Harley-Davidson (HOG) Financials

$23.92 -1.19 (-4.72%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$23.94 +0.02 (+0.07%)

As of 04:43 AM Eastern

Annual Income Statements for Harley-Davidson

This table shows Harley-Davidson's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	752	692	522	531	424	1.30	650	741	707	455	339
Consolidated Net Income / (Loss)	752	692	522	531	424	1.30	650	739	695	445	329
Net Income / (Loss) Continuing Operations	752	692	522	531	424	1.30	650	739	695	445	329
Total Pre-Tax Income	1,150	1,024	864	687	557	-16	819	931	867	517	459
Total Operating Income	1,156	1,046	882	714	556	9.68	823	909	779	417	387
Total Gross Profit	2,538	2,434	2,062	2,258	1,787	1,437	2,068	2,206	2,287	1,934	1,923
Total Revenue	5,995	5,996	5,647	5,717	5,362	4,054	5,336	5,755	5,836	5,187	4,473
Operating Revenue	5,995	5,996	5,647	5,717	5,362	4,054	5,336	5,755	5,836	5,187	4,473
Total Cost of Revenue	3,458	3,563	3,585	3,459	3,575	2,618	3,268	3,549	3,549	3,253	2,550
Operating Cost of Revenue	3,356	3,426	3,453	3,352	3,440	2,436	3,243	3,404	3,322	3,006	2,742
Other Cost of Revenue	101	137	132	107	135	182	25	145	227	247	-191
Total Operating Expenses	1,382	1,388	1,180	1,545	1,231	1,427	1,245	1,297	1,508	1,517	1,536
Selling, General & Admin Expense	1,220	1,214	1,180	1,258	1,199	1,051	1,052	1,079	1,176	1,145	1,147
Other Operating Expenses / (Income)	162	174	-	193	-	246	193	218	332	372	389
Total Other Income / (Expense), net	-5.53	-22	-18	-27	1.81	-25	-4.20	22	88	101	72
Interest Expense	12	30	31	31	31	31	31	31	31	31	33
Interest & Investment Income	6.59	4.65	3.58	0.95	16	7.56	6.69	4.54	47	59	44
Other Income / (Expense), net	-	2.64	9.18	3.04	17	-1.85	20	49	72	72	61
Income Tax Expense	398	332	342	155	134	-17	169	192	172	72	130
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	0.00	0.00	-2.19	-12	-10	-9.58
Basic Earnings per Share	$3.71	$3.85	$3.03	$3.21	$2.70	$0.01	$4.23	$5.01	$4.96	$3.46	$2.82
Weighted Average Basic Shares Outstanding	202.68M	179.68M	172.20M	165.60M	152.81M	153.31M	153.88M	146.19M	136.56M	124.54M	111.85M
Diluted Earnings per Share	$3.69	$3.83	$3.02	$3.19	$2.68	$0.01	$4.19	$4.96	$4.87	$3.44	$2.78
Weighted Average Diluted Shares Outstanding	202.68M	179.68M	172.20M	165.60M	152.81M	153.31M	153.88M	146.19M	136.56M	124.54M	111.85M
Weighted Average Basic & Diluted Shares Outstanding	202.68M	179.68M	172.20M	165.60M	152.81M	153.31M	153.88M	146.19M	136.56M	124.54M	111.85M
Cash Dividends to Common per Share	$1.24	$1.40	$1.46	$1.48	$1.50	$0.44	$0.60	$0.63	$0.66	$0.69	$0.72

This table shows Harley-Davidson's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	178	199	26	235	218	119	-117	133	108	377	-279
Consolidated Net Income / (Loss)	174	196	23	232	215	116	-118	131	106	375	-283
Net Income / (Loss) Continuing Operations	174	196	23	232	215	116	-118	131	106	375	-283
Total Pre-Tax Income	232	238	4.57	290	264	133	-170	178	130	492	-341
Total Operating Income	221	209	-21	263	241	106	-193	160	112	475	-361
Total Gross Profit	598	595	366	645	639	474	176	505	507	844	68
Total Revenue	1,446	1,549	1,053	1,730	1,619	1,151	688	1,329	1,307	1,341	496
Operating Revenue	1,446	1,549	1,053	1,730	1,619	1,151	688	1,329	1,307	1,341	496
Total Cost of Revenue	848	954	688	1,085	980	677	512	824	801	497	429
Operating Cost of Revenue	791	893	631	1,024	924	619	440	771	751	799	422
Other Cost of Revenue	57	61	57	61	56	58	72	53	50	-301	7.04
Total Operating Expenses	376	386	387	382	398	368	369	345	394	369	429
Selling, General & Admin Expense	290	301	298	293	304	274	274	256	301	293	298
Other Operating Expenses / (Income)	86	84	89	89	94	94	95	89	94	76	130
Total Other Income / (Expense), net	11	29	26	27	23	27	23	18	18	17	20
Interest Expense	7.70	7.69	7.68	7.68	7.68	7.71	7.68	7.69	7.70	10	7.88
Interest & Investment Income	11	9.87	16	14	15	16	13	8.94	11	12	12
Other Income / (Expense), net	7.23	27	18	21	16	18	17	16	14	15	16
Income Tax Expense	58	42	-19	58	49	17	-52	47	24	116	-58
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.21	-2.55	-2.52	-2.71	-2.86	-3.07	-1.54	-2.31	-1.82	-2.20	-3.25
Basic Earnings per Share	$1.24	$1.40	$0.24	$1.73	$1.64	$0.92	($0.83)	$1.07	$0.89	$3.13	($2.27)
Weighted Average Basic Shares Outstanding	141.69M	139.27M	136.56M	134.51M	131.62M	127.33M	124.54M	121.49M	121.55M	118.14M	111.85M
Diluted Earnings per Share	$1.22	$1.38	$0.23	$1.72	$1.63	$0.91	($0.82)	$1.07	$0.88	$3.10	($2.27)
Weighted Average Diluted Shares Outstanding	141.69M	139.27M	136.56M	134.51M	131.62M	127.33M	124.54M	121.49M	121.55M	118.14M	111.85M
Weighted Average Basic & Diluted Shares Outstanding	141.69M	139.27M	136.56M	134.51M	131.62M	127.33M	124.54M	121.49M	121.55M	118.14M	111.85M
Cash Dividends to Common per Share	$0.17	$0.17	$0.16	$0.17	$0.17	$0.17	$0.17	$0.18	$0.18	$0.18	$0.18

This table details how cash moves in and out of Harley-Davidson's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-1,270	-5.72	-1,113	-677	-354	2,504	-2,344	-975	-687	-956	768
Net Cash From Operating Activities	1,100	1,174	1,005	1,206	868	1,178	976	548	755	1,064	569
Net Cash From Continuing Operating Activities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Income / (Loss) Continuing Operations	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash From Investing Activities	-916	-393	-562	-662	-508	-67	-459	-773	-512	-383	3,779
Net Cash From Continuing Investing Activities	-916	-393	-562	-662	-508	-67	-459	-773	-512	-383	3,779
Purchase of Property, Plant & Equipment	-260	-256	-206	-214	-181	-131	-120	-152	-207	-197	-154
Purchase of Investments	-3,752	-3,664	-3,592	-3,763	-3,847	-3,497	-4,244	-4,559	-3,874	-3,639	-2,554
Sale and/or Maturity of Investments	12	353	6.92	0.00	-	-	-	-	0.00	0.00	3,686
Other Investing Activities, net	3,144	3,175	3,229	3,314	3,521	3,562	3,904	3,937	3,569	3,453	2,800
Net Cash From Financing Activities	-354	-778	-550	-15	-712	1,374	-1,885	-202	-175	-572	-3,010
Net Cash From Continuing Financing Activities	-354	-778	-550	-15	-712	1,374	-1,885	-202	-175	-572	-3,010
Repayment of Debt	-1,210	-1,334	-1,421	-1,483	-2,581	-2,316	-3,260	-2,682	-2,378	-2,234	-4,310
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	0.00	0.00	-40
Repurchase of Common Equity	-1,537	-465	-465	-391	-297	-8.01	-12	-339	-364	-460	-353
Payment of Dividends	-249	-252	-252	-246	-237	-68	-92	-93	-96	-91	-86
Issuance of Debt	2,619	1,256	1,576	2,102	2,403	3,686	1,269	2,771	2,534	2,111	1,748
Other Financing Activities, net	3.47	2.25	-	-	0.00	80	210	141	130	102	32

