Form 8-K

8-K — HARLEY-DAVIDSON, INC.

Accession: 0000793952-26-000029

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0000793952

SIC: 3751 (MOTORCYCLES, BICYCLES & PARTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hog-20260505.htm (Primary)

EX-99.1 (a8kq12026exhibit991.htm)

GRAPHIC (harley-davidsonlogo2026x2ca.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hog-20260505.htm · Sequence: 1

hog-20260505

0000793952false00007939522026-05-052026-05-05

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): May 5, 2026

Harley-Davidson, Inc.

(Exact name of registrant as specified in its charter)

Wisconsin 1-9183 39-1382325

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

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:

Title of each class Trading Symbol Name of exchange on which registered

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. ☐

Item 2.02

Results of Operations and Financial Condition.

On May 5, 2026, Harley-Davidson, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s first quarter 2026 results for the financial period ended March 31, 2026. A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits. The following exhibit is being furnished herewith:

Exhibit No. Description

99.1

Press Release of Harley-Davidson, Inc. dated May 5, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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: May 5, 2026 /s/ Paul J. Krause

Paul J. Krause

Secretary

EX-99.1

Filename: a8kq12026exhibit991.htm · Sequence: 2

Document

FOR IMMEDIATE RELEASE

Harley-Davidson Delivers First Quarter Financial Results

MILWAUKEE (May 5, 2026) – Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”) (NYSE: HOG) today reported first quarter 2026 results.

“We’re pleased with our first quarter results, which reflect actions we’ve taken to drive demand and improve dealer health. We saw a 14% increase in retail performance in North America, which drove global retail sales growth of 8%, and achieved a 22% year-over-year reduction in global dealer inventories, as we continue to prioritize aligning wholesale with retail demand. We are energized by the positive early reception to our new RIDE marketing platform, and excited to activate against our new growth strategy, Back to the Bricks,” said Artie Starrs, President and CEO, Harley-Davidson.

First Quarter 2026 Highlights and Results

•North American retail motorcycle sales of 23,803 units, up 14% vs. prior year

•Global retail motorcycle sales of 33,507 units, up 8% vs. prior year

•Global dealer inventory levels of new motorcycles ended Q1 ’26 down 22% vs. end Q1 ’25

•HDMC global motorcycle shipments of 37,295, down 3% vs. prior year

•HDMC revenue of $1.1 billion, down 2% vs. prior year

•HDFS operating income margin of 19.9%

•Delivered diluted EPS of $0.22

•Repurchased $128 million of shares (6.6 million shares) on a discretionary basis

•Incurred $15 million of costs related to strategic changes, including termination benefits and other restructuring charges

First Quarter 2026 Results

Harley-Davidson, Inc. Consolidated Financial Results

$ in millions (except EPS)

1st quarter

2026

2025

Change

Revenue

$1,173

$1,329

-12%

Operating Income

$23

$160

-85%

Net Income Attributable to HDI

$25

$133

-81%

Diluted EPS

$0.22

$1.07

-79%

Consolidated revenue in the first quarter was down 12 percent, driven largely by an HDFS revenue decrease of 54 percent.

Consolidated operating income in the first quarter was down 85 percent, driven by a decline of 84 percent at HDMC and a decline of 65 percent at HDFS. At the LiveWire segment, the operating loss improved by $2 million or 11 percent lower than the prior year’s loss. Consolidated operating income margin in the first quarter was 2 percent relative to 12.1 percent in the first quarter a year ago.

Harley-Davidson Motor Company (HDMC) – Results

$ in millions 1st quarter

2026 2025 Change

Motorcycle Shipments (thousands) 37.3 38.6 -3%

Revenue $1,055 $1,082 -2%

Motorcycles $836 $864 -3%

Parts & Accessories $142 $143 -1%

Apparel $57 $57 0%

Licensing $6 $3 98%

Other $14 $14 -2%

Gross Margin 25.3% 29.1% -3.9 pts.

Operating Income $19 $116 -84%

Operating Margin 1.8% 10.8% -9.0 pts.

First quarter global motorcycle shipments decreased 3 percent, in-line with the Company’s expectations. Revenue was down 2 percent, driven by the decrease in wholesale shipments and the unfavorable net effect of global pricing and sales incentives, partially offset by favorable foreign currency. Parts & Accessories revenue was down 1 percent and Apparel revenue was flat.

