HARLEY-DAVIDSON, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HARLEY-DAVIDSON, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,996	5,647	5,717	5,362	4,054	5,336	5,755	5,836	5,187	4,473
Cost of revenue	3,426	3,272	3,352	3,230	2,436	3,243	3,404	3,322	3,006	2,742
Gross profit	2,570	2,375	2,365	2,132	1,619	2,093	2,351	2,514	2,181	1,731
Research and development	172	175	192	217	202	175	159	159
Selling, general and administrative	1,214	1,180	1,258	1,199	1,051	1,052	1,079	1,176	1,145	1,147
Operating income	1,046	882	714	556	9.68	823	909	779	417	387
Interest expense	29.7	31	30.9	31.1	31.1	31	31.2	30.8	30.7	33.4
Other non-operating income	2.64	9.18	3.04	16.5	-1.85	20.1	48.7	71.8	72.3	61.3
Pre-tax income	1,024	864	687	557	-15.7	819	931	867	517	459
Income tax	332	342	155	134	-17	169	192	172	72	130
Income from continuing operations		522	531	424	1.3	650
Net income to minority interests					0	0	-2.19	-11.5	-10.2	-9.58
Net income	692	522	531	424	1.3	650	741	707	455	339
EBITDA	1,256	1,104	978	788	195	989	1,061	937	577	559
EPS, basic	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, basic (weighted)	180	172	166	157	153	154	148	142	131	120
Shares, diluted (weighted)	181	173	167	158	154	155	149	145	132	121
Dividend per share	1.40	1.46	1.48	1.50	0.44	0.60	0.63	0.66	0.69	0.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	760	688	1,204	834	3,257	1,875	1,433	1,534	1,590	3,092
Short-term investments		0	10
Receivables	285	330	306	259	143	182	252	267	234	226
Inventory	500	538	556	604	523	713	951	930	746	731
Other current assets	174	176	144	169	280	186	196	214	260	292
Total current assets	3,854	3,885	4,484	4,203	5,845	4,550	4,751	5,164	4,997	5,587
Property, plant and equipment	982	968	904	847	744	684	690	732	757	750
Lease right-of-use assets				61.6	45.2	49.6	43.9	69.7	63.9	82.5
Goodwill	53.4	55.9	55	64.2	66	63.2	62.1	62.7	61.7	63.9
Intangible assets						7.51	6.39	7.03	5.57
Other non-current assets	74.5	75.9	73.1	93.1	122	129	135	154	129	222
Total assets	9,890	9,973	10,666	10,528	12,011	11,051	11,492	12,141	11,882	8,045
Accounts payable	235	228	285	294	291	375	378	349	299	389
Accrued liabilities	487	530	601	582	557	602	621	647	594	672
Deferred revenue					18.1	18.3	17.6	23.4	23.1	34.7
Short-term debt	2,146	2,406	2,718	2,327	2,040	1,542	1,685	1,256	1,852	820
Total current liabilities	2,863	3,158	3,598	3,197	3,982	3,343	3,534	3,384	3,557	2,659
Long-term debt	4,667	4,587	4,888	5,125	5,933	4,596	4,457	4,991	4,469	1,650
Lease liabilities				44.4	30.1	29.9	26.8	51.8	47.4	69.4
Other non-current liabilities	183	210	204	221	220	207	233	174	201	195
Total liabilities	7,970	8,128	8,892	8,724	10,288	8,498	8,586	8,888	8,723	4,888
Total debt	5,752	5,715	6,463	6,873	7,973	6,138	6,142	6,247	6,320	2,469
Paid-in capital	1,382	1,423	1,460	1,491	1,508	1,547	1,688	1,752	1,793	1,790
Retained earnings	1,338	1,608	2,008	2,194	1,285	1,842	2,491	3,101	3,465	3,717
Treasury stock	-236	-688	-1,065	-1,346	-588	-597	-935	-1,297	-1,761	-2,112
Other comprehensive income	-565	-500	-630	-537	-483	-241	-342	-305	-333	-257
Shareholders' equity	1,920	1,844	1,774	1,804	1,723	2,553	2,904	3,253	3,166	3,141
Minority interests						0	3.29	-0.51	-7.55	16.2
Total equity	1,920	1,844	1,774	1,804	1,723	2,553	2,907	3,252	3,159	3,157
Total liabilities and equity	9,890	9,973	10,666	10,528	12,011	11,051	11,492	12,141	11,882	8,045
Shares outstanding	176	168	160	152	153	154	146	136	124	112

