What is Harley Davidson's earnings per share (EPS)?

Harley Davidson (HOG) reported diluted earnings per share of $2.78 for fiscal year 2025. This represents a -19.2% 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.

Harley Davidson Financials

HOG

Trailing 12 months to June 30, 2026

Revenue $4.2B -5.2% YoY

Net Income $202.6M -16.5% YoY

EPS (Diluted) $1.82 -10.3% YoY

Free Cash Flow -$133.1M -116.2% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Harley Davidson (HOG) reported $4.2B in revenue over the twelve months to Jun 30, 2026, down 5.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI HOG FY2025 2026-08-29

Harley-Davidson’s dominant mechanic is a balance-sheet reset occurring alongside falling volume and resilient operating margins.

The sharpest change is structural: total assets fell from $11.9B in FY2024 to $8.0B in FY2025 while debt-to-equity moved from 1.4x to 0.5x. A $3.8B investing cash inflow alongside a -$3.0B financing outflow indicates that the year’s deleveraging was driven heavily by balance-sheet transactions, not merely by operating profits.

Revenue contracted from $5.2B to $4.5B, while gross margin narrowed from 42.1% to 38.7%; the business therefore lost sales and product-level margin rather than simply experiencing a volume slowdown. Yet operating margin edged from 8.0% to 8.6%, showing that costs below gross profit absorbed part of the pressure even as operating income declined.

Free cash flow fell from $867M in FY2024 to $415M in FY2025, making the prior year’s unusually strong cash result look less repeatable. FY2025 operating cash flow of $569M exceeded net income of $339M, so cash conversion remained better than accounting profit alone suggests, despite the weaker earnings base.

Financial Health Signals

Financial Health Score 61/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Harley Davidson's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Harley Davidson has an operating margin of 8.6%, meaning the company retains $9 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is up from 8.0% the prior year.

Growth

Harley Davidson's revenue declined 13.8% year-over-year, from $5.2B to $4.5B. This contraction results in a growth score of 9/100.

Leverage

Harley Davidson carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Harley Davidson's current ratio of 2.10 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Harley Davidson converts 9.3% of revenue into free cash flow ($415.2M). This strong cash generation earns a score of 71/100.

Returns

Harley Davidson's ROE of 10.8% shows moderate profitability relative to equity, earning a score of 62/100. This is down from 14.4% the prior year.

Altman Z-Score Grey Zone

2.16

Harley Davidson scores 2.16, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

8/9

Harley Davidson passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.68x

For every $1 of reported earnings, Harley Davidson generates $1.68 in operating cash flow ($568.9M OCF vs $338.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

11.56x

Harley Davidson earns $11.56 in operating income for every $1 of interest expense ($386.6M vs $33.4M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.5B

YoY-13.8%

5Y CAGR+2.0%

10Y CAGR-2.9%

Harley Davidson generated $4.5B in revenue in fiscal year 2025. This represents a decrease of 13.8% from the prior year.

EBITDA

$559.0M

YoY-3.2%

5Y CAGR+23.4%

10Y CAGR-8.5%

Harley Davidson's EBITDA was $559.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.2% from the prior year.

Net Income

$338.7M

YoY-25.6%

5Y CAGR+204.3%

10Y CAGR-7.7%

Harley Davidson reported $338.7M in net income in fiscal year 2025. This represents a decrease of 25.6% from the prior year.

EPS (Diluted)

$2.78

YoY-19.2%

5Y CAGR+208.2%

10Y CAGR-2.8%

Harley Davidson earned $2.78 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 19.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$415.2M

YoY-52.1%

5Y CAGR-16.9%

10Y CAGR-6.8%

Harley Davidson generated $415.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 52.1% from the prior year.

Cash & Debt

$3.1B

YoY+94.5%

5Y CAGR-1.0%

10Y CAGR+15.7%

Harley Davidson held $3.1B in cash against $1.6B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.72

YoY+4.3%

5Y CAGR+10.4%

10Y CAGR-5.3%

Harley Davidson paid $0.72 per share in dividends in fiscal year 2025. This represents an increase of 4.3% from the prior year.

Shares Outstanding

112M

YoY-10.2%

5Y CAGR-6.1%

10Y CAGR-4.9%

Harley Davidson had 112M shares outstanding in fiscal year 2025. This represents a decrease of 10.2% from the prior year.

