Detailed financial statements for Harley-Davidson, Inc. (HOG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Harley-Davidson, Inc., publicly traded under the symbol HOG, is fundamentally a manufacturer and seller of motorcycles. The company's operations are divided into two primary divisions: Motorcycle Products and Related Offerings, and Financial Services.
Analysis Summary
Harley-Davidson, Inc. reported revenue of $4.47B in the most recent fiscal year, growing at a 5-year CAGR of 2.0%. Net income reached $338.7M, with a 204.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 20.5%, operating margin -6.0%, net margin -3.4%. Free cash flow grew at -16.9% CAGR over 5 years.
At $31.22 (closing price, October 30, 2026), HOG has negative trailing earnings (P/E not meaningful) and an ROE of -4.30%. Market capitalisation stands at $3.2B.
Balance sheet quality for HOG: debt-to-equity ratio of 0.77, current ratio of 1.97 over the last 12 months, net cash position of $38.0M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $415.2M represents 123% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.00B | $5.65B | $5.72B | $5.36B | $4.05B | $5.34B | $5.76B | $5.84B | $5.19B | $4.47B |
| Cost of Revenue | $3.60B | $3.45B | $3.54B | $3.44B | $2.68B | $3.44B | $3.62B | $3.65B | $3.38B | $3.12B |
| Gross Profit | $2.40B | $2.19B | $2.17B | $1.92B | $1.37B | $1.90B | $2.13B | $2.18B | $1.81B | $1.35B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.21B | $1.18B | $1.26B | $1.20B | $1.05B | $1.05B | $1.08B | $1.18B | $1.15B | $895.3M |
| Operating Expenses | $1.35B | $1.31B | $1.46B | $1.37B | $1.36B | $1.08B | $1.22B | $1.40B | $1.39B | $965.9M |
| Operating Income | $1.05B | $882.1M | $713.5M | $555.6M | $9.7M | $823.4M | $909.3M | $779.1M | $416.6M | $386.6M |
| EBITDA | $1.26B | $1.12B | $982.4M | $821.0M | $201.1M | $1.02B | $1.11B | $1.06B | $708.6M | $664.5M |
| Interest Expense | $29.7M | $31.0M | $30.9M | $31.1M | $31.1M | $31.0M | $31.2M | $30.8M | $30.7M | $33.4M |
| Pre-tax Income | $1.02B | $863.8M | $686.6M | $557.4M | -$15.7M | $819.2M | $931.2M | $866.9M | $517.1M | $458.7M |
| Income Tax | $331.7M | $342.1M | $155.2M | $133.8M | -$17.0M | $169.2M | $192.0M | $171.8M | $72.0M | $129.6M |
| Net Income | $692.2M | $521.8M | $531.5M | $423.6M | $1.3M | $650.0M | $741.4M | $706.6M | $455.4M | $338.7M |
| EPS | $3.85 | $3.03 | $3.21 | $2.70 | $0.01 | $4.23 | $5.01 | $4.96 | $3.46 | $2.82 |
| EPS (Diluted) | $3.83 | $3.02 | $3.19 | $2.68 | $0.01 | $4.19 | $4.96 | $4.87 | $3.44 | $2.78 |
| Shares Outstanding (Diluted) | 180.5 M | 172.9 M | 166.5 M | 157.8 M | 153.9 M | 155.0 M | 149.4 M | 145.1 M | 132.3 M | 121.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $496.2M | $1.17B | $1.10B | $1.08B |
| Gross Profit | -$113.3M | $346.4M | $277.2M | $281.2M |
| Operating Income | -$361.1M | $45.9M | $45.4M | $37.3M |
| EBITDA | -$287.1M | $89.8M | $1.5M | $61.5M |
| Net Income | -$279.3M | $24.8M | $79.0M | $42.8M |
| EPS | -$2.44 | $0.23 | $0.74 | $0.41 |
| EPS (Diluted) | -$2.44 | $0.22 | $0.75 | $0.40 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $760.0M | $687.5M | $1.20B | $833.9M | $3.26B | $1.87B | $1.43B | $1.53B | $1.59B | $3.09B |
