Harley-Davidson Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	338.74	455.36	706.59	741.41	650.02
Depreciation & Amortization	-	160.67	158.11	151.94	165.19
Other Amortization	-	84.71	98.23	110.02	99.93
Stock-Based Compensation	-	49.01	82.9	54.35	42.16
Provision & Write-off of Bad Debts	-	247.23	227.16	145.13	25.05
Other Operating Activities	230.18	-78.47	-154.67	-67.37	-26.47
Change in Accounts Receivable	-	19.78	-11.44	-82.39	-53.46
Change in Inventory	-	164.61	21.26	-254.17	-207.55
Change in Accounts Payable	-	-55.44	28.57	4.5	173.55
Change in Other Net Operating Assets	-	-30.5	-14.07	-56.35	18.3
Operating Cash Flow	568.92	1,064	754.89	548.46	975.7
Operating Cash Flow Growth	-46.52%	40.93%	37.64%	-43.79%	-17.16%
Capital Expenditures	-153.68	-196.56	-207.4	-151.67	-120.18
Other Investing Activities	150.22	12.17	-2.18	2.49	2.14
Investing Cash Flow	3,779	-383.33	-512.3	-773.01	-459.45
Short-Term Debt Issued	-	-	107.15	16	-
Long-Term Debt Issued	1,748	2,111	2,534	2,771	1,269
Total Debt Issued	1,748	2,111	2,641	2,787	1,269
Short-Term Debt Repaid	-141.6	-237.34	-	-	-260.25
Long-Term Debt Repaid	-4,168	-1,997	-2,488	-2,696	-3,002
Total Debt Repaid	-4,310	-2,234	-2,488	-2,696	-3,262
Net Debt Issued (Repaid)	-2,562	-123.39	153.85	91.15	-1,993
Repurchase of Common Stock	-393.27	-459.83	-363.99	-338.63	-11.62
Common Dividends Paid	-86.39	-91.22	-96.31	-93.18	-92.43
Other Financing Activities	31.1	102.13	131.8	138.69	212.6
Financing Cash Flow	-3,010	-572.32	-174.65	-201.97	-1,885
Foreign Exchange Rate Adjustments	13.49	-16.15	1.7	-19.53	-15.27
Net Cash Flow	1,351	92.04	69.63	-446.04	-1,384
Free Cash Flow	415.24	867.27	547.48	396.79	855.52
Free Cash Flow Growth	-52.12%	58.41%	37.98%	-53.62%	-18.28%
Free Cash Flow Margin	9.28%	16.72%	9.38%	6.89%	16.03%
Free Cash Flow Per Share	3.42	6.56	3.77	2.66	5.52
Cash Interest Paid	-	359	290.47	231.65	191.66
Cash Income Tax Paid	-	111.12	237.66	244.37	155.58
Levered Free Cash Flow	1,033	246.28	187.42	676.76	1,761
Unlevered Free Cash Flow	1,053	180.79	108.43	586.27	1,680
Change in Working Capital	-	98.46	24.32	-388.4	-69.17

Source: S&P Global Market Intelligence. Standard template. Financial Sources.