Revenue
$4.47B
Fiscal year ended 2025-12-31Operating income
$386.64M
Fiscal year ended 2025-12-31Free cash flow
$415.24M
Fiscal year ended 2025-12-31HARLEY-DAVIDSON, INC. (HOG) reported revenue of $4.47B and net income of $338.74M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from HARLEY-DAVIDSON, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Motorcycles, Bicycles & Parts.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.47B | $5.19B | $5.84B | $5.76B | $5.34B | $4.05B | $5.36B | $5.72B | $5.65B | $6.00B |
| Cost of revenue | $2.74B | $3.01B | $3.32B | $3.40B | $3.24B | $2.44B | $3.23B | $3.35B | $3.27B | $3.43B |
| Gross profit | $1.73B | $2.18B | $2.51B | $2.35B | $2.09B | $1.62B | $2.13B | $2.37B | $2.37B | $2.57B |
| Operating income | $386.64M | $416.63M | $779.08M | $909.28M | $823.44M | $9.68M | $555.61M | $713.52M | $882.08M | $1.05B |
| Net income | $338.74M | $455.36M | $706.59M | $741.41M | $650.02M | $1.30M | $423.64M | $531.45M | $521.76M | $692.16M |
| Research & development | Unavailable | Unavailable | $159.30M | $158.60M | $175.10M | $202.40M | $216.50M | $191.60M | $175.20M | $172.30M |
| Weighted-average diluted shares | shares 121.26M | shares 132.29M | shares 145.10M | shares 149.35M | shares 154.98M | shares 153.91M | shares 157.80M | shares 166.50M | shares 172.93M | shares 180.54M |
| Pretax income | $458.73M | $517.14M | $866.88M | $931.23M | $819.24M | -$15.73M | $557.42M | $686.63M | $863.84M | $1.02B |
| Income tax expense | $129.58M | $71.96M | $171.83M | $192.02M | $169.21M | -$17.03M | $133.78M | $155.18M | $342.08M | $331.75M |
| Diluted EPS | $2.78 | $3.44 | $4.87 | $4.96 | $4.19 | $0.01 | $2.68 | $3.19 | $3.02 | $3.83 |
| Selling, general & administrative | $1.15B | $1.15B | $1.18B | $1.08B | $1.05B | $1.05B | $1.20B | $1.26B | $1.18B | $1.21B |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $3.09B | $1.59B | $1.53B | $1.43B | $1.87B | $3.26B | $833.87M | $1.20B | $687.52M | $759.98M |
| Total assets | $8.04B | $11.88B | $12.14B | $11.49B | $11.05B | $12.01B | $10.53B | $10.67B | $9.97B | $9.89B |
| Current assets | $5.59B | $5.00B | $5.16B | $4.75B | $4.55B | $5.85B | $4.20B | $4.48B | $3.88B | $3.85B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $2.66B | $3.56B | $3.38B | $3.53B | $3.34B | $3.98B | $3.20B | $3.60B | $3.16B | $2.86B |
| Total equity incl. NCI | $3.16B | $3.16B | $3.25B | $2.91B | $2.55B | $1.72B | $1.80B | $1.77B | $1.84B | $1.92B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $730.90M | $745.79M | $929.95M | $950.96M | $712.94M | $523.50M | $603.57M | $556.13M | $538.20M | $499.92M |
| Accounts receivable | $225.76M | $234.32M | $267.20M | $252.22M | $182.15M | $143.08M | $259.33M | $306.47M | $329.99M | $285.11M |
| Goodwill | $63.91M | $61.66M | $62.70M | $62.09M | $63.18M | $65.98M | $64.16M | $55.05M | $55.95M | $53.39M |
| Long-term debt | $1.65B | $4.47B | $4.99B | $4.46B | $4.60B | $5.93B | $5.12B | $4.89B | $4.59B | $4.67B |
