HOG Financials Harley-Davidson, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 2.0% per year over the past 5 years.
Net income has grown faster than revenue (204.3% vs 2.0% per year).
Operating margin has expanded, at 10.7% in the latest year.
Free cash flow has declined 16.9% per year over the past 5 years.

Financial health

The company holds more cash ($3.1B) than total debt ($3.0B).
Total debt has grown slower than revenue (-19.9% vs 2.0% per year).
Operating income covered interest expense 12× in the latest year.
Total debt is 5.3× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 25.5% of earnings and 20.8% of free cash flow.
The dividend has grown 4.9% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$3.6B	$339M	23.9%	10.7%	$415M	$3.0B	$3.1B
2024	$4.1B	$455M	27.5%	10.0%	$867M	$7.0B	$1.6B
2023	$4.9B	$707M	32.0%	16.0%	$547M	$7.1B	$1.5B
2022	$4.9B	$741M	31.0%	18.4%	$397M	$6.9B	$1.4B
2021	$4.5B	$650M	28.6%	18.1%	$856M	$6.9B	$1.9B
2020	$3.3B	$1M	25.4%	0.3%	$1.0B	$9.0B	$3.3B
2019	—	$424M	—	—	$687M	$7.5B	$834M
2018	—	$531M	—	—	$992M	$7.6B	$1.2B
2017	—	$522M	—	—	$799M	$7.0B	$688M
2016	—	$692M	—	—	$918M	$6.8B	$760M
2015	—	$752M	—	—	$840M	$6.9B	$722M
2014	—	$845M	—	—	$914M	$5.5B	$907M
2013	—	$734M	—	—	—	$5.3B	$1.1B
2012	—	$624M	—	—	—	$5.1B	$1.1B
2011	—	$599M	—	—	—	$5.7B	$1.5B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$1.1B	$25M	25.1%	2.2%	-$260M	$2.1B	$1.8B
Dec '25	$391M	-$279M	-7.9%	-92.4%	$100M	$3.0B	$3.1B
Sep '25	$1.1B	$377M	26.0%	44.0%	-$129M	$5.2B	$1.8B
Jun '25	$1.0B	$108M	28.5%	10.7%	$332M	$6.9B	$1.6B
Mar '25	$1.1B	$133M	28.9%	14.8%	$112M	$7.3B	$1.9B
Dec '24	$431M	-$117M	-2.0%	-44.9%	$77M	$7.0B	$1.6B
Sep '24	$881M	$119M	29.8%	12.0%	$300M	$7.8B	$2.2B
Jun '24	$1.4B	$218M	31.8%	17.8%	$432M	$7.5B	$1.8B
Mar '24	$1.5B	$235M	30.9%	17.8%	$58M	$7.2B	$1.5B
Dec '23	$807M	$26M	21.8%	-2.6%	-$20M	$7.1B	$1.5B
Sep '23	$1.3B	$199M	31.6%	16.0%	$244M	$7.3B	$1.9B
Jun '23	$1.2B	$178M	34.4%	18.4%	$322M	$7.1B	$1.5B
Mar '23	$1.6B	$304M	35.7%	23.6%	$2M	$7.2B	$1.6B
Dec '22	$928M	$42M	26.5%	0.4%	-$93M	$6.9B	$1.4B
Sep '22	$1.4B	$261M	34.1%	23.6%	$301M	$7.2B	$1.7B
Jun '22	$1.3B	$216M	30.5%	21.9%	$78M	$7.8B	$2.2B
Mar '22	$1.3B	$223M	31.3%	22.2%	$111M	$6.6B	$1.4B
Dec '21	$816M	$22M	19.5%	-0.9%	-$9M	$6.9B	$1.9B
Sep '21	$1.2B	$163M	26.7%	17.6%	$257M	$7.3B	$2.1B
Jun '21	$1.3B	$206M	30.6%	21.1%	$463M	$7.1B	$1.7B

Valuation over time

How the market has priced HOG against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 5.4× (Mar '23) to 7.9× (Jun '26).
The price-to-sales ratio has fallen from 0.8× (Mar '23) to 0.7× (Jun '26).
The dividend yield has risen from 2.3% (Mar '23) to 3.2% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is HOG growing its revenue and profit?

Over the past 5 years, Harley-Davidson, Inc.'s revenue has grown 2.0% per year, and net income grown 204.3% per year. These are computed facts, not advice.

How much debt does HOG have?

As of FY2025, Harley-Davidson, Inc. reported $3.0B of total debt against $3.1B of cash; operating income covered interest expense 12×.

What is HOG's profit margin?

In FY2025, gross margin was 23.9%, operating margin 10.7%, and net margin 9.4%.

What is HOG's P/E ratio?

As of Jun '26, Harley-Davidson, Inc. traded at a price-to-earnings ratio of about 7.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.