Harley Davidson Financials
This page shows Harley Davidson (HOG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Harley Davidson has an operating margin of 8.0%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is down from 13.4% the prior year.
Harley Davidson's revenue declined 11.1% year-over-year, from $5.8B to $5.2B. This contraction results in a growth score of 0/100.
Harley Davidson has a moderate D/E ratio of 1.41. This balance of debt and equity financing earns a leverage score of 59/100.
Harley Davidson's current ratio of 1.40 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.
Harley Davidson converts 16.7% of revenue into free cash flow ($867.3M). This strong cash generation earns a score of 84/100.
Harley Davidson's ROE of 14.4% shows moderate profitability relative to equity, earning a score of 58/100. This is down from 21.7% the prior year.
Harley Davidson scores 1.27, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Harley Davidson passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Harley Davidson generates $2.34 in operating cash flow ($1.1B OCF vs $455.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Harley Davidson earns $13.5 in operating income for every $1 of interest expense ($416.6M vs $30.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Harley Davidson generated $5.2B in revenue in fiscal year 2024. This represents a decrease of 11.1% from the prior year.
Harley Davidson's EBITDA was $577.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 38.4% from the prior year.
Harley Davidson generated $867.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 58.4% from the prior year.
Harley Davidson reported $455.4M in net income in fiscal year 2024. This represents a decrease of 35.6% from the prior year.
Harley Davidson earned $3.44 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 29.4% from the prior year.
Harley Davidson held $1.6B in cash against $4.5B in long-term debt as of fiscal year 2024.
Harley Davidson paid $0.69 per share in dividends in fiscal year 2024. This represents an increase of 4.5% from the prior year.
Harley Davidson had 125M shares outstanding in fiscal year 2024. This represents a decrease of 8.8% from the prior year.
Harley Davidson's gross margin was 42.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.
Harley Davidson's operating margin was 8.0% in fiscal year 2024, reflecting core business profitability. This is down 5.3 percentage points from the prior year.
Harley Davidson's net profit margin was 8.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.3 percentage points from the prior year.
Harley Davidson's ROE was 14.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 7.3 percentage points from the prior year.
Harley Davidson spent $459.8M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 26.3% from the prior year.
Harley Davidson invested $196.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 5.2% from the prior year.
HOG Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B+2.6% | $1.3B-1.7% | $1.3B+93.3% | $687.6M-57.5% | $1.6B-6.4% | $1.7B+64.2% | $1.1B-32.0% | $1.5B |
| Cost of Revenue | $798.7M+6.4% | $750.8M-2.6% | $770.8M+75.3% | $439.7M-52.4% | $924.0M-9.7% | $1.0B+62.2% | $631.0M-29.4% | $893.3M |
| Gross Profit | $542.0M-2.6% | $556.3M-0.4% | $558.4M+125.2% | $247.9M-64.3% | $694.9M-1.6% | $705.9M+67.2% | $422.2M-35.6% | $655.7M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $292.9M-2.6% | $300.6M+17.6% | $255.7M-6.8% | $274.3M-9.8% | $304.0M+3.7% | $293.1M-1.6% | $298.0M-1.2% | $301.5M |
| Operating Income | $474.8M+322.2% | $112.4M-29.9% | $160.5M+183.0% | -$193.3M-180.2% | $241.1M-8.4% | $263.1M+1344.0% | -$21.1M-110.1% | $209.3M |
