Cash Flow Statement

Operating Cash Flow

-12%

-52%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Apr-2007	Jul-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Apr-2012	Jul-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Apr-2018	Jul-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	438	466	494	548	580	646	704	729	761	779	824	863	890	912	903	939	960	967	973	1 021	1 043	1 001	1 048	1 000	934	929	861	763	655	584	381	241	(55)	(139)	(88)	(25)	147	233	352	447	599	652	709	659	624	676	701	729	734	776	858	846	845	849	794	785	752	733	713	687	692	628	607	561	522	510	494	539	532	485	438	411	424	365	78	111	1	191	489	532	650	613	623	721	739	819	777	712	695	625	667	587	445	344	234	493
Depreciation & Amortization	153	160	168	172	176	179	184	190	197	202	207	212	214	217	216	213	206	207	207	211	214	211	212	202	204	202	201	222	221	226	242	248	246	259	259	264	255	231	208	188	180	181	177	176	169	169	166	164	167	168	171	175	179	182	186	191	198	202	206	211	210	215	216	219	222	230	245	255	265	267	260	243	233	216	203	198	186	179	172	168	165	164	161	158	152	147	147	150	158	165	166	165	161	161	162	167
Change in Deffered Taxes	(4)	(7)	0	0	39	0	0	0	42	0	0	0	(41)	0	0	0	48	0	0	0	(40)	0	0	0	(61)	0	0	0	(47)	0	0	0	7	0	0	0	(18)	0	0	0	88	0	0	0	129	0	0	0	53	52	48	41	(8)	(4)	(4)	(5)	(17)	(16)	(19)	(19)	(0)	0	4	6	51	50	52	58	(34)	(31)	(30)	(32)	22	12	(3)	(1)	(44)	(27)	(12)	(15)	(8)	(15)	(18)	(21)	(16)	(17)	(23)	(21)	(30)	(30)	(26)	(23)	(26)	(13)	(13)	68
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	23	0	0	0	21	5	11	15	21	22	22	24	24	25	19	19	18	18	25	26	30	33	37	37	38	41	40	40	41	40	40	42	41	39	41	38	38	37	34	34	29	28	28	31	32	32	34	33	32	33	34	36	36	34	34	32	34	31	21	20	23	29	42	45	42	42	39	42	54	69	79	85	83	75	67	58	49	40	37	35
Other Non-Cash Items	105	110	100	64	(265)	(269)	(263)	(207)	(2 109)	(2 275)	(2 047)	(2 131)	(2 057)	(1 981)	(3 369)	(4 088)	(2 683)	(3 369)	(2 689)	(2 777)	(2 740)	(2 562)	(2 857)	(2 788)	(2 711)	(2 691)	(2 463)	(2 153)	(1 970)	(1 863)	(1 279)	(288)	386	789	1 121	705	501	254	95	112	(64)	(62)	(216)	(155)	(6)	(154)	(119)	(29)	119	182	60	176	175	175	281	237	175	93	99	90	228	423	425	452	266	361	406	266	239	244	211	234	249	326	688	650	857	651	407	361	237	384	229	62	62	(211)	4	(15)	(93)	(15)	(174)	106	386	531	584	(411)
Cash Taxes Paid	175	0	0	0	241	0	0	0	371	0	0	0	470	0	0	0	472	0	0	0	602	0	0	0	569	0	0	0	414	0	0	0	123	0	0	0	47	0	0	0	85	0	0	0	318	0	0	0	237	0	0	0	439	0	0	0	372	0	0	0	357	0	0	0	300	0	0	0	149	0	0	0	150	0	0	0	31	0	0	0	156	0	0	0	244	0	0	0	238	0	0	0	111	0	0	0
