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Fox Factory vs Harley-Davidson: revenue, profit, margins and growth compared

Fox Factory brought in $1.5B of revenue in fiscal 2025, Harley-Davidson $4.5B in fiscal 2025. Revenue changed by +5.3% at Fox Factory and -13.8% at Harley-Davidson on the year before, so Fox Factory grew faster. Fox Factory kept -37.1% of its revenue as net profit, Harley-Davidson 7.6%. Free cash flow was $27M at Fox Factory and $415.2M at Harley-Davidson.

Side by side, latest fiscal year

FOXFHOG
Fiscal year endedFY2025 (January 2, 2026)FY2025 (December 31, 2025)
Revenue$1.5B$4.5B
Revenue growth+5.3%-13.8%
Net income-$544.6M$338.7M
Net margin-37.1%7.6%
Free cash flow$27M$415.2M
Free cash flow margin1.8%9.3%
Earnings per share (diluted)-$13.03$2.78
Cash$58M$3.1B
Debt$523.5M$2.5B
Price to earningsn/a9.2
Market value$779.7M$2.6B
Dividend yieldn/a2.83%
Rank by revenue in sector#401 of 778 · Consumer discretionary#220 of 778 · Consumer discretionary

Over the years

Revenue
FOXF FY2018: $619.2MFOXF FY2019: $751MFOXF FY2020: $890.6MFOXF FY2021: $1.3BFOXF FY2022: $1.6BFOXF FY2023: $1.5BFOXF FY2024: $1.4BFOXF FY2025: $1.5BHOG FY2018: $5.7BHOG FY2019: $5.4BHOG FY2020: $4.1BHOG FY2021: $5.3BHOG FY2022: $5.8BHOG FY2023: $5.8BHOG FY2024: $5.2BHOG FY2025: $4.5BFY18FY19FY20FY21FY22FY23FY24FY25
FOXF $1.5BHOG $4.5B
Net income
FOXF FY2018: $84MFOXF FY2019: $93MFOXF FY2020: $90.7MFOXF FY2021: $163.8MFOXF FY2022: $205.3MFOXF FY2023: $120.8MFOXF FY2024: $6.6MFOXF FY2025: -$544.6MHOG FY2018: $531.5MHOG FY2019: $423.6MHOG FY2020: $1.3MHOG FY2021: $650MHOG FY2022: $741.4MHOG FY2023: $706.6MHOG FY2024: $455.4MHOG FY2025: $338.7MFY18FY19FY20FY21FY22FY23FY24FY25
FOXF -$544.6MHOG $338.7M
Net margin
FOXF FY2018: 13.6%FOXF FY2019: 12.4%FOXF FY2020: 10.2%FOXF FY2021: 12.6%FOXF FY2022: 12.8%FOXF FY2023: 8.3%FOXF FY2024: 0.5%FOXF FY2025: -37.1%HOG FY2018: 9.3%HOG FY2019: 7.9%HOG FY2020: 0.0%HOG FY2021: 12.2%HOG FY2022: 12.9%HOG FY2023: 12.1%HOG FY2024: 8.8%HOG FY2025: 7.6%FY18FY19FY20FY21FY22FY23FY24FY25
FOXF -37.1%HOG 7.6%
Revenue growth
FOXF FY2019: +21.3%FOXF FY2020: +18.6%FOXF FY2021: +45.9%FOXF FY2022: +23.4%FOXF FY2023: -8.6%FOXF FY2024: -4.8%FOXF FY2025: +5.3%HOG FY2019: -6.2%HOG FY2020: -24.4%HOG FY2021: +31.6%HOG FY2022: +7.8%HOG FY2023: +1.4%HOG FY2024: -11.1%HOG FY2025: -13.8%FY19FY20FY21FY22FY23FY24FY25
FOXF +5.3%HOG -13.8%
Free cash flow
FOXF FY2018: $35.2MFOXF FY2019: $21.3MFOXF FY2020: $25.8MFOXF FY2021: $8.3MFOXF FY2022: $143.4MFOXF FY2023: $131.9MFOXF FY2024: $87.8MFOXF FY2025: $27MHOG FY2018: $992.4MHOG FY2019: $686.8MHOG FY2020: $1BHOG FY2021: $855.5MHOG FY2022: $396.8MHOG FY2023: $547.5MHOG FY2024: $867.3MHOG FY2025: $415.2MFY18FY19FY20FY21FY22FY23FY24FY25
FOXF $27MHOG $415.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Fox Factory and Harley-Davidson

Which is bigger by revenue, Fox Factory or Harley-Davidson?

Harley-Davidson is bigger by revenue: $4.5B in fiscal 2025, against $1.5B for Fox Factory in fiscal 2025.

Which keeps more of its revenue as profit, Fox Factory or Harley-Davidson?

Fox Factory had a net margin of -37.1% in fiscal 2025; Harley-Davidson had 7.6% in fiscal 2025.

Which grew revenue faster, Fox Factory or Harley-Davidson?

In their latest fiscal years revenue changed by +5.3% at Fox Factory and -13.8% at Harley-Davidson.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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