Harley-Davidson Inc. (HOG) financial statements: income statement, balance sheet and cash flow
Harley-Davidson Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Harley-Davidson Inc. reported revenue of $4.5B (-13.8% year on year) and net income of $338.7M (-25.6% year on year).
Income statement
Harley-Davidson Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Motorcycles and related products
$3.6B
$4.1B
$4.9B
$4.9B
Financial services
$869.2M
$1.0B
$953.6M
$820.6M
Total revenue
$4.5B
$5.2B
$5.8B
$5.8B
Motorcycles and related products cost of goods sold
$2.7B
$3.0B
$3.3B
$3.4B
Financial services interest expense
$388.6M
$371.8M
$332.4M
$217.7M
Financial services provision for credit losses
($191.4M)
$247.2M
$227.2M
$145.1M
Selling, administrative and engineering expense
$1.1B
$1.1B
$1.2B
$1.1B
Total costs and expenses
$4.1B
$4.8B
$5.1B
$4.8B
Operating income
$386.6M
$416.6M
$779.1M
$909.3M
Other income, net
$61.3M
$72.3M
$71.8M
$48.7M
Investment income
$44.3M
$59.0M
$46.8M
$4.5M
Interest expense
$33.4M
$30.7M
$30.8M
$31.2M
Income before income taxes
$458.7M
$517.1M
$866.9M
$931.2M
Income tax provision
$129.6M
$72.0M
$171.8M
$192.0M
Net income
$329.2M
$445.2M
$695.0M
$739.2M
Less: Loss attributable to noncontrolling interests
$9.6M
$10.2M
$11.5M
$2.2M
Net income attributable to Harley-Davidson, Inc.
$338.7M
$455.4M
$706.6M
$741.4M
Basic (in dollars per share)
$2.82
$3.46
$4.96
$5.01
Diluted (in dollars per share)
$2.78
$3.44
$4.87
$4.96
Cash dividends per share (in dollars per share)
$0.72
$0.69
$0.66
$0.63
Harley-Davidson Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Motorcycles and related products
$1.1B
$1.1B
$1.1B
$1.0B
Financial services
$117.0M
$111.9M
$261.2M
$257.4M
Total revenue
$1.2B
$1.2B
$1.3B
$1.3B
Motorcycles and related products cost of goods sold
$809.3M
$794.1M
$798.7M
$750.8M
Financial services interest expense
$30.6M
$39.3M
$75.9M
$93.6M
Financial services provision for credit losses
$17.6M
$13.2M
($301.5M)
$49.7M
Selling, administrative and engineering expense
$296.9M
$302.5M
$292.9M
$300.6M
Total costs and expenses
$1.2B
$1.1B
$866.0M
$1.2B
Operating income
$76.0M
$23.5M
$474.8M
$112.4M
Other income, net
$11.0M
$13.5M
$14.7M
$14.5M
Investment income
$11.8M
$8.7M
$12.3M
$10.9M
Interest expense
$3.6M
$3.6M
$10.2M
$7.7M
Income before income taxes
$95.3M
$42.1M
$491.5M
$130.2M
Income tax provision
$16.3M
$18.0M
$116.4M
$24.4M
Net income
$79.0M
$24.1M
$375.2M
$105.7M
Less: Loss attributable to noncontrolling interests
$824.0K
$650.0K
$2.2M
$1.8M
Net income attributable to Harley-Davidson, Inc.
