Harley-Davidson, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $338.7M | $455.4M | $706.6M | $741.4M | $650.0M | $1.3M | $423.6M | $531.5M |
| Depreciation & Amortization | $172.4M | $160.7M | $158.1M | $151.9M | $165.2M | $185.7M | $232.5M | $264.9M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | $1.1M | $900.0K | $800.0K | $400.0K | $1.1M | — | — |
| Stock-Based Compensation | $31.7M | $49.0M | $82.9M | $54.4M | $42.2M | $23.5M | $33.7M | $35.5M |
| Net Cash from Operating Activities | $568.9M | $1.06B | $754.9M | $548.5M | $975.7M | $1.18B | $868.3M | $1.21B |
| Investing Activities | ||||||||
| Capital Expenditures | $153.7M | $196.6M | $207.4M | $151.7M | $120.2M | $131.1M | $181.4M | $213.5M |
| Business Acquisitions | — | — | — | — | — | $0 | $7.0M | $0 |
| Net Cash from Investing Activities | $3.78B | $-383.3M | $-512.3M | $-773.0M | $-459.4M | $-66.8M | $-508.1M | $-662.3M |
| Financing Activities | ||||||||
| Dividends Paid | $86.4M | $91.2M | $96.3M | $93.2M | $92.4M | $68.1M | $237.2M | $245.8M |
| Stock Repurchases | $353.3M | $459.8M | $364.0M | $338.6M | $11.6M | $8.0M | $296.5M | $390.6M |
| Net Cash from Financing Activities | $-3.01B | $-572.3M | $-174.6M | $-202.0M | $-1.88B | $1.37B | $-712.2M | $-14.8M |
| Net Change in Cash | $1.35B | $92.0M | $69.6M | $-446.0M | $-1.38B | $2.50B | $-354.4M | $513.5M |
| Free Cash Flow | $415.2M | $867.3M | $547.5M | $396.8M | $855.5M | $1.05B | $686.8M | $992.4M |