Harley-Davidson, Inc. (HOG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.23	$0.22	-4.3%	—	—	—
Q3 26	-$1.06	-$2.44	-130.2%	—	—	—
Q2 26	$1.64	$3.1	+89.0%	—	—	—
Q1 26	$0.93	$0.88	-5.4%	—	—	—
Q4 25	$0.77	$1.07	+39.0%	—	—	—
Q3 25	-$0.65	-$0.93	-43.1%	—	—	—
Q2 25	$0.81	$0.91	+12.3%	—	—	—
Q1 25	$1.38	$1.63	+18.1%	—	—	—
Q4 24	$1.54	$1.72	+11.7%	—	—	—
Q3 24	$0.03	$0.18	+500.0%	—	—	—
Q2 24	$1.37	$1.38	+0.7%	—	—	—
Q1 24	$1.29	$1.22	-5.4%	—	—	—
Q4 23	$1.4	$2.04	+45.7%	—	—	—
Q3 23	$0.05	$0.28	+460.0%	—	—	—
Q2 23	$1.39	$1.78	+28.1%	—	—	—
Q1 23	$1.07	$1.46	+36.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.82	—	—	$4.5B	—
FY24	—	$3.46	—	—	$5.2B	—
FY23	—	$4.96	—	—	$5.8B	—
FY22	—	$5.01	—	—	$5.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6B	$5.6B	$5.7B	$5.4B	$4.1B	$5.3B	$5.8B	$5.8B	$5.2B	$4.5B
YoY change	+0.02%	-5.82%	+1.23%	-6.21%	-24.4%	+31.6%	+7.85%	+1.41%	-11.1%	-13.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6B	5.6B	5.7B	5.4B	4.1B	5.3B	5.8B	5.8B	5.2B	4.5B
Cost of revenue	3.6B	3.5B	3.5B	3.4B	2.7B	3.4B	3.6B	3.7B	3.4B	3.1B
Gross profit	2.4B	2.2B	2.2B	1.9B	1.4B	1.9B	2.1B	2.2B	1.8B	1.3B
Gross margin	40%	38.9%	38%	35.8%	33.8%	35.6%	37.1%	37.4%	34.9%	30%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.2B	1.2B	1.3B	1.2B	1.1B	1.1B	1.1B	1.2B	1.1B	1.1B
Operating expenses	1.4B	1.3B	1.4B	1.3B	1.2B	1.1B	1.2B	1.4B	1.4B	956.1M
Operating income	1B	882.1M	806.9M	588M	139.7M	823.4M	909.3M	779.1M	416.6M	386.6M
Operating margin	17.4%	15.6%	14.1%	11%	3.45%	15.4%	15.8%	13.3%	8.03%	8.64%
Non-operating income, net	7.3M	12.8M	-89.4M	532K	-124.3M	26.8M	53.2M	118.6M	131.3M	105.5M
Pretax income	1B	863.8M	686.6M	557.4M	-15.7M	819.2M	931.2M	866.9M	517.1M	458.7M
Income tax	331.7M	342.1M	155.2M	133.8M	-17M	169.2M	192M	171.8M	72M	129.6M
Net income	692.2M	521.8M	531.5M	423.6M	1.3M	650M	739.2M	695M	445.2M	329.2M
Net margin	11.5%	9.24%	9.3%	7.9%	0.03%	12.2%	12.8%	11.9%	8.58%	7.36%
EBITDA	1.3B	1.1B	1.1B	837M	323.6M	1B	1.1B	1B	649.6M	620.3M
EPS	3.85	3.03	3.21	2.7	0.01	4.23	5.01	4.96	3.46	2.82
Diluted EPS	3.83	3.02	3.19	2.68	0.01	4.19	4.96	4.87	3.44	2.78

