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Harley-Davidson Inc (HOG) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER CYCLICAL · RECREATIONAL VEHICLES · DATA UPDATED 2026-08-29

Harley-Davidson Inc (HOG) operates in the RECREATIONAL VEHICLES industry and is headquartered in Milwaukee, United States with about 5,500 employees. Its market capitalization is roughly $3 billion. In the fiscal year ended 2025-12-31, HOG reported $4.5B in revenue and $339M in net income.

Harley-Davidson, Inc. manufactures and sells motorcycles in the United States and internationally. The company operates in three segments: Harley-Davidson Motor Company, LiveWire, and Harley-Davidson Financial Services.

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HOG Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$4.1B	$4.5B	$5.2B	$5.8B	$5.8B	$5.3B	$4.1B	$5.4B	$5.7B	$5.6B	$6.0B	$6.0B	$6.2B	$5.9B	$5.6B	$5.3B	$4.9B	$4.8B	$6.0B	$5.7B	$5.8B
Gross Profit	$983M	$1.4B	$1.8B	$2.2B	$2.1B	$1.9B	$1.4B	$1.9B	$2.2B	$1.9B	$2.1B	$2.2B	$2.3B	$2.3B	$2.2B	$2.0B	$1.8B	$1.6B	$2.2B	$2.1B	$2.2B
Gross Margin %	23.9%	30.2%	34.9%	37.4%	37.1%	35.6%	33.8%	35.8%	38.0%	34.2%	35.5%	37.2%	37.0%	39.6%	38.7%	37.2%	37.8%	33.4%	36.5%	36.9%	38.5%
Operating Income (EBIT)	$209M	$387M	$417M	$779M	$909M	$823M	$10M	$556M	$714M	$891M	$1.0B	$1.2B	$1.3B	$1.2B	$1.0B	$830M	$561M	$196M	$1.1B	$1.4B	$1.6B
Operating Margin %	5.1%	8.6%	8.0%	13.4%	15.8%	15.4%	0.2%	10.4%	12.5%	15.8%	17.5%	19.3%	20.6%	19.6%	17.9%	15.6%	11.5%	4.1%	17.8%	24.9%	27.5%
Net Income	$202M	$339M	$455M	$707M	$741M	$650M	$1M	$424M	$531M	$522M	$692M	$752M	$845M	$734M	$624M	$599M	$147M	($55M)	$655M	$934M	$1.0B
Net Margin %	4.9%	7.6%	8.8%	12.1%	12.9%	12.2%	0.0%	7.9%	9.3%	9.2%	11.5%	12.6%	13.6%	12.4%	11.2%	11.3%	3.0%	-1.1%	11.0%	16.3%	18.0%
EBITDA	$350M	$665M	$709M	$1.1B	$1.1B	$1.0B	$201M	$821M	$982M	$1.1B	$1.3B	$1.4B	$1.5B	$1.3B	$1.2B	$1.0B	$736M	$447M	$1.3B	$1.9B	$1.8B
Earnings Per Share (EPS)	$1.61	$2.79	$3.44	$4.87	$4.96	$4.19	$0.01	$2.68	$3.19	$3.02	$3.83	$3.69	$3.88	$3.28	$2.72	$2.55	$0.62	$-0.24	$2.79	$3.74	$3.93
Shares Outstanding (M)	108M	121M	132M	145M	149M	155M	154M	158M	167M	173M	181M	204M	218M	224M	229M	235M	235M	234M	234M	250M	265M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HOG Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$1.1B	$1.2B	$496M	$1.3B	$1.3B	$1.3B	$688M	$1.2B
Gross Profit	$277M	$346M	($113M)	$472M	$369M	$469M	$153M	$438M
Gross Margin %	25.1%	29.5%	-22.8%	35.2%	28.2%	35.3%	22.3%	38.0%
Operating Income (EBIT)	$45M	$46M	($361M)	$479M	$112M	$160M	($193M)	$106M
Operating Margin %	4.1%	3.9%	-72.8%	35.7%	8.6%	12.1%	-28.1%	9.2%
Net Income	$79M	$25M	($279M)	$377M	$108M	$133M	($117M)	$119M