This table details how cash moves in and out of Harley-Davidson's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-433	55	-421	-145	-80	53	-783	215	-709	152	1,111
Net Cash From Operating Activities	364	296	48	104	474	353	133	142	368	-93	152
Net Cash From Investing Activities	-275	-166	-1.17	-113	-285	-89	103	61	-151	295	3,573
Net Cash From Continuing Investing Activities	-275	-166	-1.17	-113	-285	-89	103	61	-151	295	3,573
Purchase of Property, Plant & Equipment	-41	-52	-69	-46	-41	-53	-56	-30	-36	-37	-52
Purchase of Investments	-1,212	-1,034	-711	-908	-1,188	-907	-637	-737	-1,029	-521	-266
Other Investing Activities, net	979	920	778	842	945	870	796	828	913	853	205
Net Cash From Financing Activities	-154	229	-428	-26	208	131	-886	150	-567	-131	-2,463
Net Cash From Continuing Financing Activities	-154	229	-428	-26	208	131	-886	150	-567	-131	-2,463
Repayment of Debt	-914	-224	-356	-222	-790	-353	-869	-498	-1,067	-520	-2,225
Repurchase of Common Equity	-73	-70	-125	-108	-102	-150	-100	-93	-0.05	-100	-160
Payment of Dividends	-24	-25	-24	-24	-23	-22	-22	-23	-22	-22	-20
Issuance of Debt	787	508	107	335	1,060	612	104	802	498	494	-46
Other Financing Activities, net	70	39	-31	-6.76	63	45	1.38	-37	24	16	29

This table presents Harley-Davidson's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	9,973	9,890	9,973	10,666	10,528	12,011	11,051	11,492	12,141	11,882	8,045
Total Current Assets	3,978	3,854	3,885	4,484	4,203	5,845	4,550	4,751	5,164	4,997	5,587
Cash & Equivalents	722	760	688	1,204	834	3,257	1,875	1,433	1,534	1,590	3,092
Restricted Cash	188	53	48	49	65	132	129	135	105	136	0.00
Short-Term Investments	45	5.52	0.00	10	-	-	-	-	-	-	982
Accounts Receivable	247	285	330	306	259	143	182	252	267	234	226
Inventories, net	586	500	538	556	604	523	713	951	930	746	731
Other Current Assets	133	174	176	144	169	280	186	196	214	260	292
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	264
Plant, Property, & Equipment, net	942	982	968	904	847	744	684	690	732	757	750
Total Noncurrent Assets	5,053	5,055	5,120	5,277	5,478	5,421	5,817	6,052	6,245	6,128	1,708
Noncurrent Note & Lease Receivables	4,815	4,759	4,859	5,008	5,102	4,933	5,106	5,356	5,385	5,257	719
Goodwill	54	53	56	55	64	66	63	62	63	62	64
Noncurrent Deferred & Refundable Income Taxes	100	168	109	141	101	159	83	135	161	176	74
Employee Benefit Assets	-	0.00	20	0.00	56	96	386	320	413	441	546
Other Noncurrent Operating Assets	84	74	76	73	155	168	178	179	224	193	305
Total Liabilities & Shareholders' Equity	9,973	9,890	9,973	10,666	10,528	12,011	11,051	11,492	12,141	11,882	8,045
Total Liabilities	8,133	7,970	8,128	8,892	8,724	10,288	8,498	8,586	8,888	8,723	4,888
Total Current Liabilities	2,747	2,863	3,158	3,598	3,197	3,982	3,343	3,534	3,384	3,557	2,659
Short-Term Debt	2,040	2,141	2,401	2,712	2,320	3,054	2,294	2,455	2,135	2,492	1,317
Accounts Payable	236	235	228	285	294	291	375	378	349	299	389
Accrued Expenses	472	487	530	601	582	557	602	621	647	594	672
Customer Deposits	-	-	-	-	0.00	80	72	80	253	173	280
Total Noncurrent Liabilities	5,386	5,108	4,970	5,294	5,527	6,306	5,155	5,052	5,504	5,166	2,229
Long-Term Debt	4,832	4,667	4,587	4,888	5,125	5,933	4,596	4,457	4,991	4,469	1,650
Capital Lease Obligations	-	-	-	-	44	30	-	27	52	47	69
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	0.00	8.14	8.61	9.26	30	34	17	5.51
Noncurrent Employee Benefit Liabilities	359	258	173	202	129	114	95	68	60	54	53
Other Noncurrent Operating Liabilities	195	183	210	204	221	220	455	470	368	579	452
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,840	1,920	1,844	1,774	1,804	1,723	2,553	2,907	3,252	3,159	3,157
Total Preferred & Common Equity	1,840	1,920	1,844	1,774	1,804	1,723	2,553	2,904	3,253	3,166	3,141
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,840	1,920	1,844	1,774	1,804	1,723	2,553	2,904	3,253	3,166	3,141
Common Stock	1,332	1,384	1,425	1,461	1,493	1,509	1,549	1,690	1,754	1,794	1,792
Retained Earnings	8,962	1,338	1,608	2,008	2,194	1,285	1,842	2,491	3,101	3,465	3,717
Accumulated Other Comprehensive Income / (Loss)	-615	-565	-500	-630	-537	-483	-241	-342	-305	-333	-257
Other Equity Adjustments	-	-	-	-	-	-	-	-935	-	-	-2,112
Noncontrolling Interest	-	-	-	-	-	-	0.00	3.29	-0.51	-7.55	16