$79.8M
$24.8M
$377.4M
$107.6M
Basic (in dollars per share)
$0.76
$0.23
$3.13
$0.89
Diluted (in dollars per share)
$0.75
$0.22
$3.10
$0.88
Cash dividends per share (in dollars per share)
$0.19
$0.19
$0.18
$0.18
Balance sheet
Harley-Davidson Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$3.1B
$1.6B
$1.5B
$1.4B
Accounts receivable, net
$225.8M
$234.3M
$267.2M
$252.2M
Finance receivables held for sale, net
$264.2M
—
—
—
Finance receivables held for investment, net of allowance of $5,591 and $72,244
$981.9M
—
$2.1B
$1.8B
Inventories, net
$730.9M
$745.8M
$930.0M
$951.0M
Restricted cash
$0
$135.7M
$104.6M
$135.4M
Other current assets
$292.4M
$259.8M
$214.4M
$196.2M
Current assets
$5.6B
$5.0B
$5.2B
$4.8B
Finance receivables held for investment, net of (recovery) allowance of $(7,826) and $328,939
$719.1M
—
$5.4B
$5.4B
Property, plant and equipment, net
$750.2M
$757.1M
$731.7M
$689.9M
Pension and postretirement assets
$546.3M
$440.8M
$413.1M
$320.1M
Goodwill
$63.9M
$61.7M
$62.7M
$62.1M
Deferred income taxes
$73.8M
$175.8M
$161.2M
$135.0M
Lease assets
$82.5M
$63.9M
$69.7M
$43.9M
Other long-term assets
$222.0M
$128.9M
$153.9M
$134.9M
Assets
$8.0B
$11.9B
$12.1B
$11.5B
Accounts payable
$389.2M
$298.7M
$349.2M
$378.0M
Accrued liabilities
$672.0M
$594.0M
$646.9M
$620.9M
Short-term deposits, net
$280.1M
$173.1M
$253.3M
$79.7M
Short-term debt
$497.8M
$640.2M
$878.9M
$770.5M
Current portion of long-term debt, net
$819.6M
$1.9B
$1.3B
$1.7B
Current liabilities
$2.7B
$3.6B
$3.4B
$3.5B
Long-term deposits, net
$256.5M
$377.5M
$194.5M
$237.7M
Long-term debt, net
$1.6B
$4.5B
$5.0B
$4.5B
Lease liabilities
$69.4M
$47.4M
$51.8M
$26.8M
Pension and postretirement liabilities
$53.1M
$53.9M
$59.8M
$68.0M
Deferred income taxes
$5.5M
$16.9M
$33.5M
$29.5M
Other long-term liabilities
$195.0M
$201.3M
$173.8M
$232.8M
Preferred stock, none issued
$0
$0
$0
$0
Common stock (Note 4)
$1.7M
$1.7M
$1.7M
$1.7M
Additional paid-in-capital
$1.8B
$1.8B
$1.8B
$1.7B
Retained earnings
$3.7B
$3.5B
$3.1B
$2.5B
Accumulated other comprehensive loss
($257.1M)
($332.7M)
($305.0M)
($341.9M)
Treasury stock, at cost (Note 4)
($2.1B)
($1.8B)
($1.3B)
($935.1M)
Total Harley-Davidson, Inc. shareholders' equity
$3.1B
$3.2B
$3.3B
$2.9B
Noncontrolling interest
$16.2M
($7.5M)
($513.0K)
$3.3M
Total equity
$3.2B
$3.2B
$3.3B
$2.9B
Total liabilities and shareholders' equity
$8.0B
$11.9B
$12.1B
$11.5B
Harley-Davidson Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$1.9B
$1.8B
$1.8B
$1.6B
Accounts receivable, net
$301.8M
$285.8M
$305.0M
$325.8M
Finance receivables held for sale, net
$545.8M
$426.8M
$4.1B
—
Finance receivables held for investment, net of allowance of $3,984, $5,591, and $72,225
$1.1B
$1.2B
$1.2B
—
Inventories, net
$500.9M
$622.2M
$512.2M
$630.3M
Restricted cash
$0
$0
$51.5M
$149.8M
Other current assets
$250.4M
$415.3M
$297.4M
$327.3M
Current assets
$4.6B
$4.7B
$8.2B
$5.1B
Finance receivables held for investment, net of allowance (recovery) of $34,176, $(7,826), and $327,068
