination of finance receivables held for investment	—	(3,475,268)	2,176,927	(1,298,341)
Collections on finance receivables held for investment	—	3,046,855	(2,185,177)	861,678
Collection of retained securitization beneficial interests	—	32,115	—	32,115
Proceeds from derivative instruments	—	51,574	—	51,574
Other investing activities	(52)	—	—	(52)
Net cash used by investing activities	(64,311)	(344,887)	(8,250)	(417,448)
Cash flows from financing activities:
Repayments of medium-term notes	—	(810,950)	—	(810,950)
Borrowings of asset-backed commercial paper	—	260,250	—	260,250
Repayments of asset-backed commercial paper	—	(17,675)	—	(17,675)
Net decrease in unsecured commercial paper	—	(26,744)	—	(26,744)
Net increase in deposits	—	196	—	196
Dividends paid	(60,382)	(100,000)	100,000	(60,382)
Repurchase of common stock	(191,169)	—	—	(191,169)
Other financing activities	96	—	—	96
Net cash (used) provided by financing activities	(251,455)	(694,923)	100,000	(846,378)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(7,994)	(2,495)	—	(10,489)
Net increase (decrease) in cash, cash equivalents and restricted cash	$94,608	$(1,092,989)	$—	$(998,381)
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 increase (decrease) in cash, cash equivalents and restricted cash	94,608	(1,092,989)	—	(998,381)
Cash, cash equivalents and restricted cash, end of period	$1,409,525	$683,838	$—	$2,093,363

	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 (used) 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)
Collections from finance receivables held for sale	—	16,916	—	16,916
Originations of finance receivables held for sale	—	(414,009)	—	(414,009)
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 (used) by operating activities	431,583	162,356	(177,036)	416,903

	Nine months ended September 30, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
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) provided by investing activities	(100,864)	129,305	177,036	205,477
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 increase in unsecured commercial paper	—	44,938	—	44,938
Net increase 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

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