What is Harley-Davidson, Inc.'s earnings per share (EPS)?

Harley-Davidson, Inc. (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, Inc. (HOG) 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

Market Cap $2.9B as of Oct 15, 2026

Price / Sales 0.7x on $4.2B revenue, trailing 12 months to June 30, 2026

Price / Earnings 14.2x on $202.6M net income, trailing 12 months to June 30, 2026

Price / Book 0.9x on $3.1B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.

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

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HOG SEC filings page.

Harley-Davidson, Inc. (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 2026-10-03

Harley-Davidson’s 2025 contraction cut earnings, but a sharply reshaped balance sheet reduced leverage and improved short-term financial flexibility.

By the latest year, revenue was $4.5B while gross margin narrowed to 38.7% versus FY2023, indicating the contraction reached unit economics rather than reflecting volume alone. Yet operating cash flow of $569M exceeded net income of $339M, showing that noncash items and working-capital movements cushioned reported earnings as profitability weakened.

The financing structure became materially less debt-dependent: total liabilities were $4.9B and debt-to-equity was 0.5x in the latest year, down sharply from the prior period. A current ratio of 2.1x alongside that lower leverage indicates greater short-term financial flexibility, not merely reduced borrowing.

Free cash flow fell to $415M from $867M the prior year, so cash generation did not improve in line with the balance-sheet reset. Capital expenditures also fell to $154M, yet free cash flow still declined, pointing to operating cash generation rather than reinvestment as the main constraint.

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, Inc.'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, Inc. 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 67/100, reflecting efficient cost management and pricing power. This is up from 8.0% the prior year.

Growth

Harley-Davidson, Inc.'s revenue declined 13.8% year-over-year, from $5.2B to $4.5B. This contraction results in a growth score of 7/100.

Leverage

Harley-Davidson, Inc. 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, Inc.'s current ratio of 2.10 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Harley-Davidson, Inc. converts 9.3% of revenue into free cash flow ($415.2M). This strong cash generation earns a score of 70/100.

Returns

Harley-Davidson, Inc.'s ROE of 10.8% shows moderate profitability relative to equity, earning a score of 60/100. This is down from 14.4% the prior year.

Altman Z-Score Grey Zone

2.15

Harley-Davidson, Inc. scores 2.15, 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, Inc. 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, Inc. 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, Inc. 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

$1.2B

YoY-5.9%

QoQ+4.9%

5Y CAGR-4.3%

10Y CAGR-3.5%

Harley-Davidson, Inc. generated $1.2B in revenue in Q2 2026. This represents a decrease of 5.9% from the same quarter a year earlier. Against the prior quarter it is up 4.9%.

EBITDA

$118.6M

YoY-22.4%

QoQ+75.3%

5Y CAGR-18.1%

10Y CAGR-12.3%

Harley-Davidson, Inc.'s EBITDA was $118.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 22.4% from the same quarter a year earlier. Against the prior quarter it is up 75.3%.

Net Income

$79.8M

YoY-25.8%

QoQ+222.1%

5Y CAGR-17.3%

10Y CAGR-10.8%

Harley-Davidson, Inc. reported $79.8M in net income in Q2 2026. This represents a decrease of 25.8% from the same quarter a year earlier. Against the prior quarter it is up 222.1%.

EPS (Diluted)

$0.75

YoY-14.8%

QoQ+240.9%

5Y CAGR-10.8%

10Y CAGR-5.8%

Harley-Davidson, Inc. earned $0.75 per diluted share (EPS) in Q2 2026. This represents a decrease of 14.8% from the same quarter a year earlier. Against the prior quarter it is up 240.9%.

Cash & Balance Sheet

Free Cash Flow

$155.4M

YoY-53.2%

QoQ+159.8%

5Y CAGR-19.6%

10Y CAGR+53.6%

Harley-Davidson, Inc. generated $155.4M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 53.2% from the same quarter a year earlier. Against the prior quarter it is up 159.8%.

Cash & Debt

$1.9B

YoY+19.4%

QoQ+5.0%

5Y CAGR+1.7%

10Y CAGR+10.6%

Harley-Davidson, Inc. held $1.9B in cash against $1.1B in long-term debt as of Q2 2026.

