Operating cash flow to net income has swung between roughly -9.2x and 7.9x across recent quarters, with free cash flow margin reaching 29.2% in Q3 2026 while capital expenditures remained light at 1.8% of revenue and shareholder returns continued at about $20-23M per quarter in dividends.
Harley-Davidson, Inc. (HOG) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 427.95M | 568.92M | 1.06B | 754.89M | 548.46M | 975.7M | 1.18B | 868.27M | 1.21B | 1.01B | 1.17B | 1.1B | 1.15B | 977.09M | 793.08M | 885.29M | 1.09B | 609.01M | -684.65M | 798.15M | 761.78M | 960.51M | 969.73M | 935.55M | 779.55M | 757.26M | 565.49M | 416.1M | 318.1M | 309.7M | 228.3M |
| Operating CF Margin % | - | 12.72% | 20.51% | 12.93% | 9.53% | 18.28% | 29.05% | 16.19% | 21.09% | 17.8% | 19.58% | 18.35% | 18.41% | 16.56% | 14.21% | 16.67% | 22.48% | 12.74% | -11.5% | 13.94% | 13.13% | 17.98% | 19.34% | 20.23% | 19.06% | 22.23% | 19.21% | 16.96% | 15.41% | 17.57% | 14.91% |
| Operating CF Growth % | 161.27% | -46.52% | 40.93% | 37.64% | -43.79% | -17.17% | 35.66% | -28% | 19.98% | -14.41% | 6.75% | -4.06% | 17.36% | 23.2% | -10.42% | -18.95% | 79.36% | 188.95% | -185.78% | 4.77% | -20.69% | -0.95% | 3.65% | 20.01% | 2.94% | 33.91% | 35.9% | 30.81% | 2.71% | 35.65% | 35.01% |
| Net Income | -132.78M | 338.74M | 445.18M | 706.59M | 741.41M | 650.02M | 1.3M | 423.63M | 531.45M | 521.76M | 692.16M | 752.21M | 844.61M | 733.99M | 623.92M | 548.08M | 259.67M | 70.64M | 654.72M | 933.84M | 1.04B | 959.6M | 889.77M | 760.93M | 580.22M | 437.75M | 347.71M | 267.2M | 213.5M | 174.1M | 166M |
| Depreciation & Amortization | 46.03M | 172.37M | 160.67M | 158.11M | 151.94M | 165.19M | 185.72M | 232.54M | 264.86M | 222.19M | 209.56M | 198.07M | 179.3M | 167.07M | 168.98M | 191.2M | 274.79M | 246.34M | 242.28M | 204.17M | 213.77M | 205.71M | 214.11M | 196.92M | 175.78M | 153.06M | 133.35M | 113.8M | 87.4M | 70.2M | 55.3M |
| Stock-Based Compensation | 0 | 0 | 49.01M | 82.9M | 54.35M | 42.16M | 23.49M | 33.73M | 35.54M | 32.49M | 32.34M | 29.43M | 37.93M | 41.24M | 40.81M | 38.19M | 30.43M | 17.58M | 24.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -7.98M | 84.14M | -26.28M | -30.06M | -15.94M | -7.67M | -44.08M | 21.55M | -33.98M | 50.85M | -165K | -16.48M | -7.62M | 52.58M | 128.45M | 87.87M | -17.59M | 6.93M | -49.43M | -60.53M | -39.77M | 48.29M | -41.51M | 42.1M | 38.56M | -3.54M | 1.36M | 11.4M | 1.2M | 2.7M | -8.5M |
| Other Non-Cash Items | 677.23M | -281.35M | 336.8M | -186.97M | 5.1M | 195.17M | 833.09M | 215.25M | 203.5M | 233.75M | 195.72M | 145.24M | 137.04M | 77.85M | -55.02M | -62.15M | 338.54M | 314.78M | -1.48B | -230.83M | -436.57M | -248M | -67.77M | -45.75M | -68.84M | 92.23M | 33.46M | 23.7M | 16M | 62.7M | 15.5M |
| Working Capital Changes | -8.03M | 255.02M | 98.45M | 24.32M | -388.4M | -69.17M | 178.38M | -58.43M | 204.54M | -55.99M | 44.73M | -8.35M | -44.59M | -95.65M | -114.08M | 82.1M | 206.51M | -47.27M | -80.31M | -48.51M | -18.8M | -5.08M | -24.87M | -18.64M | 53.83M | 77.76M | 49.61M | 0 | 0 | 0 | 0 |