Margins & Returns

Gross Margin

38.7%

YoY-3.3pp

5Y CAGR-1.2pp

10Y CAGR-5.3pp

Harley Davidson's gross margin was 38.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.3 percentage points from the prior year.

Operating Margin

8.6%

YoY+0.6pp

5Y CAGR+8.4pp

10Y CAGR-10.6pp

Harley Davidson's operating margin was 8.6% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.

Net Margin

7.6%

YoY-1.2pp

5Y CAGR+7.5pp

10Y CAGR-5.0pp

Harley Davidson's net profit margin was 7.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.2 percentage points from the prior year.

Return on Equity

10.8%

YoY-3.6pp

5Y CAGR+10.7pp

10Y CAGR-30.1pp

Harley Davidson's ROE was 10.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.6 percentage points from the prior year.

Capital Allocation

Share Buybacks

$353.3M

YoY-23.2%

5Y CAGR+113.3%

10Y CAGR-13.7%

Harley Davidson spent $353.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 23.2% from the prior year.

Capital Expenditures

$153.7M

YoY-21.8%

5Y CAGR+3.2%

10Y CAGR-5.1%

Harley Davidson invested $153.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.8% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

HOG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HOG quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$4.2B	$4.5B-13.8%	$5.2B-11.1%	$5.8B+1.4%	$5.8B+7.8%	$5.3B+31.6%	$4.1B-24.4%	$5.4B-6.2%	$5.7B+1.2%	$5.6B-5.8%	$6.0B0.0%	$6.0B-3.7%	$6.2B+5.6%	$5.9B+5.7%	$5.6B+5.1%	$5.3B
Cost of Revenue	$2.8B	$2.7B-8.8%	$3.0B-9.5%	$3.3B-2.4%	$3.4B+4.9%	$3.2B+33.2%	$2.4B-24.6%	$3.2B-3.6%	$3.4B+2.4%	$3.3B-4.5%	$3.4B+2.1%	$3.4B-5.3%	$3.5B+4.3%	$3.4B+5.4%	$3.2B+3.7%	$3.1B
Gross Profit	$1.4B	$1.7B-20.6%	$2.2B-13.3%	$2.5B+6.9%	$2.4B+12.3%	$2.1B+29.3%	$1.6B-24.1%	$2.1B-9.9%	$2.4B-0.4%	$2.4B-7.6%	$2.6B-2.6%	$2.6B-1.7%	$2.7B+7.3%	$2.5B+6.2%	$2.4B+6.9%	$2.2B
R&D Expenses	N/A	N/A	N/A	$159.3M+0.4%	$158.6M-9.4%	$175.1M-13.5%	$202.4M-6.5%	$216.5M+13.0%	$191.6M+9.4%	$175.2M+1.7%	$172.3M+6.9%	$161.2M+16.6%	$138.3M-9.1%	$152.2M+10.9%	$137.3M-5.6%	$145.4M
SG&A Expenses	$1.2B	$1.1B+0.2%	$1.1B-2.6%	$1.2B+8.9%	$1.1B+2.6%	$1.1B+0.1%	$1.1B-12.4%	$1.2B-4.7%	$1.3B+6.6%	$1.2B-2.8%	$1.2B-0.5%	$1.2B+5.2%	$1.2B+3.1%	$1.1B+1.2%	$1.1B+4.7%	$1.1B
Operating Income	$213.2M	$386.6M-7.2%	$416.6M-46.5%	$779.1M-14.3%	$909.3M+10.4%	$823.4M+8407.5%	$9.7M-98.3%	$555.6M-22.1%	$713.5M-19.1%	$882.1M-15.7%	$1.0B-9.5%	$1.2B-9.8%	$1.3B+11.0%	$1.2B+15.3%	$1.0B+20.5%	$830.0M
Interest Expense	$25.3M	$33.4M+8.8%	$30.7M-0.1%	$30.8M-1.4%	$31.2M+0.8%	$31.0M-0.5%	$31.1M+0.1%	$31.1M+0.6%	$30.9M-0.4%	$31.0M+4.5%	$29.7M+144.9%	$12.1M+191.1%	$4.2M-90.8%	$45.3M-1.7%	$46.0M+1.7%	$45.3M
Income Tax	$92.2M	$129.6M+80.1%	$72.0M-58.1%	$171.8M-10.5%	$192.0M+13.5%	$169.2M+1093.7%	-$17.0M-112.7%	$133.8M-13.8%	$155.2M-54.6%	$342.1M+3.1%	$331.7M-16.6%	$398.0M-9.3%	$438.7M+15.4%	$380.3M+12.7%	$337.6M+38.0%	$244.6M
Net Income	$202.6M	$338.7M-25.6%	$455.4M-35.6%	$706.6M-4.7%	$741.4M+14.1%	$650.0M+49978.9%	$1.3M-99.7%	$423.6M-20.3%	$531.5M+1.9%	$521.8M-24.6%	$692.2M-8.0%	$752.2M-10.9%	$844.6M+15.1%	$734.0M+17.6%	$623.9M+4.1%	$599.1M
EPS (Diluted)	$1.82	$2.78-19.2%	$3.44-29.4%	$4.87-1.8%	$4.96+18.4%	$4.19+41800.0%	$0.01-99.6%	$2.68-16.0%	$3.19+5.6%	$3.02-21.1%	$3.83+3.8%	$3.69-4.9%	$3.88+18.3%	$3.28+20.6%	$2.72+6.7%	$2.55

