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

Harley-Davidson brought in $4.5B of revenue in fiscal 2025, LiveWire $25.7M in fiscal 2025. Revenue changed by -13.8% at Harley-Davidson and -3.6% at LiveWire on the year before, so LiveWire grew faster. Harley-Davidson kept 7.6% of its revenue as net profit, LiveWire -292.6%. Free cash flow was $415.2M at Harley-Davidson and -$57.4M at LiveWire.

Side by side, latest fiscal year

HOGLVWR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.5B$25.7M
Revenue growth-13.8%-3.6%
Net income$338.7M-$75.1M
Net margin7.6%-292.6%
Free cash flow$415.2M-$57.4M
Free cash flow margin9.3%-223.4%
Earnings per share (diluted)$2.78-$0.37
Cash$3.1B$82.8M
Debt$2.5B$75M
Price to earnings9.2n/a
Market value$2.6B$308.1M
Dividend yield2.83%n/a
Rank by revenue in sector#220 of 778 · Consumer discretionary#736 of 778 · Consumer discretionary

Over the years

Revenue
HOG FY2018: $5.7BHOG FY2019: $5.4BHOG FY2020: $4.1BHOG FY2021: $5.3BHOG FY2022: $5.8BHOG FY2023: $5.8BHOG FY2024: $5.2BHOG FY2025: $4.5BLVWR FY2020: $30.9MLVWR FY2022: $35.8MLVWR FY2022: $46.8MLVWR FY2023: $38MLVWR FY2024: $26.6MLVWR FY2025: $25.7MFY18FY19FY20FY21FY22FY23FY24FY25
HOG $4.5BLVWR $25.7M
Net income
HOG FY2018: $531.5MHOG FY2019: $423.6MHOG FY2020: $1.3MHOG FY2021: $650MHOG FY2022: $741.4MHOG FY2023: $706.6MHOG FY2024: $455.4MHOG FY2025: $338.7MLVWR FY2020: -$77.6MLVWR FY2022: -$68.3MLVWR FY2022: -$78.9MLVWR FY2023: -$109.6MLVWR FY2024: -$93.9MLVWR FY2025: -$75.1MFY18FY19FY20FY21FY22FY23FY24FY25
HOG $338.7MLVWR -$75.1M
Net margin
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%LVWR FY2020: -251.3%LVWR FY2022: -190.7%LVWR FY2022: -168.6%LVWR FY2023: -288.1%LVWR FY2024: -352.7%LVWR FY2025: -292.6%FY18FY19FY20FY21FY22FY23FY24FY25
HOG 7.6%LVWR -292.6%
Revenue growth
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%LVWR FY2022: +16.0%LVWR FY2022: +30.8%LVWR FY2023: -18.8%LVWR FY2024: -30.0%LVWR FY2025: -3.6%FY19FY20FY21FY22FY23FY24FY25
HOG -13.8%LVWR -3.6%
Free cash flow
HOG FY2018: $992.4MHOG FY2019: $686.8MHOG FY2020: $1BHOG FY2021: $855.5MHOG FY2022: $396.8MHOG FY2023: $547.5MHOG FY2024: $867.3MHOG FY2025: $415.2MLVWR FY2020: -$57MLVWR FY2022: -$84.5MLVWR FY2022: -$103.8MLVWR FY2023: -$96.9MLVWR FY2024: -$101.9MLVWR FY2025: -$57.4MFY18FY19FY20FY21FY22FY23FY24FY25
HOG $415.2MLVWR -$57.4M

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

Questions about Harley-Davidson and LiveWire

Which is bigger by revenue, Harley-Davidson or LiveWire?

Harley-Davidson is bigger by revenue: $4.5B in fiscal 2025, against $25.7M for LiveWire in fiscal 2025.

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

Harley-Davidson had a net margin of 7.6% in fiscal 2025; LiveWire had -292.6% in fiscal 2025.

Which grew revenue faster, Harley-Davidson or LiveWire?

In their latest fiscal years revenue changed by -13.8% at Harley-Davidson and -3.6% at LiveWire.

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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