# EDGAR Filing Document

**Accession Number:** 0000793952
**File Stem:** 0000793952-25-000162
**Filing Date:** 2025-7
**Character Count:** 39061
**Document Hash:** 45301ace46a9e110f6f86c8c1e2817e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000793952-25-000162.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000793952-25-000162

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARLEY-DAVIDSON, INC.
- **CENTRAL INDEX KEY:** 0000793952
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTORCYCLES, BICYCLES & PARTS [3751]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 391382325
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09183
- **FILM NUMBER:** 251163887

**BUSINESS ADDRESS:**
- **STREET 1:** 3700 W JUNEAU AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53208
- **BUSINESS PHONE:** 414-343-8553

**MAIL ADDRESS:**
- **STREET 1:** 3700 W. JUNEAU AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53208

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARLEY DAVIDSON INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? hog-20250730

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 30, 2025** 

**Harley-Davidson, Inc.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Wisconsin** | **1-9183** | **39-1382325** |
| **(State or other jurisdiction<br>of incorporation)** | **&nbsp;&nbsp;&nbsp;&nbsp; (Commission<br>&nbsp;&nbsp;&nbsp;&nbsp; File Number)** | **(IRS Employer<br>Identification No.)** |

---

**3700 West Juneau Avenue, Milwaukee, Wisconsin 53208** 

**(Address of principal executive offices, including zip code)**

**(414) 342-4680** 

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of exchange on which registered</u> |
| COMMON STOCK, $0.01 par value per share | HOG | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

<u>Item 2.02</u> <u>Results of Operations and Financial Condition</u>.

On July 30, 2025, Harley-Davidson, Inc. (the "Company") issued a press release (the "Press Release") announcing the Company's second quarter results for the financial period ended June 30, 2025. A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

<u>Item 7.01</u> <u>Regulation FD Disclosure.</u>

As noted under Item 2.02, on July 30, 2025, the Company issued a press release announcing the Company's second quarter results for the financial period ended June 30, 2025. Also on July 30, 2025, the Company is issuing a second press release, through normal channels, announcing that Harley-Davidson Financial Services has entered into a strategic partnership with KKR and PIMCO.

<u>Item 9.01</u> <u>Financial Statements and Exhibits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a)Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b)Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c)Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Exhibits</u>. The following exhibit is being furnished herewith:

<u>Exhibit No.</u> <u>Description</u>

<u>99.1</u> <u>[Press Release of Harley-Davidson, Inc. dated July 30, 2025](a8kq22025exhibit991.htm)</u>

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | HARLEY-DAVIDSON, INC. |
| Date: July 30, 2025 | /s/ Paul J. Krause |
| | Paul J. Krause |
| | Secretary |

---

## Exhibit 99.1

![image.jpg](image.jpg)

FOR IMMEDIATE RELEASE

**Harley-Davidson Delivers Second Quarter Financial Results** 

**and Announces HDFS Transaction with KKR and PIMCO**

**MILWAUKEE (July 30, 2025)** – Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company"), (NYSE: HOG) today reported second quarter 2025 results and announced a transaction entered into by its subsidiary, Harley-Davidson Financial Services.

"While our second quarter results continue to be impacted by a challenging commercial environment for discretionary products and an uncertain tariff situation, we are extremely pleased to announce a strategic partnership for HDFS with KKR and PIMCO that generates significant value for Harley-Davidson on all levels," said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. "Our strategic partners have valued the HDFS business at approximately 1.75x post transaction book value. We expect this will unlock $1.25 billion in cash and leaves HDFS well positioned to serve our customers and dealers. With the cash from the transaction, we plan to reduce our debt by $450 million and accelerate our $1 billion share buyback program announced last year, by the purchase of $500 million in the second half of '25. We also have the flexibility to invest up to $300 million of additional funds into future growth opportunities."