Cash Interest Paid	25	0	0	0	15	0	0	0	17	0	0	0	21	0	0	0	34	0	0	0	58	0	0	0	82	0	0	0	128	0	0	0	337	0	0	0	347	0	0	0	251	0	0	0	225	0	0	0	197	0	0	0	154	0	0	0	149	0	0	0	186	0	0	0	205	0	0	0	208	0	0	0	230	0	0	0	246	0	0	0	192	0	0	0	232	0	0	0	290	0	0	0	359	0	0	0
Change in Working Capital	58	76	50	85	16	71	76	(64)	1 705	1 717	1 622	1 691	1 831	1 845	3 252	4 058	2 432	3 198	2 464	2 556	2 285	2 305	2 636	2 472	2 431	2 046	1 158	437	453	22	(112)	(97)	(47)	50	105	178	207	100	224	165	82	59	(57)	(72)	(114)	(53)	27	(79)	(96)	112	21	(118)	(45)	(84)	(68)	(6)	(8)	(46)	(57)	37	45	28	94	(42)	(56)	(114)	(83)	62	205	82	87	76	(58)	(91)	18	197	178	356	156	(79)	(69)	(195)	(420)	(294)	(388)	(282)	(190)	(144)	24	67	289	144	98	78	28	232
Cash from Operating Activities	750 N/A	805 +7%	808 +0%	865 +7%	546 -37%	669 +23%	740 +11%	687 -7%	597 -13%	466 -22%	648 +39%	677 +5%	836 +23%	952 +14%	960 +1%	1 080 +12%	963 -11%	1 051 +9%	1 003 -5%	1 059 +6%	762 -28%	916 +20%	999 +9%	847 -15%	798 -6%	425 -47%	(303) N/A	(791) -161%	(688) +13%	(1 077) -57%	(814) +24%	41 N/A	537 +1 212%	966 +80%	1 404 +45%	1 129 -20%	1 091 -3%	800 -27%	862 +8%	893 +4%	885 -1%	917 +4%	701 -24%	696 -1%	802 +15%	767 -4%	903 +18%	914 +1%	977 +7%	1 289 +32%	1 158 -10%	1 119 -3%	1 147 +2%	1 118 -3%	1 190 +6%	1 201 +1%	1 100 -8%	967 -12%	943 -2%	1 007 +7%	1 174 +17%	1 293 +10%	1 345 +4%	1 196 -11%	1 005 -16%	1 037 +3%	1 114 +7%	1 179 +6%	1 206 +2%	1 047 -13%	966 -8%	932 -4%	868 -7%	827 -5%	982 +19%	1 155 +18%	1 178 +2%	1 349 +15%	1 212 -10%	968 -20%	976 +1%	952 -2%	576 -40%	625 +9%	549 -12%	456 -17%	715 +57%	681 -5%	755 +11%	812 +8%	922 +14%	979 +6%	1 064 +9%	1 101 +4%	996 -10%	550 -45%
Investing Cash Flow
Capital Expenditures	(290)	(316)	(321)	(308)	(324)	(312)	(284)	(266)	(227)	(216)	(209)	(213)	(214)	(222)	(225)	(226)	(198)	(195)	(212)	(214)	(220)	(224)	(217)	(222)	(242)	(245)	(256)	(256)	(229)	(206)	(179)	(152)	(117)	(111)	(113)	(118)	(171)	(184)	(194)	(199)	(189)	(186)	(180)	(178)	(189)	(187)	(196)	(205)	(208)	(212)	(216)	(217)	(232)	(245)	(243)	(251)	(260)	(261)	(282)	(284)	(256)	(241)	(219)	(208)	(206)	(211)	(206)	(212)	(214)	(220)	(227)	(215)	(181)	(179)	(165)	(153)	(131)	(117)	(102)	(100)	(120)	(129)	(138)	(144)	(152)	(169)	(183)	(206)	(207)	(209)	(209)	(209)	(197)	(180)	(174)	(158)
