MARKETS / NYSE / HOG

NYSE · MOTORCYCLES, BICYCLES & PARTS · LARGE CAP

Harley-davidson, Inc. HOG

19 fiscal years on record · USD · FY2025 reported · SEC filings only

5 YEARS OF DIVIDEND GROWTH

Revenue

$3.6B

▼ 13.1% YoY

Net income

$338.7M

▼ 25.6% YoY

Free cash flow

$415.2M

▼ 52.1% YoY

In brief

What this company does

The Company has three reportable segments: Harley-Davidson Motor Company (HDMC), LiveWire, and Harley-Davidson Financial Services (HDFS). HDMC designs, manufactures and sells Harley-Davidson motorcycles, also selling motorcycle parts, accessories and apparel and licensing its trademarks, and conducts business on a global basis with sales in the United States, Canada, Europe/Middle East/Africa, Asia Pacific and Latin America. LiveWire is an all-electric motorcycle brand that sells electric motorcycles, electric balance bikes for kids, electric bikes, parts and accessories and apparel in the United States and certain international markets. HDFS finances and services wholesale inventory receivables and retail consumer loans, primarily for the purchase of Harley-Davidson and LiveWire motorcycles, works with unaffiliated third parties to provide motorcycle insurance and voluntary protection products to motorcycle owners, and conducts business principally in the U.S. and Canada. Harley-Davidson was founded in 1903. Harley-Davidson, Inc. was incorporated in 1981, at which time it purchased the Harley-Davidson motorcycle business from AMF Incorporated in a management buyout, and became publicly held in 1986.

Written from the business description in HARLEY-DAVIDSON, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.6B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 3.6 · Net income 0.3

Compound annual growth

Revenue

−9.9%

+2.0%

−5.0%

−2.0%

Net income

−23.0%

+204.3%

−7.7%

+5.7%

EPS, diluted

−17.6%

+208.2%

−2.8%

+10.5%

Dividend / share

+4.6%

+10.4%

−5.3%

+4.0%

Returned to shareholders

+0.6%

+42.0%

−13.1%

+10.7%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +2.0% a year over five years — but profit grew faster: net income at +204.3%, earnings per share at +208.2%.

The share count fell from 0.15B to 0.11B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

9 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 10.7% · Net 9.1%

ROE

FY2025 · ROE 10.7%

Gross margin23.9%

Operating margin10.7%

Net margin9.1%

Return on assets3.3%

EBITDAUSD 559.0M

Each USD of equity produced 11 cents of profit this year.

Cash & shareholders

USD 439.7M

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 0.4

Net buybacks $B Dividends $B

FY2025 · Dividends 0.1 · Net buybacks 0.4

Dividends paidUSD 86.4M

Net buybacksUSD 353.3M

Share of profit129.8%

Consecutive raises5 years

USD 86.4M in dividends and USD 353.3M in buybacks — 130% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 8.0B

EquityUSD 3.1B

CashUSD 3.1B

Gross debtUSD 2.5B

Net debtUSD -622.5M

DepositsUSD 536.6M

The company holds more cash than debt.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	3.6	4.1	4.9	4.9	4.5	3.3	5.4	5.7	5.6	6.0	6.0	6.2	5.9	5.6	5.3	4.9	4.8	6.0	6.1
Operating income $B	0.4	0.4	0.8	0.9	0.8	0.0	0.6	0.7	0.9	1.0	1.2	1.3	1.2	1.0	0.8	0.6	0.2	1.1	1.4
EBITDA $B	0.6	0.6	0.9	1.1	1.0	0.2	0.8	1.0	1.1	1.3	1.4	1.5	1.3	1.2	1.0	0.8	0.4	1.3	·
Income tax $B	0.1	0.1	0.2	0.2	0.2	−0.0	0.1	0.2	0.3	0.3	0.4	0.4	0.4	0.3	0.2	0.1	0.1	0.4	0.5
Net income $B	0.3	0.5	0.7	0.7	0.7	0.0	0.4	0.5	0.5	0.7	0.8	0.8	0.7	0.6	0.6	0.1	−0.1	0.7	0.9
Free cash flow $B	0.4	0.9	0.5	0.4	0.9	1.0	0.7	1.0	0.8	0.9	0.8	0.9	0.8	0.6	0.7	1.0	0.5	−0.8	0.6
EPS, diluted $	2.78	3.44	4.87	4.96	4.19	0.01	2.68	3.19	3.02	3.83	3.69	3.88	3.28	2.72	2.55	0.62	−0.24	2.79	3.74
Dividend / sh $	0.72	0.69	0.66	0.63	0.60	0.44	1.50	1.48	1.46	1.40	1.24	1.10	0.84	0.62	0.47	0.40	0.40	1.29	1.06
Payout %	26	20	14	13	14	5246	56	46	48	36	33	28	26	23	19	64	−170	46	28
ROE %	10.7	14.2	23.0	27.2	30.4	0.1	23.7	29.4	27.7	36.8	31.7	28.5	26.4	25.1	25.9	6.8	−2.6	29.2	39.3
Shares out B	0.11	0.12	0.14	0.15	0.15	0.15	0.15	0.16	0.17	0.18	0.18	0.21	0.22	0.23	0.23	0.24	0.23	·	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 73 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 3 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityMotorcycles, Bicycles & Parts

Listed onNYSE

Incorporated inWisconsin

Fiscal year endsDecember 31

Data on record since2007