哈雷戴维森 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember30, 2025☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 39-1382325(I.R.S. Employer Idenficaon No.) Securies Registered Pursuant to Secon12(b) of the Act: Indicate by check mark whether the registrant (1)hasfiled all reports required to befiled by Secon13 or 15(d) of the Securies ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2)hasbeen subject to such requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submied electronically every Interacve Data File required to be submied pursuantto Rule 405 of Regulaon S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large acceleratedfiler, an acceleratedfiler, a non-acceleratedfiler, a smaller reporngcompany, or an emerging growth company. See the definions of “large acceleratedfiler,” “acceleratedfiler,” “smaller reporng company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☒Acceleratedfiler☐Non-acceleratedfiler☐Smallerreporngcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transion period forcomplying with any new or revisedfinancial accounng standards provided pursuant to Secon 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒The registrant had outstanding118,141,863shares of common stock as of October31, 2025. HARLEY-DAVIDSON, INC. Form 10-Q For The Quarter Ended September30, 2025 PART I – FINANCIAL INFORMATION HARLEY-DAVIDSON, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands)(Unaudited) HARLEY-DAVIDSON, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) HARLEY-DAVIDSON, INC.CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY(In thousands, except share and per share amounts)(Unaudited) HARLEY-DAVIDSON, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) 1.Basis of Presentaon and Use of Esmates Principles of Consolidaon and Basis of Presentaon– The consolidatedfinancial statements include the accounts of Harley-Davidson, Inc. and its subsidiaries and certain variable interest enes (VIEs) related to securedfinancing as the Company is the primarybeneficiary. All intercompany accounts and material intercompany transacons have been eliminated. The Company has a controllingequity interest in LiveWire Group, Inc. As the controlling shareholder, the Company consolidates LiveWire Group, Inc. results withaddional adjustments to recognize non-controlling shareholder interests. The Company operates inthreereportable segments: Harley-Davidson Motor Company (HDMC), LiveWire and Harley-DavidsonFinancial Services (HDFS). Substanally all of the Company’s internaonal subsidiaries use their respecve local currency as their funconal currency. Assetsand liabilies of internaonal subsidiaries have been translated at period-end exchange rates, and revenues and expenses have beentranslated using average exchange rates for the period. Monetary assets and liabilies denominated in a currency that is different from anenty's funconal currency are remeasured from the transaconal currency to the enty's funconal currency on a monthly basis. Theaggregate transacon gain (loss) resulng from foreign currency remeasurements was $(8.9) million and $5.8million for the three monthperiods ended September30, 2025 and September30, 2024, respecvely, and $11.6million and $(0.9) million for the nine month periodsended September30, 2025 and September30, 2024, respecvely. In the opinion of the Company's management, the accompanying unaudited consolidatedfinancial statements contain alladjustments, consisng only of normal recurring adjustments, necessary to present fairly theConsolidated balance sheetsas ofSeptember30, 2025 and September30, 2024, theConsolidated statements of operaonsfor the three and nine month periods thenended, theConsolidated statements of comprehensive incomefor the three and nine month periods then ended, theConsolidatedstatements of cashflowsfor the nine month periods then ended, and theConsolidated statements of shareholders' equityfor the threemonth periods within the nine month periods ended September30, 2025 and September30, 2024. Certain informaon and disclosures normally included in completefinancial statements have been condensed or omied pursuant tothe rules and regulaons of the U.S. Securies and Exchange Commission (SEC) and U.S. generally accepted accounng principles (U.S.GAAP) for interimfinancial reporng. The cons