| Short-term Investments | $5.5M | 0 | $10.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.36B | $2.44B | $2.52B | $2.53B | $1.65B | $1.65B | $2.03B | $2.38B | $2.27B | $225.8M |
| Inventory | $499.9M | $538.2M | $556.1M | $603.6M | $523.5M | $712.9M | $951.0M | $930.0M | $745.8M | $730.9M |
| Total Current Assets | $3.85B | $3.88B | $4.48B | $4.20B | $5.85B | $4.55B | $4.75B | $5.16B | $5.00B | $5.59B |
| Property, Plant & Equipment | $981.6M | $967.8M | $904.1M | $909.0M | $789.0M | $733.6M | $733.8M | $801.4M | $820.9M | $825.6M |
| Goodwill | $53.4M | $55.9M | $55.0M | $64.2M | $66.0M | $63.2M | $62.1M | $62.7M | $61.7M | $63.9M |
| Intangible Assets | 0 | $6.9M | $6.0M | $10.6M | $9.6M | $7.5M | $6.4M | $7.0M | $5.6M | 0 |
| Total Assets | $9.89B | $9.97B | $10.67B | $10.53B | $12.01B | $11.05B | $11.49B | $12.14B | $11.88B | $8.04B |
| Accounts Payable | $235.3M | $227.6M | $284.9M | $294.4M | $290.9M | $375.0M | $378.0M | $349.2M | $298.7M | $389.2M |
| Short-term Debt | $2.14B | $2.40B | $2.71B | $2.32B | $3.05B | $2.29B | $2.46B | $2.13B | $2.49B | $1.32B |
| Total Current Liabilities | $2.86B | $3.16B | $3.60B | $3.20B | $3.98B | $3.34B | $3.53B | $3.38B | $3.56B | $2.66B |
| Long-term Debt | $4.67B | $4.59B | $4.89B | $5.12B | $5.93B | $4.60B | $4.46B | $4.99B | $4.47B | $1.65B |
| Total Liabilities | $7.97B | $8.13B | $8.89B | $8.72B | $10.29B | $8.50B | $8.59B | $8.89B | $8.72B | $4.89B |
| Retained Earnings | $1.34B | $1.61B | $2.01B | $2.19B | $1.28B | $1.84B | $2.49B | $3.10B | $3.47B | $3.72B |
| Total Equity | $1.92B | $1.84B | $1.77B | $1.80B | $1.72B | $2.55B | $2.90B | $3.25B | $3.17B | $3.14B |
| Total Debt | $6.81B | $6.99B | $7.60B | $7.51B | $9.03B | $6.94B | $6.96B | $7.20B | $7.03B | $3.05B |
| Net Debt | $6.04B | $6.30B | $6.39B | $6.67B | $5.78B | $5.06B | $5.52B | $5.66B | $5.44B | -$38.0M |
| Working Capital | $991.3M | $726.6M | $886.8M | $1.01B | $1.86B | $1.21B | $1.22B | $1.78B | $1.44B | $2.93B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.83B | $3.09B | $1.81B | $1.90B |
| Total Assets | $10.57B | $8.04B | $7.25B | $7.25B |
| Total Liabilities | $7.01B | $4.89B | $4.17B | $4.13B |
| Total Equity | $3.57B | $3.14B | $3.06B | $3.10B |
| Total Debt | $5.21B | $3.05B | $2.20B | $2.31B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $692.2M | $521.8M | $531.5M | $423.6M | $1.3M | $650.0M | $741.4M | $706.6M | $445.2M | $338.7M |
| Depreciation & Amortization | $209.6M | $222.2M | $264.9M | $232.5M | $185.7M | $165.2M | $151.9M | $158.1M | $160.7M | $172.4M |
| Stock-based Compensation | $32.3M | $32.5M | $35.5M | $33.7M | $23.5M | $42.2M | $54.4M | $82.9M | $49.0M | 0 |
| Change in Working Capital | $44.7M | -$56.0M | $204.5M | -$58.4M | $178.4M | -$69.2M | -$388.4M | $24.3M | $98.5M | $255.0M |
| Operating Cash Flow | $1.17B | $1.01B | $1.21B | $868.3M | $1.18B | $975.7M | $548.5M | $754.9M | $1.06B | $568.9M |
| Capital Expenditure | -$256.3M | -$206.3M | -$213.5M | -$181.4M | -$131.1M | -$120.2M | -$151.7M | -$207.4M | -$196.6M | -$153.7M |
| Acquisitions | 0 | 0 | 0 | -$7.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$465.3M | -$465.3M | -$390.6M | -$296.5M | -$8.0M | -$11.6M | -$338.6M | -$364.0M | -$459.8M | -$353.3M |
