For the year ending 2025-12-31, HOG had $1,350,890K increase in cash & cash equivalents over the period. $415,243K in free cash flow.
| Cash Flow | 2025-12-31 |
|---|---|
| Net income | 329,154 |
| Depreciation and amortization | 172,371 |
| Amortization of deferred loan origination costs | -45,165 |
| Amortization of financing origination fees | 13,552 |
| Income related to long-term employee benefits | -55,195 |
| Employee benefit plan contributions and payments | 6,835 |
| Stock compensation expense | 31,749 |
| Net change in wholesale finance receivables related to sales | -64,461 |
| Provision for credit losses | -191,392 |
| Collections from finance receivables held for sale | 28,979 |
| Proceeds from sale of finance receivables held for sale | 552,670 |
| Originations and purchases of finance receivables held for sale | 844,232 |
| Gain on sale of securitization beneficial interests | 27,867 |
| Loss on sale of finance receivables | -11,378 |
| Loss on debt extinguishment | -72,630 |
| Deferred income taxes | 84,143 |
| Other, net | -33,174 |
| Accounts receivable, net | -32,646 |
| Finance receivables accrued interest and other | -43,786 |
| Inventories, net | -47,577 |
| Accounts payable and accrued liabilities | 125,556 |
| Other current assets | -5,452 |
| Total change in current assets and liabilities | 239,768 |
| Net cash provided by operating activities (note 5) | 568,922 |
| Capital expenditures | 153,679 |
| Origination of finance receivables held for investment | 2,553,575 |
| Collections of finance receivables held for investment | 2,650,199 |
| Proceeds from sale of finance receivables initially held for investment | 3,685,613 |
| Proceeds from sale of securitization beneficial interests, net | 125,369 |
| Collections of retained securitization beneficial interests | 23,722 |
| Other investing activities | -1,126 |
| Net cash provided (used) by investing activities | 3,778,775 |
| Proceeds from issuance of medium-term notes | 647,088 |
| Repayments of medium-term notes | 1,815,368 |
| Proceeds from term loan | 448,013 |
| Repayment of term loan | 450,000 |
| Repayment of senior unsecured notes | 450,000 |
| Proceeds from securitization debt | 497,790 |
| Repayments of securitization debt | 781,141 |
| Borrowings of asset-backed commercial paper | 155,000 |
| Repayments of asset-backed commercial paper | 671,526 |
| Net (decrease) increase in unsecured commercial paper | -141,600 |
| Capital contribution from third parties | 46,600 |
| Net (decrease) increase in deposits | -14,711 |
| Dividends paid | 86,388 |
| Repurchase of common stock | 353,270 |
| Share repurchases not yet settled | 40,000 |
| Other financing activities | -787 |
| Net cash used by financing activities | -3,010,300 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 13,493 |
| Net increase in cash, cash equivalents and restricted cash | 1,350,890 |
| Cash, cash equivalents and restricted cash, beginning of period | 1,740,854 |
| Cash, cash equivalents and restricted cash, end of period | 3,091,744 |
HARLEY-DAVIDSON, INC. (HOG)
HARLEY-DAVIDSON, INC. (HOG)