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Recreational vehicles · Consumer Cyclical · Fiscal year ends Dec 31
Harley-Davidson reported revenue of $3.6B in the fiscal year ended Dec 2025, down 13.1% from the year before. Operating income was $387M, an operating margin of 10.7%, and net income was $339M. Operating cash flow of $569M less capital expenditure of $154M left free cash flow of $415M. It held more cash than debt (net cash $623M).
Ranks among the 4 recreational vehicles companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,540 | 4,935 | 4,883 | 4,148 | 3,604 |
| Cost of revenue | 3,243 | 3,404 | 3,322 | 3,006 | 2,742 |
| Gross profit | 1,297 | 1,531 | 1,561 | 1,142 | 862 |
| Research & development | 175 | 159 | 159 | – | – |
| Selling, general & admin | 1,052 | 1,079 | 1,176 | 1,145 | 1,147 |
| Operating income | 823 | 909 | 779 | 417 | 387 |
| Interest expense | 31.0 | 31.2 | 30.8 | 30.7 | 33.4 |
| Pre-tax income | 819 | 931 | 867 | 517 | 459 |
| Income tax | 169 | 192 | 172 | 72.0 | 130 |
| Net income | 650 | 741 | 707 | 455 | 339 |
| Diluted EPS | 4.19 | 4.96 | 4.87 | 3.44 | 2.78 |
| Diluted shares | 155 | 149 | 145 | 132 | 121 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,875 | 1,433 | 1,534 | 1,590 | 3,092 |
| Receivables | 182 | 252 | 267 | 234 | 226 |
| Inventory | 713 | 951 | 930 | 746 | 731 |
| Current assets | 4,550 | 4,751 | 5,164 | 4,997 | 5,587 |
| Net PP&E | 684 | 690 | 732 | 757 | 750 |
| Goodwill | 63.2 | 62.1 | 62.7 | 61.7 | 63.9 |
| Total assets | 11,051 | 11,492 | 12,141 | 11,882 | 8,045 |
| Payables | 375 | 378 | 349 | 299 | 389 |
| Deferred revenue | 18.3 | 17.6 | 23.4 | 23.1 | 34.7 |
| Current liabilities | 3,343 | 3,534 | 3,384 | 3,557 | 2,659 |
| Short-term debt | 1,542 | 1,685 | 1,256 | 1,852 | 820 |
| Long-term debt | 4,596 | 4,457 | 4,991 | 4,469 | 1,650 |
| DepositsBanks | 290 | 317 | 448 | 551 | 537 |
| Total liabilities | 8,498 | 8,586 | 8,888 | 8,723 | 4,888 |
| Shareholders' equity | 2,553 | 2,904 | 3,253 | 3,166 | 3,141 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 976 | 548 | 755 | 1,064 | 569 |
| Capital expenditure | 120 | 152 | 207 | 197 | 154 |
| Free cash flow | 856 | 397 | 547 | 867 | 415 |
| Depreciation & amortisation | 165 | 152 | 158 | 161 | 172 |
| Stock-based compensation | 42.2 | 54.4 | 82.9 | 49.0 | 31.7 |
| Share buybacks | 11.6 | 339 | 364 | 460 | 353 |
| Dividends paid | 92.4 | 93.2 | 96.3 | 91.2 | 86.4 |
| Dividend per share | 0.60 | 0.63 | 0.66 | 0.69 | 0.72 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.7% | −1.0% | −15.0% | −13.1% |
| Operating income growth (YoY) | – | 10.4% | −14.3% | −46.5% | −7.2% |
| EPS growth (YoY) | – | 18.4% | −1.8% | −29.4% | −19.2% |
| Gross margin | 28.6% | 31.0% | 32.0% | 27.5% | 23.9% |
| Operating margin | 18.1% | 18.4% | 16.0% | 10.0% | 10.7% |
| Net margin | 14.3% | 15.0% | 14.5% | 11.0% | 9.4% |
| Return on equityBlank when equity is negative | 25.5% | 25.5% | 21.7% | 14.4% | 10.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.7% | 11.4% | 8.9% | 5.0% | 7.2% |
| Free cash flow margin | 18.8% | 8.0% | 11.2% | 20.9% | 11.5% |
| Cash conversion (CFO ÷ net income) | 1.50x | 0.74x | 1.07x | 2.34x | 1.68x |
| Receivable days | 15 | 19 | 20 | 21 | 23 |
| Inventory days | 80 | 102 | 102 | 91 | 97 |
| Payable days | 42 | 41 | 38 | 36 | 52 |
| Interest cover | 26.6x | 29.1x | 25.3x | 13.5x | 11.6x |
| Debt ÷ equity | 2.40x | 2.12x | 1.92x | 2.00x | 0.79x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 4,263 | 4,709 | 4,713 | 4,731 | −623 |
| Current ratio | 1.36x | 1.34x | 1.53x | 1.40x | 2.10x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.