This table presents Harley-Davidson's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/25/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	11,928	12,030	12,016	12,462	12,335	12,760	13,027	12,382	12,050	10,566
Total Current Assets	5,012	5,291	5,014	5,423	5,386	5,638	5,890	5,647	5,149	8,243
Cash & Equivalents	1,730	1,561	1,522	1,878	1,465	1,849	2,244	1,931	1,588	1,775
Restricted Cash	287	165	136	131	130	137	148	150	150	52
Short-Term Investments	-	-	-	-	-	-	2,301	-	-	1,221
Accounts Receivable	300	334	329	315	306	321	308	313	326	305
Inventories, net	681	831	846	769	780	669	682	712	630	512
Other Current Assets	206	155	202	228	183	188	208	254	327	297
Other Current Nonoperating Assets	-	-	-	-	-	-	0.00	-	-	4,081
Plant, Property, & Equipment, net	642	690	688	703	719	720	728	751	729	719
Total Noncurrent Assets	6,274	6,049	6,313	6,336	6,230	6,402	6,408	5,984	6,172	1,604
Noncurrent Note & Lease Receivables	5,535	5,328	5,530	5,553	5,383	5,546	5,500	5,113	5,198	662
Goodwill	60	62	62	62	62	62	63	62	64	64
Noncurrent Deferred & Refundable Income Taxes	70	141	145	145	154	159	169	159	167	91
Employee Benefit Assets	425	337	353	369	427	439	453	454	468	481
Other Noncurrent Operating Assets	184	181	222	207	204	197	224	196	275	306
Total Liabilities & Shareholders' Equity	11,928	12,030	12,016	12,462	12,335	12,760	13,027	12,382	12,050	10,566
Total Liabilities	9,087	8,934	8,826	9,151	8,999	9,327	9,602	9,209	8,743	7,005
Total Current Liabilities	3,680	3,085	2,466	2,673	3,491	3,764	4,170	3,622	3,771	3,278
Short-Term Debt	2,433	1,910	1,300	1,454	2,221	2,519	3,059	2,338	2,487	2,014
Accounts Payable	439	404	359	382	398	377	306	443	367	343
Accrued Expenses	711	625	591	586	633	661	626	663	673	629
Customer Deposits	98	145	216	251	240	207	179	178	243	293
Total Noncurrent Liabilities	5,407	5,849	6,359	6,478	5,508	5,563	5,432	5,587	4,972	3,727
Long-Term Debt	4,738	5,275	5,765	5,856	4,989	4,950	4,740	4,963	4,368	3,148
Capital Lease Obligations	24	27	56	52	48	45	52	48	56	52
Noncurrent Deferred & Payable Income Tax Liabilities	8.31	31	32	30	34	33	33	17	17	18
Noncurrent Employee Benefit Liabilities	93	67	67	68	59	59	59	53	52	51
Other Noncurrent Operating Liabilities	544	449	440	472	377	475	549	506	479	458
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,840	3,096	3,190	3,311	3,336	3,433	3,425	3,174	3,308	3,561
Total Preferred & Common Equity	2,840	3,093	3,189	3,310	3,338	3,438	3,431	3,182	3,317	3,572
Total Common Equity	2,840	3,093	3,189	3,310	3,338	3,438	3,431	3,182	3,317	3,572
Common Stock	1,577	1,709	1,725	1,740	1,765	1,777	1,786	1,800	1,808	1,816
Retained Earnings	2,472	2,771	2,925	3,099	3,311	3,507	3,604	3,575	3,661	4,017
Accumulated Other Comprehensive Income / (Loss)	-274	-355	-356	-357	-333	-338	-299	-338	-298	-306
Other Equity Adjustments	-935	-	-1,104	-1,172	-1,406	-	-1,660	-1,854	-1,854	-1,955
Noncontrolling Interest	0.00	2.79	0.96	1.25	-1.64	-4.44	-6.19	-8.49	-8.99	-11

