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HOG

Harley-Davidson, Inc.

HOG

Harley-Davidson, Inc. • NYSE
$24.49 ▲ 0.37% (+0.09)
Market Cap $3.01 B
52w High $34.37
52w Low $20.45
Dividend Yield 0.71%
P/E 5.83
Volume 808.24K
Outstanding Shares 123.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.074B ▼ $228.991M ▼ $377.366M ▲ 35.138% ▲ $3.13 ▲ $628.07M ▲
Q2-2025 $1.307B ▼ $256.204M ▼ $107.569M ▼ 8.23% ▼ $0.89 ▼ $178.288M ▼
Q1-2025 $1.329B ▲ $308.991M ▼ $133.104M ▲ 10.014% ▲ $1.07 ▲ $227.417M ▲
Q4-2024 $687.609M ▼ $346.467M ▲ $-116.892M ▼ -17% ▼ $-0.93 ▼ $-121.501M ▼
Q3-2024 $1.151B $331.856M $119.04M 10.345% $0.92 $179.846M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.827B ▲ $10.566B ▼ $7.005B ▼ $3.572B ▲
Q2-2025 $1.067B ▼ $12.05B ▼ $8.743B ▼ $3.317B ▲
Q1-2025 $1.931B ▲ $12.382B ▲ $9.209B ▲ $3.182B ▲
Q4-2024 $1.59B ▼ $11.882B ▼ $8.723B ▼ $3.166B ▼
Q3-2024 $2.244B $13.027B $9.602B $3.431B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $377.366M ▲ $-92.589M ▼ $295.331M ▲ $-131.156M ▲ $70.22M ▲ $-129.119M ▼
Q2-2025 $-130.797M ▼ $367.958M ▲ $-151.249M ▼ $-566.704M ▼ $-340.919M ▼ $332.371M ▲
Q1-2025 $130.797M ▲ $141.534M ▲ $61.395M ▼ $150.185M ▲ $356.413M ▲ $111.561M ▲
Q4-2024 $-118.43M ▼ $133.178M ▼ $102.847M ▲ $-885.775M ▼ $-666.093M ▼ $77.039M ▼
Q3-2024 $119.04M $353.013M $-89.148M $131.462M $406.346M $300.424M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Apparel
Apparel
 $50.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Financial Services
Financial Services
 $260.00M ▲$240.00M ▼$260.00M ▲$260.00M ▲
License
License
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Motorcycles
Motorcycles
 $230.00M ▲$860.00M ▲$780.00M ▼$820.00M ▲
Parts Accessories
Parts Accessories
 $120.00M ▲$140.00M ▲$190.00M ▲$170.00M ▼
Product and Service Other
Product and Service Other
 $10.00M ▲$10.00M ▲$20.00M ▲$20.00M ▲
Licensing
Licensing
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Harley-Davidson’s sales recovered well after the pandemic but have softened in the most recent year, suggesting demand is no longer in a clear growth phase. Profitability improved meaningfully from 2020 lows, yet operating and net margins have trended down since peaking a couple of years ago, pointing to cost pressures and a tougher pricing or volume environment. Earnings remain solid compared with the trough period, but the direction is sideways to slightly down rather than strongly upward, which hints at a mature, cyclical business facing slower growth and more competition.

Balance Sheet

Balance Sheet The balance sheet looks stable and gradually healthier than a few years ago. Total assets have held fairly steady, equity has been rebuilt, and leverage has come down from prior highs, though debt is still a central feature of the capital structure. Cash levels are comfortable but not excessive, implying reasonable financial flexibility without a large cash cushion. Overall, the company appears financially sound, but it still relies on meaningful borrowing, which is typical for a manufacturer with a financing arm and exposes it to interest-rate and credit-cycle swings.

Cash Flow

Cash Flow Harley-Davidson consistently generates positive operating cash flow and free cash flow, even in weaker earnings years, which is a key strength. Cash generation has generally improved after a dip in the middle of the period, showing decent resilience in the underlying business. Capital spending is modest and relatively steady, helping support strong free cash flow but also raising the question of how aggressively the company is investing for long-term growth. In short, cash flow is a highlight: dependable enough to support reinvestment and shareholder returns, provided business conditions do not deteriorate sharply.

Competitive Edge

Competitive Edge The company’s core advantage is its iconic brand, deep rider community, and strong dealer network, all of which are hard for rivals to copy. Harley doesn’t just sell motorcycles; it sells a lifestyle and identity, reinforced by events, clubs, and customization culture, which supports premium pricing and loyalty. However, its competitive moat appears narrower than in the past as it struggles to connect with younger and more diverse riders and faces stronger competition from brands like Indian and other global manufacturers. The business remains well-entrenched in heavyweight cruisers and touring bikes, but its dominance is less absolute, and it operates in a mature, competitive, and cyclical niche.

Innovation and R&D

Innovation and R&D Harley-Davidson is actively updating its product and technology base while trying to protect its heritage. It has modernized its engines, added advanced safety and rider-assistance features, and upgraded infotainment and connectivity on core models. The push into electric motorcycles through LiveWire and into e-bikes with Serial 1 shows strategic intent to participate in new mobility trends, though commercial traction is still uncertain. New segments like adventure touring (Pan America) and performance-oriented models broaden the appeal beyond traditional cruisers. The key question is execution: can Harley turn these innovations into sustained growth and relevance for new riders without alienating its loyal base?

Summary

Harley-Davidson today looks like a solid but mature brand in the middle of a long transition. Financially, it has moved far beyond its pandemic trough, with healthier profits and strong, reliable cash flow, even though recent growth and margins have cooled. The balance sheet is relatively sound, with improving equity and manageable but meaningful debt. Strategically, its enduring brand, community, and dealer network remain powerful assets, yet its moat is not as wide as it once was, given demographic headwinds and rising competition. The company is investing in electrification, new segments, and technology, but these bets are still developing and carry execution risk. Overall, Harley sits at a crossroads: its legacy franchise is profitable and cash-generative, while its long-term trajectory will depend on how well it attracts new riders and scales its newer platforms and innovations.

NEWS

November 25, 2025 · 4:00 PM UTC

Harley-Davidson, Inc. Declares Dividend

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November 24, 2025 · 6:00 AM UTC

Harley-Davidson Financial Services, Inc. Announces Results of Tender Offers for Any and All of its Outstanding 6.500% Medium-Term Notes due 2028 and 5.950% Medium-Term Notes due 2029

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November 21, 2025 · 3:08 PM UTC

Harley-Davidson Financial Services, Inc. Announces Pricing of Tender Offers for Any and All of its Outstanding 6.500% Medium-Term Notes due 2028 and 5.950% Medium-Term Notes due 2029

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November 17, 2025 · 9:15 AM UTC

Harley-Davidson Financial Services, Inc. Announces Launch of Tender Offers for Any and All of its Outstanding 6.500% Medium-Term Notes due 2028 and 5.950% Medium-Term Notes due 2029

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November 4, 2025 · 7:00 AM UTC

Harley-Davidson Delivers Third Quarter Financial Results

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