Harley-Davidson manufactures motorcycles and branded products, controls electric-motorcycle business LiveWire, and provides financing, loan servicing and insurance-related products through HDFS. Its motorcycles are sold primarily through independent dealers. Financial amounts below are in U.S. dollars unless another currency is specified.
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A snapshot of what HARLEY-DAVIDSON, INC. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000793952-24-000076 | Feb 23, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000793952-25-000063 | Feb 26, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000793952-26-000011 | Feb 26, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Harley-Davidson's stronger balance sheet does not yet establish a recovery in motorcycle profitability. In 2025, motorcycle manufacturing moved into an operating loss, while loan-sale accounting benefits supported consolidated earnings and financial-asset sales increased cash. The first half of 2026 brought improving U.S. retail demand and a better second quarter for manufacturing, but incentives, product mix and restructuring still weighed on half-year profit. Tariff recoveries also helped reported margins. HDFS now earns less interest income from a smaller owned loan portfolio while developing servicing revenue. Cash declined as debt was repaid and lending assets rebuilt. The central uncertainties are sustained motorcycle demand, execution of the new strategy, contractual dependencies in HDFS's funding model, LiveWire's external financing needs and unresolved brake-hose exposure.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
HDMC sells motorcycles, parts, accessories, apparel and trademark licenses; motorcycles supplied 74.3% of its 2025 revenue. Its independent dealership network contained 1,174 locations at year-end. Revenue generally arises when motorcycles are shipped to dealers, not when riders purchase them. Dealer inventory therefore connects factory revenue with subsequent demand. HDFS supports both dealer inventory and consumer purchases, exposing the group to funding costs, defaults and used-motorcycle collateral values. LiveWire remains a small, loss-making electric-motorcycle business. Both HDFS and LiveWire remain consolidated despite outside ownership interests.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
Annual revenue declined from $5.836 billion in 2023 to $5.187 billion in 2024 and $4.473 billion in 2025. HDMC operating income deteriorated from $661.2 million to $277.8 million and then a $28.7 million loss. Management attributed the latest decline principally to lower volumes, higher fixed costs per motorcycle, tariffs and logistics costs. Pricing and favorable mix provided only partial offsets. Worldwide retail sales fell to 132,535 motorcycles in 2025, while shipments fell faster as dealers reduced inventory.
Consolidated 2025 operating income nevertheless remained $386.6 million because HDFS benefited substantially from loan-sale accounting, including credit-allowance releases. Parent-attributable net income was $338.7 million. LiveWire's smaller loss reflected cost reductions more than commercial scale. These offsets make consolidated earnings an incomplete indicator of recurring motorcycle economics.
Sources: 10-K · 2025-12-31
Year-end 2025 cash reached $3.092 billion, while debt carrying value fell to $2.967 billion, excluding brokered deposits and leases. The improvement followed major HDFS asset sales; approximately $1.67 billion of the debt reduction was noncash deconsolidation, not repayment. Operating cash flow was $568.9 million, down from $1.064 billion in 2024. Loans originated for sale now affect operating cash flow, whereas loans initially held for investment principally affect investing cash flow. This classification change complicates comparisons. The company's larger liquidity presentation also included undrawn facilities: that capacity is conditional borrowing availability, not additional cash.
Sources: 10-K · 2025-12-31
Capital expenditure fell to $153.7 million in 2025. Dividends totaled $86.4 million, and recognized discretionary repurchases were $347.5 million. The November accelerated repurchase required a $200 million payment, with final shares delivered in February 2026; that delivery was not a second payment. Fewer diluted shares cushioned the decline in annual EPS to $2.78. HDFS exchangeable minority interests also affected the diluted earnings numerator. Research spending is expensed separately from capital expenditure, and neither buybacks nor lower investment spending should be confused with an improvement in motorcycle margins.
Sources: 10-K · 2025-12-31
High borrowing costs and weak used-bike values can simultaneously pressure motorcycle demand and loan recoveries. HDFS's loan-sale model reduces balance-sheet funding needs but introduces continuing reliance on purchaser eligibility, funding and servicing arrangements whose complete contractual terms are missing from this package. LiveWire remained dependent on financing beyond its commercial cash generation. Separately, unresolved brake-hose compliance matters carried a possible $140–450 million field-action or recall cost, with no accrual because management expected favorable regulatory determinations. Supplier reimbursement was an intention, not an established recovery. Tariffs, concentrated suppliers and dealer viability add operating exposure.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The June 30, 2026 quarterly report, filed August 5, showed first-half retail sales up 3.7%, led by the United States. HDMC's second-quarter operating income improved to $72.3 million, but first-half operating income fell to $91.3 million as incentives, lower-margin mix, restructuring and warranty costs outweighed offsets. Tariff recoveries supported reported results. HDFS's smaller owned portfolio reduced group revenue and earnings despite higher servicing income. First-half parent earnings were $104.6 million, while operating cash flow was a $59.7 million outflow.
July 23 guidance raised expected 2026 HDMC operating income to $10–50 million and HDFS operating income to $55–70 million. These are forecasts, not completed results. The same-day amendment corrected the original release's HDFS upper endpoint; the later quarterly report states the corrected range. S&P's July 8 downgrade to BB+ increased funding risk. The new Back to the Bricks strategy remained dependent on execution and product acceptance.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-07-23 · 8-K/A · 2026-07-23
USD 4.473175 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.473175 bn | -13.8% |
| 2024 | USD 5.186802 bn | -11.1% |
| 2023 | USD 5.836478 bn | — |
Motorcycles and related products revenue plus financial services revenue.
Sources: 10-K · 2025-12-31
USD 338.738 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 338.738 m | -25.6% |
| 2024 | USD 455.357 m | -35.6% |
| 2023 | USD 706.586 m | — |
Consolidated net income attributable to parent shareholders after noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 568.922 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 568.922 m | — |
Consolidated GAAP operating cash flow; includes held-for-sale loan activity beginning in 2025.
Sources: 10-K · 2025-12-31
USD 1.063833 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 1.063833 bn | 40.9% |
| 2023 | USD 754.887 m | — |
Consolidated GAAP operating cash flow; held-for-investment retail lending is investing activity.
Sources: 10-K · 2025-12-31
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