This table displays calculated financial ratios and metrics derived from Harley-Davidson's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.74%	0.02%	-5.82%	1.23%	-6.21%	-24.38%	31.62%	7.85%	1.41%	-11.13%	-13.76%
EBITDA Growth	-9.78%	-9.24%	-15.03%	-19.60%	-20.16%	-98.63%	10,671.49%	13.56%	-11.17%	-42.54%	-8.39%
EBIT Growth	-9.78%	-9.24%	-15.03%	-19.60%	-20.16%	-98.63%	10,671.49%	13.56%	-11.17%	-42.54%	-8.39%
NOPAT Growth	-10.35%	-6.42%	-24.67%	3.66%	-23.54%	-98.40%	9,543.23%	10.47%	-13.46%	-42.58%	-22.65%
Net Income Growth	-10.94%	-7.98%	-24.62%	1.86%	-20.29%	-99.69%	49,978.89%	13.72%	-5.98%	-35.95%	-26.06%
EPS Growth	-4.90%	3.79%	-21.15%	5.63%	-15.99%	-99.63%	41,800.00%	18.38%	-1.81%	-29.36%	-19.19%
Operating Cash Flow Growth	-4.06%	6.75%	-14.41%	19.98%	-28.00%	35.66%	-17.17%	-43.79%	37.64%	40.93%	-46.52%
Free Cash Flow Firm Growth	-44.24%	160.57%	-47.21%	56.25%	-74.51%	664.35%	-46.21%	-120.62%	195.01%	540.15%	868.22%
Invested Capital Growth	6.87%	0.68%	2.37%	0.16%	3.51%	-12.44%	1.20%	11.27%	6.21%	-3.98%	-78.02%
Revenue Q/Q Growth	-0.32%	-1.15%	2.14%	-1.43%	-1.35%	-7.88%	5.77%	2.24%	-1.50%	-6.58%	-4.10%
EBITDA Q/Q Growth	-2.62%	0.21%	4.90%	-11.84%	2.10%	-94.67%	18.70%	1.16%	-2.90%	-26.07%	-27.43%
EBIT Q/Q Growth	-2.62%	0.21%	4.90%	-11.84%	2.10%	-94.67%	18.70%	1.16%	-2.90%	-26.07%	-27.43%
NOPAT Q/Q Growth	-3.44%	0.49%	-6.98%	-0.55%	1.45%	-94.70%	18.88%	1.87%	-3.36%	-28.18%	-36.14%
Net Income Q/Q Growth	-4.11%	0.73%	-6.93%	-1.45%	3.17%	-98.83%	22.17%	2.51%	-2.30%	-24.15%	-33.27%
EPS Q/Q Growth	-1.86%	-0.26%	-5.92%	-1.85%	2.68%	-98.63%	21.80%	2.90%	-0.81%	-23.39%	-34.28%
Operating Cash Flow Q/Q Growth	-49.25%	16.62%	-15.94%	2.32%	-6.84%	2.01%	0.76%	-12.23%	10.93%	8.69%	3.43%
Free Cash Flow Firm Q/Q Growth	-34.72%	10.34%	-35.65%	44.26%	-61.62%	20.36%	-25.81%	-273.35%	52,613.95%	153.49%	27.79%
Invested Capital Q/Q Growth	-1.14%	-1.84%	0.03%	-2.00%	0.73%	-3.13%	0.85%	3.24%	1.47%	-4.98%	12.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.33%	40.59%	36.52%	39.50%	33.33%	35.44%	38.75%	38.34%	39.18%	37.28%	42.98%
EBITDA Margin	19.28%	17.49%	15.78%	12.53%	10.67%	0.19%	15.81%	16.64%	14.58%	9.43%	10.01%
Operating Margin	19.28%	17.45%	15.62%	12.48%	10.36%	0.24%	15.43%	15.80%	13.35%	8.03%	8.64%
EBIT Margin	19.28%	17.49%	15.78%	12.53%	10.67%	0.19%	15.81%	16.64%	14.58%	9.43%	10.01%
Profit (Net Income) Margin	12.55%	11.54%	9.24%	9.30%	7.90%	0.03%	12.18%	12.84%	11.91%	8.58%	7.36%
Tax Burden Percent	65.40%	67.60%	60.40%	77.40%	76.00%	-8.25%	79.35%	79.38%	80.18%	86.08%	71.75%
Interest Burden Percent	99.52%	97.61%	96.92%	95.82%	97.43%	-200.87%	97.12%	97.21%	101.88%	105.77%	102.42%
Effective Tax Rate	34.60%	32.40%	39.60%	22.60%	24.00%	0.00%	20.66%	20.62%	19.82%	13.92%	28.25%
Return on Invested Capital (ROIC)	9.94%	8.97%	6.66%	6.82%	5.12%	0.09%	8.84%	9.19%	7.32%	4.16%	5.39%
ROIC Less NNEP Spread (ROIC-NNEP)	9.87%	8.72%	6.48%	6.48%	5.14%	0.00%	8.77%	9.53%	8.61%	5.76%	7.99%
Return on Net Nonoperating Assets (RNNOA)	21.74%	27.85%	21.06%	22.56%	18.56%	-0.01%	21.57%	17.89%	15.25%	9.73%	5.04%
Return on Equity (ROE)	31.68%	36.82%	27.72%	29.38%	23.68%	0.07%	30.40%	27.08%	22.57%	13.89%	10.42%
Cash Return on Invested Capital (CROIC)	3.30%	8.29%	4.31%	6.66%	1.67%	13.35%	7.64%	-1.48%	1.30%	8.23%	133.31%
Operating Return on Assets (OROA)	11.85%	10.56%	8.97%	6.94%	5.40%	0.07%	7.32%	8.50%	7.20%	4.07%	4.50%
Return on Assets (ROA)	7.71%	6.97%	5.25%	5.15%	4.00%	0.01%	5.64%	6.56%	5.88%	3.71%	3.30%
Return on Common Equity (ROCE)	31.68%	36.82%	27.72%	29.38%	23.68%	0.07%	30.40%	27.06%	22.56%	13.91%	10.41%
Return on Equity Simple (ROE_SIMPLE)	40.89%	36.05%	28.29%	29.96%	23.48%	0.08%	25.46%	25.46%	21.37%	14.06%	0.00%
Net Operating Profit after Tax (NOPAT)	756	707	533	552	422	6.78	653	722	625	359	277
NOPAT Margin	12.61%	11.80%	9.43%	9.66%	7.88%	0.17%	12.24%	12.54%	10.70%	6.91%	6.20%
Net Nonoperating Expense Percent (NNEP)	0.07%	0.25%	0.18%	0.33%	-0.02%	0.09%	0.06%	-0.34%	-1.29%	-1.60%	-2.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.33%	5.99%	3.53%	4.48%
Cost of Revenue to Revenue	57.67%	59.41%	63.48%	60.50%	66.67%	64.56%	61.25%	61.66%	60.82%	62.72%	57.02%
SG&A Expenses to Revenue	20.35%	20.24%	20.90%	22.01%	22.36%	25.91%	19.71%	18.75%	20.14%	22.08%	25.65%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.05%	23.14%	20.90%	27.02%	22.97%	35.20%	23.32%	22.54%	25.84%	29.25%	34.34%
Earnings before Interest and Taxes (EBIT)	1,156	1,049	891	717	572	7.83	844	958	851	489	448
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,156	1,049	891	717	572	7.83	844	958	851	489	448
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.84	4.49	3.99	2.79	2.95	3.08	2.17	2.02	1.55	1.21	0.77
Price to Tangible Book Value (P/TBV)	3.96	4.62	4.12	2.88	3.06	3.20	2.23	2.06	1.58	1.24	0.79
Price to Revenue (P/Rev)	1.18	1.44	1.30	0.87	0.99	1.31	1.04	1.02	0.86	0.74	0.54
Price to Earnings (P/E)	9.39	12.45	14.10	9.31	12.57	4,082.88	8.54	7.89	7.12	8.42	7.15
Dividend Yield	3.37%	2.87%	3.34%	4.87%	4.35%	2.36%	1.66%	1.57%	1.83%	2.29%	3.51%
Earnings Yield	10.65%	8.03%	7.09%	10.75%	7.96%	0.02%	11.72%	12.67%	14.04%	11.87%	13.99%
Enterprise Value to Invested Capital (EV/IC)	1.65	1.85	1.68	1.39	1.42	1.49	1.40	1.36	1.20	1.08	0.75
Enterprise Value to Revenue (EV/Rev)	2.17	2.44	2.41	1.97	2.22	2.70	1.96	1.95	1.81	1.76	0.31
Enterprise Value to EBITDA (EV/EBITDA)	11.23	13.92	15.27	15.74	20.83	1,395.43	12.37	11.72	12.42	18.64	3.13
Enterprise Value to EBIT (EV/EBIT)	11.23	13.92	15.27	15.74	20.83	1,395.43	12.37	11.72	12.42	18.64	3.13
Enterprise Value to NOPAT (EV/NOPAT)	17.17	20.65	25.55	20.43	28.22	1,612.87	15.97	15.55	16.92	25.40	5.05
Enterprise Value to Operating Cash Flow (EV/OCF)	11.80	12.44	13.54	9.36	13.72	9.28	10.69	20.47	14.00	8.56	2.46
Enterprise Value to Free Cash Flow (EV/FCFF)	51.73	22.34	39.44	20.92	86.67	10.40	18.46	0.00	95.46	12.85	0.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.74	3.55	3.79	4.28	4.15	5.23	2.70	2.39	2.21	2.22	0.96
Long-Term Debt to Equity	2.63	2.43	2.49	2.76	2.87	3.46	1.80	1.54	1.55	1.43	0.54
Financial Leverage	2.20	3.19	3.25	3.48	3.61	3.46	2.46	1.88	1.77	1.69	0.63
Leverage Ratio	4.11	5.28	5.28	5.70	5.92	6.39	5.39	4.13	3.84	3.75	3.16
Compound Leverage Factor	4.09	5.16	5.11	5.47	5.77	-12.84	5.24	4.01	3.91	3.96	3.23
Debt to Total Capital	78.88%	78.00%	79.12%	81.07%	80.59%	83.96%	72.96%	70.48%	68.82%	68.93%	49.03%
Short-Term Debt to Total Capital	23.41%	24.53%	27.18%	28.93%	24.97%	28.44%	24.29%	24.94%	20.47%	24.51%	21.27%
Long-Term Debt to Total Capital	55.47%	53.47%	51.94%	52.15%	55.62%	55.52%	48.67%	45.54%	48.35%	44.42%	27.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	-0.07%	0.26%
Common Equity to Total Capital	21.12%	22.00%	20.88%	18.93%	19.41%	16.04%	27.04%	29.49%	31.19%	31.14%	50.71%
Debt to EBITDA	5.95	6.49	7.84	10.61	13.09	1,151.44	8.17	7.24	8.44	14.33	6.78
Net Debt to EBITDA	5.12	5.71	7.02	8.84	11.52	718.69	5.79	5.61	6.51	10.80	-2.32
Long-Term Debt to EBITDA	4.18	4.45	5.15	6.82	9.04	761.47	5.45	4.68	5.93	9.24	3.84
Debt to NOPAT	9.09	9.62	13.12	13.76	17.74	1,330.85	10.54	9.61	11.49	19.54	10.95
Net Debt to NOPAT	7.83	8.47	11.74	11.47	15.61	830.68	7.48	7.44	8.87	14.73	-3.74
Long-Term Debt to NOPAT	6.39	6.60	8.61	8.85	12.24	880.12	7.03	6.21	8.07	12.59	6.20
Altman Z-Score	2.91	1.91	1.72	1.45	1.46	0.98	1.49	1.62	1.59	1.39	2.12
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.05%	-0.13%	0.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.45	1.35	1.23	1.25	1.31	1.47	1.36	1.34	1.53	1.40	2.10
Quick Ratio	1.12	1.09	0.99	1.04	1.05	1.23	1.05	0.98	1.16	1.08	1.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	251	654	345	539	137	1,051	565	-117	111	709	6,863
Operating Cash Flow to CapEx	423.16%	458.26%	487.20%	564.79%	478.55%	898.81%	811.86%	361.62%	363.97%	541.22%	370.20%
Free Cash Flow to Firm to Interest Expense	20.71	22.04	11.13	17.46	4.42	33.77	18.25	-3.73	3.60	23.05	205.21
Operating Cash Flow to Interest Expense	90.79	39.58	32.42	39.05	27.94	37.85	31.50	17.56	24.52	34.60	17.01
Operating Cash Flow Less CapEx to Interest Expense	69.34	30.94	25.76	32.13	22.10	33.64	27.62	12.70	17.78	28.21	12.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.60	0.57	0.55	0.51	0.36	0.46	0.51	0.49	0.43	0.45
Accounts Receivable Turnover	24.22	22.52	18.36	17.96	18.95	20.15	32.82	26.50	22.47	20.68	19.45
Inventory Turnover	6.68	6.56	6.91	6.32	6.17	4.65	5.29	4.27	3.77	3.88	3.45
Fixed Asset Turnover	6.57	6.23	5.79	6.11	6.12	5.10	7.48	8.38	8.21	6.97	5.94
Accounts Payable Turnover	15.99	15.13	15.49	13.50	12.34	8.94	9.82	9.43	9.76	10.04	7.41
Days Sales Outstanding (DSO)	15.07	16.21	19.88	20.32	19.26	18.11	11.12	13.77	16.24	17.65	18.77
Days Inventory Outstanding (DIO)	54.62	55.62	52.85	57.74	59.21	78.58	69.04	85.57	96.71	94.01	105.67
Days Payable Outstanding (DPO)	22.83	24.12	23.57	27.04	29.57	40.81	37.18	38.72	37.39	36.35	49.23
Cash Conversion Cycle (CCC)	46.86	47.71	49.16	51.02	48.89	55.89	42.98	60.62	75.56	75.31	75.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,856	7,910	8,097	8,110	8,395	7,351	7,439	8,277	8,791	8,441	1,855
Invested Capital Turnover	0.79	0.76	0.71	0.71	0.65	0.52	0.72	0.73	0.68	0.60	0.87
Increase / (Decrease) in Invested Capital	505	53	188	13	285	-1,044	88	838	514	-350	-6,586
Enterprise Value (EV)	12,980	14,606	13,612	11,282	11,915	10,928	10,434	11,227	10,570	9,111	1,400
Market Capitalization	7,064	8,617	7,359	4,946	5,324	5,300	5,548	5,853	5,032	3,836	2,421
Book Value per Share	$9.59	$10.86	$10.96	$10.89	$11.69	$11.24	$16.59	$19.86	$23.36	$24.87	$26.58
Tangible Book Value per Share	$9.31	$10.56	$10.63	$10.56	$11.28	$10.81	$16.18	$19.44	$22.91	$24.38	$26.04
Total Capital	8,712	8,728	8,832	9,373	9,293	10,740	9,443	9,846	10,430	10,166	6,193
Total Debt	6,872	6,808	6,988	7,599	7,489	9,017	6,889	6,939	7,177	7,008	3,036
Total Long-Term Debt	4,832	4,667	4,587	4,888	5,169	5,963	4,596	4,484	5,042	4,516	1,719
Net Debt	5,916	5,989	6,253	6,336	6,591	5,628	4,886	5,370	5,539	5,283	-1,037
Capital Expenditures (CapEx)	260	256	206	214	181	131	120	152	207	197	154
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,314	2,314	2,392	2,335	2,428	1,529	1,497	2,103	2,276	2,206	172
Debt-free Net Working Capital (DFNWC)	3,270	3,132	3,127	3,598	3,326	4,917	3,501	3,672	3,914	3,931	4,246
Net Working Capital (NWC)	1,231	991	727	887	1,006	1,863	1,207	1,217	1,779	1,439	2,928
Net Nonoperating Expense (NNE)	3.62	15	11	21	-1.37	5.48	3.33	-17	-70	-87	-52
Net Nonoperating Obligations (NNO)	6,017	5,989	6,253	6,336	6,591	5,628	4,886	5,370	5,539	5,283	-1,301
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	38.60%	38.59%	42.36%	40.85%	45.28%	37.70%	28.06%	36.55%	39.00%	42.52%	3.84%
Debt-free Net Working Capital to Revenue	54.55%	52.23%	55.38%	62.94%	62.03%	121.29%	65.61%	63.80%	67.07%	75.79%	94.91%
Net Working Capital to Revenue	20.53%	16.53%	12.87%	15.51%	18.76%	45.96%	22.62%	21.14%	30.49%	27.75%	65.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.71	$3.85	$3.03	$3.21	$2.70	$0.01	$4.23	$5.01	$4.96	$3.46	$2.82
Adjusted Weighted Average Basic Shares Outstanding	184.03M	176.34M	168.41M	159.54M	152.81M	153.31M	153.88M	146.19M	136.56M	124.54M	111.85M
Adjusted Diluted Earnings per Share	$3.69	$3.83	$3.02	$3.19	$2.68	$0.01	$4.19	$4.96	$4.87	$3.44	$2.78
Adjusted Weighted Average Diluted Shares Outstanding	184.03M	176.34M	168.41M	159.54M	152.81M	153.31M	153.88M	146.19M	136.56M	124.54M	111.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	184.03M	176.34M	168.41M	159.54M	152.81M	153.31M	153.88M	146.19M	136.56M	124.54M	111.85M
Normalized Net Operating Profit after Tax (NOPAT)	756	707	533	625	447	98	653	722	625	359	277
Normalized NOPAT Margin	12.61%	11.80%	9.43%	10.92%	8.33%	2.41%	12.24%	12.54%	10.70%	6.91%	6.20%
Pre Tax Income Margin	19.18%	17.08%	15.30%	12.01%	10.40%	-0.39%	15.35%	16.18%	14.85%	9.97%	10.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	95.38	35.35	28.75	23.20	18.41	0.25	27.23	30.67	27.64	15.90	13.39
NOPAT to Interest Expense	62.38	23.84	17.18	17.88	13.59	0.22	21.10	23.11	20.29	11.66	8.30
EBIT Less CapEx to Interest Expense	73.92	26.72	22.09	16.29	12.57	-3.96	23.35	25.81	20.90	9.51	8.80
NOPAT Less CapEx to Interest Expense	40.92	15.20	10.53	10.97	7.75	-3.99	17.21	18.25	13.55	5.27	3.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.14%	36.45%	48.27%	46.25%	56.00%	5,245.53%	14.22%	12.61%	13.86%	20.49%	26.25%
Augmented Payout Ratio	237.47%	103.68%	137.44%	119.75%	125.99%	5,862.33%	16.01%	58.41%	66.23%	123.78%	133.57%