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$1.2B+4.9%	$1.2B+136.3%	$496.2M-63.0%	$1.3B+2.6%	$1.3B-1.7%	$1.3B+93.3%	$687.6M-40.2%	$1.2B
Cost of Revenue	$809.3M+1.9%	$794.1M+88.4%	$421.6M-47.2%	$798.7M+6.4%	$750.8M-2.6%	$770.8M+75.3%	$439.7M-28.9%	$618.6M
Gross Profit	$421.1M+11.3%	$378.4M+407.2%	$74.6M-86.2%	$542.0M-2.6%	$556.3M-0.4%	$558.4M+125.2%	$247.9M-53.4%	$532.1M
SG&A Expenses	$296.9M-1.8%	$302.5M+1.4%	$298.4M+1.9%	$292.9M-2.6%	$300.6M+17.6%	$255.7M-6.8%	$274.3M+0.1%	$273.9M
Operating Income	$76.0M+223.5%	$23.5M+106.5%	-$361.1M-176.1%	$474.8M+322.2%	$112.4M-29.9%	$160.5M+183.0%	-$193.3M-282.8%	$105.8M
Interest Expense	$3.6M+1.5%	$3.6M-54.7%	$7.9M-22.6%	$10.2M+32.3%	$7.7M+0.1%	$7.7M+0.1%	$7.7M-0.3%	$7.7M
Income Tax	$16.3M-9.3%	$18.0M+130.7%	-$58.5M-150.2%	$116.4M+376.6%	$24.4M-48.3%	$47.2M+191.1%	-$51.9M-405.4%	$17.0M
Net Income	$79.8M+222.1%	$24.8M+108.9%	-$279.3M-174.0%	$377.4M+250.8%	$107.6M-19.2%	$133.1M+213.9%	-$116.9M-198.2%	$119.0M
EPS (Diluted)	$0.75+240.9%	$0.22+109.8%	-$2.25-172.6%	$3.10+252.3%	$0.88-17.8%	$1.07+228.9%	-$0.83-191.2%	$0.91

Not reported in any period shown, so not listed: R&D Expenses.