Other Items	(475)	(459)	(306)	(488)	(397)	(121)	(346)	(104)	(313)	49	(135)	(208)	(364)	(615)	364	218	392	277	(228)	141	184	249	246	321	633	576	253	(99)	(166)	(147)	(125)	(528)	(766)	(576)	(639)	(87)	316	271	80	58	126	30	117	17	(72)	(79)	(166)	(320)	(361)	(455)	(483)	(503)	(512)	(491)	(564)	(708)	(656)	(677)	(268)	(107)	(137)	(156)	(451)	(360)	(356)	(286)	(332)	(412)	(449)	(498)	(431)	(383)	(327)	(224)	(130)	(39)	64	(5)	(199)	(267)	(339)	(425)	(430)	(526)	(621)	(554)	(442)	(333)	(305)	(346)	(355)	(278)	(187)	(29)	98	467
Cash from Investing Activities	(765) N/A	(776) -1%	(627) +19%	(796) -27%	(720) +9%	(433) +40%	(630) -45%	(370) +41%	(540) -46%	(168) +69%	(344) -105%	(421) -23%	(578) -37%	(836) -45%	139 N/A	(8) N/A	194 N/A	82 -58%	(440) N/A	(73) +83%	(35) +52%	25 N/A	30 +21%	100 +233%	391 +292%	332 -15%	(3) N/A	(356) -11 374%	(395) -11%	(353) +11%	(304) +14%	(680) -124%	(882) -30%	(688) +22%	(753) -9%	(205) +73%	145 N/A	87 -40%	(114) N/A	(141) -24%	(64) +55%	(157) -146%	(63) +60%	(161) -154%	(261) -63%	(266) -2%	(361) -36%	(525) -46%	(569) -8%	(667) -17%	(699) -5%	(720) -3%	(745) -3%	(735) +1%	(807) -10%	(959) -19%	(916) +4%	(938) -2%	(550) +41%	(391) +29%	(393) 0%	(398) -1%	(670) -68%	(568) +15%	(563) +1%	(497) +12%	(538) -8%	(625) -16%	(662) -6%	(718) -8%	(659) +8%	(598) +9%	(508) +15%	(403) +21%	(295) +27%	(192) +35%	(67) +65%	(122) -82%	(301) -147%	(367) -22%	(459) -25%	(554) -21%	(568) -2%	(670) -18%	(773) -15%	(723) +7%	(625) +14%	(538) +14%	(512) +5%	(554) -8%	(564) -2%	(487) +14%	(383) +21%	(209) +45%	(76) +64%	308 N/A
Financing Cash Flow
Net Issuance of Common Stock	(83)	(111)	(146)	(49)	(44)	(37)	(22)	(14)	(85)	(454)	(493)	(582)	(502)	(270)	(1 061)	(977)	(1 023)	(969)	(522)	(918)	(936)	(883)	(915)	(1 030)	(1 132)	(1 183)	(811)	(402)	(249)	(150)	(100)	(1)	(2)	(2)	4	4	6	5	(1)	(89)	(217)	(220)	(353)	(349)	(266)	(374)	(312)	(307)	(429)	(395)	(441)	(530)	(578)	(682)	(725)	(1 091)	(1 517)	(1 484)	(1 441)	(1 007)	(450)	(372)	(418)	(539)	(454)	(453)	(328)	(189)	(387)	(377)	(382)	(410)	(293)	(239)	(196)	(85)	(8)	(6)	(7)	(7)	(9)	(266)	(330)	(340)	(339)	(174)	(181)	(240)	(364)	(375)	(404)	(484)	(460)	(445)	(343)	(293)
Net Issuance of Debt	153	98	(19)	99	166	(75)	187	106	224	175	54	63	305	223	38	9	(81)	36	243	221	493	245	119	195	352	696	1 765	1 941	1 845	2 431	1 736	1 941	1 645	572	(92)	(907)	(1 850)	(1 433)	(1 204)	(662)	(47)	(127)	(121)	276	(637)	(281)	197	(695)	160	(195)	(182)	265	246	836	876	1 502	1 397	1 194	847	(4)	(78)	(147)	100	26	156	30	(38)	121	618	289	302	300	(182)	833	2 729	2 000	1 370	(409)	(3 258)	(2 289)	(1 994)	(1 191)	883	169	91	594	(792)	17	154	19	417	393	(123)	67	(772)	(1 058)