| Dividends Paid | -$252.3M | -$251.9M | -$245.8M | -$237.2M | -$68.1M | -$92.4M | -$93.2M | -$96.3M | -$91.2M | -$86.4M |
| Free Cash Flow | $918.1M | $798.8M | $992.4M | $686.8M | $1.05B | $855.5M | $396.8M | $547.5M | $867.3M | $415.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$92.6M | $152.0M | -$228.0M | $168.3M |
| Capital Expenditure | -$36.5M | -$51.6M | -$31.8M | -$12.9M |
| Free Cash Flow | -$129.1M | $100.4M | -$259.8M | $155.4M |
| Dividends Paid | -$21.5M | -$20.1M | -$21.5M | -$19.7M |
| Stock-based Compensation | $8.4M | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -5.8% | +1.2% | -6.2% | -24.4% | +31.6% | +7.8% | +1.4% | -11.1% | -13.8% | |
| Net Income Growth (YoY) | -24.6% | +1.9% | -20.3% | -99.7% | +49,978.9% | +14.1% | -4.7% | -35.6% | -25.6% | |
| EPS Growth (YoY) | -21.3% | +5.9% | -15.9% | -99.7% | +49,664.7% | +18.4% | -1.0% | -30.2% | -18.5% | |
| Shares Change (YoY) | -4.2% | -3.7% | -5.2% | -2.5% | +0.7% | -3.6% | -2.8% | -8.8% | -8.3% | |
| FCF Growth (YoY) | -13.0% | +24.2% | -30.8% | +52.4% | -18.3% | -53.6% | +38.0% | +58.4% | -52.1% | |
| Gross Margin | 40.0% | 38.9% | 38.0% | 35.8% | 33.8% | 35.6% | 37.1% | 37.4% | 34.9% | 30.2% |
| Operating Margin | 17.4% | 15.6% | 12.5% | 10.4% | 0.2% | 15.4% | 15.8% | 13.3% | 8.0% | 8.6% |
| EBITDA Margin | 21.1% | 19.8% | 17.2% | 15.3% | 5.0% | 19.0% | 19.4% | 18.1% | 13.7% | 14.9% |
| Net Margin | 11.5% | 9.2% | 9.3% | 7.9% | 0.0% | 12.2% | 12.9% | 12.1% | 8.8% | 7.6% |
| FCF Margin | 15.3% | 14.1% | 17.4% | 12.8% | 25.8% | 16.0% | 6.9% | 9.4% | 16.7% | 9.3% |
| Effective Tax Rate | 32.4% | 39.6% | 22.6% | 24.0% | 108.3% | 20.7% | 20.6% | 19.8% | 13.9% | 28.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.09 | $4.62 | $5.96 | $4.35 | $6.80 | $5.52 | $2.66 | $3.77 | $6.56 | $3.42 |
| Dividends Per Share | $1.40 | $1.46 | $1.48 | $1.50 | $0.44 | $0.60 | $0.62 | $0.66 | $0.69 | $0.71 |
| Shares Outstanding (Basic) | 179.7 M | 172.0 M | 165.7 M | 157.1 M | 153.2 M | 153.7 M | 148.0 M | 142.4 M | 131.4 M | 120.1 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -4.30% |
| Return on Invested Capital | -3.68% |
| Return on Assets | -1.82% |
| Gross Margin | 20.53% |
| Operating Margin | -6.03% |
| Net Margin | -3.44% |
Financial Health
| Debt / Equity | 0.77 |
| Current Ratio | 1.97 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.10 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.15 | 16.79 | 10.63 | 13.77 | 4,317.65 | 8.91 | 8.30 | 7.43 | 8.71 | 7.27 |
| P/B | 5.46 | 4.75 | 3.19 | 3.24 | 3.26 | 2.27 | 2.12 | 1.61 | 1.25 | 0.78 |
| P/S | 1.75 | 1.55 | 0.99 | 1.09 | 1.39 | 1.09 | 1.07 | 0.90 | 0.76 | 0.55 |
| Gross Margin | 40.0% | 38.9% | 38.0% | 35.8% | 33.8% | 35.6% | 37.1% | 37.4% | 34.9% | 30.2% |
| Operating Margin | 17.4% | 15.6% | 12.5% | 10.4% | 0.2% | 15.4% | 15.8% | 13.3% | 8.0% | 8.6% |
| Net Margin | 11.5% | 9.2% | 9.3% | 7.9% | 0.0% | 12.2% | 12.9% | 12.1% | 8.8% | 7.6% |
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Explore sector: Consumer Cyclical · Auto - Manufacturers
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