HOG Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HOG quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$8.0B-32.3%	$11.9B-2.1%	$12.1B+5.6%	$11.5B+4.0%	$11.1B-8.0%	$12.0B+14.1%	$10.5B-1.3%	$10.7B+6.9%	$10.0B+0.8%	$9.9B-0.8%	$10.0B+4.8%	$9.5B+1.2%	$9.4B+2.6%	$9.2B-5.2%	$9.7B
Current Assets	$5.6B+11.8%	$5.0B-3.2%	$5.2B+8.7%	$4.8B+4.4%	$4.6B-22.2%	$5.8B+39.1%	$4.2B-6.3%	$4.5B+15.4%	$3.9B+0.8%	$3.9B-3.1%	$4.0B+0.8%	$3.9B-1.0%	$4.0B-1.5%	$4.1B-10.8%	$4.5B
Cash & Equivalents	$3.1B+94.5%	$1.6B+3.6%	$1.5B+7.0%	$1.4B-23.6%	$1.9B-42.4%	$3.3B+290.6%	$833.9M-30.7%	$1.2B+75.1%	$687.5M-9.5%	$760.0M+5.2%	$722.2M-20.3%	$906.7M-15.0%	$1.1B-0.1%	$1.1B-30.0%	$1.5B
Inventory	$730.9M-2.0%	$745.8M-19.8%	$930.0M-2.2%	$951.0M+33.4%	$712.9M+36.2%	$523.5M-13.3%	$603.6M+8.5%	$556.1M+3.3%	$538.2M+7.7%	$499.9M-14.7%	$585.9M+30.5%	$448.9M+5.7%	$424.5M+7.9%	$393.5M-5.9%	$418.0M
Accounts Receivable	$225.8M-3.7%	$234.3M-12.3%	$267.2M+5.9%	$252.2M+38.5%	$182.1M+27.3%	$143.1M-44.8%	$259.3M-15.4%	$306.5M-7.1%	$330.0M+15.7%	$285.1M+15.2%	$247.4M-0.1%	$247.6M-5.1%	$261.1M+13.5%	$230.1M+5.0%	$219.0M
Goodwill	$63.9M+3.7%	$61.7M-1.7%	$62.7M+1.0%	$62.1M-1.7%	$63.2M-4.2%	$66.0M+2.8%	$64.2M+16.6%	$55.0M-1.6%	$55.9M+4.8%	$53.4M-1.5%	$54.2M+95.2%	$27.8M-8.9%	$30.5M+3.1%	$29.5M+1.5%	$29.1M
Total Liabilities	$4.9B-43.7%	$8.7B-1.9%	$8.9B+3.5%	$8.6B+1.1%	$8.5B-17.4%	$10.3B+17.9%	$8.7B-1.9%	$8.9B+9.4%	$8.1B+2.0%	$8.0B-2.0%	$8.1B+23.1%	$6.6B+3.3%	$6.4B-3.3%	$6.6B-8.8%	$7.3B
Current Liabilities	$2.7B-25.3%	$3.6B+5.1%	$3.4B-4.2%	$3.5B+5.7%	$3.3B-16.0%	$4.0B+24.6%	$3.2B-11.1%	$3.6B+13.9%	$3.2B+10.3%	$2.9B+4.2%	$2.7B+15.0%	$2.4B-4.8%	$2.5B+67.0%	$1.5B-44.3%	$2.7B
Long-Term Debt	$1.6B-63.1%	$4.5B-10.5%	$5.0B+12.0%	$4.5B-3.0%	$4.6B-22.5%	$5.9B+15.8%	$5.1B+4.9%	$4.9B+6.5%	$4.6B-1.7%	$4.7B-3.4%	$4.8B+28.5%	$3.8B+10.1%	$3.4B-21.8%	$4.4B+13.7%	$3.8B
Total Equity	$3.1B-0.8%	$3.2B-2.7%	$3.3B+12.0%	$2.9B+13.7%	$2.6B+48.2%	$1.7B-4.5%	$1.8B+1.7%	$1.8B-3.8%	$1.8B-4.0%	$1.9B+4.4%	$1.8B-36.8%	$2.9B-3.3%	$3.0B+17.7%	$2.6B+5.7%	$2.4B
Retained Earnings	$3.7B+7.3%	$3.5B+11.7%	$3.1B+24.5%	$2.5B+35.2%	$1.8B+43.4%	$1.3B-41.4%	$2.2B+9.3%	$2.0B+24.9%	$1.6B+20.2%	$1.3B-85.1%	$9.0B+5.9%	$8.5B+7.7%	$7.9B+7.5%	$7.3B+7.1%	$6.8B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$7.2B0.0%	$7.2B-9.9%	$8.0B-23.9%	$10.6B-12.3%	$12.1B-2.7%	$12.4B+4.2%	$11.9B-8.8%	$13.0B
Current Assets	$4.6B-3.2%	$4.7B-15.1%	$5.6B-32.2%	$8.2B+60.1%	$5.1B-8.8%	$5.6B+13.0%	$5.0B-15.2%	$5.9B
Cash & Equivalents	$1.9B+5.0%	$1.8B-41.6%	$3.1B+74.2%	$1.8B+11.8%	$1.6B-17.8%	$1.9B+21.5%	$1.6B-29.2%	$2.2B
Inventory	$500.9M-19.5%	$622.2M-14.9%	$730.9M+42.7%	$512.2M-18.7%	$630.3M-11.5%	$712.3M-4.5%	$745.8M+9.4%	$681.9M
Accounts Receivable	$301.8M+5.6%	$285.8M+26.6%	$225.8M-26.0%	$305.0M-6.4%	$325.8M+4.0%	$313.3M+33.7%	$234.3M-23.8%	$307.7M
Goodwill	$63.6M+0.3%	$63.4M-0.7%	$63.9M+0.1%	$63.9M0.0%	$63.8M+2.4%	$62.3M+1.1%	$61.7M-2.0%	$62.9M
Total Liabilities	$4.1B-0.8%	$4.2B-14.7%	$4.9B-29.9%	$7.0B-19.9%	$8.7B-5.1%	$9.2B+5.6%	$8.7B-9.2%	$9.6B
Current Liabilities	$2.4B-2.7%	$2.5B-6.8%	$2.7B-18.9%	$3.3B-13.1%	$3.8B+4.1%	$3.6B+1.8%	$3.6B-14.7%	$4.2B
Long-Term Debt	$1.1B-0.4%	$1.1B-31.2%	$1.6B-47.6%	$3.1B-27.9%	$4.4B-12.0%	$5.0B+11.1%	$4.5B-5.7%	$4.7B
Total Equity	$3.1B+1.1%	$3.1B-2.4%	$3.1B-12.1%	$3.6B+7.7%	$3.3B+4.2%	$3.2B+0.5%	$3.2B-7.7%	$3.4B
Retained Earnings	$3.8B+1.6%	$3.7B+0.1%	$3.7B-7.5%	$4.0B+9.7%	$3.7B+2.4%	$3.6B+3.2%	$3.5B-3.8%	$3.6B