$1.0B
$827.1M
$662.2M
—
Property, plant and equipment, net
$691.1M
$720.2M
$719.1M
$729.5M
Pension and postretirement assets
$567.8M
$558.5M
$481.4M
$467.9M
Goodwill
$63.6M
$63.4M
$63.9M
$63.8M
Deferred income taxes
$70.8M
$67.4M
$90.8M
$166.8M
Lease assets
$77.1M
$81.5M
$67.3M
$71.9M
Other long-term assets
$181.3M
$184.9M
$238.2M
$203.5M
Assets
$7.2B
$7.2B
$10.6B
$12.1B
Accounts payable
$409.3M
$459.4M
$342.8M
$367.4M
Accrued liabilities
$624.1M
$773.2M
$628.6M
$673.2M
Short-term deposits, net
$266.4M
$248.6M
$292.7M
$243.1M
Short-term debt
$613.1M
$498.7M
$684.7M
$503.4M
Current portion of long-term debt, net
$498.5M
$498.2M
$1.3B
$2.0B
Current liabilities
$2.4B
$2.5B
$3.3B
$3.8B
Long-term deposits, net
$250.0M
$229.0M
$261.8M
$294.8M
Long-term debt, net
$1.1B
$1.1B
$3.1B
$4.4B
Lease liabilities
$64.6M
$68.4M
$52.5M
$56.3M
Pension and postretirement liabilities
$51.5M
$52.3M
$51.1M
$52.2M
Deferred income taxes
$7.1M
$5.5M
$17.7M
$17.0M
Other long-term liabilities
$214.3M
$197.3M
$196.0M
$183.8M
Common stock
$1.7M
$1.7M
$1.7M
$1.7M
Additional paid-in-capital
$1.9B
$1.9B
$1.8B
$1.8B
Retained earnings
$3.8B
$3.7B
$4.0B
$3.7B
Accumulated other comprehensive loss
($274.2M)
($272.1M)
($306.3M)
($298.4M)
Treasury stock, at cost
($2.3B)
($2.2B)
($2.0B)
($1.9B)
Total Harley-Davidson, Inc. shareholders' equity
$3.1B
$3.1B
$3.6B
$3.3B
Noncontrolling interest
$16.8M
$15.9M
($11.0M)
($9.0M)
Total equity
$3.1B
$3.1B
$3.6B
$3.3B
Total liabilities and shareholders' equity
$7.2B
$7.2B
$10.6B
$12.1B
Cash flow statement
Harley-Davidson Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net cash provided by operating activities (Note 5)
$568.9M
$1.1B
$754.9M
$548.5M
Capital expenditures
($153.7M)
($196.6M)
($207.4M)
($151.7M)
Origination of finance receivables held for investment
($2.6B)
($3.6B)
($3.9B)
($4.6B)
Collections of finance receivables held for investment
$2.7B
$3.4B
$3.6B
$3.9B
Proceeds from sale of finance receivables initially held for investment
$3.7B
—
—
—
Proceeds from sale of securitization beneficial interests, net
$125.4M
—
—
—
Collections of retained securitization beneficial interests
$23.7M
—
—
—
Other investing activities
$1.1M
$12.2M
($2.2M)
$2.5M
Net cash provided (used) by investing activities
$3.8B
($383.3M)
($512.3M)
($773.0M)
Proceeds from issuance of medium-term notes
$647.1M
$495.9M
$1.4B
$495.8M
Repayments of medium-term notes
($1.8B)
($660.8M)
($1.1B)
($950.0M)
Proceeds from term loan
$448.0M
—
—
—
Repayment of term loan
($450.0M)
—
—
—
Repayment of senior unsecured notes
($450.0M)
—
—
—
Proceeds from securitization debt
$497.8M
$1.1B
$1.0B
$1.8B
Repayments of securitization debt
($781.1M)
($1.1B)
($1.2B)
($1.4B)
Borrowings of asset-backed commercial paper
$155.0M
$470.0M
$42.4M
$448.3M
Repayments of asset-backed commercial paper
($671.5M)
($258.1M)
($237.4M)
($302.9M)
Net (decrease) increase in unsecured commercial paper
($141.6M)
($237.3M)
—
—
Capital contribution from third parties
$46.6M
—
—
—