**Second Quarter 2025 Highlights and Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered diluted EPS of $0.88

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HDMC operating income margin of 5.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HDMC revenue down 23% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global motorcycle shipments decreased 28%, due primarily to planned dealer inventory reduction and soft demand

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global motorcycle retail sales down 15% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global dealer inventories down 28%, compared to Q2 '24, as we continued to prioritize reducing global dealer inventory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cost of new or increased tariffs implemented in 2025 was $13 million in Q2 '25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HDFS operating income margin of 27.1%

**HDFS Transaction Key Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our strategic partners have valued the HDFS business at approximately 1.75x post transaction book value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HDFS has agreed to sell a 4.9% common equity interest to investment vehicles managed by KKR and PIMCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HDFS will sell approximately two-thirds of HDFS future retail loan originations at a premium on an annual basis for five years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction unlocks $1.25 billion in discretionary cash, representing approximately 40% of current Harley-Davidson market capitalization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HDFS has agreed to sell over $5 billion of existing gross consumer retail loan receivables and residual interests in securitized consumer loan receivables at a premium

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HDFS expects to use a portion of the proceeds to reduce indebtedness to optimize its post transaction capital structure

------

**Second Quarter 2025 Results** 

**<u>Harley-Davidson, Inc. Consolidated Financial Results</u>**

---

| | | | |
|:---|:---|:---|:---|
| *<br>$ in millions (except EPS)* | **2nd quarter** | **2nd quarter** | **2nd quarter** |
| *<br>$ in millions (except EPS)* | **2025** | **2024** | **Change** |
| Revenue | $1307 | $1619 | -19% |
| Operating Income | $112 | $241 | -53% |
| Net Income Attributable to HDI | $108 | $218 | -51% |
| Diluted EPS | $0.88 | $1.63 | -46% |

---

Consolidated revenue in the second quarter was down 19 percent versus prior year, driven largely by an HDMC revenue decrease of 23 percent. Consolidated operating income in the second quarter was down 53 percent, driven largely by a decline of 69 percent at HDMC. At the LiveWire segment, the operating loss improved by $10 million, which was 34 percent lower than the prior year's loss. Consolidated operating income margin in the second quarter of 2025 was 9 percent relative to 15 percent in the second quarter a year ago.

**<u>Harley-Davidson Motor Company (HDMC) – Results</u>**

---

| | | | |
|:---|:---|:---|:---|
| *<br>$ in millions* | **2nd quarter** | **2nd quarter** | **2nd quarter** |
| *<br>$ in millions* | **2025** | **2024** | **Change** |
| Motorcycle Shipments (thousands) | 35.8 | 49.7 | -28% |
| Revenue | $1044 | $1349 | -23% |
| Motorcycles | $778 | $1069 | -27% |
| Parts & Accessories | $187 | $194 | -4% |
| Apparel | $55 | $63 | -13% |
| Licensing | $6 | $5 | 8% |
| Other | $18 | $17 | 0% |
| Gross Margin | 28.6% | 32.1% | -3.5 pts. |
| Operating Income | $61 | $198 | -69% |
| Operating Margin | 5.9% | 14.7% | -8.8 pts. |

---

Second quarter global motorcycle shipments decreased 28 percent versus prior year. Revenue was down 23 percent driven primarily by the planned decrease in wholesale shipments, partially offset by favorable global pricing and favorable foreign currency. Parts & Accessories revenue was down 4 percent and Apparel revenue was down 13 percent.

Second quarter gross margin was down 3.5 points, versus prior year, due to the negative impact of lower volume on operating leverage and due to the cost of new or increased tariffs implemented this year, partially offset by favorable foreign currency, favorable pricing, and favorable mix. Second quarter operating income margin was down 8.8 points due to the factors above, while operating expense was $2 million higher than a year ago.

------

**<u>Harley-Davidson Retail Motorcycle Sales</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>*Motorcycles (thousands)* | **2nd quarter** | **2nd quarter** | **2nd quarter** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>*Motorcycles (thousands)* | **2025** | **2024** | **Change** |
| North America | 28.9 | 34.8 | -17% |
| EMEA | 7.6 | 8.0 | -5% |
| Asia Pacific | 5.0 | 6.3 | -21% |
| Latin America | 0.7 | 0.8 | -11% |
| **Worldwide Total** | 42.3 | 50.0 | -15% |

---

Global retail motorcycle sales in the second quarter were down 15 percent versus the prior year, reflecting soft demand and unfavorable consumer confidence due to a high-interest rate environment and an uncertain economic outlook. North America retail performance was down 17 percent, reflecting lower than expected customer traffic at dealerships. EMEA retail performance was down 5 percent, with puts and takes throughout the region. APAC retail performance was down 21 percent, with significant weakness in China and Japan. Latin America experienced modest declines.