| Change in Receivables | 133.95M | 76.43M | 19.81M | -11.78M | -82.39M | -53.46M | 135.07M | 44.9M | 9.14M | -18.15M | -45.93M | -13.66M | -9.81M | -36.65M | -13.69M | 43.05M | 2.9M | 8.81M | -4.47M | 0 | -39.8M | 0 | -36.37M | -58.51M | 10.15M | 0 | 8.1K | 0 | 0 | 0 | 0 |
| Change in Inventory | -173.11M | 47.58M | 164.61M | 21.26M | -254.17M | -207.55M | 80.86M | -47.58M | -31.06M | -20.58M | 85.07M | -155.22M | -50.89M | -46.47M | 21.46M | -94.96M | 2.52M | 85.47M | -45.09M | -48.02M | -54.35M | 5.47M | -19.17M | 10.43M | -37.04M | 0 | -18.6K | 0 | 0 | 0 | 0 |
| Change in Payables | 54.16M | 125.56M | -55.44M | 28.57M | 4.5M | 173.55M | -43.09M | -29.58M | 196.97M | 10.13M | 38.24M | 138.82M | 19.13M | -53.62M | -10.8M | 120.29M | 215.01M | -239.01M | 2.58M | 0 | 76.06M | 0 | 39.57M | 0 | 0 | 0 | 63.4K | 0 | 0 | 0 | 0 |
| Cash from Investing | 3.16B | 3.78B | -383.33M | -512.3M | -773.01M | -459.45M | -66.78M | -508.13M | -662.27M | -562.47M | -392.73M | -915.85M | -744.65M | -568.87M | -261.31M | -63.54M | 145.44M | -863.49M | -393.25M | 391.2M | -35.26M | 177.1M | -707.75M | -484.66M | -1.02B | -771.96M | -171.03M | -299.6M | -340.2M | -406.5M | -213.8M |
| Capital Expenditures | -116.01M | -153.68M | -196.56M | -207.4M | -151.67M | -120.18M | -131.05M | -181.44M | -213.52M | -206.29M | -256.26M | -259.97M | -232.32M | -208.32M | -189M | -189.03M | -170.84M | -116.75M | -232.17M | -242.11M | -219.6M | -198.39M | -213.55M | -227.23M | -323.87M | -290.38M | -203.61M | -165.8M | -182.8M | -186.2M | -178.8M |
| CapEx % of Revenue | 3.01% | 3.44% | 3.79% | 3.55% | 2.64% | 2.25% | 3.23% | 3.38% | 3.73% | 3.65% | 4.27% | 4.34% | 3.73% | 3.53% | 3.39% | 3.56% | 3.52% | 2.44% | 3.9% | 4.23% | 3.79% | 3.71% | 4.26% | 4.91% | 7.92% | 8.52% | 6.92% | 6.76% | 8.86% | 10.56% | 11.68% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7M | 0 | 0 | 0 | -59.91M | 0 | 5M | 4.99M | -138.03M | -84.22M | 1.42B | -95.55M | 0 | 0 | 0 | 0 | 0 | 0 | -1.87M | -18.78M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.26B | 121.47M | -186.77M | -304.9M | -621.34M | -339.27M | 64.27M | -511.13M | -438.75M | -363.09M | -176.48M | -607.47M | -553.34M | -395.66M | -90.61M | 138.03M | 416.43M | -807.91M | -2.18M | -24.42M | -69.17M | -55.59M | -145.16M | -258.53M | -375.95M | -283.7M | 51.36M | -133.8M | -155.1M | -218.8M | -35M |
| Cash from Financing | -3.31B | -3.01B | -572.32M | -174.65M | -201.97M | -1.88B | 1.37B | -712.22M | -14.76M | -541.8M | -734.39M | -354.06M | -536.1M | -393.21M | -981.69M | -308.94M | -1.86B | 1.38B | 1.29B | -1.04B | -637.02M | -1.27B | -316.15M | 80.63M | 79.94M | 34.4M | -158.14M | -98.3M | 39.8M | 101.8M | 96.5M |
| Debt Issued (Net) | -2.83B | -2.56B | -123.39M | 153.85M | 91.15M | -1.99B | 1.37B | -182.07M | 618.13M | 155.51M | -78.26M | 1.4B | 245.73M | 160.05M | -637.45M | -46.76M | -1.85B | 1.65B | 1.84B | 351.9M | 493.13M | -80.72M | 305.05M | 224.12M | 165.53M | 152.54M | -16.65M | 34.4M | 55.3M | 110M | 93.6M |
| Equity Issued (Net) | -351.23M | -353.27M | -459.83M | -363.99M | -338.63M | -11.62M | -8.01M | -296.52M | -390.61M | -453.91M | -465.34M | -1.52B | -577.82M | -479.23M | -311.63M | -224.55M | -1.71M | -1.92M | -250.41M | -1.13B | -936.17M | -1.02B | -501.96M | -84.5M | -44.13M | -82.71M | -111.41M | -105.7M | 8.6M | 12.8M | 20M |
