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Stocks · Consumer discretionary · Motorcycles, Bicycles & Parts

HARLEY-DAVIDSON, INC.

HOG Clue Score49
United States Fiscal year ends December CIK 0000793952
$26.90 +0.56% Close, 9 Oct 2026
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Price $26.90 −27.24% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue6.00Operating income1.05Net income0.69EPS, diluted3.83Fiscal year 2017Revenue5.65 −5.8%Operating income0.88Net income0.52 −24.6%EPS, diluted3.02 −21.1%Fiscal year 2018Revenue5.72 +1.2%Operating income0.71Net income0.53 +1.9%EPS, diluted3.19 +5.6%Fiscal year 2019Revenue5.36 −6.2%Operating income0.56Net income0.42 −20.3%EPS, diluted2.68 −16.0%Fiscal year 2020Revenue3.26 −39.1%Operating income0.01Net income0.00 −99.7%EPS, diluted0.01 −99.6%Fiscal year 2021Revenue4.54 +39.1%Operating income0.82Net income0.65 +49,978.9%EPS, diluted4.19 +41,800.0%Fiscal year 2022Revenue4.93 +8.7%Operating income0.91Net income0.74 +14.1%EPS, diluted4.96 +18.4%Fiscal year 2023Revenue4.88 −1.0%Operating income0.78Net income0.71 −4.7%EPS, diluted4.87 −1.8%Fiscal year 2024Revenue4.15 −15.0%Operating income0.42Net income0.46 −35.6%EPS, diluted3.44 −29.4%Fiscal year 2025Revenue3.60 −13.1%Operating income0.39Net income0.34 −25.6%EPS, diluted2.78 −19.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 6.00 5.65 5.72 5.36 3.26 4.54 4.93 4.88 4.15 3.60
Growth −5.8% +1.2% −6.2% −39.1% +39.1% +8.7% −1.0% −15.0% −13.1%
Operating income 1.05 0.88 0.71 0.56 0.01 0.82 0.91 0.78 0.42 0.39
Net income 0.69 0.52 0.53 0.42 0.00 0.65 0.74 0.71 0.46 0.34
Growth −24.6% +1.9% −20.3% −99.7% +49,978.9% +14.1% −4.7% −35.6% −25.6%
EPS, diluted 3.83 3.02 3.19 2.68 0.01 4.19 4.96 4.87 3.44 2.78
Growth −21.1% +5.6% −16.0% −99.6% +41,800.0% +18.4% −1.8% −29.4% −19.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin17.4%Net margin11.5%Free cash flow margin15.3%Fiscal year 2017Operating margin15.6%Net margin9.2%Free cash flow margin14.1%Fiscal year 2018Operating margin12.5%Net margin9.3%Free cash flow margin17.4%Fiscal year 2019Operating margin10.4%Net margin7.9%Free cash flow margin12.8%Fiscal year 2020Operating margin0.3%Net margin0.0%Free cash flow margin32.1%Fiscal year 2021Operating margin18.1%Net margin14.3%Free cash flow margin18.8%Fiscal year 2022Operating margin18.4%Net margin15.0%Free cash flow margin8.0%Fiscal year 2023Operating margin16.0%Net margin14.5%Free cash flow margin11.2%Fiscal year 2024Operating margin10.0%Net margin11.0%Free cash flow margin20.9%Fiscal year 2025Operating margin10.7%Net margin9.4%Free cash flow margin11.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 17.4% 15.6% 12.5% 10.4% 0.3% 18.1% 18.4% 16.0% 10.0% 10.7%
Net margin 11.5% 9.2% 9.3% 7.9% 0.0% 14.3% 15.0% 14.5% 11.0% 9.4%
Free cash flow margin 15.3% 14.1% 17.4% 12.8% 32.1% 18.8% 8.0% 11.2% 20.9% 11.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.17Capital expenditure−0.26Free cash flow0.92Buybacks−0.47Dividends paid−0.25Fiscal year 2017Operating cash flow1.01Capital expenditure−0.21Free cash flow0.80 −13.0%Buybacks−0.47Dividends paid−0.25Fiscal year 2018Operating cash flow1.21Capital expenditure−0.21Free cash flow0.99 +24.2%Buybacks−0.39Dividends paid−0.25Fiscal year 2019Operating cash flow0.87Capital expenditure−0.18Free cash flow0.69 −30.8%Buybacks−0.30Dividends paid−0.24Fiscal year 2020Operating cash flow1.18Capital expenditure−0.13Free cash flow1.05 +52.4%Buybacks−0.01Dividends paid−0.07Fiscal year 2021Operating cash flow0.98Capital expenditure−0.12Free cash flow0.86 −18.3%Buybacks−0.01Dividends paid−0.09Fiscal year 2022Operating cash flow0.55Capital expenditure−0.15Free cash flow0.40 −53.6%Buybacks−0.34Dividends paid−0.09Fiscal year 2023Operating cash flow0.75Capital expenditure−0.21Free cash flow0.55 +38.0%Buybacks−0.36Dividends paid−0.10Fiscal year 2024Operating cash flow1.06Capital expenditure−0.20Free cash flow0.87 +58.4%Buybacks−0.46Dividends paid−0.09Fiscal year 2025Operating cash flow0.57Capital expenditure−0.15Free cash flow0.42 −52.1%Buybacks−0.35Dividends paid−0.09
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.17 1.01 1.21 0.87 1.18 0.98 0.55 0.75 1.06 0.57
Capital expenditure −0.26 −0.21 −0.21 −0.18 −0.13 −0.12 −0.15 −0.21 −0.20 −0.15
Free cash flow 0.92 0.80 0.99 0.69 1.05 0.86 0.40 0.55 0.87 0.42
Growth −13.0% +24.2% −30.8% +52.4% −18.3% −53.6% +38.0% +58.4% −52.1%
Buybacks −0.47 −0.47 −0.39 −0.30 −0.01 −0.01 −0.34 −0.36 −0.46 −0.35
Dividends paid −0.25 −0.25 −0.25 −0.24 −0.07 −0.09 −0.09 −0.10 −0.09 −0.09