First quarter gross margin was down 3.9 points due to the cost of new or increased tariffs, the net effect of global pricing and sales incentives, and unfavorable product mix. These factors were partially offset by a favorable court judgement resulting in a tariff refund in the EU and favorable foreign currency. First quarter operating income margin was down 9.0 points due to the factors above, while operating expense was $49 million higher than a year ago, including restructuring expense of $15 million in the quarter.

Harley-Davidson Retail Motorcycle Sales

Motorcycles (thousands)

1st quarter

2026

2025

Change

North America

23.8

20.9

14%

EMEA

5.0

5.2

-3%

Asia Pacific

4.0

4.4

-9%

Latin America

0.7

0.6

21%

Worldwide Total

33.5

31.0

Global retail motorcycle sales in the first quarter were up 8 percent versus the prior year, reflecting strong year-over-year results in North America and soft International results. North America retail experienced 16 percent growth in the US, driven by strength in the Touring category and a positive response to the new ’26 motorcycle line-up. EMEA retail performance, down 3 percent, was characterized by modest growth in France, the Benelux region and the UK, while the German region experienced a decline. APAC retail performance, down 9 percent, saw declines in most major countries. Latin America retail was characterized by strong gains in Brazil and Mexico.

Harley-Davidson Financial Services (HDFS) – Results

$ in millions

1st quarter

2026

2025

Change

Revenue

$112

$245

-54%

Operating Income

$22

$64

-65%

In the first quarter, HDFS revenue was down 54 percent from prior year, driven by lower retail and wholesale finance receivables at lower yields. The decline in retail receivables was due to the sale of loan assets as part of the HDFS transaction, which took place in the second half of 2025. Other income within HDFS revenue was favorable year-over-year due to new servicing fees, investment income, and new gains on third party loan sales.

HDFS’ operating income decreased by $42 million in the first quarter or 65 percent. On the expense side, both interest expense and the provision for credit loss expense were significantly lower, which was due to the decreased size of the retail loan portfolio and related debt on a year-over-year basis. Operating expenses decreased by $1 million versus prior year. Total quarter-end net finance receivables, including both retail and wholesale loans, were $2.4 billion, a 67 percent decline over the prior year primarily due to the HDFS transaction.

LiveWire – Results

$ in millions

1st quarter

2026

2025

Change

Revenue

87%

Operating Loss

($18)

($20)

-11%

LiveWire revenue for the first quarter increased by 87 percent. The revenue increase was due to higher electric motorcycle unit sales and higher STACYC electric bike sales. LiveWire’s operating loss of $18 million in the first quarter compared to a loss of $20 million in the prior year period.

Harley-Davidson, Inc. Other Results – First Quarter 2026

•Net cash use of $228 million from operating activities

•Effective tax rate was 43%

•Paid cash dividends of $22 million

•Repurchased $128 million of shares (6.6 million shares) on a discretionary basis, which included 3.1 million shares (valued at $65 million based on share price at delivery) pursuant to the accelerated share repurchase agreement entered into in Q4 ‘25 with no additional cash outflow in Q1 ‘26 and 3.5 million shares repurchased on a discretionary basis with an associated cash outflow of $63 million in Q1 ‘26

•Cash and cash equivalents of $1.8 billion at the end of the quarter

2026 Financial Outlook

For the full year 2026, the Company reaffirms its guidance and continues to expect:

•HDMC global motorcycle retail sales of 130,000 to 135,000 units

•HDMC global motorcycle wholesale shipments of 130,000 to 135,000 units

•HDMC operating income of a $40 million loss to a $10 million profit

•HDFS operating income of $45 to $60 million

•LiveWire operating loss of $70 to $80 million

•Harley-Davidson, Inc. capital investments of $175 to $200 million

Company Background

Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, parts & accessories, experiences, riding gear and apparel. What We Make: The World’s Best Motorcycles. Period. Who We Serve: Motorcycle Riders Worldwide. Why We Do It: To Protect and Grow Motorcycle Culture. What We Stand For: Life, Liberty and the Pursuit of Happiness. Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and has a controlling interest in Harley-Davidson Financial Services and LiveWire Group, Inc. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. LiveWire is committed to developing the technology of the future and investing in the capabilities needed to lead the transformation of motorsports. Learn more at harley-davidson.com.

Webcast

Harley-Davidson will discuss its financial results 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. CST.