This table displays calculated financial ratios and metrics derived from Harley-Davidson's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.60%	-6.04%	-7.80%	-3.30%	11.99%	-25.72%	-34.71%	-23.15%	-19.26%	16.51%	-27.84%
EBITDA Growth	-20.55%	-32.17%	-115.86%	-27.22%	12.43%	-47.39%	-4,960.59%	-37.68%	-50.61%	294.08%	-96.27%
EBIT Growth	-20.55%	-32.17%	-115.86%	-27.22%	12.43%	-47.39%	-4,960.59%	-37.68%	-50.61%	294.08%	-96.27%
NOPAT Growth	-23.50%	-33.48%	-1,751.17%	-26.06%	18.58%	-46.42%	-25.56%	-43.96%	-53.55%	292.65%	-86.74%
Net Income Growth	-19.47%	-24.92%	-41.32%	-23.06%	23.92%	-40.86%	-608.64%	-43.68%	-50.91%	223.51%	-138.58%
EPS Growth	-16.44%	-22.47%	-14.81%	-15.69%	33.61%	-34.06%	-456.52%	-37.79%	-46.01%	240.66%	-176.83%
Operating Cash Flow Growth	246.96%	-10.37%	283.36%	122.80%	30.18%	19.16%	176.76%	36.09%	-22.31%	-126.23%	14.15%
Free Cash Flow Firm Growth	-5.45%	-23.94%	25.26%	69.62%	75.59%	73.10%	134.56%	425.74%	615.75%	143.83%	2,847.77%
Invested Capital Growth	7.71%	8.06%	6.21%	4.87%	3.55%	2.54%	-3.98%	-6.20%	-5.35%	-74.98%	-78.02%
Revenue Q/Q Growth	-19.19%	7.16%	-32.01%	64.22%	-6.40%	-28.92%	-40.24%	93.31%	-1.66%	2.57%	-62.99%
EBITDA Q/Q Growth	-41.35%	3.30%	-101.47%	8,260.04%	-9.40%	-51.67%	-241.63%	200.49%	-28.21%	285.67%	-170.54%
EBIT Q/Q Growth	-41.35%	3.30%	-101.47%	8,260.04%	-9.40%	-51.67%	-241.63%	200.49%	-28.21%	285.67%	-170.54%
NOPAT Q/Q Growth	-41.73%	3.87%	-162.58%	295.19%	-6.54%	-53.07%	-246.66%	187.12%	-22.54%	296.70%	-169.75%
Net Income Q/Q Growth	-42.41%	12.81%	-88.13%	897.39%	-7.25%	-46.16%	-202.12%	210.44%	-19.15%	254.78%	-175.31%
EPS Q/Q Growth	-40.20%	13.11%	-83.33%	647.83%	-5.23%	-44.17%	-190.11%	230.49%	-17.76%	252.27%	-173.23%
Operating Cash Flow Q/Q Growth	679.49%	-18.58%	-83.76%	116.12%	355.44%	-25.47%	-62.27%	6.27%	159.98%	-125.16%	264.19%
Free Cash Flow Firm Q/Q Growth	33.63%	-4.50%	-31.19%	66.61%	46.69%	-15.17%	268.53%	214.78%	-15.59%	828.19%	19.52%
Invested Capital Q/Q Growth	0.84%	0.12%	1.47%	2.37%	-0.43%	-0.86%	-4.98%	0.00%	0.48%	-80.58%	12.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.34%	38.40%	34.70%	37.29%	39.46%	41.20%	25.56%	38.00%	38.76%	62.92%	13.62%
EBITDA Margin	15.81%	15.24%	-0.33%	16.40%	15.87%	10.79%	-25.58%	13.30%	9.71%	36.51%	-69.58%
Operating Margin	15.31%	13.51%	-2.01%	15.21%	14.89%	9.19%	-28.12%	12.07%	8.60%	35.41%	-72.77%
EBIT Margin	15.81%	15.24%	-0.33%	16.40%	15.87%	10.79%	-25.58%	13.30%	9.71%	36.51%	-69.58%
Profit (Net Income) Margin	12.03%	12.66%	2.21%	13.43%	13.31%	10.08%	-17.22%	9.84%	8.09%	27.98%	-56.95%
Tax Burden Percent	74.92%	82.30%	509.72%	79.98%	81.56%	87.23%	69.55%	73.47%	81.24%	76.32%	82.86%
Interest Burden Percent	101.51%	100.92%	-131.42%	102.37%	102.77%	107.04%	96.81%	100.71%	102.56%	100.43%	98.77%
Effective Tax Rate	25.08%	17.70%	-409.72%	20.02%	18.44%	12.77%	0.00%	26.53%	18.76%	23.68%	0.00%
Return on Invested Capital (ROIC)	8.28%	7.90%	-7.00%	8.00%	8.21%	5.08%	-11.85%	4.87%	3.59%	30.64%	-44.26%
ROIC Less NNEP Spread (ROIC-NNEP)	8.43%	8.35%	-4.60%	8.39%	8.55%	5.51%	-11.54%	5.10%	3.85%	32.70%	-45.76%
Return on Net Nonoperating Assets (RNNOA)	15.72%	14.30%	-8.14%	14.54%	14.19%	8.85%	-19.47%	8.57%	6.12%	5.82%	-28.84%
Return on Equity (ROE)	24.01%	22.20%	-15.14%	22.53%	22.39%	13.92%	-31.32%	13.44%	9.70%	36.46%	-73.11%
Cash Return on Invested Capital (CROIC)	1.37%	0.00%	1.30%	1.50%	3.09%	3.19%	8.23%	9.46%	7.34%	130.51%	133.31%
Operating Return on Assets (OROA)	7.89%	7.41%	-0.16%	7.78%	7.63%	4.70%	-11.05%	5.15%	3.50%	14.44%	-31.24%
Return on Assets (ROA)	6.00%	6.15%	1.09%	6.37%	6.39%	4.39%	-7.44%	3.81%	2.92%	11.07%	-25.57%
Return on Common Equity (ROCE)	24.00%	22.19%	-15.13%	22.53%	22.41%	13.93%	-31.36%	13.46%	9.72%	36.55%	-73.01%
Return on Equity Simple (ROE_SIMPLE)	24.35%	21.49%	0.00%	18.74%	19.40%	17.10%	0.00%	10.80%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	166	172	-108	210	197	92	-135	118	91	362	-253
NOPAT Margin	11.47%	11.12%	-10.24%	12.17%	12.15%	8.02%	-19.68%	8.87%	6.99%	27.03%	-50.94%
Net Nonoperating Expense Percent (NNEP)	-0.15%	-0.45%	-2.40%	-0.39%	-0.34%	-0.44%	-0.31%	-0.24%	-0.27%	-2.06%	1.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-1.03%	-	-	-	-1.33%	1.12%	0.89%	4.13%	-4.08%
Cost of Revenue to Revenue	58.66%	61.60%	65.30%	62.71%	60.54%	58.80%	74.44%	62.00%	61.24%	37.08%	86.38%
SG&A Expenses to Revenue	20.08%	19.46%	28.29%	16.95%	18.78%	23.80%	39.89%	19.23%	22.99%	21.85%	60.14%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.03%	24.89%	36.71%	22.08%	24.57%	32.01%	53.68%	25.92%	30.15%	27.51%	86.39%
Earnings before Interest and Taxes (EBIT)	229	236	-3.48	284	257	124	-176	177	127	489	-345
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	229	236	-3.48	284	257	124	-176	177	127	489	-345
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.56	1.39	1.55	1.82	1.31	1.48	1.21	0.99	0.86	0.95	0.77
Price to Tangible Book Value (P/TBV)	1.59	1.41	1.58	1.85	1.34	1.51	1.24	1.01	0.88	0.97	0.79
Price to Revenue (P/Rev)	0.82	0.78	0.86	1.05	0.76	0.91	0.74	0.66	0.64	0.73	0.54
Price to Earnings (P/E)	6.32	6.36	7.12	9.51	6.66	8.48	8.42	8.90	11.81	6.77	7.15
Dividend Yield	1.87%	2.01%	1.83%	1.53%	2.01%	1.77%	2.29%	2.76%	2.99%	2.55%	3.51%
Earnings Yield	15.82%	15.73%	14.04%	10.52%	15.02%	11.79%	11.87%	11.24%	8.47%	14.78%	13.99%
Enterprise Value to Invested Capital (EV/IC)	1.21	1.15	1.20	1.30	1.12	1.18	1.08	1.00	0.95	3.37	0.75
Enterprise Value to Revenue (EV/Rev)	1.73	1.68	1.81	2.03	1.69	1.90	1.76	1.76	1.80	1.19	0.31
Enterprise Value to EBITDA (EV/EBITDA)	10.55	11.35	12.42	15.74	12.98	15.91	18.64	22.00	31.87	8.99	3.13
Enterprise Value to EBIT (EV/EBIT)	10.55	11.35	12.42	15.74	12.98	15.91	18.64	22.00	31.87	8.99	3.13
Enterprise Value to NOPAT (EV/NOPAT)	14.22	15.39	16.92	21.33	17.33	21.07	25.40	31.51	50.13	12.77	5.05
Enterprise Value to Operating Cash Flow (EV/OCF)	14.59	14.62	14.00	14.43	10.88	10.75	8.56	7.63	8.07	10.08	2.46
Enterprise Value to Free Cash Flow (EV/FCFF)	91.44	47,359.40	95.46	89.03	36.91	37.63	12.85	10.19	12.56	1.03	0.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.23	2.22	2.21	2.18	2.19	2.29	2.22	2.32	2.09	1.46	0.96
Long-Term Debt to Equity	1.83	1.78	1.55	1.51	1.45	1.40	1.43	1.58	1.34	0.90	0.54
Financial Leverage	1.86	1.71	1.77	1.73	1.66	1.60	1.69	1.68	1.59	0.18	0.63
Leverage Ratio	4.14	3.96	3.84	3.79	3.74	3.78	3.75	3.80	3.68	3.38	3.16
Compound Leverage Factor	4.21	4.00	-5.04	3.88	3.84	4.05	3.63	3.82	3.77	3.39	3.12
Debt to Total Capital	69.06%	68.98%	68.82%	68.51%	68.64%	69.62%	68.93%	69.84%	67.63%	59.42%	49.03%