**<u>Harley-Davidson Financial Services (HDFS) – Results</u>**

---

| | | | |
|:---|:---|:---|:---|
| <br>*$ in millions* | **2nd quarter** | **2nd quarter** | **2nd quarter** |
| <br>*$ in millions* | **2025** | **2024** | **Change** |
| Revenue | $257 | $264 | -2% |
| Operating Income | $70 | $71 | -2% |

---

HDFS' operating income decreased by less than $2 million in the second quarter or 2 percent versus prior year. This was due to lower net interest income and higher operating expenses, partially offset by a lower provision for credit losses and higher other income, as financing receivables declined modestly. Interest expense in the second quarter was largely flat. Total quarter ending financing receivables were $7.3 billion, which was down 9 percent versus prior year, due to a decrease in retail loan receivables and commercial finance receivables.

**<u>LiveWire – Results</u>**

---

| | | | |
|:---|:---|:---|:---|
| <br>*$ in millions* | **2nd quarter** | **2nd quarter** | **2nd quarter** |
| <br>*$ in millions* | **2025** | **2024** | **Change** |
| Electric Motorcycle Unit Sales | 55 | 158 | -65% |
| Revenue | $6 | $6 | -7% |
| Operating Loss | $(19) | $(28) | 34% |

---

LiveWire revenue for the second quarter decreased by 7 percent versus prior year, due to lower electric motorcycle unit sales. LiveWire's operating loss of $19 million, $10 million less than a year ago, was in line with expectations.

**Harley-Davidson, Inc. Other Results – YTD through end of Q2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $509 million of cash from operating activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective tax rate was 23%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paid cash dividends of $45 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased $87 million of shares (3.4 million shares) on a discretionary basis; no shares purchased in Q2 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents of $1.6 billion at the end of the quarter

------

**2025 Financial Outlook** 

On May 1, 2025, due to the uncertain global tariff situation and overall macroeconomic conditions, we withdrew our full year 2025 financial outlook that had been provided on February 5, 2025. Given that the global tariff and business outlook especially for discretionary product purchases remains uncertain, we continue to withhold our full year HDMC 2025 financial outlook.

For LiveWire, we are updating our previously issued guidance related to Operating Loss to $59-$69 million and a total cash use of $50-$60 million.

Based on the HDFS transaction, we now expect HDFS operating income of $525-$550 million for full year 2025.

**Company Background**

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.

**Webcast**

Harley-Davidson will discuss its financial results, the HDFS transaction, and outlook on an audio webcast at 8:00 a.m. CDT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CDT.

------

**Cautionary Note Regarding Forward-Looking Statements**

The Company intends that certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "plans," "projects," "may," "will," "estimates," "targets," "intends," "forecasts," "seeks," "sees," "should," "feels," "commits," "assumes," "envisions," or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies, including without limitation the Hardwire strategic plan, each of the pillars, and the evolution of LiveWire as a standalone brand; (b) manage supply chain and logistics issues, including without limitation quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company's ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of activist collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company's brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Ukraine; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (m) prevent, detect and remediate any issues with its motorcycles, or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (n) successfully manage and reduce costs throughout the business; (o) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods, including the Company's dealer footprint, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (p) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; and (iii) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in *Risk Factors* under *Item 1.A* of LiveWire Group Inc.'s most recent Annual Report on Form 10-K; (q) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (r) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name; (s) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (t) manage its Thailand corporate and manufacturing operation in a manner that allows the Company

------

to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (u) retain and attract talented employees and leadership and qualified and experienced independent directors for its Board of Directors, eliminate personnel duplication, inefficiencies and complexity throughout the organization, and successfully complete transitions of executives, including the Company's upcoming CEO transition; (v) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (w) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (x) prevent a ransomware attack or cybersecurity incidents and data privacy breaches and respond to related evolving regulatory requirements; (y) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company's business; (z) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (aa) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (bb) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (cc) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts, and manage exposure in commercial or contractual disputes; (dd) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ee) enter into and close third-party investment(s) in HDFS in a manner consistent with the Company's objectives and that does not adversely affect its business; (ff) manage risks related to outsourced functions and use of artificial intelligence; (gg) achieve anticipated results with respect to the Company's preowned motorcycle program, Harley-Davidson Certified, the Company's H-D1 Marketplace, and Apparel and Licensing; (hh) optimize capital allocation in light of the Company's capital allocation priorities; (ii) manage the Company's share repurchase strategy; and (jj) manage issues related to climate change and related regulations.