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.76Total debt5.75Net cash (debt)−4.99Shareholders’ equity1.92Debt to equity3.00Fiscal year 2017Cash0.69Total debt5.71Net cash (debt)−5.03Shareholders’ equity1.84Debt to equity3.10Fiscal year 2018Cash1.20Total debt6.46Net cash (debt)−5.26Shareholders’ equity1.77Debt to equity3.64Fiscal year 2019Cash0.83Total debt6.87Net cash (debt)−6.04Shareholders’ equity1.80Debt to equity3.81Fiscal year 2020Cash3.26Total debt7.97Net cash (debt)−4.72Shareholders’ equity1.72Debt to equity4.63Fiscal year 2021Cash1.87Total debt6.14Net cash (debt)−4.26Shareholders’ equity2.55Debt to equity2.40Fiscal year 2022Cash1.43Total debt6.14Net cash (debt)−4.71Shareholders’ equity2.90Debt to equity2.12Fiscal year 2023Cash1.53Total debt6.25Net cash (debt)−4.71Shareholders’ equity3.25Debt to equity1.92Fiscal year 2024Cash1.59Total debt6.32Net cash (debt)−4.73Shareholders’ equity3.17Debt to equity2.00Fiscal year 2025Cash3.09Total debt2.47Net cash (debt)0.62Shareholders’ equity3.14Debt to equity0.79
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.76 0.69 1.20 0.83 3.26 1.87 1.43 1.53 1.59 3.09
Total debt 5.75 5.71 6.46 6.87 7.97 6.14 6.14 6.25 6.32 2.47
Net cash (debt) −4.99 −5.03 −5.26 −6.04 −4.72 −4.26 −4.71 −4.71 −4.73 0.62
Shareholders’ equity 1.92 1.84 1.77 1.80 1.72 2.55 2.90 3.25 3.17 3.14
Debt to equity 3.00 3.10 3.64 3.81 4.63 2.40 2.12 1.92 2.00 0.79

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
17.4% 15.6% 12.5% 10.4% 0.3% 18.1% 18.4% 16.0% 10.0% 10.7%
17.1% 15.3% 12.0% 10.4% −0.5% 18.0% 18.9% 17.8% 12.5% 12.7%
11.5% 9.2% 9.3% 7.9% 0.0% 14.3% 15.0% 14.5% 11.0% 9.4%
15.3% 14.1% 17.4% 12.8% 32.1% 18.8% 8.0% 11.2% 20.9% 11.5%
Spending
2.9% 3.1% 3.4% 4.0% 6.2% 3.9% 3.2% 3.3% n/a n/a
20.2% 20.9% 22.0% 22.4% 32.2% 23.2% 21.9% 24.1% 27.6% 31.8%
4.3% 3.7% 3.7% 3.4% 4.0% 2.6% 3.1% 4.2% 4.7% 4.3%
32.4% 39.6% 22.6% 24.0% n/a 20.7% 20.6% 19.8% 13.9% 28.2%
Returns
36.0% 28.3% 30.0% 23.5% 0.1% 25.5% 25.5% 21.7% 14.4% 10.8%
7.0% 5.2% 5.0% 4.0% 0.0% 5.9% 6.5% 5.8% 3.8% 4.2%
Balance and payout
3.00 3.10 3.64 3.81 4.63 2.40 2.12 1.92 2.00 0.79
36.5% 48.3% 46.3% 56.0% 5,245.5% 14.2% 12.6% 13.6% 20.0% 25.5%
78.2% 89.8% 64.1% 77.7% 7.3% 12.2% 108.8% 84.1% 63.5% 105.9%