Short-Term Debt to Total Capital	12.61%	13.62%	20.47%	20.96%	23.01%	27.13%	24.51%	22.22%	24.34%	22.95%	21.27%
Long-Term Debt to Total Capital	56.46%	55.36%	48.35%	47.55%	45.63%	42.49%	44.42%	47.62%	43.29%	36.47%	27.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.01%	0.00%	-0.02%	-0.04%	-0.05%	-0.07%	-0.08%	-0.09%	-0.13%	0.26%
Common Equity to Total Capital	30.93%	31.01%	31.19%	31.51%	31.40%	30.43%	31.14%	30.24%	32.46%	40.71%	50.71%
Debt to EBITDA	7.21	8.40	8.44	9.74	9.72	11.87	14.33	19.24	27.43	8.45	6.78
Net Debt to EBITDA	5.53	6.11	6.51	7.60	7.15	8.25	10.80	13.79	20.53	3.51	-2.32
Long-Term Debt to EBITDA	5.89	6.74	5.93	6.76	6.46	7.24	9.24	13.12	17.56	5.18	3.84
Debt to NOPAT	9.71	11.39	11.49	13.20	12.97	15.72	19.54	27.56	43.14	12.00	10.95
Net Debt to NOPAT	7.45	8.28	8.87	10.30	9.54	10.93	14.73	19.75	32.29	4.99	-3.74
Long-Term Debt to NOPAT	7.94	9.14	8.07	9.16	8.62	9.59	12.59	18.79	27.61	7.37	6.20
Altman Z-Score	1.50	1.45	1.35	1.51	1.38	1.32	1.21	1.24	1.17	1.98	1.80
Noncontrolling Interest Sharing Ratio	0.02%	0.02%	0.05%	0.02%	-0.05%	-0.07%	-0.13%	-0.16%	-0.20%	-0.25%	0.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.03	2.03	1.53	1.54	1.50	1.41	1.40	1.56	1.37	2.51	2.10
Quick Ratio	1.55	1.61	1.16	1.23	1.23	1.16	1.08	1.25	1.07	1.01	1.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-454	-474	-622	-208	-111	-127	215	676	571	5,299	6,333
Operating Cash Flow to CapEx	878.59%	565.62%	70.25%	224.34%	1,141.89%	671.27%	237.23%	472.21%	1,033.97%	-253.46%	294.67%
Free Cash Flow to Firm to Interest Expense	-58.93	-61.64	-80.92	-27.04	-14.41	-16.54	27.97	87.99	74.18	520.39	803.67
Operating Cash Flow to Interest Expense	47.28	38.53	6.26	13.54	61.67	45.80	17.34	18.41	47.81	-9.09	19.29
Operating Cash Flow Less CapEx to Interest Expense	41.90	31.72	-2.65	7.51	56.27	38.98	10.03	14.51	43.19	-12.68	12.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.49	0.49	0.47	0.48	0.44	0.43	0.39	0.36	0.40	0.45
Accounts Receivable Turnover	19.08	19.25	22.47	18.07	18.29	17.82	20.68	15.46	13.83	15.23	19.45
Inventory Turnover	4.61	4.96	3.77	4.44	4.89	4.73	3.88	4.01	4.33	4.41	3.45
Fixed Asset Turnover	8.99	8.81	8.21	8.20	8.45	7.76	6.97	6.52	6.17	6.44	5.94
Accounts Payable Turnover	9.34	8.76	9.76	8.91	10.07	9.97	10.04	7.12	7.56	8.12	7.41
Days Sales Outstanding (DSO)	19.13	18.97	16.24	20.20	19.96	20.48	17.65	23.61	26.39	23.97	18.77
Days Inventory Outstanding (DIO)	79.21	73.60	96.71	82.21	74.59	77.21	94.01	90.98	84.29	82.74	105.67
Days Payable Outstanding (DPO)	39.09	41.67	37.39	40.94	36.26	36.60	36.35	51.27	48.30	44.93	49.23
Cash Conversion Cycle (CCC)	59.25	50.90	75.56	61.46	58.29	61.08	75.31	63.33	62.38	61.78	75.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,654	8,664	8,791	9,000	8,961	8,884	8,441	8,441	8,482	1,647	1,855
Invested Capital Turnover	0.72	0.71	0.68	0.66	0.68	0.63	0.60	0.55	0.51	1.13	0.87
Increase / (Decrease) in Invested Capital	619	646	514	418	307	220	-350	-558	-480	-4,936	-6,586
Enterprise Value (EV)	10,428	9,948	10,570	11,723	10,035	10,524	9,111	8,404	8,032	5,547	1,400
Market Capitalization	4,963	4,594	5,032	6,062	4,511	5,071	3,836	3,145	2,867	3,391	2,421
Book Value per Share	$22.18	$23.36	$23.36	$24.81	$25.56	$26.07	$24.87	$25.55	$27.30	$29.39	$26.58
Tangible Book Value per Share	$21.75	$22.92	$22.91	$24.35	$25.10	$25.59	$24.38	$25.05	$26.78	$28.86	$26.04
Total Capital	10,311	10,673	10,430	10,594	10,948	11,275	10,166	10,523	10,219	8,776	6,193
Total Debt	7,121	7,362	7,177	7,258	7,514	7,850	7,008	7,349	6,911	5,214	3,036
Total Long-Term Debt	5,821	5,908	5,042	5,037	4,995	4,791	4,516	5,011	4,424	3,200	1,719
Net Debt	5,464	5,353	5,539	5,663	5,528	5,459	5,283	5,268	5,174	2,166	-1,037
Capital Expenditures (CapEx)	41	52	69	46	41	53	56	30	36	37	52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,190	2,194	2,276	2,521	2,406	2,388	2,206	2,282	2,127	3,931	172
Debt-free Net Working Capital (DFNWC)	3,848	4,204	3,914	4,115	4,392	4,779	3,931	4,363	3,865	6,979	4,246
Net Working Capital (NWC)	2,548	2,750	1,779	1,895	1,873	1,720	1,439	2,026	1,378	4,965	2,928
Net Nonoperating Expense (NNE)	-8.00	-24	-131	-22	-19	-24	-17	-13	-14	-13	30
Net Nonoperating Obligations (NNO)	5,464	5,353	5,539	5,663	5,528	5,459	5,283	5,268	5,174	-1,914	-1,301
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	36.36%	37.03%	39.00%	43.63%	40.43%	43.00%	42.52%	47.67%	47.55%	84.28%	3.84%
Debt-free Net Working Capital to Revenue	63.87%	70.94%	67.07%	71.23%	73.81%	86.08%	75.79%	91.16%	86.37%	149.62%	94.91%
Net Working Capital to Revenue	42.29%	46.41%	30.49%	32.79%	31.48%	30.99%	27.75%	42.32%	30.79%	106.45%	65.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.24	$1.40	$0.24	$1.73	$1.64	$0.92	($0.83)	$1.07	$0.89	$3.13	($2.27)
Adjusted Weighted Average Basic Shares Outstanding	141.69M	139.27M	136.56M	134.51M	131.62M	127.33M	124.54M	121.49M	121.55M	118.14M	111.85M
Adjusted Diluted Earnings per Share	$1.22	$1.38	$0.23	$1.72	$1.63	$0.91	($0.82)	$1.07	$0.88	$3.10	($2.27)
Adjusted Weighted Average Diluted Shares Outstanding	141.69M	139.27M	136.56M	134.51M	131.62M	127.33M	124.54M	121.49M	121.55M	118.14M	111.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	141.69M	139.27M	136.56M	134.51M	131.62M	127.33M	124.54M	121.49M	121.55M	118.14M	111.85M
Normalized Net Operating Profit after Tax (NOPAT)	166	172	-15	210	197	92	-135	118	91	362	-253
Normalized NOPAT Margin	11.47%	11.12%	-1.41%	12.17%	12.15%	8.02%	-19.68%	8.87%	6.99%	27.03%	-50.94%
Pre Tax Income Margin	16.05%	15.38%	0.43%	16.79%	16.31%	11.55%	-24.77%	13.39%	9.96%	36.66%	-68.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	29.70	30.71	-0.45	36.94	33.46	16.12	-22.90	23.00	16.49	48.07	-43.81
NOPAT to Interest Expense	21.55	22.40	-14.03	27.40	25.60	11.97	-17.62	15.34	11.87	35.59	-32.07
EBIT Less CapEx to Interest Expense	24.32	23.90	-9.37	30.90	28.06	9.29	-30.21	19.10	11.87	44.48	-50.36
NOPAT Less CapEx to Interest Expense	16.17	15.59	-22.95	21.36	20.20	5.15	-24.93	11.44	7.24	32.00	-38.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.13%	13.46%	13.86%	15.44%	14.31%	15.84%	20.49%	26.11%	37.86%	17.85%	26.25%
Augmented Payout Ratio	35.63%	47.14%	66.23%	75.40%	74.88%	98.38%	123.78%	155.60%	184.52%	77.30%	133.57%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor-focused snapshot of Harley-Davidson, Inc. (NYSE: HOG) using the last four years of quarterly statements provided (2022–2025). The bullets highlight notable trends in revenue, profitability, cash flows, and balance-sheet dynamics.