Dividends Per Share

$0.19

YoY+4.2%

QoQ0.0%

5Y CAGR+4.6%

10Y CAGR-6.1%

Harley-Davidson, Inc. paid $0.19 per share in dividends in Q2 2026. This represents an increase of 4.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

104M

YoY-14.4%

QoQ-1.1%

5Y CAGR-7.5%

10Y CAGR-5.4%

Harley-Davidson, Inc. had 104M shares outstanding in Q2 2026. This represents a decrease of 14.4% from the same quarter a year earlier. Against the prior quarter it is down 1.1%.

Margins & Returns

Gross Margin

34.2%

YoY-8.3pp

QoQ+2.0pp

5Y change-5.4pp

10Y change-9.4pp

Harley-Davidson, Inc.'s gross margin was 34.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 8.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Operating Margin

6.2%

YoY-2.4pp

QoQ+4.2pp

5Y change-12.1pp

10Y change-16.0pp

Harley-Davidson, Inc.'s operating margin was 6.2% in Q2 2026, reflecting core business profitability. This is down 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.2 percentage points.

Net Margin

6.5%

YoY-1.7pp

QoQ+4.4pp

5Y change-7.0pp

10Y change-7.8pp

Harley-Davidson, Inc.'s net profit margin was 6.5% in Q2 2026, showing the share of revenue converted to profit. This is down 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.4 percentage points.

Return on Equity

2.6%

YoY-0.7pp

QoQ+1.8pp

5Y change-6.9pp

10Y change-10.7pp

Harley-Davidson, Inc.'s ROE was 2.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.8 percentage points.

Capital Allocation

Share Buybacks

$30.4M

YoY+67388.9%

QoQ-56.6%

5Y CAGR+42.0%

10Y CAGR-14.8%

Harley-Davidson, Inc. spent $30.4M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 67388.9% from the same quarter a year earlier. Against the prior quarter it is down 56.6%.

Capital Expenditures

$12.9M

YoY-63.7%

QoQ-59.4%

5Y CAGR-7.2%

10Y CAGR-10.5%

Harley-Davidson, Inc. invested $12.9M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 63.7% from the same quarter a year earlier. Against the prior quarter it is down 59.4%.

R&D Spending

Not reported for Q2 2026.

HOG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HOG quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
EBITDA	N/A	$559.0M-3.2%	$577.3M-38.4%	$937.2M-11.7%	$1.1B+7.3%	$988.6M+406.0%	$195.4M-75.2%	$788.1M-19.4%	$978.4M-11.4%	$1.1B-12.1%	$1.3B-7.2%	$1.4B-7.3%	$1.5B+10.6%	$1.3B+13.0%	$1.2B+15.7%	$1.0B
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 (Basic)	N/A	$2.82-18.5%	$3.46-30.2%	$4.96-1.0%	$5.01+18.4%	$4.23+42200.0%	$0.01-99.6%	$2.70-15.9%	$3.21+5.9%	$3.03-21.3%	$3.85+3.8%	$3.71-4.9%	$3.90+18.2%	$3.30+20.0%	$2.75+7.0%	$2.57
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
Diluted Shares (Avg)	N/A	121M-8.3%	132M-8.8%	145M-2.8%	149M-3.6%	155M+0.7%	154M-2.5%	158M-5.2%	167M-3.7%	173M-4.2%	181M-11.4%	204M-6.4%	218M-2.8%	224M-2.3%	229M-2.4%	235M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.2B-5.9%	$1.2B-11.8%	$496.2M-27.8%	$1.3B+16.5%	$1.3B-19.3%	$1.3B-23.1%	$687.6M-34.7%	$1.2B-25.7%
Cost of Revenue	$809.3M+7.8%	$794.1M+3.0%	$421.6M-4.1%	$798.7M+29.1%	$750.8M-18.7%	$770.8M-24.7%	$439.7M-30.3%	$618.6M-30.8%
Gross Profit	$421.1M-24.3%	$378.4M-32.2%	$74.6M-69.9%	$542.0M+1.9%	$556.3M-19.9%	$558.4M-20.9%	$247.9M-41.3%	$532.1M-18.8%
SG&A Expenses	$296.9M-1.2%	$302.5M+18.3%	$298.4M+8.8%	$292.9M+6.9%	$300.6M-1.1%	$255.7M-12.8%	$274.3M-8.0%	$273.9M-9.1%
Operating Income	$76.0M-32.4%	$23.5M-85.4%	-$361.1M-86.7%	$474.8M+348.7%	$112.4M-53.4%	$160.5M-39.0%	-$193.3M-814.3%	$105.8M-49.4%
EBITDA	$118.6M-22.4%	$67.6M-66.6%	-$315.0M-106.9%	$519.0M+257.9%	$152.9M-45.4%	$202.2M-33.6%	-$152.2M-724.7%	$145.0M-41.9%
Interest Expense	$3.6M-52.9%	$3.6M-53.6%	$7.9M+2.6%	$10.2M+32.1%	$7.7M+0.2%	$7.7M+0.1%	$7.7M0.0%	$7.7M+0.2%
Income Tax	$16.3M-33.3%	$18.0M-61.9%	-$58.5M-12.7%	$116.4M+585.4%	$24.4M-49.9%	$47.2M-18.8%	-$51.9M-177.1%	$17.0M-59.7%
Net Income	$79.8M-25.8%	$24.8M-81.4%	-$279.3M-138.9%	$377.4M+217.0%	$107.6M-50.7%	$133.1M-43.3%	-$116.9M-552.9%	$119.0M-40.1%
EPS (Basic)	$0.76-14.6%	$0.23-78.5%	-$2.25-167.9%	$3.13+240.2%	$0.89-45.7%	$1.07-38.2%	-$0.84-481.8%	$0.92-34.3%
EPS (Diluted)	$0.75-14.8%	$0.22-79.4%	-$2.25-171.1%	$3.10+240.7%	$0.88-46.0%	$1.07-37.8%	-$0.83-477.3%	$0.91-34.1%
Diluted Shares (Avg)	109M-11.2%	111M-11.2%	N/A	122M-7.1%	122M-8.9%	125M-8.9%	N/A	131M-9.3%