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.5B	1.1B	1.7B	1.6B	1.2B	687.6M	1.3B	1.3B	1.3B	496.2M	1.2B	1.2B
Cost of revenue	977.5M	719.7M	1.1B	1B	713M	534.5M	859.7M	844.4M	874.6M	551.8M	833.4M	839.9M
Gross profit	571.6M	333.5M	617.2M	601.1M	437.7M	153.1M	469.5M	462.7M	466.1M	-55.6M	339.1M	390.6M
Gross margin	36.9%	31.7%	35.7%	37.1%	38%	22.3%	35.3%	35.4%	34.8%	-11.2%	28.9%	31.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	301.5M	298M	293.1M	304M	273.9M	274.3M	255.7M	300.6M	292.9M	298.4M	302.5M	296.9M
Operating expenses	362.3M	354.6M	354.1M	304M	331.9M	346.5M	309M	300.6M	-8.6M	305.4M	315.6M	296.9M
Operating income	209.3M	-21.1M	263.1M	241.1M	105.8M	-193.3M	160.5M	112.4M	474.8M	-361.1M	23.5M	76M
Operating margin	13.5%	-2.01%	15.2%	14.9%	9.19%	-28.1%	12.1%	8.6%	35.4%	-72.8%	2%	6.18%
Non-operating income, net	36.7M	33.4M	35M	30.7M	34.9M	30.7M	25.2M	25.4M	27M	27.9M	22.2M	22.9M
Pretax income	238.3M	4.6M	290.4M	264.1M	132.9M	-170.3M	178M	130.2M	491.5M	-341M	42.1M	95.3M
Income tax	42.2M	-18.7M	58.1M	48.7M	17M	-51.9M	47.2M	24.4M	116.4M	-58.5M	18M	16.3M
Net income	196.1M	23.3M	232.2M	215.4M	116M	-118.4M	130.8M	105.7M	375.2M	-282.6M	24.1M	79M
Net margin	12.7%	2.21%	13.4%	13.3%	10.1%	-17.2%	9.84%	8.09%	28%	-56.9%	2.06%	6.42%
EBITDA	276.5M	42M	325.1M	295.9M	163.4M	-134.8M	218.5M	167.3M	533.7M	-299.2M	81.1M	129.6M
EPS	1.4	0.19	1.73	1.64	0.92	-0.93	1.07	0.89	3.13	-2.44	0.23	0.76
Diluted EPS	1.38	0.18	1.72	1.63	0.91	-0.93	1.07	0.88	3.1	-2.44	0.22	0.75

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	8.8B	5.7B	5.8B	5.6B	5.8B	6.2B	5.2B	4B	2.5B	2.6B
Enterprise value	—	15.1B	12B	12.5B	11.4B	10.9B	11.7B	10.9B	9.4B	2.4B	3.7B
Shares outstanding	179.7M	172M	165.7M	157.1M	153.2M	153.7M	148M	142.4M	131.4M	120.1M	120.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	16.8	10.6	13.8	4.3K	8.91	8.33	7.55	8.9	7.47	13.8
P/S	—	1.55	0.99	1.09	1.39	1.09	1.07	0.9	0.76	0.55	0.61
P/B	—	4.75	3.19	3.24	3.26	2.27	2.12	1.61	1.25	0.78	0.83
EV/EBITDA	—	13.5	11.2	15	35.2	10.8	10.5	10.8	14.5	3.91	8.63
EV/Sales	—	2.67	2.11	2.33	2.81	2.03	2.03	1.87	1.81	0.54	0.87
Earnings yield	—	5.96%	9.4%	7.25%	0.02%	11.2%	12%	13.3%	11.2%	13.4%	7.27%
FCF yield	—	9.13%	17.6%	11.8%	18.6%	14.8%	6.44%	10.4%	21.9%	16.9%	4.29%
PEG	—	—	—	—	—	—	—	—	—	—	-0.94