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 the Company’s new strategic plan announced in the second quarter of 2026, successfully execute its approach to a full enterprise economic model, and strengthen its existing businesses while allowing for growth; (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 Iran, 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, including successfully realigning its product portfolio, which encompasses re-introducing the Sportster; (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 Iran; (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 shift to a rider-centric portfolio that includes a focus on accessibility and customization and growing its Parts & Accessories and Motor Clothes and apparel businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) successfully manage and reduce costs throughout the business; (m) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (n) prevent, detect and remediate any issues with its motorcycles or any issues associated with the design, manufacturing, or assembly 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; (o) successfully manage and reduce costs throughout the business; (p) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its full enterprise economic model, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (q) realize the desired 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; (iii) the ability of LiveWire to obtain sufficient funding from sources other than the Company to sustain its operations; and (iv) 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; (r) 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; (s) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name; (t) 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; (u) 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; (v) 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, and effectively manage the return to on-site work of Milwaukee-based corporate employees at specified Company facilities; (w) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (x) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (y) prevent a ransomware attack or cybersecurity incidents and data privacy breaches and respond to related evolving regulatory requirements; (z) 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; (aa) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (bb) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (cc) 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; (dd) 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; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) realize the desired business benefits from KKR’s and PIMCO’s investments in Harley-Davidson Financial Services, Inc.; (gg) manage risks related to functions the Company outsources and the use of artificial intelligence by the Company and its vendors and suppliers; (hh) 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; (ii) optimize capital allocation in light of the Company's capital allocation priorities; (jj) manage the Company’s share repurchase strategy; (kk) manage issues related to climate change and related regulations; and (ll) realize the expected effects of the anticipated increase in Harley-Davidson Financial Services, Inc.’s retail finance receivable base on Harley-Davidson Financial Services, Inc.’s operating income.

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.

Harley-Davidson Financial Services, Inc.’s retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation and Harley-Davidson Financial Services, Inc.’s efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, Harley-Davidson Financial Services, Inc.’s efforts to adjust underwriting criteria based on market and economic conditions, and actions that the Company has taken and could take that impact motorcycle values, may impact Harley-Davidson Financial Services, Inc.’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 Iran, 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, 2025, filed with the SEC on February 26, 2026, 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

Financial Contact:

Shawn Collins

shawn.collins@Harley-Davidson.com

414.343.8002

### (HOG-Earnings)

Harley-Davidson, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three months ended

March 31,

2026 March 31,

2025

HDMC revenue $ 1,055,471 $ 1,081,505

Gross profit 266,989 315,244

Selling, administrative and engineering expense 248,064 198,972

Operating income from HDMC 18,925 116,272

LiveWire revenue 5,116 2,743

Gross loss (535) (1,781)

Selling, administrative and engineering expense 17,136 18,028

Operating loss from LiveWire (17,671) (19,809)

HDFS revenue 111,944 244,961

HDFS expense 89,704 180,925

Operating income from HDFS 22,240 64,036

Operating income 23,494 160,499

Other income, net 13,477 16,273

Investment income 8,696 8,941

Interest expense (3,570) (7,686)

Income before income taxes 42,097 178,027

Income tax provision 17,974 47,230

Net income $ 24,123 $ 130,797

Less: Loss attributable to noncontrolling interests 650 2,307

Net income attributable to Harley-Davidson, Inc. $ 24,773 $ 133,104

Earnings per share:

Basic $ 0.23 $ 1.07

Diluted $ 0.22 $ 1.07

Weighted-average shares:

Basic 110,016 123,947

Diluted 110,768 124,724

Cash dividends per share: $ 0.1875 $ 0.18

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) (Unaudited)

March 31,

2026 December 31,

2025 March 31,

2025

ASSETS

Current assets:

Cash and cash equivalents $ 1,805,068 $ 3,091,744 $ 1,931,175

Accounts receivable, net 285,786 225,760 313,334

Finance receivables held for sale, net 426,792 264,238 —

Finance receivables held for investment, net 1,187,550 981,926 2,286,672

Inventories, net 622,189 730,898 712,312

Restricted cash — — 150,132

Other current assets 415,301 292,383 253,687

4,742,686 5,586,949 5,647,312

Finance receivables held for investment, net 827,061 719,060 5,112,935

Other long-term assets 1,675,914 1,738,806 1,622,134

$ 7,245,661 $ 8,044,815 $ 12,382,381

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued liabilities $ 1,232,554 $ 1,061,194 $ 1,105,802

Short-term deposits, net 248,642 280,095 178,376

Short-term debt 498,685 497,776 498,500

Current portion of long-term debt, net 498,246 819,629 1,839,100

2,478,127 2,658,694 3,621,778

Long-term debt, net 1,134,865 1,649,612 4,963,261

Other long-term liabilities 552,534 579,659 623,652

Shareholders’ equity 3,080,135 3,156,850 3,173,690

$ 7,245,661 $ 8,044,815 $ 12,382,381

Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Three months ended

March 31,

2026 March 31,

2025

Net cash (used) provided by operating activities $ (228,021) $ 141,534

Cash flows from investing activities:

