HARLEY-DAVIDSON, INC.

Listed Company

HOGCIK 0000793952NYSELarge AcceleratedMotorcycles, Bicycles & PartsWisconsinFY ends Dec 31

Period

FY 2025

Revenue

$4.47B

Net Income

$338.74M

Total Assets

$8.04B

Equity

$3.14B

Shares Out

111.85M

Op. Cash Flow

$568.92M

Business

HARLEY-DAVIDSON, INC. designs, manufactures, markets and sells motorcycles and related products and provides associated financial services. It offers internal combustion and electric motorcycles, parts and accessories, apparel, trademark licensing, retail and wholesale financing, insurance and other protection products. The Company operates through three reportable segments: Harley‑Davidson Motor Company (HDMC) for motorcycle design, manufacturing and parts/apparel; LiveWire for electric motorcycles and balance bikes; and Harley‑Davidson Financial Services (HDFS) for wholesale and retail financing and insurance. Products reach customers globally through independent dealers, company‑owned dealers, eCommerce, independent distributors and direct sales, with HDFS primarily operating in the U.S. and Canada.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Motorcycles and related products	3,604	4,148	4,883	4,935	4,540
Financial services	869	1,039	954	821	796
Total revenue	4,473	5,187	5,836	5,755	5,336
Motorcycles and related products cost of goods sold	2,742	3,006	3,322	3,404	3,243
Financial services interest expense	389	372	332	218	193
Financial services provision for credit losses	−191	247	227	145	25
Selling, administrative and engineering expense	1,147	1,145	1,176	1,079	1,052
Total costs and expenses	4,087	4,770	5,057	4,846	4,513
Operating income	387	417	779	909	823
Other income, net	61	72	72	49	20
Investment income	44	59	47	5	7
Interest expense	33	31	31	31	—
Income before income taxes	459	517	867	931	819
Income tax provision	130	72	172	192	169
Net income	329	445	695	739	650
Less: Loss attributable to noncontrolling interests	10	10	12	2	0
Net income attributable to Harley-Davidson, Inc.	339	455	707	741	650
Basic (in dollars per share)	2.82	3.46	4.96	5.01	4.23
Diluted (in dollars per share)	2.78	3.44	4.87	4.96	4.19
Cash dividends per share (in dollars per share)	0.72	0.69	0.66	0.63	0.6

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3,092	1,590	1,534	1,433	1,875
Accounts receivable, net	226	234	267	252	182
Finance receivables held for sale, net	264	0	—	—	—
Finance receivables held for investment, net of allowance of $5,591 and $72,244	982	2,031	2,114	1,783	1,466
Inventories, net	731	746	930	951	713
Restricted cash	0	136	105	135	129
Other current assets	292	260	214	196	186
Current assets	5,587	4,997	5,164	4,751	4,550
Finance receivables held for investment, net of (recovery) allowance of $(7,826) and $328,939	719	5,257	5,385	5,356	5,106
Property, plant and equipment, net	750	757	732	690	684
Pension and postretirement assets	546	441	413	320	386
Goodwill	64	62	63	62	63
Deferred income taxes	74	176	161	135	83
Lease assets	83	64	70	44	50
Other long-term assets	222	129	154	135	129
Assets	8,045	11,882	12,141	11,492	11,051
Accounts payable	389	299	349	378	375
Accrued liabilities	672	594	647	621	602
Short-term deposits, net	280	173	253	80	72
Short-term debt	498	640	879	770	751
Current portion of long-term debt, net	820	1,852	1,256	1,685	1,542
Current liabilities	2,659	3,557	3,384	3,534	3,343
Long-term deposits, net	257	377	194	238	218
Long-term debt, net	1,650	4,469	4,991	4,457	4,596
Lease liabilities	69	47	52	27	30
Pension and postretirement liabilities	53	54	60	68	95
Deferred income taxes	6	17	34	30	9
Other long-term liabilities	195	201	174	233	207
Commitments and contingencies (Note 15)	—	—	—	—	—
Preferred stock, none issued	0	0	0	0	0
Common stock (Note 4)	2	2	2	2	2
Additional paid-in-capital	1,790	1,793	1,752	1,688	1,547
Retained earnings	3,717	3,465	3,101	2,491	1,842
Accumulated other comprehensive loss	−257	−333	−305	−342	−241
Treasury stock, at cost (Note 4)	−2,112	−1,761	−1,297	−935	−597
Total Harley-Davidson, Inc. shareholders' equity	3,141	3,166	3,253	2,904	2,553
Noncontrolling interest	16	−8	−513,000	3	0
Total equity	3,157	3,159	3,252	2,907	2,553
Total liabilities and shareholders' equity	8,045	11,882	12,141	11,492	11,051

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net cash provided by operating activities (Note 5)	569	1,064	755	548	976
Capital expenditures	−154	−197	−207	−152	−120
Origination of finance receivables held for investment	−2,554	−3,639	−3,874	−4,559	−4,244
Collections of finance receivables held for investment	2,650	3,440	3,571	3,935	3,902
Proceeds from sale of finance receivables initially held for investment	3,686	0	0	—	—
Proceeds from sale of securitization beneficial interests, net	125	0	0	—	—
Collections of retained securitization beneficial interests	24	0	0	—	—
Other investing activities	1	12	−2	2	2
Net cash provided (used) by investing activities	3,779	−383	−512	−773	−459
Proceeds from issuance of medium-term notes	647	496	1,446	496	0
Repayments of medium-term notes	−1,815	−661	−1,057	−950	−1,400
Proceeds from term loan	448	0	0	—	—
Repayment of term loan	−450	0	0	—	—
Repayment of senior unsecured notes	−450	0	0	—	—
Proceeds from securitization debt	498	1,145	1,046	1,827	1,170
Repayments of securitization debt	−781	−1,078	−1,194	−1,443	−1,341
Borrowings of asset-backed commercial paper	155	470	42	448	99
Repayments of asset-backed commercial paper	−672	−258	−237	−303	−261
Net (decrease) increase in unsecured commercial paper	−142	−237	107	16	—
Capital contribution from third parties	47	0	0	—	—
Net (decrease) increase in deposits	−15	102	130	27	210
Dividends paid	−86	−91	−96	−93	−92
Repurchase of common stock	−353	−460	−364	−339	−12
Share repurchases not yet settled	−40	0	0	—	—
Other financing activities	−787,000	11,000	2	−2	2
Net cash used by financing activities	−3,010	−572	−175	−202	−1,885
Effect of exchange rate changes on cash, cash equivalents and restricted cash	13	−16	2	−20	−15
Net increase in cash, cash equivalents and restricted cash	1,351	92	70	−446	−1,384

Filings

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