| Accounts payable | $389.24M | $298.72M | $349.16M | $378.00M | $374.98M | $290.90M | $294.38M | $284.86M | $227.60M | $235.32M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $568.92M | $1.06B | $754.89M | $548.46M | $975.70M | $1.18B | $868.27M | $1.21B | $1.01B | $1.17B |
| Capital expenditures | $153.68M | $196.56M | $207.40M | $151.67M | $120.18M | $131.05M | $181.44M | $213.52M | $206.29M | $256.26M |
| Investing cash flow | $3.78B | -$383.33M | -$512.30M | -$773.01M | -$459.45M | -$66.78M | -$508.13M | -$662.27M | -$562.47M | -$392.73M |
| Financing cash flow | -$3.01B | -$572.32M | -$174.65M | -$201.97M | -$1.88B | $1.37B | -$712.22M | -$14.76M | -$550.26M | -$777.88M |
| Net change in cash | $1.35B | $92.04M | $69.63M | -$446.04M | -$1.38B | $2.50B | -$354.38M | $513.54M | -$80.92M | -$5.72M |
| Stock-based compensation | $31.75M | $49.00M | $82.90M | $54.35M | $42.16M | $23.49M | $33.73M | $35.54M | $32.49M | $32.34M |
| Common dividends paid | $86.39M | $91.22M | $96.31M | $93.18M | $92.43M | $68.09M | $237.22M | $245.81M | $251.86M | $252.32M |
| Common share repurchases | $353.27M | $459.83M | $363.99M | $338.63M | $11.62M | $8.01M | $296.52M | $390.61M | $465.26M | $465.34M |
| Depreciation & amortization | $172.37M | $160.67M | $158.11M | $151.94M | $165.18M | $185.72M | $232.54M | $264.86M | $222.19M | $209.56M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $415.24M | $867.27M | $547.48M | $396.79M | $855.52M | $1.05B | $686.83M | $992.40M | $798.77M | $918.08M |
| Gross margin | 38.7% | 42.0% | 43.1% | 40.9% | 39.2% | 39.9% | 39.8% | 41.4% | 42.1% | 42.9% |
| Operating margin | 8.6% | 8.0% | 13.3% | 15.8% | 15.4% | 0.2% | 10.4% | 12.5% | 15.6% | 17.4% |
| FCF margin | 9.3% | 16.7% | 9.4% | 6.9% | 16.0% | 25.8% | 12.8% | 17.4% | 14.1% | 15.3% |
| SBC / revenue | 0.7% | 0.9% | 1.4% | 0.9% | 0.8% | 0.6% | 0.6% | 0.6% | 0.6% | 0.5% |
| Current ratio | 2.10x | 1.40x | 1.53x | 1.34x | 1.36x | 1.47x | 1.31x | 1.25x | 1.23x | 1.35x |
| Revenue YoY growth | -13.8% | -11.1% | 1.4% | 7.8% | 31.6% | -24.4% | -6.2% | 1.2% | -5.8% | Unavailable |
| Net margin | 7.6% | 8.8% | 12.1% | 12.9% | 12.2% | 0.0% | 7.9% | 9.3% | 9.2% | 11.5% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | 3.3% | 5.0% | 4.0% | 3.4% | 3.1% | 2.9% |
| CapEx / revenue | 3.4% | 3.8% | 3.6% | 2.6% | 2.3% | 3.2% | 3.4% | 3.7% | 3.7% | 4.3% |
| Long-term debt / equity | 0.52x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 28.2% | 13.9% | 19.8% | 20.6% | 20.7% | Unavailable | 24.0% | 22.6% | 39.6% | 32.4% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open HOG in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-05View SEC filing
10-Q · Filed 2026-05-06View SEC filing
10-K · Filed 2026-02-26View SEC filing
10-Q · Filed 2025-11-05View SEC filing
10-Q · Filed 2025-08-06View SEC filing
10-Q · Filed 2025-05-06View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.