Operating cash flow has shown positive, material cash generation in multiple recent quarters (e.g., Q2 2025: 367,958,000; Q4 2025: 152,019,000; Q1 2025: 141,534,000; Q3 2024: 353,013,000).
Earnings per share have been solid in several quarters, with Q3 2025 showing Basic EPS of 3.13 and Diluted EPS of 3.10, indicating meaningful profitability on a quarterly basis despite later volatility.
Dividend per share has remained at 0.18 in 2025 quarters, up from 0.165 in 2024, signaling ongoing shareholder returns and a slightly higher payout level.
Near-term liquidity remains evident, with cash and equivalents around 1.7–1.9 billion in late-2025 periods (e.g., Q3 2025 cash & equivalents: 1,775,038,000).
Revenue has declined meaningfully from 2023 levels: Q4 2023 Operating Revenue was about 1,053,210,000 vs. Q4 2025 at 496,158,000, illustrating a substantial downtrend over the four-year window.
Total assets generally sit in the 10–12 billion range across 2023–2025, reflecting a stable, sizable asset base despite revenue and earnings swings.
Shares outstanding (weighted-average) have been relatively stable around 111–118 million shares, with corresponding EPS levels reflecting a mix of profitability and dilution dynamics over the period.
Net income attributable to common shareholders was negative in Q4 2025 (-279,301,000) with Basic EPS of -2.27, signaling a material quarterly loss despite earlier profitability in some periods.
Gross margin compressed in Q4 2025 (Total Gross Profit of 67,563,000 on 496,158,000 revenue, roughly 13.6%), a sharp drop from Q4 2024 (~25.7% gross margin), indicating margin pressure.
Four-year cash-flow pattern shows heavy cash outflows in investing and financing in some quarters (e.g., Q4 2025 Net Cash From Investing Activities: outflow of 3,573,298,000; Net Cash From Financing Activities: outflow of 2,462,625,000), placing stress on liquidity despite positive operating cash flow in select periods.