HOG Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HOG quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	-$255K	$568.9M-46.5%	$1.1B+40.9%	$754.9M+37.6%	$548.5M-43.8%	$975.7M-17.2%	$1.2B+35.7%	$868.3M-28.0%	$1.2B+20.0%	$1.0B-14.4%	$1.2B+6.7%	$1.1B-4.1%	$1.1B+17.4%	$977.1M+21.9%	$801.5M-9.5%	$885.3M
Capital Expenditures	$132.8M	$153.7M-21.8%	$196.6M-5.2%	$207.4M+36.7%	$151.7M+26.2%	$120.2M-8.3%	$131.1M-27.8%	$181.4M-15.0%	$213.5M+3.5%	$206.3M-19.5%	$256.3M-1.4%	$260.0M+11.9%	$232.3M+11.5%	$208.3M+10.2%	$189.0M0.0%	$189.0M
Free Cash Flow	-$133.1M	$415.2M-52.1%	$867.3M+58.4%	$547.5M+38.0%	$396.8M-53.6%	$855.5M-18.3%	$1.0B+52.4%	$686.8M-30.8%	$992.4M+24.2%	$798.8M-13.0%	$918.1M+9.3%	$840.1M-8.1%	$914.4M+18.9%	$768.8M+25.5%	$612.5M-12.0%	$696.3M
Investing Cash Flow	$3.6B	$3.8B+1085.8%	-$383.3M+25.2%	-$512.3M+33.7%	-$773.0M-68.2%	-$459.4M-588.0%	-$66.8M+86.9%	-$508.1M+23.3%	-$662.3M-17.7%	-$562.5M-43.2%	-$392.7M+57.1%	-$915.8M-23.0%	-$744.6M	N/A	N/A	N/A
Financing Cash Flow	-$3.5B	-$3.0B-426.0%	-$572.3M-227.7%	-$174.6M+13.5%	-$202.0M+89.3%	-$1.9B-237.2%	$1.4B+292.9%	-$712.2M-4724.4%	-$14.8M+97.3%	-$550.3M+29.3%	-$777.9M-119.7%	-$354.1M+34.0%	-$536.1M	N/A	N/A	N/A
Dividends Paid	$82.8M	$86.4M-5.3%	$91.2M-5.3%	$96.3M+3.4%	$93.2M+0.8%	$92.4M+35.7%	$68.1M-71.3%	$237.2M-3.5%	$245.8M-2.4%	$251.9M-0.2%	$252.3M+1.2%	$249.3M+4.6%	$238.3M+27.0%	$187.7M+32.5%	$141.7M+27.6%	$111.0M
Share Buybacks	$360.5M	$353.3M-23.2%	$459.8M+26.3%	$364.0M+7.5%	$338.6M+2813.4%	$11.6M+45.2%	$8.0M-97.3%	$296.5M-24.1%	$390.6M-16.0%	$465.3M0.0%	$465.3M-69.7%	$1.5B+149.7%	$615.6M+28.5%	$479.2M+53.8%	$311.6M+38.8%	$224.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$168.3M+173.8%	-$228.0M-250.0%	$152.0M+264.2%	-$92.6M-125.2%	$368.0M+160.0%	$141.5M+6.3%	$133.2M-62.3%	$353.0M
Capital Expenditures	$12.9M-59.4%	$31.8M-38.4%	$51.6M+41.2%	$36.5M+2.6%	$35.6M+18.7%	$30.0M-46.6%	$56.1M+6.8%	$52.6M
Free Cash Flow	$155.4M+159.8%	-$259.8M-358.7%	$100.4M+177.8%	-$129.1M-138.8%	$332.4M+197.9%	$111.6M+44.8%	$77.0M-74.4%	$300.4M
Investing Cash Flow	-$174.7M-89.9%	-$92.0M-102.6%	$3.6B+1109.9%	$295.3M+295.3%	-$151.2M-346.4%	$61.4M-40.3%	$102.8M+215.4%	-$89.1M
Financing Cash Flow	$100.4M+110.5%	-$959.3M+61.0%	-$2.5B-1777.6%	-$131.2M+76.9%	-$566.7M-477.3%	$150.2M+117.0%	-$885.8M-773.8%	$131.5M
Dividends Paid	$19.7M-8.7%	$21.5M+7.2%	$20.1M-6.7%	$21.5M-1.4%	$21.8M-4.7%	$22.9M+5.3%	$21.8M-1.5%	$22.1M
Share Buybacks	$30.4M-56.6%	$70.0M-56.3%	$160.1M+60.0%	$100.1M+222275.6%	$45K-100.0%	$93.1M-6.9%	$100.0M-33.4%	$150.1M

