NYSE : HOG
Harley-Davidson, Inc. — Financial statements
Consumer Discretionary · Recreational Vehicles · United States
Last price 30.33 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.16B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Harley-Davidson, Inc. (HOG) reported revenue of 3.98B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 3.54B | 3.60B | 4.15B | 4.88B | 4.93B | 4.54B |
| Other Revenue | 445.35M | 869.20M | 1.04B | 953.59M | 820.62M | 796.07M |
| Revenue | 3.98B | 4.47B | 5.19B | 5.84B | 5.76B | 5.34B |
| Cost of Revenue | 2.73B | 2.74B | 3.01B | 3.32B | 3.40B | 3.24B |
| Gross Profit | 764.67M | 1.33B | 1.38B | 1.79B | 1.84B | 1.88B |
| Selling, General & Admin | 927.30M | 886.66M | 903.51M | 931.71M | 881.92M | 1.04B |
| Operating Expenses | 927.30M | 886.66M | 903.51M | 931.71M | 881.92M | 1.04B |
| Operating Income | -162.63M | 448.25M | 478.23M | 855.07M | 954.86M | 834.28M |
| Interest Expense | -18.70M | -33.44M | -30.75M | -30.79M | -31.23M | -30.97M |
| Interest & Investment Income | 44.29M | 44.27M | 58.96M | 46.77M | 4.54M | 6.69M |
| Other Non Operating Income (Expenses) | -8.68M | -350.00K | 10.70M | -4.17M | 3.07M | -1.32M |
| EBT Excluding Unusual Items | -145.72M | 458.73M | 517.14M | 866.88M | 931.23M | 808.67M |
| Other Unusual Items | 10.56M | |||||
| Pretax Income | -145.72M | 458.73M | 517.14M | 866.88M | 931.23M | 819.24M |
| Income Tax Expense | -7.21M | 129.58M | 71.96M | 171.83M | 192.02M | 169.21M |
| Earnings From Continuing Operations | -138.51M | 329.15M | 445.18M | 695.05M | 739.21M | 650.02M |
| Minority Interest in Earnings | 6.54M | 9.58M | 10.18M | 11.54M | 2.19M | |
| Net Income | -131.96M | 338.74M | 455.36M | 706.59M | 741.41M | 650.02M |
| Net Income to Common | -131.96M | 338.74M | 455.36M | 706.59M | 741.41M | 650.02M |
| Shares Outstanding (Basic) | 108.16M | 120.07M | 131.45M | 142.38M | 148.01M | 153.75M |
| Shares Outstanding (Diluted) | 108.16M | 121.26M | 132.29M | 145.10M | 149.35M | 154.98M |
| EPS (Basic) | -1.22 | 2.82 | 3.46 | 4.96 | 5.01 | 4.23 |
| EPS (Diluted) | -1.23 | 2.78 | 3.44 | 4.87 | 4.96 | 4.19 |
| Free Cash Flow | 311.94M | 415.24M | 867.27M | 547.48M | 396.79M | 855.52M |
| Free Cash Flow Per Share | 2.88 | 3.42 | 6.56 | 3.77 | 2.66 | 5.52 |
| Dividend Per Share | 0.74 | 0.72 | 0.69 | 0.66 | 0.63 | 0.60 |
| Gross Margin | 19.20% | 29.84% | 26.64% | 30.61% | 31.92% | 35.14% |
| Operating Margin | -4.08% | 10.02% | 9.22% | 14.65% | 16.59% | 15.63% |
| Profit Margin | -3.31% | 7.57% | 8.78% | 12.11% | 12.88% | 12.18% |
| Free Cash Flow Margin | 7.83% | 9.28% | 16.72% | 9.38% | 6.89% | 16.03% |
| EBITDA | 11.09M | 620.63M | 638.90M | 1.01B | 1.11B | 999.46M |
| EBITDA Margin | 0.28% | 13.87% | 12.32% | 17.36% | 19.23% | 18.73% |
| D&A For EBITDA | 173.72M | 172.37M | 160.67M | 158.11M | 151.94M | 165.19M |
| EBIT | -162.63M | 448.25M | 478.23M | 855.07M | 954.86M | 834.28M |
| EBIT Margin | -4.08% | 10.02% | 9.22% | 14.65% | 16.59% | 15.63% |
| Effective Tax Rate | 28.25% | 13.92% | 19.82% | 20.62% | 20.66% | |
| Revenue as Reported | 4.47B | 4.47B | 5.19B | 5.84B | 5.76B | 5.34B |