The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

HDFS' retail credit losses have normalized in recent quarters to higher levels after a period of historically low levels of credit losses. Further, the Company believes that HDFS's retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions, including the impact of inflation and HDFS's efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, HDFS's efforts to adjust underwriting criteria based on market and economic conditions and the actions that the Company has taken and could take that impact motorcycle values may impact HDFS's retail credit losses.

The Company's operations, demand for its products, and its liquidity could be adversely impacted by changes in tariffs, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine, or other factors. Refer to Risk Factors under Item 1.A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 26, 2025 and applicable updates under Item 1.A of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on May 6, 2025 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Media Contact:

Jenni Coats

jenni.coats@Harley-Davidson.com

414.343.7902 <br>

Financial Contact:

Shawn Collins

shawn.collins@Harley-Davidson.com

414.343.8002 <br>

### (HOG-Earnings)

------

**Harley-Davidson, Inc.**

**Condensed Consolidated Statements of Operations**

**(In thousands, except per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| HDMC Revenue | $1043649 | $1348906 | $2125155 | $2825012 |
| Gross profit | 298705 | 433126 | 613949 | 894196 |
| Selling, administrative and engineering expense | 237389 | 235221 | 436362 | 457845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income from HDMC | 61316 | 197905 | 177587 | 436351 |
| LiveWire revenue | 6011 | 6448 | 8754 | 11152 |
| Gross profit (loss) | 162 | (1784) | (1619) | (5725) |
| Selling, administrative and engineering expense | 18815 | 26382 | 36842 | 51682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating loss from LiveWire | (18653) | (28166) | (38461) | (57407) |
| HDFS revenue | 257438 | 263539 | 502399 | 512336 |
| HDFS expense | 187665 | 192176 | 368590 | 387098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income from HDFS | 69773 | 71363 | 133809 | 125238 |
| Operating income | 112436 | 241102 | 272935 | 504182 |
| Other income, net | 14477 | 15879 | 30750 | 36443 |
| Investment income | 10950 | 14811 | 19891 | 29215 |
| Interest expense | (7696) | (7680) | (15382) | (15359) |
| Income before income taxes | 130167 | 264112 | 308194 | 554481 |
| Income tax provision | 24422 | 48706 | 71652 | 106842 |
| Net income | $105745 | $215406 | $236542 | $447639 |
| Less: Loss attributable to noncontrolling interests | 1824 | 2863 | 4131 | 5571 |
| Net income attributable to Harley-Davidson, Inc. | $107569 | $218269 | $240673 | $453210 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.89 | $1.64 | $1.96 | $3.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.88 | $1.63 | $1.95 | $3.34 |
| Weighted-average shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 121521 | 133412 | 122727 | 134759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 122203 | 134108 | 123457 | 135513 |
| Cash dividends per share: | $0.1800 | $0.1725 | $0.3600 | $0.3450 |

---

LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 *Segment Reporting* which may differ from LiveWire Group, Inc. results.

------

**Harley-Davidson, Inc.**

**Condensed Consolidated Balance Sheets**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **(Unaudited)**<br>**June 30,<br>2025** |<br>**December 31,<br>2024** | **(Unaudited)**<br>**June 30,<br>2024** |
| <u>ASSETS</u> |  |  |  |
| Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1587664 | $1589608 | $1849159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 325756 | 234315 | 321285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance receivables, net | 2127866 | 2031496 | 2472784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 630287 | 745793 | 668924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 149782 | 135661 | 137486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 327260 | 259764 | 188002 |
|  | 5148615 | 4996637 | 5637640 |
| Finance receivables, net | 5198356 | 5256798 | 5545780 |
| Other long-term assets | 1703474 | 1628144 | 1576822 |
|  | $12050445 | $11881579 | $12760242 |
| <u>LIABILITIES AND SHAREHOLDERS' EQUITY</u> |  |  |  |
| Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $1040616 | $892678 | $1038234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term deposits, net | 243101 | 173099 | 206972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 503353 | 640204 | 497792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt, net | 1983828 | 1851513 | 2021344 |
|  | 3770898 | 3557494 | 3764342 |
| Long-term debt, net | 4367553 | 4468665 | 4949871 |
| Other long-term liabilities | 604061 | 696920 | 612713 |
| Shareholders' equity | 3307933 | 3158500 | 3433316 |
|  | $12050445 | $11881579 | $12760242 |