HOG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

HOG quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	38.7%-3.3pp	42.0%-1.0pp	43.1%+2.2pp	40.9%+1.6pp	39.2%-0.7pp	39.9%+0.2pp	39.8%-1.6pp	41.4%-0.7pp	42.0%-0.8pp	42.9%-1.1pp	44.0%+0.9pp	43.1%+0.7pp	42.4%+0.2pp	42.3%+0.7pp	41.5%
Operating Margin	8.6%+0.6pp	8.0%-5.3pp	13.4%-2.4pp	15.8%+0.4pp	15.4%+15.2pp	0.2%-10.1pp	10.4%-2.1pp	12.5%-3.1pp	15.6%-1.8pp	17.4%-1.8pp	19.3%-1.3pp	20.6%+1.0pp	19.6%+1.6pp	17.9%+2.3pp	15.6%
Net Margin	7.6%-1.2pp	8.8%-3.3pp	12.1%-0.8pp	12.9%+0.7pp	12.2%+12.2pp	0.0%-7.9pp	7.9%-1.4pp	9.3%+0.1pp	9.2%-2.3pp	11.5%-1.0pp	12.6%-1.0pp	13.6%+1.1pp	12.4%+1.3pp	11.2%-0.1pp	11.3%
Return on Equity	10.8%-3.6pp	14.4%-7.3pp	21.7%-3.8pp	25.5%+0.1pp	25.5%+25.4pp	0.1%-23.4pp	23.5%-6.5pp	30.0%+1.7pp	28.3%-7.8pp	36.0%-4.8pp	40.9%+11.9pp	29.0%+4.6pp	24.4%0.0pp	24.4%-0.4pp	24.8%
Return on Assets	4.2%+0.4pp	3.8%-2.0pp	5.8%-0.6pp	6.5%+0.6pp	5.9%+5.9pp	0.0%-4.0pp	4.0%-1.0pp	5.0%-0.3pp	5.2%-1.8pp	7.0%-0.5pp	7.5%-1.3pp	8.9%+1.1pp	7.8%+1.0pp	6.8%+0.6pp	6.2%
Current Ratio	2.10+0.7x	1.40-0.1x	1.53+0.2x	1.340.0x	1.36-0.1x	1.47+0.2x	1.31+0.1x	1.250.0x	1.23-0.1x	1.35-0.1x	1.45-0.2x	1.65+0.1x	1.59-1.1x	2.70+1.0x	1.68
Debt-to-Equity	0.53-0.9x	1.41-0.1x	1.530.0x	1.54-0.3x	1.80-1.6x	3.44+0.6x	2.84+0.1x	2.76+0.3x	2.49+0.1x	2.43-0.2x	2.63+1.3x	1.29+0.2x	1.14-0.6x	1.71+0.1x	1.59
FCF Margin	9.3%-7.4pp	16.7%+7.3pp	9.4%+2.5pp	6.9%-9.1pp	16.0%-9.8pp	25.8%+13.0pp	12.8%-4.6pp	17.4%+3.2pp	14.1%-1.2pp	15.3%+1.3pp	14.0%-0.7pp	14.7%+1.7pp	13.0%+2.1pp	11.0%-2.1pp	13.1%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	34.2%+2.0pp	32.3%+17.2pp	15.0%-25.4pp	40.4%-2.1pp	42.6%+0.6pp	42.0%+5.9pp	36.1%-10.2pp	46.2%
Operating Margin	6.2%+4.2pp	2.0%+74.8pp	-72.8%-108.2pp	35.4%+26.8pp	8.6%-3.5pp	12.1%+40.2pp	-28.1%-37.3pp	9.2%
Net Margin	6.5%+4.4pp	2.1%+58.4pp	-56.3%-84.4pp	28.1%+19.9pp	8.2%-1.8pp	10.0%+27.0pp	-17.0%-27.4pp	10.3%
Return on Equity	2.6%+1.8pp	0.8%+9.7pp	-8.9%-19.5pp	10.6%+7.3pp	3.2%-0.9pp	4.2%+7.9pp	-3.7%-7.2pp	3.5%
Return on Assets	1.1%+0.8pp	0.3%+3.8pp	-3.5%-7.0pp	3.6%+2.7pp	0.9%-0.2pp	1.1%+2.0pp	-1.0%-1.9pp	0.9%
Current Ratio	1.900.0x	1.91-0.2x	2.10-0.4x	2.51+1.1x	1.37-0.2x	1.56+0.2x	1.400.0x	1.41
Debt-to-Equity	0.360.0x	0.37-0.2x	0.53-0.4x	0.88-0.4x	1.32-0.2x	1.56+0.1x	1.410.0x	1.38
FCF Margin	12.6%+34.8pp	-22.2%-42.4pp	20.2%+29.9pp	-9.6%-35.1pp	25.4%+17.0pp	8.4%-2.8pp	11.2%-14.9pp	26.1%