| Interest Expense | $10.2M+32.3% | $7.7M+0.1% | $7.7M+0.1% | $7.7M0.0% | $7.7M0.0% | $7.7M-0.1% | $7.7M-0.1% | $7.7M |
| Income Tax | $116.4M+376.6% | $24.4M-48.3% | $47.2M+191.1% | -$51.9M-206.5% | $48.7M-16.2% | $58.1M+410.6% | -$18.7M-144.4% | $42.2M |
| Net Income | $377.4M+250.8% | $107.6M-19.2% | $133.1M+213.9% | -$116.9M-153.6% | $218.3M-7.1% | $234.9M+810.3% | $25.8M-87.0% | $198.6M |
| EPS (Diluted) | $3.10+252.3% | $0.88-17.8% | $1.07+230.5% | $-0.82-150.3% | $1.63-5.2% | $1.72+647.8% | $0.23-83.3% | $1.38 |
HOG Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.6B-12.3% | $12.1B-2.7% | $12.4B+4.2% | $11.9B-6.9% | $12.8B+3.4% | $12.3B+1.6% | $12.1B-2.6% | $12.5B |
| Current Assets | $8.2B+60.1% | $5.1B-8.8% | $5.6B+13.0% | $5.0B-11.4% | $5.6B+4.7% | $5.4B+4.3% | $5.2B-4.8% | $5.4B |
| Cash & Equivalents | $1.8B+11.8% | $1.6B-17.8% | $1.9B+21.5% | $1.6B-14.0% | $1.8B+26.3% | $1.5B-4.5% | $1.5B-18.3% | $1.9B |
| Inventory | $512.2M-18.7% | $630.3M-11.5% | $712.3M-4.5% | $745.8M+11.5% | $668.9M-14.2% | $779.6M-16.2% | $930.0M+21.0% | $768.8M |
| Accounts Receivable | $305.0M-6.4% | $325.8M+4.0% | $313.3M+33.7% | $234.3M-27.1% | $321.3M+5.0% | $306.0M+14.5% | $267.2M-15.3% | $315.3M |
| Goodwill | $63.9M0.0% | $63.8M+2.4% | $62.3M+1.1% | $61.7M-0.8% | $62.2M-0.2% | $62.3M-0.7% | $62.7M+1.2% | $61.9M |
| Total Liabilities | $7.0B-19.9% | $8.7B-5.1% | $9.2B+5.6% | $8.7B-6.5% | $9.3B+3.6% | $9.0B+1.2% | $8.9B-2.9% | $9.2B |
| Current Liabilities | $3.3B-13.1% | $3.8B+4.1% | $3.6B+1.8% | $3.6B-5.5% | $3.8B+7.8% | $3.5B+3.2% | $3.4B+26.6% | $2.7B |
| Long-Term Debt | $3.1B-27.9% | $4.4B-12.0% | $5.0B+11.1% | $4.5B-9.7% | $4.9B-0.8% | $5.0B0.0% | $5.0B-14.8% | $5.9B |
| Total Equity | $3.6B+7.7% | $3.3B+4.2% | $3.2B+0.5% | $3.2B-7.9% | $3.4B+3.0% | $3.3B+2.6% | $3.3B-1.7% | $3.3B |
| Retained Earnings | $4.0B+9.7% | $3.7B+2.4% | $3.6B+3.2% | $3.5B-1.2% | $3.5B+5.9% | $3.3B+6.8% | $3.1B+0.1% | $3.1B |
HOG Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$92.6M-125.2% | $368.0M+160.0% | $141.5M+6.3% | $133.2M-71.9% | $473.6M+355.4% | $104.0M+116.1% | $48.1M-83.8% | $296.2M |
| Capital Expenditures | $36.5M+2.6% | $35.6M+18.7% | $30.0M-46.6% | $56.1M+35.3% | $41.5M-10.5% | $46.4M-32.3% | $68.5M+30.8% | $52.4M |
| Free Cash Flow | -$129.1M-138.8% | $332.4M+197.9% | $111.6M+44.8% | $77.0M-82.2% | $432.2M+649.8% | $57.6M+382.8% | -$20.4M-108.4% | $243.9M |
| Investing Cash Flow | $295.3M+295.3% | -$151.2M-346.4% | $61.4M-40.3% | $102.8M+136.1% | -$284.5M-152.9% | -$112.5M-9507.2% | -$1.2M+99.3% | -$165.9M |
| Financing Cash Flow | -$131.2M+76.9% | -$566.7M-477.3% | $150.2M+117.0% | -$885.8M-526.0% | $207.9M+902.0% | -$25.9M+93.9% | -$428.2M-287.2% | $228.7M |
| Dividends Paid | $21.5M-1.4% | $21.8M-4.7% | $22.9M+5.3% | $21.8M-5.2% | $23.0M-5.8% | $24.4M+3.6% | $23.5M-4.3% | $24.6M |
| Share Buybacks | $100.1M+222275.6% | $45K-100.0% | $93.1M-6.9% | $100.0M-1.8% | $101.9M-5.5% | $107.8M-13.4% | $124.6M+78.5% | $69.8M |
HOG Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.4%-2.1pp | 42.6%+0.6pp | 42.0%+5.9pp | 36.1%-6.9pp | 42.9%+2.1pp | 40.8%+0.7pp | 40.1%-2.3pp | 42.3% |
| Operating Margin | 35.4%+26.8pp | 8.6%-3.5pp | 12.1%+40.2pp | -28.1%-43.0pp | 14.9%-0.3pp | 15.2%+17.2pp | -2.0%-15.5pp | 13.5% |
| Net Margin | 28.1%+19.9pp | 8.2%-1.8pp | 10.0%+27.0pp | -17.0%-30.5pp | 13.5%-0.1pp | 13.6%+11.1pp | 2.5%-10.4pp | 12.8% |
| Return on Equity | 10.6%+7.3pp | 3.2%-0.9pp | 4.2%+0.7pp | 3.5%-2.9pp | 6.3%-0.7pp | 7.0%+6.3pp | 0.8%-5.2pp | 6.0% |
| Return on Assets | 3.6%+2.7pp | 0.9%-0.2pp | 1.1%+2.0pp | -1.0%-2.7pp | 1.7%-0.2pp | 1.9%+1.7pp | 0.2%-1.4pp | 1.6% |
| Current Ratio | 2.51+1.1 | 1.37-0.2 | 1.56+0.2 | 1.40-0.1 | 1.50-0.0 | 1.54+0.0 | 1.53-0.5 | 2.03 |
| Debt-to-Equity | 0.88-0.4 | 1.32-0.2 | 1.56+0.1 | 1.41-0.0 | 1.44-0.1 | 1.49-0.0 | 1.53-0.2 | 1.77 |