| Advertising Expenses | 184.70M | 136.70M | 131.00M | 105.60M | 107.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.08B | 1.31B | 1.11B | 1.13B | 1.02B | 1.08B |
| Trading Asset Securities | 360.00K | |||||
| Cash & Short-Term Investments | 2.08B | 1.31B | 1.11B | 1.13B | 1.02B | 1.08B |
| Receivables | 276.39M | 225.76M | 234.31M | 267.20M | 252.22M | 182.15M |
| Inventory | 458.75M | 730.90M | 745.79M | 929.95M | 950.96M | 712.94M |
| Finance Div. Loans and Leases | 1.47B | 1.25B | 2.03B | 2.11B | 1.78B | 1.47B |
| Finance Div. Other Current Assets | 14.61M | 1.78B | 619.61M | 511.05M | 567.50M | 943.77M |
| Other Current Assets | 232.20M | 292.38M | 259.76M | 214.40M | 175.54M | 167.12M |
| Total Current Assets | 4.53B | 5.59B | 5.00B | 5.16B | 4.75B | 4.55B |
| Property, Plant & Equipment | 825.58M | 804.50M | 777.15M | 703.24M | 697.45M | |
| Long-Term Investments | 31.51M | 32.07M | 34.54M | 35.44M | 49.65M | |
| Goodwill | 63.91M | 61.66M | 62.70M | 62.09M | 63.18M | |
| Other Intangible Assets | 7.03M | 6.39M | 7.51M | |||
| Finance Div. Loans and Leases Long-Term | 1.14B | 719.06M | 5.26B | 5.38B | 5.36B | 5.11B |
| Long-Term Deferred Tax Assets | 73.79M | 175.83M | 161.18M | 135.04M | 82.92M | |
| Other Long-Term Assets | 1.62B | 736.82M | 537.67M | 525.46M | 413.23M | 457.71M |
| Total Assets | 7.30B | 8.04B | 11.88B | 12.14B | 11.49B | 11.05B |
| Accounts Payable | 1.03B | 389.24M | 298.72M | 349.16M | 378.00M | 374.98M |
| Accrued Expenses | 536.42M | 485.62M | 512.42M | 462.66M | 487.05M | |
| Current Portion of Long-Term Debt | 449.83M | |||||
| Current Portion of Leases | 17.25M | 18.66M | 18.68M | 16.21M | 17.37M | |
| Finance Div. Debt Current | 1.01B | 1.32B | 2.04B | 2.13B | 2.46B | 2.29B |
| Finance Div. Other Current Liabilities | 255.44M | 280.10M | 173.10M | 253.31M | 79.71M | 72.15M |
| Current Income Taxes Payable | 31.46M | 20.03M | 38.22M | 51.73M | 34.28M | |
| Current Unearned Revenue | 34.72M | 23.08M | 23.36M | 17.61M | 18.29M | |
| Other Current Liabilities | 52.10M | 46.57M | 54.18M | 72.73M | 44.99M | |
| Total Current Liabilities | 2.30B | 2.66B | 3.56B | 3.38B | 3.53B | 3.34B |
| Long-Term Debt | 1.33B | 297.28M | 296.97M | 746.08M | 745.37M | 744.67M |
| Finance Div. Debt Long-Term | 1.35B | 4.17B | 4.24B | 3.71B | 3.85B | |
| Finance Div. Other Long-Term Liabilities | 314.87M | 438.73M | 219.45M | 308.56M | 267.79M | |
| Long-Term Leases | 69.42M | 47.42M | 51.85M | 26.78M | 29.90M | |
| Pension & Post-Retirement Benefits | 53.13M | 53.87M | 59.77M | 67.95M | 95.30M | |
| Long-Term Deferred Tax Liabilities | 2.27M | 15.77M | 30.27M | 28.18M | 9.26M | |
| Other Long-Term Liabilities | 621.80M | 139.96M | 141.13M | 152.08M | 163.24M | 157.05M |
| Total Liabilities | 4.25B | 4.89B | 8.72B | 8.89B | 8.59B | 8.50B |
| Common Stock | 3.05B | 1.73M | 1.72M | 1.71M | 1.70M | 1.69M |
| Additional Paid-In Capital | 1.79B | 1.79B | 1.75B | 1.69B | 1.55B | |
| Retained Earnings | 3.72B | 3.47B | 3.10B | 2.49B | 1.84B | |
| Treasury Stock | -2.11B | -1.76B | -1.30B | -935.06M | -596.96M | |
| Comprehensive Income & Other | -257.14M | -332.71M | -304.96M | -341.93M | -240.92M | |