05/07/26 03:28 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Harley-Davidson's Financials

When does Harley-Davidson's fiscal year end?

According to the most recent income statement we have on file, Harley-Davidson's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Harley-Davidson's net income changed over the last 10 years?

Harley-Davidson's net income appears to be on a downward trend, with a most recent value of $329.15 million in 2025, falling from $752.21 million in 2015. The previous period was $445.18 million in 2024. See Harley-Davidson's forecast for analyst expectations on whatâ€™s next for the company.

What is Harley-Davidson's operating income?

Harley-Davidson's total operating income in 2025 was $386.64 million, based on the following breakdown:

Total Gross Profit: $1.92 billion
Total Operating Expenses: $1.54 billion

How has Harley-Davidson's revenue changed over the last 10 years?

Over the last 10 years, Harley-Davidson's total revenue changed from $6.00 billion in 2015 to $4.47 billion in 2025, a change of -25.4%.

How much debt does Harley-Davidson have?

Harley-Davidson's total liabilities were at $4.89 billion at the end of 2025, a 44.0% decrease from 2024, and a 39.9% decrease since 2015.

How much cash does Harley-Davidson have?

In the past 10 years, Harley-Davidson's cash and equivalents has ranged from $687.52 million in 2017 to $3.26 billion in 2020, and is currently $3.09 billion as of their latest financial filing in 2025.

How has Harley-Davidson's book value per share changed over the last 10 years?

Over the last 10 years, Harley-Davidson's book value per share changed from 9.59 in 2015 to 26.58 in 2025, a change of 177.2%.

Related Companies

Financial statements for NYSE:HOG last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Harley-Davidson (HOG) Financials

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Harley-Davidson (HOG) Financials

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