Capital expenditures (31,792) (29,973)

Finance receivables held for investment, net (122,138) 91,197

Collection from retained securitization beneficial interests 10,261 —

Proceeds from derivative instruments 51,574 —

Other investing activities 91 171

Net cash (used) provided by investing activities (92,004) 61,395

Cash flows from financing activities:

Proceeds from issuance of medium-term notes — 647,088

Repayments of medium-term notes (810,950) —

Repayments of securitization debt — (292,671)

Net increase (decrease) in unsecured commercial paper 2,364 (140,778)

Borrowings of asset-backed commercial paper — 155,000

Repayments of asset-backed commercial paper — (65,004)

Net decrease in deposits (59,193) (37,439)

Dividends paid (21,540) (22,921)

Repurchase of common stock (70,018) (93,095)

Other financing activities — 5

Net cash (used) provided by financing activities (959,337) 150,185

Effect of exchange rate changes on cash, cash equivalents and restricted cash (7,314) 3,299

Net (decrease) increase in cash, cash equivalents and restricted cash $ (1,286,676) $ 356,413

Cash, cash equivalents and restricted cash:

Cash, cash equivalents and restricted cash, beginning of period $ 3,091,744 $ 1,740,854

Net (decrease) increase in cash, cash equivalents and restricted cash (1,286,676) 356,413

Cash, cash equivalents and restricted cash, end of period $ 1,805,068 $ 2,097,267

Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:

Cash and cash equivalents $ 1,805,068 $ 1,931,175

Restricted cash — 150,132

Restricted cash included in Other long-term assets — 15,960

Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows $ 1,805,068 $ 2,097,267

HDMC Revenue and Motorcycle Shipment Data

(Unaudited)

Three months ended

March 31,

2026 March 31,

2025

HDMC REVENUE (in thousands)

Motorcycles $ 836,294 $ 863,863

Parts and accessories 142,243 143,433

Apparel 57,313 57,322

Licensing 6,048 3,058

Other 13,573 13,829

$ 1,055,471 $ 1,081,505

HDMC U.S. MOTORCYCLE SHIPMENTS 23,884 24,865

HDMC WORLDWIDE MOTORCYCLE SHIPMENTS

Grand American Touring(a)

21,520 23,678

Cruiser 10,659 11,860

Sport and Lightweight 3,731 2,108

Adventure Touring 1,385 955

37,295 38,601

(a)Includes Trike

LiveWire Motorcycle Shipments 91 33

HDMC Gross Profit

(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from the first quarter of 2025 to the first quarter of 2026 were as follows (in millions):

2025 gross profit $ 315

Volume (10)

Price and sales incentives (22)

Foreign currency exchange rates and hedging 14

Shipment mix (21)

Raw material prices 1

Manufacturing and other costs (10)

(48)

2026 gross profit $ 267

HDFS Finance Receivables Allowance for Credit Losses

(Unaudited)

Three months ended

March 31,

2026 March 31,

2025

Balance, beginning of period $ 2,235 $ 401,183

Provision for credit losses 13,153 53,334

Charge-offs, net of recoveries 6,208 (61,339)

Balances, end of period $ 21,596 $ 393,178

Worldwide Retail Sales of Harley-Davidson Motorcycles(a)

(Unaudited)

Three months ended

March 31,

2026 March 31,

2025

United States 22,245 19,207

Canada 1,558 1,685

Total North America 23,803 20,892

EMEA 5,034 5,175

Asia Pacific 3,967 4,362

Latin America 703 581

Total worldwide retail sales 33,507 31,010

(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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v3.26.1

Cover Page

May 05, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

May 05, 2026

Entity Registrant Name

Harley-Davidson, Inc.

Entity Incorporation, State or Country Code

Entity File Number

1-9183

Entity Tax Identification Number

39-1382325

Entity Address, Address Line One

3700 West Juneau Avenue

Entity Address, City or Town

Milwaukee

Entity Address, State or Province

Entity Address, Postal Zip Code

53208

City Area Code

414

Local Phone Number

342-4680

Title of 12(b) Security

COMMON STOCK, $0.01 par value per share

Trading Symbol

HOG

Security Exchange Name

NYSE

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0000793952

Amendment Flag

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

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No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

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Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

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- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

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Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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Name:

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Data Type:

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