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	40%	38.9%	38%	35.8%	33.8%	35.6%	37.1%	37.4%	34.9%	30%	31.7%
Operating margin	17.4%	15.6%	14.1%	11%	3.45%	15.4%	15.8%	13.3%	8.03%	8.64%	5.63%
Net margin	11.5%	9.24%	9.3%	7.9%	0.03%	12.2%	12.8%	11.9%	8.58%	7.36%	4.78%
ROE	36%	28.3%	30%	23.5%	0.08%	25.5%	25.4%	21.4%	14.1%	10.4%	6.09%
ROA	7%	5.23%	4.98%	4.02%	0.01%	5.88%	6.43%	5.72%	3.75%	4.09%	1.62%
ROIC	8.88%	6.54%	7.65%	5.27%	1.86%	8.58%	8.56%	7.01%	4.17%	8.9%	4.11%
Return on tangible assets	7.07%	5.3%	5.04%	4.08%	0.01%	5.96%	6.51%	5.79%	3.79%	4.16%	2.75%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.35	1.23	1.25	1.31	1.47	1.36	1.34	1.53	1.4	2.1	1.9
Quick ratio	1.17	1.06	1.09	1.13	1.34	1.15	1.08	1.25	1.19	1.83	1.7
Debt / equity	3.55	3.79	4.28	4.16	5.24	2.72	2.39	2.21	2.22	0.97	0.74
Debt / assets	0.69	0.7	0.71	0.71	0.75	0.63	0.61	0.59	0.59	0.38	0.32
Net debt / EBITDA	4.8	5.66	5.94	7.97	17.9	5.02	4.98	5.61	8.37	-0.06	0.92
Interest coverage	35.5	28.9	23.2	18.9	0.49	27.5	30.8	29.2	17.8	14.7	12.4
Effective tax rate	32.4%	39.6%	22.6%	24%	0%	20.7%	20.6%	19.8%	13.9%	28.2%	32%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	33.4	32.8	34.5	34.1	26.5	34.7	38.9	41	39.5	37.3	37.7
EPS (basic)	3.85	3.03	3.21	2.7	0.01	4.23	5.01	4.96	3.46	2.82	2.82
EPS (diluted)	3.83	3.02	3.19	2.68	0.01	4.19	4.96	4.87	3.44	2.78	1.8
Book value per share	10.7	10.7	10.7	11.5	11.2	16.6	19.6	22.8	24	26.3	29.8
FCF per share	5.11	4.64	5.99	4.37	6.83	5.56	2.68	3.85	6.6	3.46	-1.23
Cash per share	4.26	4	7.33	5.31	21.3	12.2	9.68	10.8	12.1	25.7	12.3
Capex per share	—	—	—	—	—	—	—	—	—	1.28	1.22

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	3.44%	3.13%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	27%	-52.1K%
Payout ratio	36.5%	48.3%	46.3%	56%	5.2K%	14.2%	12.6%	13.9%	20.5%	26.2%	40.8%
Dividend yield	—	2.88%	4.35%	4.06%	1.21%	1.6%	1.51%	1.84%	2.3%	3.51%	3.05%

Yield

3.05%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.188

ex-dividend Sep 15, 2026

Payout ratio

41%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.188
Jun 8, 2026	$0.188
Mar 2, 2026	$0.188