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

HOG Balance Sheet

HOG quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0-100.0%	$10.0M	$0-100.0%	$5.5M-87.8%	$45.2M-21.2%	$57.3M-42.1%	$99.0M-27.0%	$135.6M-11.6%	$153.4M
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$2.2B-56.5%	$5.2B-6.3%	$5.5B+8.9%	$5.1B-1.9%	$5.2B-18.3%	$6.3B+14.1%	$5.5B+4.4%	$5.3B+6.5%	$5.0B-2.7%	$5.1B-5.2%	$5.4B+27.7%	$4.2B+8.5%	$3.9B-24.0%	$5.1B+12.2%	$4.6B
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$7.2B-39.9%	$7.2B-41.5%	$8.0B-32.3%	$10.6B-18.9%	$12.1B-5.6%	$12.4B+0.4%	$11.9B-2.1%	$13.0B+4.5%
Current Assets	$4.6B-10.9%	$4.7B-16.0%	$5.6B+11.8%	$8.2B+40.0%	$5.1B-8.7%	$5.6B+4.9%	$5.0B-3.2%	$5.9B+8.6%
Cash & Equivalents	$1.9B+19.4%	$1.8B-6.5%	$3.1B+94.5%	$1.8B-20.9%	$1.6B-14.1%	$1.9B+31.9%	$1.6B+3.6%	$2.2B+19.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$500.9M-20.5%	$622.2M-12.7%	$730.9M-2.0%	$512.2M-24.9%	$630.3M-5.8%	$712.3M-8.6%	$745.8M-19.8%	$681.9M-11.3%
Accounts Receivable	$301.8M-7.4%	$285.8M-8.8%	$225.8M-3.7%	$305.0M-0.9%	$325.8M+1.4%	$313.3M+2.4%	$234.3M-12.3%	$307.7M-2.4%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$63.6M-0.4%	$63.4M+1.8%	$63.9M+3.7%	$63.9M+1.5%	$63.8M+2.7%	$62.3M+0.1%	$61.7M-1.7%	$62.9M+1.6%
Total Liabilities	$4.1B-52.5%	$4.2B-54.6%	$4.9B-43.7%	$7.0B-27.1%	$8.7B-6.3%	$9.2B+2.3%	$8.7B-1.9%	$9.6B+4.8%
Current Liabilities	$2.4B-36.1%	$2.5B-31.6%	$2.7B-25.3%	$3.3B-21.4%	$3.8B+0.2%	$3.6B+3.7%	$3.6B+5.1%	$4.2B+56.0%
Non-Current Liabilities	$1.7B-65.0%	$1.7B-69.5%	$2.2B-56.5%	$3.7B-31.5%	$5.0B-10.7%	$5.6B+1.3%	$5.2B-6.3%	$5.4B-16.3%
Long-Term Debt	$1.1B-74.1%	$1.1B-77.1%	$1.6B-63.1%	$3.1B-33.6%	$4.4B-11.8%	$5.0B-0.5%	$4.5B-10.5%	$4.7B-19.1%
Total Equity	$3.1B-6.6%	$3.1B-3.7%	$3.1B-0.8%	$3.6B+4.1%	$3.3B-3.5%	$3.2B-4.7%	$3.2B-2.7%	$3.4B+3.7%
Retained Earnings	$3.8B+3.3%	$3.7B+4.1%	$3.7B+7.3%	$4.0B+11.5%	$3.7B+4.4%	$3.6B+8.0%	$3.5B+11.7%	$3.6B+16.3%