| Dividends Paid | -80.48M | -86.39M | -91.22M | -96.31M | -93.18M | -92.43M | -68.09M | -237.22M | -245.81M | -251.86M | -252.32M | -249.26M | -238.3M | -187.69M | -141.68M | -111.01M | -94.14M | -93.81M | -302.31M | -260.81M | -212.91M | -173.78M | -119.23M | -58.99M | -41.46M | -35.43M | -30.07M | -27M | -24.2M | -21M | -17.1M |
| Share Repurchases | -351.23M | -353.27M | -459.83M | -363.99M | -338.63M | -11.62M | -8.01M | -296.52M | -390.61M | -465.26M | -465.34M | -1.54B | -615.6M | -479.23M | -311.63M | -224.55M | -1.71M | -1.92M | -250.41M | -1.15B | -1.06B | -1.05B | -564.13M | -103.88M | -56.81M | -111.55M | -126M | -130.3M | -15.2M | 0 | 0 |
| Other Financing | -52.14M | -8.9M | 102.13M | 131.8M | 138.69M | 212.6M | 80.04M | 3.59M | 3.52M | 0 | 61.53M | 14.88M | 34.3M | 113.66M | 100.69M | 73.38M | 89.27M | -167.49M | 1.5M | 3.07M | 18.93M | 6.07M | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 |
| Net Change in Cash | 266.8M | 1.35B | 92.04M | 69.63M | -446.04M | -1.38B | 2.5B | -354.38M | 513.54M | -72.46M | 37.77M | -184.47M | -159.93M | -1.53M | -458.81M | 505.02M | -614.56M | 1.04B | 190.7M | 164.46M | 97.42M | -134.18M | -54.17M | 531.52M | -158.51M | 19.7M | 236.32M | 18.2M | 39.8M | 101.8M | 96.5M |
| Free Cash Flow | 311.94M | 415.24M | 867.27M | 547.48M | 396.79M | 855.52M | 1.05B | 686.83M | 992.4M | 798.77M | 918.08M | 840.14M | 914.36M | 768.77M | 604.07M | 696.26M | 921.5M | 492.26M | -916.82M | 556.03M | 542.18M | 762.12M | 756.18M | 708.32M | 455.68M | 466.88M | 361.88M | 250.3M | 135.3M | 123.5M | 49.5M |
| FCF Margin % | 8.09% | 9.28% | 16.72% | 9.38% | 6.89% | 16.03% | 25.82% | 12.81% | 17.36% | 14.14% | 15.31% | 14.01% | 14.68% | 13.03% | 10.82% | 13.11% | 18.96% | 10.29% | -15.39% | 9.71% | 9.35% | 14.27% | 15.08% | 15.32% | 11.14% | 13.7% | 12.29% | 10.2% | 6.56% | 7.01% | 3.23% |
| FCF Growth % | -20.39% | -52.12% | 58.41% | 37.98% | -53.62% | -18.28% | 52.42% | -30.79% | 24.24% | -13% | 9.28% | -8.12% | 18.94% | 27.26% | -13.24% | -24.44% | 87.2% | 153.69% | -264.89% | 2.56% | -28.86% | 0.79% | 6.76% | 55.44% | -2.4% | 29.02% | 44.58% | 85% | 9.55% | 149.49% | -11.76% |
| FCF per Share | 2.93 | 3.42 | 6.56 | 3.77 | 2.66 | 5.52 | 6.80 | 4.35 | 5.96 | 4.62 | 5.09 | 4.12 | 4.20 | 3.43 | 2.64 | 2.96 | 3.92 | 2.11 | -3.91 | 2.23 | 2.04 | 2.71 | 2.55 | 2.33 | 1.49 | 1.53 | 1.18 | 0.81 | 0.44 | 0.40 | 0.16 |
| FCF Conversion (FCF/Net Income) | -2.35x | 1.68x | 2.34x | 1.07x | 0.74x | 1.50x | 907.47x | 2.05x | 2.27x | 1.93x | 1.70x | 1.46x | 1.36x | 1.33x | 1.27x | 1.48x | 7.45x | -11.05x | -1.05x | 0.85x | 0.73x | 1.00x | 1.09x | 1.23x | 1.34x | 1.73x | 1.63x | 1.56x | 1.49x | 1.78x | 1.38x |
| Interest Paid | 0 | 0 | 359M | 290.47M | 231.65M | 191.66M | 245.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 251.34M | 0 | 336.45M | 128.01M | 81.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 111.12M | 237.66M | 244.37M | 155.58M | 30.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.98M | 0 | 123.23M | 414M | 568.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying HOG stock.