Cash Paid for Dividends	(35)	(37)	(38)	(40)	(42)	(43)	(44)	(46)	(59)	(72)	(89)	(107)	(119)	(132)	(147)	(161)	(174)	(186)	(198)	(208)	(213)	(218)	(225)	(243)	(261)	(278)	(293)	(297)	(302)	(255)	(201)	(147)	(94)	(94)	(94)	(94)	(94)	(94)	(100)	(106)	(111)	(123)	(129)	(135)	(142)	(153)	(164)	(176)	(188)	(201)	(214)	(227)	(238)	(243)	(247)	(250)	(249)	(248)	(247)	(248)	(252)	(252)	(253)	(252)	(252)	(250)	(248)	(248)	(246)	(244)	(242)	(239)	(237)	(235)	(178)	(123)	(68)	(32)	(52)	(72)	(92)	(93)	(93)	(93)	(93)	(93)	(94)	(96)	(96)	(97)	(95)	(93)	(91)	(90)	(89)	(88)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	6	6	5	6	2	1	4	19	19	20	18	3	2	1	0	0	0	(77)	(127)	(168)	(202)	(66)	42	81	113	104	52	66	59	74	41	55	70	(10)	38	63	89	70	62	34	(24)	(2)	11	15	37	71	60	2	0	0	0	0	0	0	0	0	0	0	0	0	0	18	30	80	153	241	260	210	195	86	153	139	133	206	149	132	73	65	70	102	71	33	6
Cash from Financing Activities	34 N/A	(50) N/A	(204) -306%	11 N/A	80 +647%	(155) N/A	121 N/A	47 -62%	81 +73%	(351) N/A	(528) -50%	(625) -18%	(316) +49%	(174) +45%	(1 163) -569%	(1 124) +3%	(1 272) -13%	(1 117) +12%	(475) +57%	(901) -90%	(637) +29%	(836) -31%	(1 001) -20%	(1 059) -6%	(1 038) +2%	(763) +27%	662 N/A	1 242 +88%	1 293 +4%	2 027 +57%	1 359 -33%	1 666 +23%	1 382 -17%	274 -80%	(248) N/A	(955) -286%	(1 856) -94%	(1 409) +24%	(1 201) +15%	(806) +33%	(309) +62%	(412) -33%	(529) -28%	(166) +69%	(990) -495%	(738) +25%	(290) +61%	(1 140) -293%	(393) +66%	(701) -78%	(767) -9%	(430) +44%	(536) -25%	(113) +79%	(99) +13%	172 N/A	(354) N/A	(501) -41%	(770) -54%	(1 200) -56%	(778) +35%	(722) +7%	(544) +25%	(751) -38%	(550) +27%	(672) -22%	(614) +9%	(316) +49%	(15) +95%	(332) -2 141%	(321) +3%	(348) -8%	(712) -104%	359 N/A	2 372 +561%	1 822 -23%	1 374 -25%	(294) N/A	(3 076) -946%	(2 108) +31%	(1 885) +11%	(1 356) +28%	546 N/A	(112) N/A	(202) -81%	460 N/A	(862) N/A	(170) +80%	(175) -3%	(379) -117%	(17) +95%	(115) -558%	(572) -399%	(396) +31%	(1 171) -196%	(1 433) -22%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	4	0	0	0	(19)	(19)	(16)	(16)	8	9	(3)	9	13	28	32	8	(20)	(30)	(13)	(7)	7	(0)	(15)	(0)	5	3	6	(12)	(8)	(4)	(10)	(3)	(9)	(20)	(23)	(14)	(17)	(4)	7	(19)	(26)	(37)	(37)	(25)	(15)	(3)	(5)	6	(9)	(5)	(1)	13	27	22	4	(15)	(15)	(18)	(2)	(7)	(2)	(8)	(6)	8	19	19	12	2	(15)	(12)	(23)	(38)	(20)	(14)	(6)	6	2	(9)	(9)	10	(16)	(6)	7	(5)