Net Margin %	7.2%	2.1%	-56.3%	28.1%	8.2%	10.0%	-17.0%	10.3%
EBITDA	$1M	$90M	($287M)	$546M	$178M	$227M	($122M)	$180M
Earnings Per Share (EPS)	$0.73	$0.22	$-2.44	$3.10	$0.87	$1.07	$-0.93	$0.91
Shares Outstanding (M)	108M	111M	114M	122M	123M	125M	126M	131M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HOG Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$0M	$569M	$1.1B	$755M	$548M	$976M	$1.2B	$868M	$1.2B	$1.0B	$1.2B	$1.1B	$1.1B	$977M	$793M	$885M	$1.1B	$609M	($685M)	$798M	$762M
Capital Expenditures (CapEx)	$133M	$154M	$197M	$207M	$152M	$120M	$131M	$181M	$214M	$206M	$256M	$260M	$232M	$208M	$189M	$189M	$171M	$117M	$232M	$242M	$220M
Free Cash Flow (FCF)	($133M)	$415M	$867M	$547M	$397M	$856M	$1.0B	$687M	$992M	$799M	$918M	$840M	$914M	$769M	$604M	$696M	$922M	$492M	($917M)	$556M	$542M
FCF Margin %	-3.2%	9.3%	16.7%	9.4%	6.9%	16.0%	25.8%	12.8%	17.4%	14.1%	15.3%	14.0%	14.7%	13.0%	10.8%	13.1%	19.0%	10.3%	-15.4%	9.7%	9.3%
Dividends Paid	$83M	$86M	$91M	$96M	$93M	$92M	$68M	$237M	$246M	$252M	$252M	$249M	$238M	$188M	$142M	$111M	$94M	$94M	$302M	$261M	$213M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HOG Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$168M	($228M)	$152M	($93M)	$368M	$142M	$133M	$353M
Capital Expenditures (CapEx)	$13M	$32M	$52M	$37M	$36M	$30M	$56M	$53M
Free Cash Flow (FCF)	$155M	($260M)	$100M	($129M)	$332M	$112M	$77M	$300M
FCF Margin %	14.1%	-22.2%	20.2%	-9.6%	25.4%	8.4%	11.2%	26.1%
Dividends Paid	$20M	$22M	$20M	$22M	$22M	$23M	$22M	$22M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HOG Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$7.2B	$8.0B	$11.9B	$12.1B	$11.5B	$11.1B	$12.0B	$10.5B	$10.7B	$10.0B	$9.9B	$10.0B	$9.5B	$9.4B	$9.2B	$9.7B	$9.4B	$9.2B	$7.8B	$5.7B	$5.5B
Cash & Cash Equivalents	$1.9B	$3.1B	$1.6B	$1.5B	$1.4B	$1.9B	$3.3B	$834M	$1.2B	$688M	$760M	$722M	$907M	$1.1B	$1.1B	$1.5B	$1.0B	$1.6B	$569M	$403M	$238M
Total Liabilities	$4.1B	$4.9B	$8.7B	$8.9B	$8.6B	$8.5B	$10.3B	$8.7B	$8.9B	$8.1B	$8.0B	$8.1B	$6.6B	$6.4B	$6.6B	$7.3B	$7.2B	$7.0B	$5.7B	$3.3B	$2.8B
Total Debt (Short + Long-Term)	$2.2B	$3.0B	$7.0B	$7.1B	$6.9B	$6.9B	$9.0B	$7.5B	$7.6B	$7.0B	$6.8B	$6.9B	$5.5B	$5.3B	$5.1B	$4.3B	$3.7B	$5.6B	$3.9B	$2.1B	$1.7B
Total Shareholders' Equity	$3.1B	$3.1B	$3.2B	$3.3B	$2.9B	$2.6B	$1.7B	$1.8B	$1.8B	$1.8B	$1.9B	$1.8B	$2.9B	$3.0B	$2.6B	$2.4B	$2.2B	$2.1B	$2.1B	$2.4B	$2.8B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive HOG viewer.

Other Companies in RECREATIONAL VEHICLES

BC · Brunswick Corporation — $4 billion
DOO · BRP Inc. — $4 billion
THO · Thor Industries Inc — $4 billion
PII · Polaris Industries Inc — $3 billion
PATK · Patrick Industries Inc — $2 billion

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