| Total Common Equity | 3.05B | 3.14B | 3.17B | 3.25B | 2.90B | 2.55B |
| Minority Interest | 16.18M | -7.55M | -513.00K | 3.29M | ||
| Shareholders' Equity | 3.05B | 3.16B | 3.16B | 3.25B | 2.91B | 2.55B |
| Total Liabilities & Equity | 7.30B | 8.04B | 11.88B | 12.14B | 11.49B | 11.05B |
| Total Debt | 2.34B | 3.05B | 7.03B | 7.20B | 6.96B | 6.94B |
| Net Cash (Debt) | -263.06M | -1.71B | -5.89B | -6.03B | -5.90B | -5.81B |
| Net Cash Per Share | -2.43 | -14.08 | -44.51 | -41.59 | -39.51 | -37.48 |
| Filing Date Shares Outstanding | 103.36M | 111.85M | 124.54M | 136.56M | 146.19M | 153.88M |
| Total Common Shares Outstanding | 103.36M | 111.66M | 124.28M | 136.31M | 145.86M | 153.57M |
| Working Capital | 2.23B | 2.93B | 1.44B | 1.78B | 1.22B | 1.21B |
| Book Value Per Share | 29.50 | 28.13 | 25.48 | 23.86 | 19.91 | 16.63 |
| Tangible Book Value | 3.05B | 3.08B | 3.10B | 3.18B | 2.84B | 2.48B |
| Tangible Book Value Per Share | 29.50 | 27.55 | 24.98 | 23.35 | 19.44 | 16.17 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -131.96M | 338.74M | 455.36M | 706.59M | 741.41M | 650.02M |
| Depreciation & Amortization | 172.37M | 172.37M | 160.67M | 158.11M | 151.94M | 165.19M |
| Other Amortization | 58.72M | 58.72M | 84.71M | 98.23M | 110.02M | 99.92M |
| Stock-Based Compensation | 31.75M | 31.75M | 49.01M | 82.90M | 54.35M | 42.16M |
| Provision & Write-off of Bad Debts | -191.39M | -191.39M | 247.22M | 227.16M | 145.13M | 25.05M |
| Other Operating Activities | 168.99M | -160.74M | -78.47M | -154.67M | -67.37M | -26.47M |
| Change in Accounts Receivable | 32.65M | 32.65M | 19.78M | -11.44M | -82.39M | -53.46M |
| Change in Inventory | 47.58M | 47.58M | 164.61M | 21.26M | -254.17M | -207.55M |
| Change in Accounts Payable | 125.56M | 125.56M | -55.44M | 28.57M | 4.50M | 173.55M |
| Change in Other Net Operating Assets | 49.24M | 49.24M | -30.50M | -14.06M | -56.35M | 18.30M |
| Operating Cash Flow | 427.95M | 568.92M | 1.06B | 754.89M | 548.46M | 975.70M |
| Capital Expenditures | -116.01M | -153.68M | -196.56M | -207.40M | -151.67M | -120.18M |
| Other Investing Activities | 98.32M | 150.22M | 12.17M | -2.18M | 2.49M | 2.14M |
| Investing Cash Flow | 3.16B | 3.78B | -383.33M | -512.30M | -773.01M | -459.45M |
| Short-Term Debt Issued | 107.15M | 16.00M | ||||
| Long-Term Debt Issued | 1.75B | 2.11B | 2.53B | 2.77B | 1.27B | |
| Total Debt Issued | 215.31M | 1.75B | 2.11B | 2.64B | 2.79B | 1.27B |
| Short-Term Debt Repaid | -141.60M | -237.34M | -260.25M | |||
| Long-Term Debt Repaid | -4.17B | -2.00B | -2.49B | -2.70B | -3.00B | |
| Total Debt Repaid | -3.08B | -4.31B | -2.23B | -2.49B | -2.70B | -3.26B |
| Net Debt Issued (Repaid) | -2.86B | -2.56B | -123.39M | 153.85M | 91.15M | -1.99B |
| Issuance of Common Stock | 46.60M | 46.60M | ||||
| Repurchase of Common Stock | -391.23M | -393.27M | -459.83M | -363.99M | -338.63M | -11.62M |
| Common Dividends Paid | -80.48M | -86.39M | -91.22M | -96.31M | -93.18M | -92.43M |
| Other Financing Activities | -19.79M | -15.50M | 102.13M | 131.80M | 138.69M | 212.60M |
| Financing Cash Flow | -3.31B | -3.01B | -572.32M | -174.65M | -201.97M | -1.88B |