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.5B	$1.1B	$1.7B	$1.6B	$1.2B	$687.6M	$1.3B	$1.3B	$1.3B	$496.2M	$1.2B	$1.2B
YoY change	-6.04%	-7.8%	-3.3%	+12%	-25.7%	-34.7%	-23.1%	-19.3%	+16.5%	-27.8%	-11.8%	-5.86%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	765.5M	687.5M	1.2B	833.9M	3.3B	1.9B	1.4B	1.5B	1.6B	3.1B
Receivables	2.4B	2.4B	2.5B	2.5B	1.7B	1.6B	2B	2.4B	2.3B	1.2B
Inventory	499.9M	538.2M	556.1M	603.6M	523.5M	712.9M	951M	930M	745.8M	730.9M
Total current assets	3.9B	3.9B	4.5B	4.2B	5.8B	4.6B	4.8B	5.2B	5B	5.6B
Property, plant & equipment	517.4M	503.3M	420.2M	401.8M	360.8M	328.4M	322M	370.2M	370M	352.1M
Goodwill & intangibles	106.8M	125.7M	122.1M	149.5M	151.2M	141.4M	137M	139.4M	134.5M	127.8M
Total assets	9.9B	10B	10.7B	10.5B	12B	11.1B	11.5B	12.1B	11.9B	8B
Accounts payable	235.3M	227.6M	284.9M	294.4M	290.9M	375M	378M	349.2M	298.7M	389.2M
Short-term debt	2.1B	2.4B	2.7B	2.3B	3.1B	2.3B	2.5B	2.2B	2.5B	1.3B
Total current liabilities	2.9B	3.2B	3.6B	3.2B	4B	3.3B	3.5B	3.4B	3.6B	2.7B
Long-term debt	4.7B	4.6B	4.9B	5.2B	6B	4.6B	4.5B	5B	4.5B	1.7B
Total liabilities	8B	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	3.2B
Total debt	6.8B	7B	7.6B	7.5B	9B	6.9B	7B	7.2B	7B	3.1B
Net debt	6B	6.3B	6.4B	6.7B	5.8B	5.1B	5.5B	5.7B	5.4B	-38M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.9B	1.5B	1.5B	1.8B	2.2B	1.6B	1.9B	1.6B	1.8B	3.1B	1.8B	1.9B
Receivables	2.4B	2.4B	2.8B	2.8B	2.6B	2.3B	2.6B	2.5B	1.5B	1.2B	1.5B	1.4B
Inventory	768.8M	930M	779.6M	668.9M	681.9M	745.8M	712.3M	630.3M	512.2M	730.9M	622.2M	500.9M
Total current assets	5.4B	5.2B	5.4B	5.6B	5.9B	5B	5.6B	5.1B	8.2B	5.6B	4.7B	4.6B
Property, plant & equipment	772.3M	370.2M	784.7M	782.3M	798.3M	370M	814M	801.4M	786.4M	352.1M	801.7M	768.2M
Goodwill & intangibles	123.9M	139.4M	124.6M	124.3M	125.8M	134.5M	124.7M	127.7M	127.7M	127.8M	126.9M	127.2M
Total assets	12.5B	12.1B	12.3B	12.8B	13B	11.9B	12.4B	12.1B	10.6B	8B	7.2B	7.2B
Accounts payable	382.1M	349.2M	397.5M	377.1M	305.6M	298.7M	443.1M	367.4M	342.8M	389.2M	459.4M	409.3M
Short-term debt	1.5B	2.2B	2.2B	2.5B	3.1B	2.5B	2.3B	2.5B	2B	1.3B	996.9M	1.1B
Total current liabilities	2.7B	3.4B	3.5B	3.8B	4.2B	3.6B	3.6B	3.8B	3.3B	2.7B	2.5B	2.4B
Long-term debt	5.9B	5B	5B	5B	4.8B	4.5B	5B	4.4B	3.2B	1.7B	1.2B	1.2B
Total liabilities	9.2B	8.9B	9B	9.3B	9.6B	8.7B	9.2B	8.7B	7B	4.9B	4.2B	4.1B
Shareholders' equity	3.3B	3.3B	3.3B	3.4B	3.4B	3.2B	3.2B	3.3B	3.6B	3.2B	3.1B	3.1B
Total debt	7.4B	7.2B	7.3B	7.5B	7.9B	7B	7.3B	6.9B	5.2B	3.1B	2.2B	2.3B