Harley-Davidson, Inc. (HOG) generated $568.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Harley-Davidson, Inc. (HOG) generated $415.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Harley-Davidson, Inc. (HOG) spent $153.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Harley-Davidson, Inc. (HOG) returned $86.4M to shareholders via cash dividends and spent $353.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Operating cash flow volatility amid revenue decline
Metrics are mathematically derived from official filings.
Operating Cash Conversion Swings Sharply Quarter to Quarter
According to reported quarterly figures, HOG's operating cash flow to net income ratio ranged from roughly -9.2x to 7.9x across the last ten quarters, indicating earnings that are poorly anchored to underlying cash generation and warranting closer scrutiny of working capital timing.
The most recent quarter shows operating cash flow of $335.6M against net income of $42.8M, a 7.85x ratio that appears inflated by working capital release rather than durable earnings power. Conversely, the Q1 2026 result of negative $228.0M operating cash flow against $24.8M of positive net income suggests that reported profits are not reliably translating into cash. Investors should treat the quarterly conversion ratio as a timing signal rather than a steady-state measure of earnings quality.
Free Cash Flow Turns Positive After Volatile Stretch
As reported in financial statements, HOG's free cash flow margin swung from -22.2% in Q1 2026 to 29.2% in Q3 2026, a range that suggests the business is highly sensitive to working capital and shipment timing.
Free cash flow of $315.9M in the latest quarter reflects a strong rebound, but it follows a $259.8M cash burn in the prior quarter, which points to lumpy rather than structurally improving cash generation. With revenue contracting roughly 13.8% year over year, the sustainability of a 29.2% margin appears uncertain and may depend on inventory liquidation rather than sustained demand. The trajectory warrants monitoring over additional periods before drawing firm conclusions about the cash profile.
Capital Spending Remains Light Relative to Revenue
Based on HOG's reported figures, capital expenditures have run between 1.2% and 10.4% of revenue, with the most recent quarter at 1.8%, which may reflect deferred investment during a period of volume weakness.
Capex of $19.7M in the latest quarter is modest relative to the depreciation levels implied by prior-period D&A, which raises the question of whether asset replacement is being adequately funded. The spike to 10.4% of revenue in Q4 2025 suggests capital programs are episodic rather than steady. Investors may want to assess whether the current low spending level reflects discipline or a deferral that could pressure manufacturing capacity later.
Shareholder Returns Continue Despite Cash Volatility
According to reported filings, HOG has directed roughly $20M to $23M per quarter toward dividends alongside repurchases of up to $160M in individual quarters, indicating a capital return posture that persists even when operating cash flow weakens.
Buybacks of $90.8M in the latest quarter and $160.1M in Q4 2025 exceed the dividend outlay, and in the Q1 2026 period they were funded during a quarter of negative free cash flow. This suggests the return program may be drawing on balance sheet flexibility or HDFS-related liquidity rather than organic cash generation. Analysts should evaluate whether these returns are sustainable if operating cash flow does not normalize.
Cumulative Cash Generation Lags Reported Earnings
As reported in the quarterly series, HOG's cumulative operating cash flow over the ten quarters shown is materially smaller than its aggregate net income, suggesting that accruals and working capital movements have absorbed a meaningful share of reported profits.
Summing the reported quarters, net income appears to exceed operating cash flow over the window, a gap that is consistent with the working capital swings visible in the data. Because the financial services segment can distort consolidated operating cash flow through receivable and floorplan dynamics, this divergence may partly reflect the captive finance structure rather than manufacturing weakness alone. The gap warrants further investigation through segment-level cash flow disclosures.
Bear Case Hinges on Cash Sustainability
Based on the reported figures, the bull reading of recent free cash flow may not hold if HOG's 29.2% latest-quarter FCF margin reflects inventory liquidation rather than durable demand against a 13.8% year-over-year revenue decline.
The most recent quarter's strong cash generation could be interpreted as evidence of improving cash discipline, yet the preceding -22.2% margin quarter indicates the figure is unlikely to be a reliable run-rate. Investors should consider whether the buyback pace, which reached $160.1M in Q4 2025 and $90.8M in the latest quarter, is being sustained by cash generation or by balance sheet flexibility that may not persist. Further evidence from segment-level cash flows and HDFS funding disclosures would be needed to test whether the apparent recovery is structural.