| FCF Margin | -9.6%-35.1pp | 25.4%+17.0pp | 8.4%-2.8pp | 11.2%-15.5pp | 26.7%+23.4pp | 3.3%+5.3pp | -1.9%-17.7pp | 15.7% |
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Frequently Asked Questions
What is Harley Davidson's annual revenue?
Harley Davidson (HOG) reported $5.2B in total revenue for fiscal year 2024. This represents a -11.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Harley Davidson's revenue growing?
Harley Davidson (HOG) revenue declined by 11.1% year-over-year, from $5.8B to $5.2B in fiscal year 2024.
Is Harley Davidson profitable?
Yes, Harley Davidson (HOG) reported a net income of $455.4M in fiscal year 2024, with a net profit margin of 8.8%.
What is Harley Davidson's earnings per share (EPS)?
Harley Davidson (HOG) reported diluted earnings per share of $3.44 for fiscal year 2024. This represents a -29.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Harley Davidson's EBITDA?
Harley Davidson (HOG) had EBITDA of $577.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Harley Davidson have?
As of fiscal year 2024, Harley Davidson (HOG) had $1.6B in cash and equivalents against $4.5B in long-term debt.
What is Harley Davidson's gross margin?
Harley Davidson (HOG) had a gross margin of 42.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Harley Davidson's operating margin?
Harley Davidson (HOG) had an operating margin of 8.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Harley Davidson's net profit margin?
Harley Davidson (HOG) had a net profit margin of 8.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Harley Davidson pay dividends?
Yes, Harley Davidson (HOG) paid $0.69 per share in dividends during fiscal year 2024.
What is Harley Davidson's return on equity (ROE)?
Harley Davidson (HOG) has a return on equity of 14.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Harley Davidson's free cash flow?
Harley Davidson (HOG) generated $867.3M in free cash flow during fiscal year 2024. This represents a 58.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Harley Davidson's operating cash flow?
Harley Davidson (HOG) generated $1.1B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Harley Davidson's total assets?
Harley Davidson (HOG) had $11.9B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Harley Davidson's capital expenditures?
Harley Davidson (HOG) invested $196.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Harley Davidson buy back shares?
Yes, Harley Davidson (HOG) spent $459.8M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Harley Davidson have outstanding?
Harley Davidson (HOG) had 125M shares outstanding as of fiscal year 2024.
What is Harley Davidson's current ratio?
Harley Davidson (HOG) had a current ratio of 1.40 as of fiscal year 2024, which is considered adequate.
What is Harley Davidson's debt-to-equity ratio?
Harley Davidson (HOG) had a debt-to-equity ratio of 1.41 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Harley Davidson's return on assets (ROA)?
Harley Davidson (HOG) had a return on assets of 3.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Harley Davidson's Altman Z-Score?
Harley Davidson (HOG) has an Altman Z-Score of 1.27, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Harley Davidson's Piotroski F-Score?
Harley Davidson (HOG) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Harley Davidson's earnings high quality?
Harley Davidson (HOG) has an earnings quality ratio of 2.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Harley Davidson cover its interest payments?
Harley Davidson (HOG) has an interest coverage ratio of 13.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Harley Davidson?
Harley Davidson (HOG) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.