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Where Harley Davidson Ranks

Frequently Asked Questions

What is Harley Davidson's annual revenue?

Harley Davidson (HOG) reported $4.5B in total revenue for fiscal year 2025. This represents a -13.8% 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 13.8% year-over-year, from $5.2B to $4.5B in fiscal year 2025.

Is Harley Davidson profitable?

Yes, Harley Davidson (HOG) reported a net income of $338.7M in fiscal year 2025, with a net profit margin of 7.6%.

What is Harley Davidson's EBITDA?

Harley Davidson (HOG) had EBITDA of $559.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Harley Davidson have?

As of fiscal year 2025, Harley Davidson (HOG) had $3.1B in cash and equivalents against $1.6B in long-term debt.

What is Harley Davidson's gross margin?

Harley Davidson (HOG) had a gross margin of 38.7% in fiscal year 2025, 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 8.6% in fiscal year 2025, 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 7.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Harley Davidson pay dividends?

Yes, Harley Davidson (HOG) paid $0.72 per share in dividends during fiscal year 2025.

What is Harley Davidson's return on equity (ROE)?

Harley Davidson (HOG) has a return on equity of 10.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Harley Davidson's free cash flow?

Harley Davidson (HOG) generated $415.2M in free cash flow during fiscal year 2025. This represents a -52.1% 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 $568.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Harley Davidson's total assets?

Harley Davidson (HOG) had $8.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Harley Davidson's capital expenditures?

Harley Davidson (HOG) invested $153.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Harley Davidson buy back shares?

Yes, Harley Davidson (HOG) spent $353.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Harley Davidson have outstanding?

Harley Davidson (HOG) had 112M shares outstanding as of fiscal year 2025.

What is Harley Davidson's current ratio?

Harley Davidson (HOG) had a current ratio of 2.10 as of fiscal year 2025, which is generally considered healthy.

What is Harley Davidson's debt-to-equity ratio?

Harley Davidson (HOG) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, 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 4.2% for fiscal year 2025, 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 2.16, placing it in the Grey Zone (moderate 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 8 out of 9, indicating strong 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 to 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 1.68x, 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 11.56x, 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 61 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.