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Harley-Davidson cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$316M in Q3 2026 · $312M over twelve months

Operating cash flow$336M
Capital spending−$19.7M
Free cash flow+$316M
Cash / net income8.2×
Cash conversion cycle34 days

Analysis

In Q3 2026, Harley-Davidson generated $336M of operating cash flow and spent $19.7M on capital projects, leaving free cash flow of $316M. That is $445M more than in Q3 2025 (−$129M).

Over the twelve months to Sep 30, 2026, operating cash flow was $428M; the largest uses were other financing ($2.9B), buybacks ($351M), capital spending ($116M); besides operations, cash came from other investing ($3.3B); the cash balance rose by $267M.

Operating cash flow was $336M against net income of $40.9M — 8.2× profit, cash ran ahead of reported earnings. The largest differences: inventory +$41.6M, depreciation & amortization +$38.8M, other non-cash +$29.7M.

Its cash conversion cycle was 34 days (receivables 25 + inventory 63 − payables 54).

Free cash flow

Harley-Davidson: free cash flow by quarterHarley-Davidson: free cash flow by quarter$77.0MQ4 2024$112MQ1 2025$332MQ2 2025−$129MQ3 2025$100MQ4 2025−$260MQ1 2026$155MQ2 2026$316MQ3 2026
Operating cash flow less capital spending.
Harley-Davidson: operating cash flow against capital spendingHarley-Davidson: operating cash flow against capital spendingOperating cash flowCapital spending$133M$56.1MQ4 2024$142M$30.0MQ1 2025$368M$35.6MQ2 2025−$92.6M$36.5MQ3 2025$152M$51.6MQ4 2025−$228M$31.8MQ1 2026$168M$12.9MQ2 2026$336M$19.7MQ3 2026
Latest (Q3 2026): Operating cash flow $336M, Capital spending $19.7M.

Capital allocation, year by year

Harley-Davidson: where the cash came from (up) and went (down), by fiscal yearHarley-Davidson: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $976MFY2021: Net borrowing −$171MFY2021: Capital spending −$120MFY2021: Buybacks −$11.6MFY2021: Dividends −$92.4M$976MFY2021FY2022: Operating cash flow $548MFY2022: Net borrowing $384MFY2022: Asset sales $114MFY2022: Capital spending −$152MFY2022: Buybacks −$339MFY2022: Dividends −$93.2M$1.0BFY2022FY2023: Operating cash flow $755MFY2023: Net borrowing $1.0BFY2023: Capital spending −$207MFY2023: Buybacks −$364MFY2023: Dividends −$96.3M$1.8BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing $1.1BFY2024: Capital spending −$197MFY2024: Buybacks −$460MFY2024: Dividends −$91.2M$2.2BFY2024FY2025: Operating cash flow $569MFY2025: Net borrowing $45.8MFY2025: Capital spending −$154MFY2025: Buybacks −$353MFY2025: Dividends −$86.4M$615MFY2025
Over these 5 years operating cash flow totalled $3.9B; the largest uses were buybacks ($1.5B) and capital spending ($829M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debt$2.3B
Net debt$263M
Due within a year$1.3B

Harley-Davidson funds itself: free cash flow was $312M over the last twelve months, and $2.1B of cash and investments stands against $2.3B of debt ($1.3B due within a year, 1.6× covered by cash).

Harley-Davidson: debt maturities by year (FY2025)Harley-Davidson: debt maturities by year (FY2025)$1.3BYear 1$500MYear 2$145MYear 4$716MYear 5$300MAfter year 5
Principal due in each year as disclosed in the annual report, against $2.1B of cash and investments now.

Where the cash came from and went

Harley-Davidson: sources (+) and uses (−) of cash, Q3 2026Harley-Davidson: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$336MCash drawn (+) / kept (−)−$198MOther investing−$131MOther financing$122MBuybacks−$90.8MCapital spending−$19.7MDividends−$19.2MExchange rates$139K
Harley-Davidson: sources (+) and uses (−) of cash, TTM to Q3 2026Harley-Davidson: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$3.3BOther financing−$2.9BOperating cash flow$428MBuybacks−$351MCash drawn (+) / kept (−)−$267MCapital spending−$116MDividends−$80.5MExchange rates−$8.0M

From profit to cash

Harley-Davidson: net income to operating cash flow, Q3 2026Harley-Davidson: net income to operating cash flow, Q3 2026Net income$40.9MDepreciation & amortization$38.8MStock-based pay$7.4MDeferred taxes−$2.6MOther non-cash$29.7MReceivables$25.5MInventory$41.6MPayables−$1.7MPrepaid and other assets$14.4MOperating cash flow$336M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202625635434
Q2 202622634936
Q1 202620774848
Q4 20254913680105
Q3 202522664147
Q2 202522814954
Q1 202519854360
Q4 20243614963122

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$336M−$19.7M−$90.8M−$19.2M—−$198M$316M
Q2 2026$168M−$12.9M−$30.4M−$19.7M—−$90.7M$155M
Q1 2026−$228M−$31.8M−$70.0M−$21.5M—$1.3B−$260M
Q4 2025$152M−$51.6M−$160M−$20.1M—−$1.3B$100M
Q3 2025−$92.6M−$36.5M−$100M−$21.5M−$134M−$70.2M−$129M
Q2 2025$368M−$35.6M−$45K−$21.8M−$291M$341M$332M
Q1 2025$142M−$30.0M−$93.1M−$22.9M−$293M−$356M$112M
Q4 2024$133M−$56.1M−$100M−$21.8M—$666M$77.0M

Harley-Davidson: income statement and cash flow

Harley-Davidson, Q3 2026: revenue $1.1B (-19% year over year), operating margin 3.4%. The chart follows the revenue to costs, profit and cash.

Harley-Davidson: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.