Harley-Davidson (HOG) financial statements
Harley-Davidson reported revenue of $3.6B in fiscal 2025, down 5.5% a year over 9 years.
Net income was $339M and the operating margin 10.7%, against 17.4% in 2016.
Free cash flow was $415M, and the company returned $86M in dividends and $353M in net buybacks.
The diluted share count fell 33% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Harley-Davidson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.0B | $5.6B | $5.7B | $5.4B | $3.3B | $4.5B | $4.9B | $4.9B | $4.1B | $3.6B |
| Cost of revenue | $3.4B | $3.3B | $3.4B | $3.2B | $2.4B | $3.2B | $3.4B | $3.3B | $3.0B | $2.7B |
| Gross profit | $2.6B | $2.4B | $2.4B | $2.1B | $828M | $1.3B | $1.5B | $1.6B | $1.1B | $862M |
| Research and development | $172M | $175M | $192M | $216M | $202M | $175M | $159M | $159M | — | — |
| Selling, general and admin | $1.2B | $1.2B | $1.3B | $1.2B | $1.1B | $1.1B | $1.1B | $1.2B | $1.1B | $1.1B |
| Operating income | $1.0B | $882M | $714M | $556M | $10M | $823M | $909M | $779M | $417M | $387M |
| Interest expense | $30M | $31M | $31M | $31M | $31M | $31M | $31M | $31M | $31M | $33M |
| Pre-tax income | $1.0B | $864M | $687M | $557M | -$16M | $819M | $931M | $867M | $517M | $459M |
| Income tax | $332M | $342M | $155M | $134M | -$17M | $169M | $192M | $172M | $72M | $130M |
| Net income | $692M | $522M | $531M | $424M | $1M | $650M | $741M | $707M | $455M | $339M |
| EPS (diluted) | $3.83 | $3.02 | $3.19 | $2.68 | $0.01 | $4.19 | $4.96 | $4.87 | $3.44 | $2.78 |
| Diluted shares | 181M | 173M | 167M | 158M | 154M | 155M | 149M | 145M | 132M | 121M |
| Gross margin | 42.9% | 42.1% | 41.4% | 39.8% | 25.4% | 28.6% | 31.0% | 32.0% | 27.5% | 23.9% |
| Operating margin | 17.4% | 15.6% | 12.5% | 10.4% | 0.3% | 18.1% | 18.4% | 16.0% | 10.0% | 10.7% |
| Net margin | 11.5% | 9.2% | 9.3% | 7.9% | 0.0% | 14.3% | 15.0% | 14.5% | 11.0% | 9.4% |
Balance sheet
Fiscal years, from Harley-Davidson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $766M | $688M | $1.2B | $834M | $3.3B | $1.9B | $1.4B | $1.5B | $1.6B | $3.1B |
| Receivables | $285M | $330M | $306M | $259M | $143M | $182M | $252M | $267M | $234M | $226M |
| Inventory | $500M | $538M | $556M | $604M | $523M | $713M | $951M | $930M | $746M | $731M |
| Total current assets | $3.9B | $3.9B | $4.5B | $4.2B | $5.8B | $4.6B | $4.8B | $5.2B | $5.0B | $5.6B |
| Property, plant and equipment | $982M | $968M | $904M | $847M | $744M | $684M | $690M | $732M | $757M | $750M |
| Goodwill | $53M | $56M | $55M | $64M | $66M | $63M | $62M | $63M | $62M | $64M |
| Total assets | $9.9B | $10.0B | $10.7B | $10.5B | $12.0B | $11.1B | $11.5B | $12.1B | $11.9B | $8.0B |
| Total current liabilities | $2.9B | $3.2B | $3.6B | $3.2B | $4.0B | $3.3B | $3.5B | $3.4B | $3.6B | $2.7B |
| Long-term debt | $4.7B | $4.6B | $4.9B | $5.1B | $5.9B | $4.6B | $4.5B | $5.0B | $4.5B | $1.6B |
| Total liabilities | $8.0B | $8.1B | $8.9B | $8.7B | $10.3B | $8.5B | $8.6B | $8.9B | $8.7B | $4.9B |
| Shareholders' equity | $1.9B | $1.8B | $1.8B | $1.8B | $1.7B | $2.6B | $2.9B | $3.3B | $3.2B | $3.1B |
| Net debt | $5.0B | $5.0B | $5.3B | $6.0B | $4.7B | $4.3B | $4.7B | $4.7B | $4.7B | -$623M |
Cash flow
Fiscal years, from Harley-Davidson's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.0B | $1.2B | $868M | $1.2B | $976M | $548M | $755M | $1.1B | $569M |
| Capital spending | $256M | $206M | $214M | $181M | $131M | $120M | $152M | $207M | $197M | $154M |
| Free cash flow | $918M | $799M | $992M | $687M | $1.0B | $856M | $397M | $547M | $867M | $415M |
| Stock-based compensation | $32M | $32M | $36M | $34M | $23M | $42M | $54M | $83M | $49M | $32M |
| Dividends paid | $252M | $252M | $246M | $237M | $68M | $92M | $93M | $96M | $91M | $86M |
| Share buybacks (net) | -$465M | -$465M | -$391M | -$297M | -$8M | -$12M | -$339M | -$364M | -$460M | -$353M |
| Free cash flow margin | 15.3% | 14.1% | 17.4% | 12.8% | 32.1% | 18.8% | 8.0% | 11.2% | 20.9% | 11.5% |
| Dividends per share | $1.40 | $1.46 | $1.48 | $1.50 | $0.44 | $0.60 | $0.62 | $0.66 | $0.69 | $0.71 |
Questions
What was Harley-Davidson's revenue in 2025?
$3.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Harley-Davidson generate?
$415M in fiscal 2025 (operating cash flow minus capital spending).
From Harley-Davidson's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.