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**Harley-Davidson, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| | **June 30,<br>2025** | **June 30,<br>2024** |
| Net cash provided by operating activities | $509492 | $577642 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (65560) | (87835) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance receivables, net | (24985) | (308988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | 691 | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by investing activities | (89854) | (397029) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of medium-term notes | 647088 | 495856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of medium-term notes | (700000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from securitization debt | 497790 | 547618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of securitization debt | (584153) | (506489) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in unsecured commercial paper | (135902) | (379743) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of asset-backed commercial paper | 155000 | 351429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of asset-backed commercial paper | (145379) | (125654) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in deposits | (13073) | 56007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (44756) | (47359) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (93140) | (209675) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | 6 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used) provided by financing activities | (416519) | 181998 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 12375 | (10821) |
| Net increase in cash, cash equivalents and restricted cash | $15494 | $351790 |
| Cash, cash equivalents and restricted cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash, beginning of period | $1740854 | $1648811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash, cash equivalents and restricted cash | 15494 | 351790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash, end of period | $1756348 | $2000601 |
| Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1587664 | $1849159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 149782 | 137486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash included in Other long-term assets | 18902 | 13956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows | $1756348 | $2000601 |

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------

**HDMC Revenue and Motorcycle Shipment Data**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| <u>HDMC REVENUE (in thousands)</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorcycles | $778051 | $1068693 | $1641929 | $2290233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts & Accessories | 186874 | 193865 | 330307 | 360058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apparel | 55240 | 63393 | 112564 | 127504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Licensing | 5944 | 5485 | 9002 | 14414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 17540 | 17470 | 31353 | 32803 |
|  | $1043649 | $1348906 | $2125155 | $2825012 |
| HDMC U.S. MOTORCYCLE SHIPMENTS | 21736 | 32334 | 46601 | 73911 |
| <u>HDMC WORLDWIDE MOTORCYCLE SHIPMENTS</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand American Touring<sup>(a)</sup> | 18080 | 29345 | 41758 | 64701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cruiser | 13110 | 14410 | 24970 | 30101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sport and Lightweight | 3188 | 4094 | 5296 | 9057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adventure Touring | 1459 | 1811 | 2414 | 3473 |
|  | 35837 | 49660 | 74438 | 107332 |

---

(a)Includes Trike

LiveWire Motorcycle Shipments 55 158 88 275

**HDMC Gross Profit**

**(Unaudited)**

The estimated impact of significant factors affecting the comparability of gross profit from the second quarter of 2024 to the second quarter of 2025 were as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Six months ended** |
| 2024 gross profit | $433 | $894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volume | (101) | (241) |
| &nbsp;&nbsp;&nbsp;&nbsp;Price and sales incentives | 9 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange rates and hedging | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shipment mix | 6 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raw material prices | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing and other costs | (76) | (116) |
|  | (134) | (280) |
| 2025 gross profit | $299 | $614 |

---

------

**HDFS Receivables Allowance for Credit Losses**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Balance, beginning of period | $393178 | $380361 | $401183 | $381966 |
| Provision for credit losses | 49738 | 56030 | 103072 | 117040 |
| Charge-offs, net of recoveries | (43623) | (42874) | (104962) | (105489) |
| Balances, end of period | $399293 | $393517 | $399293 | $393517 |

---

**Worldwide Retail Sales of Harley-Davidson Motorcycles**<sup>(a)</sup>

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| United States | 26704 | 32258 | 45911 | 57984 |
| Canada | 2227 | 2579 | 3912 | 4339 |
| &nbsp;&nbsp;Total North America | 28931 | 34837 | 49823 | 62323 |
| EMEA | 7621 | 8015 | 12796 | 13279 |
| Asia Pacific | 4967 | 6322 | 9329 | 12356 |
| Latin America | 735 | 824 | 1316 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total worldwide retail sales | 42254 | 49998 | 73264 | 89403 |

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(a)Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

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