NYSE · Financial Statements

Harley-Davidson, Inc. (HOG) Financial Statements

$28.96 NYSE: HOG Market Cap $3.01B

Harley-Davidson, Inc. most recently reported annual revenue of $4.5B, net profit of $339.0M. Revenue grew at an average annual rate of 2.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Harley-Davidson, Inc.: Revenue fell from $6.0B in 2016 to $4.5B in 2025, a change of -25.4% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 17.4% to 8.6%, a shift of -8.8 percentage points; the most recent year shows net profit of $339.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$6.0B$5.6B$5.7B$5.4B$4.1B$5.3B$5.8B$5.8B$5.2B$4.5B
Operating Expenses$5.0B$4.8B$5.0B$4.8B$4.0B$4.5B$4.8B$5.1B$4.8B$4.1B
Operating Profit$1.0B$882.0M$714.0M$556.0M$10.0M$823.0M$909.0M$779.0M$417.0M$387.0M
Operating Margin17.4%15.6%12.5%10.4%0.2%15.4%15.8%13.3%8.0%8.6%
Other Income$-22.0M$-18.0M$-27.0M$2.0M$-25.0M$-4.0M$22.0M$88.0M$101.0M$72.0M
Interest$30.0M$31.0M$31.0M$31.0M$31.0M$31.0M$31.0M$31.0M$31.0M$33.0M
Depreciation$210.0M$222.0M$265.0M$233.0M$186.0M$165.0M$152.0M$158.0M$161.0M$172.0M
Profit Before Tax$1.0B$864.0M$687.0M$557.0M$-16.0M$819.0M$931.0M$867.0M$517.0M$459.0M
Tax$32.4M$39.6M$22.6M$24.0M$108.3M$20.6M$20.6M$19.8M$13.9M$28.3M
Net Profit$692.0M$522.0M$531.0M$424.0M$1.0M$650.0M$741.0M$707.0M$455.0M$339.0M
EPS$3.83$3.02$3.19$2.68$0.01$4.19$4.96$4.87$3.44$2.78
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$1.5B$1.1B$1.7B$1.6B$1.2B$688.0M$1.3B$1.3B$1.3B$496.0M$1.2B$1.1B
Operating Expenses$1.3B$1.1B$1.5B$1.4B$1.0B$881.0M$1.2B$1.2B$862.0M$857.0M$1.1B$1.1B
Operating Profit$209.0M$-21.0M$263.0M$241.0M$106.0M$-193.0M$160.0M$112.0M$479.0M$-361.0M$46.0M$45.0M
Operating Margin13.5%-2.0%15.2%14.9%9.2%-28.1%12.1%8.6%35.7%-72.8%3.9%4.1%
Interest$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$8.0M$10.0M$8.0M$4.0M$11.0M
Profit Before Tax$238.0M$5.0M$290.0M$264.0M$133.0M$-170.0M$178.0M$130.0M$492.0M$-341.0M$42.0M$95.0M
Tax$17.7M$-409.7M$20.0M$18.4M$12.8M$30.4M$26.5M$18.8M$23.7M$17.1M$42.7M$17.1M
Net Profit$199.0M$26.0M$235.0M$218.0M$119.0M$-117.0M$133.0M$108.0M$377.0M$-279.0M$25.0M$79.0M
EPS$1.38$0.18$1.72$1.63$0.91$-0.93$1.07$0.88$3.10$-2.44$0.22$0.75

Over the 10 years reported for Harley-Davidson, Inc., borrowings decreased from $6.8B in 2016 to $3.1B in 2025, cash stood at $3.1B in the latest year, shareholders' equity was $2.0M, current assets covered current liabilities 2.10 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$9.9B$10.0B$10.7B$10.5B$12.0B$11.1B$11.5B$12.1B$11.9B$8.0B
Current Assets$3.9B$3.9B$4.5B$4.2B$5.8B$4.5B$4.8B$5.2B$5.0B$5.6B
Cash$760.0M$688.0M$1.2B$834.0M$3.3B$1.9B$1.4B$1.5B$1.6B$3.1B
Inventory$500.0M$538.0M$556.0M$604.0M$523.0M$713.0M$951.0M$930.0M$746.0M$731.0M
Receivables$2.4B$2.4B$2.5B$2.5B$1.7B$1.6B$2.0B$2.4B$2.3B$226.0M
Fixed Assets$982.0M$968.0M$904.0M$909.0M$789.0M$734.0M$734.0M$801.0M$821.0M$826.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$6.0M$0$10.0M$0$0$0$0$0$5.3B$32.0M
Other Assets$53.0M$56.0M$55.0M$64.0M$66.0M$63.0M$62.0M$63.0M$62.0M$64.0M
Total Liabilities$8.0B$8.1B$8.9B$8.7B$10.3B$8.5B$8.6B$8.9B$8.7B$4.9B
Current Liabilities$2.9B$3.2B$3.6B$3.2B$4.0B$3.3B$3.5B$3.4B$3.6B$2.7B
Borrowings$6.8B$7.0B$7.6B$7.5B$9.0B$6.9B$7.0B$7.2B$7.0B$3.1B
Other Liabilities$1.2B$1.1B$1.3B$1.2B$1.3B$1.6B$1.6B$1.7B$1.7B$1.8B
Equity$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M$2.0M
Reserves$1.9B$1.8B$1.8B$1.8B$1.7B$2.6B$2.9B$3.3B$3.2B$3.1B

For Harley-Davidson, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $415.0M; free cash flow was positive in 10 of 10 years; financing activities used $362.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$1.2B$1.0B$1.2B$868.0M$1.2B$976.0M$548.0M$755.0M$1.1B$569.0M
Investing Cash Flow$-649.0M$-769.0M$-876.0M$-690.0M$-198.0M$-580.0M$-925.0M$-720.0M$-580.0M$3.6B
Financing Cash Flow$-404.0M$-465.0M$-387.0M$-293.0M$72.0M$201.0M$-200.0M$-232.0M$-358.0M$-362.0M
Net Cash Flow$38.0M$-72.0M$514.0M$-354.0M$2.5B$-1.4B$-446.0M$70.0M$92.0M$1.4B
Free Cash Flow$918.0M$799.0M$992.0M$687.0M$1.0B$856.0M$397.0M$547.0M$867.0M$415.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.99
EV / EBITDA8.56
FCF Yield-5.15%
Quick Ratio1.70
Interest Coverage19.32
Return 1Y16.65%
Return 3Y-20.09%
Return 5Y-24.19%

Harley-Davidson, Inc. (HOG) financials — frequently asked questions

What is Harley-Davidson, Inc.'s annual revenue?

Harley-Davidson, Inc. (HOG) reported annual revenue of $4.5B in its most recent fiscal year.

What is Harley-Davidson, Inc.'s net profit?

Harley-Davidson, Inc. (HOG) reported net profit of $339.0M in its most recent fiscal year.

What is HOG EV/EBITDA?

Harley-Davidson, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 8.56.

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