HOG Cash Flow Statement

HOG quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$172.4M+7.3%	$160.7M+1.6%	$158.1M+4.1%	$151.9M-8.0%	$165.2M-11.1%	$185.7M-20.1%	$232.5M-12.2%	$264.9M+19.2%	$222.2M+6.0%	$209.6M+5.8%	$198.1M+10.5%	$179.3M+7.3%	$167.1M-1.1%	$169.0M-6.3%	$180.4M
Stock-Based Compensation	N/A	$31.7M-35.2%	$49.0M-40.9%	$82.9M+52.5%	$54.4M+28.9%	$42.2M+79.4%	$23.5M-30.4%	$33.7M-5.1%	$35.5M+9.4%	$32.5M+0.5%	$32.3M+9.9%	$29.4M-22.4%	$37.9M-8.0%	$41.2M+1.1%	$40.8M+6.9%	$38.2M
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$168.3M-54.3%	-$228.0M-261.1%	$152.0M+14.1%	-$92.6M-126.2%	$368.0M-22.3%	$141.5M+36.1%	$133.2M+176.8%	$353.0M+19.2%
Depreciation & Amortization	$42.6M+5.3%	$44.1M+5.8%	$46.0M+12.0%	$44.2M+12.8%	$40.4M+4.0%	$41.7M+0.5%	$41.1M-9.7%	$39.2M-2.9%
Stock-Based Compensation	N/A	$8.5M+25.4%	N/A	N/A	N/A	$6.8M-58.0%	N/A	N/A
Capital Expenditures	$12.9M-63.7%	$31.8M+6.1%	$51.6M-8.1%	$36.5M-30.5%	$35.6M-14.2%	$30.0M-35.3%	$56.1M-18.0%	$52.6M+0.4%
Free Cash Flow	$155.4M-53.2%	-$259.8M-332.9%	$100.4M+30.4%	-$129.1M-143.0%	$332.4M-23.1%	$111.6M+93.5%	$77.0M+478.0%	$300.4M+23.2%
Investing Cash Flow	-$174.7M-15.5%	-$92.0M-249.9%	$3.6B+3374.4%	$295.3M+431.3%	-$151.2M+46.8%	$61.4M+154.6%	$102.8M+8882.8%	-$89.1M+46.3%
Financing Cash Flow	$100.4M+117.7%	-$959.3M-738.8%	-$2.5B-178.0%	-$131.2M-199.8%	-$566.7M-372.6%	$150.2M+679.3%	-$885.8M-106.8%	$131.5M-42.5%
Dividends Paid	$19.7M-9.9%	$21.5M-6.0%	$20.1M-7.7%	$21.5M-2.5%	$21.8M-5.0%	$22.9M-6.0%	$21.8M-7.5%	$22.1M-10.1%
Share Buybacks	$30.4M+67388.9%	$70.0M-24.8%	$160.1M+60.0%	$100.1M-33.3%	$45K-100.0%	$93.1M-13.7%	$100.0M-19.7%	$150.1M+115.1%

