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 Aug 9, 2026, 10:12 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$3.6B	$339M	23.9%	10.7%	10.8%	4.2%	$415M	$3.0B	$3.1B
2024	$4.1B	$455M	27.5%	10.0%	14.4%	3.8%	$867M	$7.0B	$1.6B
2023	$4.9B	$707M	32.0%	16.0%	21.7%	5.8%	$547M	$7.1B	$1.5B
2022	$4.9B	$741M	31.0%	18.4%	25.5%	6.5%	$397M	$6.9B	$1.4B
2021	$4.5B	$650M	28.6%	18.1%	25.5%	5.9%	$856M	$6.9B	$1.9B
2020	$3.3B	$1M	25.4%	0.3%	0.1%	0.0%	$1.0B	$9.0B	$3.3B
2019	—	$424M	—	—	23.5%	4.0%	$687M	$7.5B	$834M
2018	—	$531M	—	—	30.0%	5.0%	$992M	$7.6B	$1.2B
2017	—	$522M	—	—	28.3%	5.2%	$799M	$7.0B	$688M
2016	—	$692M	—	—	36.0%	7.0%	$918M	$6.8B	$760M
2015	—	$752M	—	—	40.9%	7.5%	$840M	$6.9B	$722M
2014	—	$845M	—	—	29.0%	8.9%	$914M	$5.5B	$907M
2013	—	$734M	—	—	24.4%	7.8%	—	$5.3B	$1.1B
2012	—	$624M	—	—	24.4%	6.8%	—	$5.1B	$1.1B
2011	—	$599M	—	—	24.8%	6.2%	—	$5.7B	$1.5B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Jun '26	$1.1B	$80M	27.3%	6.8%	2.6%	1.1%	$155M	$2.2B	$1.9B
Mar '26	$1.1B	$25M	25.1%	2.2%	0.8%	0.3%	-$260M	$2.1B	$1.8B
Dec '25	$391M	-$279M	-7.9%	-92.4%	-8.9%	-3.5%	$100M	$3.0B	$3.1B
Sep '25	$1.1B	$377M	26.0%	44.0%	10.6%	3.6%	-$129M	$5.2B	$1.8B
Jun '25	$1.0B	$108M	28.5%	10.7%	3.2%	0.9%	$332M	$6.9B	$1.6B
Mar '25	$1.1B	$133M	28.9%	14.8%	4.2%	1.1%	$112M	$7.3B	$1.9B
Dec '24	$431M	-$117M	-2.0%	-44.9%	-3.7%	-1.0%	$77M	$7.0B	$1.6B
Sep '24	$881M	$119M	29.8%	12.0%	3.5%	0.9%	$300M	$7.8B	$2.2B
Jun '24	$1.4B	$218M	31.8%	17.8%	6.3%	1.7%	$432M	$7.5B	$1.8B
Mar '24	$1.5B	$235M	30.9%	17.8%	7.0%	1.9%	$58M	$7.2B	$1.5B
Dec '23	$807M	$26M	21.8%	-2.6%	0.8%	0.2%	-$20M	$7.1B	$1.5B
Sep '23	$1.3B	$199M	31.6%	16.0%	6.0%	1.6%	$244M	$7.3B	$1.9B
Jun '23	$1.2B	$178M	34.4%	18.4%	5.6%	1.5%	$322M	$7.1B	$1.5B
Mar '23	$1.6B	$304M	35.7%	23.6%	9.8%	2.5%	$2M	$7.2B	$1.6B
Dec '22	$928M	$42M	26.5%	0.4%	1.4%	0.4%	-$93M	$6.9B	$1.4B
Sep '22	$1.4B	$261M	34.1%	23.6%	9.2%	2.2%	$301M	$7.2B	$1.7B
Jun '22	$1.3B	$216M	30.5%	21.9%	8.2%	1.8%	$78M	$7.8B	$2.2B
Mar '22	$1.3B	$223M	31.3%	22.2%	8.9%	2.0%	$111M	$6.6B	$1.4B
Dec '21	$816M	$22M	19.5%	-0.9%	0.8%	0.2%	-$9M	$6.9B	$1.9B
Sep '21	$1.2B	$163M	26.7%	17.6%	7.0%	1.5%	$257M	$7.3B	$2.1B

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 5.3× (Mar '23) to 10.2× (Nov '26).
The price-to-sales ratio has risen from 0.8× (Mar '23) to 1.0× (Nov '26).
The dividend yield has risen from 2.4% (Mar '23) to 2.5% (Nov '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?

Harley-Davidson, Inc.'s P/E (TTM) is 16.98 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the HOG stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 10.2× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.