Harley-Davidson Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	501.15	455.36	706.59	741.41	650.02	1.3
Depreciation & Amortization	167.44	160.67	158.11	151.94	165.19	185.72
Other Amortization	73.53	84.71	98.23	110.02	99.93	85.58
Stock-Based Compensation	35.02	49.01	82.9	54.35	42.16	23.49
Provision & Write-off of Bad Debts	-126.22	247.23	227.16	145.13	25.05	181.87
Other Operating Activities	-408.99	-78.47	-154.67	-67.37	-26.47	-13.62
Change in Accounts Receivable	9.89	19.78	-11.44	-82.39	-53.46	127.66
Change in Inventory	173.52	164.61	21.26	-254.17	-207.55	80.86
Change in Accounts Payable	32.51	-55.44	28.57	4.5	173.55	-43.09
Change in Other Net Operating Assets	16.55	-30.5	-14.07	-56.35	18.3	16.43
Operating Cash Flow	550.08	1,064	754.89	548.46	975.7	1,178
Operating Cash Flow Growth	-43.80%	40.93%	37.64%	-43.79%	-17.16%	35.66%
Capital Expenditures	-158.23	-196.56	-207.4	-151.67	-120.18	-131.05
Other Investing Activities	147.87	12.17	-2.18	2.49	2.14	21.46
Investing Cash Flow	308.32	-383.33	-512.3	-773.01	-459.45	-66.78
Short-Term Debt Issued	-	-	107.15	16	-	444.38
Long-Term Debt Issued	-	2,111	2,534	2,771	1,269	3,686
Total Debt Issued	1,897	2,111	2,641	2,787	1,269	4,131
Short-Term Debt Repaid	-	-237.34	-	-	-260.25	-
Long-Term Debt Repaid	-	-1,997	-2,488	-2,696	-3,002	-2,761
Total Debt Repaid	-2,955	-2,234	-2,488	-2,696	-3,262	-2,761
Net Debt Issued (Repaid)	-1,058	-123.39	153.85	91.15	-1,993	1,370
Repurchase of Common Stock	-293.23	-459.83	-363.99	-338.63	-11.62	-8.01
Common Dividends Paid	-88.06	-91.22	-96.31	-93.18	-92.43	-68.09
Other Financing Activities	5.96	102.13	131.8	138.69	212.6	80.04
Financing Cash Flow	-1,433	-572.32	-174.65	-201.97	-1,885	1,374
Foreign Exchange Rate Adjustments	-5.33	-16.15	1.7	-19.53	-15.27	18.71
Net Cash Flow	-580.38	92.04	69.63	-446.04	-1,384	2,504
Free Cash Flow	391.85	867.27	547.48	396.79	855.52	1,047
Free Cash Flow Growth	-49.10%	58.41%	37.98%	-53.62%	-18.28%	52.42%
Free Cash Flow Margin	8.40%	16.72%	9.38%	6.89%	16.03%	25.82%
Free Cash Flow Per Share	3.16	6.56	3.77	2.66	5.52	6.80
Cash Interest Paid	359	359	290.47	231.65	191.66	245.96
Cash Income Tax Paid	111.12	111.12	237.66	244.37	155.58	30.68
Levered Free Cash Flow	-2,338	246.28	187.42	676.76	1,761	-786.83
Unlevered Free Cash Flow	-2,390	180.79	108.43	586.27	1,680	-852.95
Change in Working Capital	232.47	98.46	24.32	-388.4	-69.17	181.86

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