| Foreign Exchange Rate Adjustments | -8.01M | 13.49M | -16.14M | 1.70M | -19.52M | -15.27M |
| Net Cash Flow | 266.80M | 1.35B | 92.04M | 69.63M | -446.04M | -1.38B |
| Free Cash Flow | 311.94M | 415.24M | 867.27M | 547.48M | 396.79M | 855.52M |
| Free Cash Flow Margin | 7.83% | 9.28% | 16.72% | 9.38% | 6.89% | 16.03% |
| Free Cash Flow Per Share | 2.88 | 3.42 | 6.56 | 3.77 | 2.66 | 5.52 |
| Levered Free Cash Flow | 3.66B | -460.21M | 246.28M | 187.42M | 676.76M | 1.76B |
| Unlevered Free Cash Flow | 3.61B | -498.02M | 180.79M | 108.43M | 586.27M | 1.68B |
| Cash Interest Paid | 330.82M | 330.82M | 359.00M | 290.47M | 231.65M | 191.66M |
| Cash Income Tax Paid | 39.36M | 39.36M | 111.12M | 237.66M | 244.37M | 155.58M |
| Change in Working Capital | 255.02M | 255.02M | 98.45M | 24.32M | -388.40M | -69.17M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.44B | 2.42B | 3.84B | 5.13B | 6.08B | 5.80B |
| Enterprise Value | 3.70B | 6.41B | 10.44B | 11.30B | 12.40B | 11.91B |
| Last Close Price | 33.07 | 19.98 | 28.57 | 34.26 | 37.97 | 33.86 |
| PE Ratio | 7.15 | 8.43 | 7.26 | 8.20 | 8.92 | |
| Forward PE | 17.28 | 14.38 | 8.47 | 8.50 | 8.84 | 10.06 |
| PS Ratio | 0.86 | 0.54 | 0.74 | 0.88 | 1.06 | 1.09 |
| PB Ratio | 1.12 | 0.77 | 1.22 | 1.58 | 2.09 | 2.27 |
| P/TBV Ratio | 1.13 | 0.79 | 1.24 | 1.61 | 2.15 | 2.34 |
| P/FCF Ratio | 11.03 | 5.83 | 4.42 | 9.37 | 15.33 | 6.78 |
| P/OCF Ratio | 8.04 | 4.25 | 3.61 | 6.80 | 11.09 | 5.94 |
| PEG Ratio | 5.16 | 0.39 | 41.33 | 2.04 | 0.96 | 0.22 |
| EV/Sales Ratio | 0.93 | 1.43 | 2.01 | 1.94 | 2.15 | 2.23 |
| EV/EBITDA Ratio | 334.06 | 10.32 | 16.34 | 11.15 | 11.20 | 11.92 |
| EV/EBIT Ratio | 14.29 | 21.83 | 13.22 | 12.98 | 14.28 | |
| EV/FCF Ratio | 11.88 | 15.43 | 12.04 | 20.64 | 31.25 | 13.92 |
| Debt / Equity Ratio | 0.77 | 0.97 | 2.23 | 2.21 | 2.39 | 2.72 |
| Debt / EBITDA Ratio | 210.95 | 4.72 | 10.53 | 6.92 | 6.14 | 6.77 |
| Debt / FCF Ratio | 7.50 | 7.35 | 8.10 | 13.14 | 17.53 | 8.11 |
| Net Debt / Equity Ratio | 0.09 | 0.54 | 1.86 | 1.85 | 2.03 | 2.27 |
| Net Debt / EBITDA Ratio | 23.72 | 2.75 | 9.22 | 5.96 | 5.33 | 5.81 |
| Net Debt / FCF Ratio | 0.84 | 4.11 | 6.79 | 11.02 | 14.87 | 6.79 |
| Asset Turnover | 0.45 | 0.45 | 0.43 | 0.49 | 0.51 | 0.46 |
| Inventory Turnover | 5.62 | 3.71 | 3.59 | 3.53 | 4.09 | 5.25 |
| Quick Ratio | 1.66 | 1.72 | 1.08 | 1.16 | 0.98 | 1.05 |
| Current Ratio | 1.97 | 2.10 | 1.41 | 1.53 | 1.34 | 1.36 |
| Return on Equity (ROE) | -4.19% | 10.42% | 13.89% | 22.57% | 27.08% | 30.40% |
| Return on Assets (ROA) | -1.14% | 2.81% | 2.49% | 4.52% | 5.29% | 4.52% |
| Return on Invested Capital (ROIC) | -4.37% | 4.60% | 4.47% | 7.55% | 8.79% | 7.15% |
| Return on Capital Employed (ROCE) | -3.30% | 8.30% | 5.70% | 9.80% | 12.00% | 10.80% |
| Earnings Yield | -3.71% | 13.99% | 11.87% | 13.77% | 12.19% | 11.21% |
| FCF Yield | 9.06% | 17.15% | 22.61% | 10.67% | 6.53% | 14.75% |
| Dividend Yield | 2.27% | 3.32% | 2.23% | 1.75% | 1.51% | 1.59% |
| Payout Ratio | 25.50% | 20.03% | 13.63% | 12.57% | 14.22% | |
| Buyback Yield / Dilution | 12.73% | 8.34% | 8.83% | 2.84% | 3.63% | -0.70% |
| Total Shareholder Return | 15.00% | 11.66% | 11.07% | 4.60% | 5.14% | 0.89% |