HOG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HOG quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	0.56+0.1x	0.440.0x	0.480.0x	0.500.0x	0.48+0.1x	0.34-0.2x	0.510.0x	0.540.0x	0.570.0x	0.610.0x	0.60-0.1x	0.650.0x	0.630.0x	0.61+0.1x	0.55
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	34.2%-8.3pp	32.3%-9.7pp	15.0%-21.0pp	40.4%-5.8pp	42.6%-0.4pp	42.0%+1.2pp	36.1%-4.0pp	46.2%+3.9pp
Operating Margin	6.2%-2.4pp	2.0%-10.1pp	-72.8%-44.6pp	35.4%+26.2pp	8.6%-6.3pp	12.1%-3.1pp	-28.1%-26.1pp	9.2%-4.3pp
Net Margin	6.5%-1.7pp	2.1%-7.9pp	-56.3%-39.3pp	28.1%+17.8pp	8.2%-5.3pp	10.0%-3.6pp	-17.0%-19.4pp	10.3%-2.5pp
Return on Equity	2.6%-0.7pp	0.8%-3.4pp	-8.9%-5.2pp	10.6%+7.1pp	3.2%-3.1pp	4.2%-2.9pp	-3.7%-4.5pp	3.5%-2.5pp
Return on Assets	1.1%+0.2pp	0.3%-0.7pp	-3.5%-2.5pp	3.6%+2.7pp	0.9%-0.8pp	1.1%-0.8pp	-1.0%-1.2pp	0.9%-0.7pp
Current Ratio	1.90+0.5x	1.91+0.4x	2.10+0.7x	2.51+1.1x	1.37-0.1x	1.560.0x	1.40-0.1x	1.41-0.6x
Debt-to-Equity	0.36-1.0x	0.37-1.2x	0.53-0.9x	0.88-0.5x	1.32-0.1x	1.56+0.1x	1.41-0.1x	1.38-0.4x
Asset Turnover	0.17+0.1x	0.16+0.1x	0.060.0x	0.130.0x	0.110.0x	0.110.0x	0.060.0x	0.090.0x
FCF Margin	12.6%-12.8pp	-22.2%-30.6pp	20.2%+9.0pp	-9.6%-35.7pp	25.4%-1.3pp	8.4%+5.1pp	11.2%+13.1pp	26.1%+10.4pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Harley-Davidson, Inc. HOG	FY2025	$4.5B	$338.7M	7.6%	$2.9B	61/100
Brunswick Corporation BC	FY2025	$5.4B	-$137.3M	-2.6%	$4.0B	34/100
Polaris Inc. PII	FY2025	$7.2B	-$465.5M	-6.5%	$2.9B	29/100
Thor Industries, Inc. THO	FY2026	$9.6B	$177.5M	1.8%	$3.4B	32/100
LCI Industries LCII	FY2025	$4.1B	$188.3M	4.6%	$1.9B	56/100

Where Harley-Davidson, Inc. Ranks

Frequently Asked Questions

What is Harley-Davidson, Inc.'s annual revenue?

Harley-Davidson, Inc. (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, Inc.'s revenue growing?

Harley-Davidson, Inc. (HOG) revenue declined by 13.8% year-over-year, from $5.2B to $4.5B in fiscal year 2025.

Is Harley-Davidson, Inc. profitable?

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

What is Harley-Davidson, Inc.'s EBITDA?

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

How much debt does Harley-Davidson, Inc. have?

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

What is Harley-Davidson, Inc.'s gross margin?

Harley-Davidson, Inc. (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, Inc.'s operating margin?

Harley-Davidson, Inc. (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, Inc.'s net profit margin?

Harley-Davidson, Inc. (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, Inc. pay dividends?

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

What is Harley-Davidson, Inc.'s return on equity (ROE)?

Harley-Davidson, Inc. (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, Inc.'s free cash flow?

Harley-Davidson, Inc. (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, Inc.'s operating cash flow?

Harley-Davidson, Inc. (HOG) generated $568.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Harley-Davidson, Inc.'s total assets?

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

What are Harley-Davidson, Inc.'s capital expenditures?

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

Does Harley-Davidson, Inc. buy back shares?

Yes, Harley-Davidson, Inc. (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, Inc. have outstanding?

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

What is Harley-Davidson, Inc.'s current ratio?

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

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

Harley-Davidson, Inc. (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, Inc.'s return on assets (ROA)?

Harley-Davidson, Inc. (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, Inc.'s P/E ratio?

Harley-Davidson, Inc. (HOG) trades at 14.2x earnings, its market capitalization divided by net income of $202.6M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.9B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Harley-Davidson, Inc.'s price-to-sales ratio?

Harley-Davidson, Inc. (HOG) trades at 0.7x sales, its market capitalization divided by revenue of $4.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.9B as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Harley-Davidson, Inc.'s Altman Z-Score?

Harley-Davidson, Inc. (HOG) has an Altman Z-Score of 2.15, 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, Inc.'s Piotroski F-Score?

Harley-Davidson, Inc. (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, Inc.'s earnings high quality?

Harley-Davidson, Inc. (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, Inc. cover its interest payments?

Harley-Davidson, Inc. (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, Inc.?

Harley-Davidson, Inc. (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.