Net debt	5.5B	5.7B	5.8B	5.7B	5.6B	5.4B	5.4B	5.3B	3.4B	-38M	395.2M	411.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	692.2M	521.8M	531.5M	423.6M	1.3M	650M	739.2M	695M	445.2M	329.2M
Depreciation & amortization	209.6M	222.2M	264.9M	232.5M	185.7M	165.2M	151.9M	158.1M	160.7M	172.4M
Stock-based compensation	32.3M	32.5M	35.5M	33.7M	23.5M	42.2M	54.4M	82.9M	49M	31.7M
Change in working capital	3.1M	-64.2M	8.8M	-66.1M	227M	-242.7M	-392.9M	-4.3M	153.9M	129.5M
Operating cash flow	967M	834.5M	866.9M	714.6M	1B	768.8M	420.7M	566.8M	926.1M	568.9M
Capital expenditure	—	—	—	—	—	—	—	—	—	-153.7M
Investing cash flow	-136.5M	-356.2M	-448.8M	-323.7M	64.3M	-339.3M	-621.3M	-304.9M	-186.8M	3.8B
Dividends paid	-252.3M	-251.9M	-245.8M	-237.2M	-68.1M	-92.4M	-93.2M	-96.3M	-91.2M	-86.4M
Share repurchases	-465.3M	-465.3M	-390.6M	-296.5M	-8M	-11.6M	-338.6M	-364M	-459.8M	-843.3M
Financing cash flow	-793.7M	-340.3M	-153.6M	-1.6B	1.1B	-2.4B	-504.9M	-412M	-1.1B	-3.8B
Net change in cash	36.8M	137.9M	264.5M	-1.2B	2.1B	-2B	-705.5M	-150.1M	-328.4M	524.3M
Free cash flow	918.1M	798.8M	992.4M	686.8M	1B	855.5M	396.8M	547.5M	867.3M	415.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	196.1M	23.3M	232.2M	215.4M	116M	-118.4M	130.8M	105.7M	375.2M	-282.6M	24.1M	79M
Depreciation & amortization	40.4M	45.5M	41.5M	38.9M	39.2M	41.1M	41.7M	40.4M	44.2M	46M	44.1M	42.6M
Stock-based compensation	20.1M	18.4M	16.2M	12.8M	10.8M	9.2M	6.8M	10.6M	8.4M	5.9M	8.5M	9.5M
Change in working capital	57.6M	-75.5M	121.4M	76.4M	20.8M	-64.7M	-48.7M	104.4M	209.1M	-135.3M	-139.4M	265.4M
Operating cash flow	221.6M	-5.4M	3.7M	418.9M	386M	117.4M	-101.3M	399.2M	-92.6M	152M	-228M	168.3M
Capital expenditure	—	—	—	—	—	—	—	—	-36.5M	-51.6M	-31.8M	-12.9M
Investing cash flow	-113.6M	67.3M	-66.1M	-243.1M	-36.6M	159M	91.4M	-115.7M	295.3M	3.6B	-92M	-174.7M
Dividends paid	-24.6M	-23.5M	-24.4M	-23M	-22.1M	-21.8M	-22.9M	-21.8M	-21.5M	-20.1M	-21.5M	-19.7M
Share repurchases	-69.8M	-124.6M	-107.8M	-101.9M	-150.1M	-100M	-93.1M	-45K	-100.1M	-650.1M	-70M	-30.4M
Financing cash flow	433.9M	-665.6M	-25.9M	-297.5M	636.9M	-1.4B	9.4M	-848M	150.1M	-3.3B	-959.3M	100.4M
Net change in cash	542M	-603.7M	-88.4M	-121.6M	986.3M	-1.1B	-543K	-564.5M	352.9M	449.6M	-1.3B	94M
Free cash flow	243.9M	-20.4M	57.6M	432.2M	300.4M	77M	111.6M	332.4M	-129.1M	100.4M	-259.8M	155.4M

Date	Ratio
Apr 10, 2000	2:1
Sep 29, 1997	2:1
Sep 13, 1994	2:1
Jun 29, 1992	2:1
Jun 18, 1990	2:1

Harley-Davidson, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history