Net Change in Cash	20 N/A	(21) N/A	(23) -9%	80 N/A	(95) N/A	81 N/A	231 +185%	364 +57%	137 -62%	(53) N/A	(224) -321%	(369) -65%	(54) +85%	(58) -7%	(63) -9%	(52) +18%	(134) -159%	(4) +97%	72 N/A	69 -4%	97 +41%	113 +16%	24 -79%	(105) N/A	164 N/A	23 -86%	387 +1 598%	103 -73%	191 +85%	567 +197%	228 -60%	1 020 +348%	1 043 +2%	552 -47%	389 -30%	(30) N/A	(615) -1 942%	(519) +16%	(447) +14%	(66) +85%	505 N/A	344 -32%	98 -71%	367 +274%	(459) N/A	(258) +44%	229 N/A	(765) N/A	(2) +100%	(83) -5 427%	(301) -263%	(50) +83%	(160) -219%	233 N/A	248 +7%	389 +57%	(185) N/A	(475) -157%	(383) +19%	(578) -51%	(6) +99%	169 N/A	131 -22%	(111) N/A	(81) +27%	(111) -37%	(33) +70%	223 N/A	513 +130%	(20) N/A	(16) +21%	(21) -32%	(354) -1 579%	776 N/A	3 054 +294%	2 793 -9%	2 504 -10%	953 -62%	(2 153) N/A	(1 506) +30%	(1 384) +8%	(969) +30%	532 N/A	(194) N/A	(446) -130%	180 N/A	(778) N/A	(22) +97%	70 N/A	(130) N/A	332 N/A	387 +17%	92 -76%	490 +432%	(244) N/A	(580) -138%
Free Cash Flow
Free Cash Flow	460 N/A	489 +6%	487 0%	558 +14%	222 -60%	357 +61%	456 +28%	421 -8%	369 -12%	249 -33%	439 +76%	465 +6%	622 +34%	730 +17%	735 +1%	854 +16%	764 -11%	856 +12%	791 -8%	846 +7%	542 -36%	691 +27%	782 +13%	625 -20%	556 -11%	181 -67%	(559) N/A	(1 048) -87%	(917) +13%	(1 283) -40%	(993) +23%	(111) +89%	420 N/A	855 +104%	1 291 +51%	1 011 -22%	920 -9%	616 -33%	668 +8%	694 +4%	696 +0%	731 +5%	521 -29%	518 -1%	613 +18%	580 -5%	708 +22%	709 +0%	769 +8%	1 077 +40%	942 -13%	902 -4%	914 +1%	873 -4%	947 +8%	950 +0%	840 -12%	706 -16%	660 -6%	723 +10%	918 +27%	1 052 +15%	1 127 +7%	988 -12%	799 -19%	826 +3%	908 +10%	967 +6%	992 +3%	827 -17%	739 -11%	717 -3%	687 -4%	648 -6%	817 +26%	1 002 +23%	1 047 +4%	1 232 +18%	1 110 -10%	868 -22%	856 -1%	823 -4%	438 -47%	481 +10%	397 -18%	287 -28%	532 +85%	475 -11%	547 +15%	604 +10%	713 +18%	770 +8%	867 +13%	921 +6%	821 -11%	392 -52%

Income Statement Balance Sheet Cash Flow Statement

Harley-Davidson Inc
NYSE:HOG

Cash Flow Statement

Cash Flow Statement
Harley-Davidson Inc

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Harley-Davidson Inc NYSE:HOG

Cash Flow Statement

Cash Flow Statement Harley-Davidson Inc

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Harley-Davidson Inc
NYSE:HOG

Cash Flow Statement
Harley-Davidson Inc