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	692	522	531	424	1.3	650	739	695	445	329
Depreciation and amortization	210	222	265	233	186	165	152	158	161	172
Stock-based compensation	32.3	32.5	35.5	33.7	23.5	42.2	54.4	82.9	49	31.7
Deferred income tax	-0.17	50.9	-34	21.5	-44.1	-7.67	-15.9	-30.1	-26.3	84.1
Change in receivables	-45.9	-18.1	9.14	44.9	128	-53.5	-82.4	-11.4	19.8	32.6
Change in inventory	85.1	-20.6	-31.1	-47.6	80.9	-208	-254	21.3	165	47.6
Change in payables	38.2	10.1	196	-18.5	-43.1	174	4.5	28.6	-55.4	126
Cash from operations	1,174	1,005	1,206	868	1,178	976	548	755	1,064	569
Capital expenditures	-256	-206	-214	-181	-131	-120	-152	-207	-197	-154
Acquisitions	0	0	0	-7	0
Purchases of investments	0	0	-10	0	0
Cash from investing	-393	-562	-662	-508	-66.8	-459	-773	-512	-383	3,779
Debt issued	0	0
Debt repaid	0
Share buybacks	-465	-465	-391	-297	-8.01	-11.6	-339	-364	-460	-353
Dividends paid	-252	-252	-246	-237	-68.1	-92.4	-93.2	-96.3	-91.2	-86.4
Cash from financing	-778	-550	-14.8	-712	1,374	-1,885	-202	-175	-572	-3,010
Exchange rate effect	-9.44	26.7	-15.4	-2.31	18.7	-15.3	-19.5	1.7	-16.1	13.5
Net change in cash	-5.72	-80.9	514	-354	2,504	-1,384	-446	69.6	92	1,351
Free cash flow	918	799	992	687	1,047	856	397	547	867	415
Interest paid	186	205	207	230	246	192	232	290	359	331
Income taxes paid	357	300	149	150	30.7	156	244	238	111	39.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.4%	Gross profit / revenue.
Operating margin	5.0%	Operating income / revenue.
EBITDA margin	9.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.8%	Pre-tax income / revenue.
Net margin	4.8%	Net income / revenue.
FCF margin	-3.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.0%	Cash from operations / revenue.
Effective tax rate	32.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	28.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.1%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-20.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-9.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-24.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	109.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-19.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-25.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-23.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	204.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-19.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-17.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	208.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-46.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-13.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-52.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-16.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	10.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-32.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.90x	Current assets / current liabilities.
Quick ratio	0.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.79x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.53x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.5%	Total debt / total assets.
Liabilities / assets	57.0%	Total liabilities / total assets.
Net debt	-$266.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.68x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.44x	Operating income / interest expense.
Working capital	$2.18B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.04B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	6.14x	Revenue / average property, plant and equipment.
Inventory turnover	5.64x	Cost of revenue / average inventory.
Days inventory	65 days	365 x average inventory / cost of revenue.
Receivables turnover	14.0x	Revenue / average receivables.
Days sales outstanding	26 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	38 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-65.7%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$39.05	Revenue / diluted weighted shares.
FCF per share	-$1.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.00	Cash from operations / diluted weighted shares.
Book value per share	$28.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$27.96	Tangible book value / shares outstanding.
Cash per share	$17.46	(Cash + short-term investments) / shares outstanding.
Payout ratio	40.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.65B	Share price x shares outstanding.
Enterprise value	$2.38B	Market cap + total debt - cash - short-term investments.
P/E	13.1x	Market cap / net income. Only when net income is positive.
P/S	0.62x	Market cap / revenue.
P/B	0.85x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.87x	Market cap / tangible book value, when positive.
EV/Sales	0.56x	Enterprise value / revenue.
EV/EBIT	11.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.11x	Enterprise value / EBITDA, when both are positive.
FCF yield	-5.0%	Free cash flow / market cap.
Earnings yield	7.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.1%	Dividends paid over the period / market cap.
Shareholder yield	16.7%	(Dividends paid + share buybacks) / market cap.

What was HARLEY-DAVIDSON, INC.'s revenue in fiscal 2025?

HARLEY-DAVIDSON, INC. reported revenue of $4.47B for fiscal 2025, 13.8% lower than the year before.

Was HARLEY-DAVIDSON, INC. profitable in fiscal 2025?

Yes. Net income was $338.7M, a net margin of 7.6%.

How much free cash flow did HARLEY-DAVIDSON, INC. generate in fiscal 2025?

Cash from operations of $568.9M minus capital expenditures of $153.7M left free cash flow of $415.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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