Net (decrease) increase in deposits
($14.7M)
$102.1M
$129.9M
$26.6M
Dividends paid
($86.4M)
($91.2M)
($96.3M)
($93.2M)
Repurchase of common stock
($353.3M)
($459.8M)
($364.0M)
($338.6M)
Share repurchases not yet settled
-40.0M
—
—
—
Other financing activities
($787.0K)
$11.0K
$1.9M
($2.0M)
Net cash used by financing activities
($3.0B)
($572.3M)
($174.6M)
($202.0M)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$13.5M
($16.1M)
$1.7M
($19.5M)
Net increase in cash, cash equivalents and restricted cash
$1.4B
$92.0M
$69.6M
($446.0M)
Cash, cash equivalents and restricted cash, beginning of period
$1.7B
$1.6B
$1.6B
$2.0B
Cash, cash equivalents and restricted cash, end of period
$3.1B
$1.7B
$1.6B
$1.6B
Cash and cash equivalents
$3.1B
$1.6B
$1.5B
$1.4B
Restricted cash
$0
$135.7M
$104.6M
$135.4M
Restricted cash included in Other long-term assets
$0
$15.6M
$10.4M
$10.6M
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows
$3.1B
$1.7B
$1.6B
$1.6B
Harley-Davidson Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net cash (used) provided by operating activities (Note 6)
($59.7M)
($228.0M)
$416.9M
$509.5M
Capital expenditures
($44.7M)
($31.8M)
($102.1M)
($65.6M)
Origination of finance receivables held for investment
($872.7M)
($368.8M)
($2.3B)
($1.8B)
Collections from finance receivables held for investment
$575.9M
$246.7M
$2.5B
$1.7B
Collection of retained securitization beneficial interests
$23.5M
$10.3M
$9.4M
—
Proceeds from derivative instruments
$51.6M
$51.6M
—
—
Other investing activities
($280.0K)
$91.0K
$808.0K
$691.0K
Net cash (used) provided by investing activities
($266.7M)
($92.0M)
$205.5M
($89.9M)
Proceeds from issuance of medium-term notes
$0
$0
$647.1M
$647.1M
Repayments of medium-term notes
($811.0M)
($811.0M)
($700.0M)
($700.0M)
Proceeds from securitization debt
$0
—
$497.8M
$497.8M
Repayments of securitization debt
$0
$0
($718.0M)
($584.2M)
Borrowings of asset-backed commercial paper
$0
$0
$155.0M
$155.0M
Repayments of asset-backed commercial paper
$0
$0
($217.6M)
($145.4M)
Net increase (decrease) in unsecured commercial paper
$114.1M
$2.4M
$44.9M
($135.9M)
Net decrease in deposits
($20.6M)
($59.2M)
$3.3M
($13.1M)
Dividends paid
($41.2M)
($21.5M)
($66.3M)
($44.8M)
Repurchase of common stock
($100.4M)
($70.0M)
($193.2M)
($93.1M)
Other financing activities
$97.0K
$0
$1.3M
$6.0K
Net cash used by financing activities
($858.9M)
($959.3M)
($547.7M)
($416.5M)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
($10.6M)
($7.3M)
$11.0M
$12.4M
Net (decrease) increase in cash, cash equivalents and restricted cash
($1.2B)
($1.3B)
$85.7M
$15.5M
Cash, cash equivalents and restricted cash, beginning of period
$3.1B
$3.1B
$1.7B
$1.7B
Cash, cash equivalents and restricted cash, end of period
$1.9B
$1.8B
$1.8B
$1.8B
Cash and cash equivalents
$1.9B
$1.8B
$1.8B
$1.6B
Restricted cash
$0
$0
$51.5M
$149.8M
Restricted cash included in Other long-term assets
$0
$0
$0
$18.9M
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows