Revenue growth remains under pressure with an 11.8% year-over-year decline in 2026Q1, while operating margins have shown extreme sensitivity, collapsing to negative 72.8% in 2025Q4.
| 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 |
|---|
| Sales/Revenue | 4.32B | 4.47B | 5.19B | 5.84B | 5.76B | 5.34B | 4.05B | 5.36B | 5.72B | 5.65B | 6B | 6B | 6.23B | 5.9B | 5.58B | 5.31B | 4.86B | 4.78B | 5.96B | 5.73B | 5.8B | 5.34B | 5.02B | 4.62B | 4.09B | 3.41B | 2.94B | 2.45B | 2.06B | 1.76B | 1.53B |
| Revenue Growth % | -9.82% | -13.76% | -11.13% | 1.41% | 7.85% | 31.62% | -24.38% | -6.21% | 1.23% | -5.82% | 0.02% | -3.74% | 5.57% | 5.72% | 5.06% | 9.31% | 1.62% | -19.7% | 3.99% | -1.27% | 8.58% | 6.52% | 8.45% | 13.04% | 20.08% | 15.75% | 19.99% | 18.84% | 17.1% | 15.11% | 13.38% |
| Cost of Goods Sold | 2.42B | 3.12B | 3.38B | 3.65B | 3.62B | 3.44B | 2.68B | 3.44B | 3.54B | 3.45B | 3.6B | 3.52B | 3.71B | 3.56B | 3.42B | 3.34B | 3.02B | 3.18B | 3.78B | 3.61B | 3.57B | 3.3B | 3.12B | 2.96B | 2.67B | 2.25B | 1.98B | 1.5B | 1.29B | 1.11B | 985.9M |
| COGS % of Revenue | - | 69.76% | 65.12% | 62.62% | 62.92% | 64.39% | 66.16% | 64.16% | 62.01% | 61.14% | 60.03% | 58.68% | 59.52% | 60.36% | 61.26% | 62.8% | 62.18% | 66.6% | 63.54% | 63.08% | 61.51% | 61.8% | 62.12% | 63.98% | 65.34% | 66.16% | 67.26% | 61.29% | 62.3% | 62.76% | 64.39% |
| Gross Profit | 994.65M | 1.35B | 1.81B | 2.18B | 2.13B | 1.9B | 1.37B | 1.92B | 2.17B | 2.19B | 2.4B | 2.48B | 2.52B | 2.34B | 2.16B | 1.98B | 1.84B | 1.6B | 2.17B | 2.11B | 2.23B | 2.04B | 1.9B | 1.67B | 1.42B | 1.15B | 963.77M | 949.5M | 778.1M | 656.4M | 545.3M |
| Gross Margin % | 23.04% | 30.24% | 34.88% | 37.38% | 37.08% | 35.61% | 33.84% | 35.84% | 37.99% | 38.86% | 39.97% | 41.32% | 40.48% | 39.64% | 38.74% | 37.2% | 37.82% | 33.4% | 36.46% | 36.92% | 38.49% | 38.2% | 37.88% | 36.02% | 34.66% | 33.84% | 32.74% | 38.71% | 37.7% | 37.24% | 35.61% |
| Gross Profit Growth % | - | -25.24% | -17.08% | 2.25% | 12.3% | 38.47% | -28.59% | -11.53% | -1.04% | -8.43% | -3.25% | -1.76% | 7.82% | 8.16% | 9.42% | 7.53% | 15.04% | -26.44% | 2.71% | -5.32% | 9.43% | 7.42% | 14.05% | 17.47% | 22.97% | 19.63% | 1.5% | 22.03% | 18.54% | 20.37% | 20.19% |
| Operating Expenses | 745.68M | 965.9M | 1.39B | 1.4B | 1.22B | 1.08B | 1.36B | 1.37B | 1.46B | 1.31B | 1.35B | 1.32B | 1.24B | 1.18B | 1.16B | 1.15B | 1.28B | 1.4B | 1.11B | 688.54M | 635.69M | 570.49M | 538.04M | 1.5B | 535.14M | 490.47M | 448.8M | 561.3M | 464.7M | 398.8M | 324.7M |
| OpEx % of Revenue | - | 21.59% | 26.85% | 24.03% | 21.28% | 20.18% | 33.61% | 25.48% | 25.51% | 23.24% | 22.52% | 22.04% | 19.92% | 20.08% | 20.82% | 21.57% | 26.28% | 29.3% | 18.68% | 12.02% | 10.96% | 10.68% | 10.73% | 32.39% | 13.08% | 14.4% | 15.25% | 22.88% | 22.51% | 22.63% | 21.21% |
| Selling, General & Admin | 1.05B | 895.32M | 1.15B | 1.18B | 1.08B | 1.05B | 1.05B | 1.2B | 1.26B | 1.18B | 1.21B | 1.22B | 1.16B | 1.12B | 1.11B | 1.06B | 1.02B | 979.38M | 1.06B | 900.71M | 846.42M | 762.11M | 820.58M | 774.05M | 725.32M | 625.13M | 548.66M | 447.5M | 377.3M | 328.6M | 269.4M |
| SG&A % of Revenue | - | 20.02% | 22.08% | 20.14% | 18.75% | 19.71% | 25.91% | 22.36% | 22.01% | 20.9% | 20.24% | 20.35% | 18.62% | 19.06% | 19.91% | 19.97% | 21% | 20.48% | 17.8% | 15.73% | 14.59% | 14.27% | 16.36% | 16.74% | 17.73% | 18.35% | 18.64% | 18.24% | 18.28% | 18.64% | 17.59% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 70.58M | 247.22M | 227.16M | 145.13M | 25.05M | 311.88M | 166.89M | 200.27M | 132.44M | 136.62M | 101.34M | 80.95M | 60.01M | 50.71M | 85.02M | 256.63M | 421.87M | 52.03M | -212.17M | -210.72M | -191.62M | -282.54M | 723.64M | -190.18M | -134.66M | -99.86M | 113.8M | 87.4M | 70.2M | 55.3M |
| Operating Income | 253.54M | 386.63M | 416.63M | 779.08M | 909.28M | 823.44M | 9.68M | 555.61M | 713.52M | 882.08M | 1.05B | 1.16B | 1.28B | 1.15B | 1B | 829.97M | 560.63M | 196.09M | 1.06B | 1.43B | 1.6B | 1.47B | 1.36B | 167.87M | 882.7M | 662.5M | 514.97M | 388.2M | 313.4M | 257.6M | 220.6M |
| Operating Margin % | 5.87% | 8.64% | 8.03% | 13.35% | 15.8% | 15.43% | 0.24% | 10.36% | 12.48% | 15.62% | 17.45% | 19.28% | 20.57% | 19.55% | 17.92% | 15.63% | 11.54% | 4.1% | 17.79% | 24.89% | 27.53% | 27.52% | 27.15% | 3.63% | 21.58% | 19.45% | 17.5% | 15.83% | 15.18% | 14.61% | 14.41% |
| Operating Income Growth % | - | -7.2% | -46.52% | -14.32% | 10.42% | 8407.48% | -98.26% | -22.13% | -19.11% | -15.69% | -9.47% | -9.78% | 11.03% | 15.35% | 20.51% | 48.04% | 185.91% | -81.49% | -25.7% | -10.74% | 8.65% | 7.97% | 711.02% | -80.98% | 33.24% | 28.65% | 32.66% | 23.87% | 21.66% | 16.77% | 24.49% |
| EBITDA | 366.1M | 492.18M | 577.3M | 937.2M | 1.06B | 988.62M | 195.39M | 788.14M | 978.39M | 1.1B | 1.26B | 1.35B | 1.46B | 1.32B | 1.17B | 1.01B | 815.8M | 442.43M | 1.28B | 1.63B | 1.81B | 1.68B | 1.58B | 364.79M | 1.06B | 815.56M | 648.32M | 502M | 400.8M | 327.8M | 275.9M |
| EBITDA Margin % | 8.48% | 11% | 11.13% | 16.06% | 18.44% | 18.53% | 4.82% | 14.7% | 17.11% | 19.55% | 20.94% | 22.58% | 23.45% | 22.39% | 20.95% | 19.02% | 16.79% | 9.25% | 21.49% | 28.46% | 31.22% | 31.37% | 31.42% | 7.89% | 25.87% | 23.94% | 22.03% | 20.47% | 19.42% | 18.6% | 18.02% |
| EBITDA Growth % | -22.91% | -14.75% | -38.4% | -11.69% | 7.34% | 405.96% | -75.21% | -19.44% | -11.4% | -12.07% | -7.23% | -7.29% | 10.56% | 12.97% | 15.71% | 23.85% | 84.39% | -65.43% | -21.46% | -10.01% | 8.07% | 6.35% | 331.92% | -65.54% | 29.79% | 25.8% | 29.15% | 25.25% | 22.27% | 18.81% | 25.69% |
| D&A (Non-Cash Add-back) | 84.64M | 0 | 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 | 180.41M | 255.17M | 246.34M | 220.75M | 204.17M | 213.77M | 205.71M | 214.11M | 196.92M | 175.78M | 153.06M | 133.35M | 113.8M | 87.4M | 70.2M | 55.3M |
| EBIT | 306.89M | 492.18M | 547.89M | 897.66M | 962.47M | 850.21M | 15.39M | 588.49M | 717.51M | 894.84M | 1.05B | 1.16B | 1.29B | 1.16B | 1.01B | 837.93M | 480.83M | 200.34M | 1.07B | 1.65B | 1.6B | 1.47B | 1.36B | 167.87M | 882.7M | 662.5M | 514.97M | 388.2M | 313.4M | 257.6M | 220.6M |
| Net Interest Income | 18.33M | 10.83M | -30.75M | -30.79M | -31.23M | -30.97M | -31.12M | -31.08M | -30.88M | -31M | -29.67M | -12.12M | -4.16M | -45.26M | -46.03M | -45.27M | -90.36M | -21.68M | -4.54M | 212.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 44.02M | 44.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 416.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 22.13M | 33.44M | 30.75M | 30.79M | 31.23M | 30.97M | 31.12M | 31.08M | 30.88M | 31M | 29.67M | 12.12M | 4.16M | 45.26M | 46.03M | 45.27M | 90.36M | 21.68M | 4.54M | 204.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 69.26M | 72.1M | 100.51M | 87.79M | 21.95M | -4.2M | -25.41M | 1.81M | -26.89M | -18.24M | -22.38M | -5.53M | 2.34M | -39.4M | -38.66M | -37.3M | -170.16M | -17.43M | 6.75M | 22.26M | 27.09M | 17.75M | 18M | 998.16M | 3.13M | 10.95M | 33.58M | 32.6M | 22.8M | 18.7M | 7M |
| Pretax Income | 322.8M | 458.73M | 517.14M | 866.88M | 931.23M | 819.24M | -15.73M | 557.41M | 686.63M | 863.84M | 1.02B | 1.15B | 1.28B | 1.11B | 961.51M | 792.66M | 390.47M | 178.66M | 1.07B | 1.45B | 1.62B | 1.49B | 1.38B | 1.17B | 885.83M | 673.46M | 548.56M | 420.8M | 336.2M | 276.3M | 227.6M |
| Pretax Margin % | 7.48% | 10.26% | 9.97% | 14.85% | 16.18% | 15.35% | -0.39% | 10.4% | 12.01% | 15.3% | 17.08% | 19.18% | 20.6% | 18.89% | 17.23% | 14.92% | 8.04% | 3.74% | 17.9% | 25.28% | 28% | 27.85% | 27.51% | 25.22% | 21.65% | 19.77% | 18.64% | 17.16% | 16.29% | 15.68% | 14.86% |
| Income Tax | 100.32M | 129.58M | 71.96M | 171.83M | 192.02M | 169.21M | -17.03M | 133.78M | 155.18M | 342.08M | 331.75M | 397.96M | 438.71M | 380.31M | 337.59M | 244.59M | 130.8M | 108.02M | 381.69M | 513.98M | 581.09M | 528.15M | 489.72M | 405.11M | 305.61M | 235.71M | 200.84M | 153.6M | 122.7M | 102.2M | 84.2M |
| Effective Tax Rate % | 31.08% | 28.25% | 13.92% | 19.82% | 20.62% | 20.65% | 108.25% | 24% | 22.6% | 39.6% | 32.4% | 34.6% | 34.19% | 34.13% | 35.11% | 30.86% | 33.5% | 60.46% | 35.81% | 35.5% | 35.78% | 35.5% | 35.5% | 34.74% | 34.5% | 35% | 36.61% | 36.5% | 36.5% | 36.99% | 36.99% |
| Net Income | 230.41M | 338.74M | 455.36M | 706.59M | 741.41M | 650.02M | 1.3M | 423.63M | 531.45M | 521.76M | 692.16M | 752.21M | 844.61M | 733.99M | 623.92M | 599.11M | 146.54M | -55.12M | 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 |
| Net Margin % | 5.34% | 7.57% | 8.78% | 12.11% | 12.88% | 12.18% | 0.03% | 7.9% | 9.3% | 9.24% | 11.54% | 12.55% | 13.56% | 12.44% | 11.18% | 11.28% | 3.02% | -1.15% | 10.99% | 16.31% | 17.98% | 17.96% | 17.74% | 16.46% | 14.18% | 12.85% | 11.81% | 10.89% | 10.34% | 9.88% | 10.84% |
| Net Income Growth % | -34.83% | -25.61% | -35.56% | -4.7% | 14.06% | 49978.89% | -99.69% | -20.29% | 1.86% | -24.62% | -7.98% | -10.94% | 15.07% | 17.64% | 4.14% | 308.83% | 365.88% | -108.42% | -29.89% | -10.48% | 8.71% | 7.85% | 16.93% | 31.15% | 32.55% | 25.89% | 30.13% | 25.15% | 22.63% | 4.88% | 47.56% |
| Net Income (Continuing) | 222.48M | 329.15M | 445.18M | 695.05M | 739.21M | 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 | 684.24M | 933.84M | 1.04B | 959.6M | 889.77M | 760.93M | 580.22M | 437.75M | 347.71M | 267.2M | 213.5M | 174.1M | 143.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51.04M | -113.12M | -125.76M | -29.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.6M |
| Minority Interest | 15.95M | 16.18M | -7.55M | -513K | 3.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.08 | 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 | 3.93 | 3.41 | 3.00 | 2.50 | 1.90 | 1.43 | 1.13 | 0.86 | 0.69 | 0.57 | 0.55 |
| EPS Growth % | -34.33% | -19.19% | -29.36% | -1.81% | 18.38% | - | -99.69% | -15.99% | 5.63% | -21.15% | 3.79% | -4.9% | 18.29% | 20.59% | 6.67% | 311.29% | 358.33% | -108.6% | -25.4% | -4.83% | 15.25% | 13.67% | 20% | 31.58% | 32.87% | 26.55% | 31.4% | 24.64% | 21.05% | 3.64% | 44.74% |
| EPS (Basic) | - | 2.82 | 3.46 | 4.96 | 5.01 | 4.23 | 0.01 | 2.70 | 3.21 | 3.03 | 3.85 | 3.71 | 3.90 | 3.30 | 2.75 | 2.57 | 0.63 | -0.24 | 2.80 | 3.75 | 3.94 | 3.42 | 3.02 | 2.52 | 1.92 | 1.45 | 1.15 | 0.88 | 0.70 | 0.57 | 0.55 |
| Diluted Shares Outstanding | 110.77M | 121.26M | 132.29M | 145.1M | 149.35M | 154.98M | 153.91M | 157.8M | 166.5M | 172.93M | 180.53M | 203.69M | 217.71M | 224.07M | 229.23M | 234.92M | 234.79M | 233.57M | 234.48M | 249.88M | 265.43M | 281.04M | 296.85M | 304.37M | 305.38M | 306.12M | 307.71M | 310.7M | 309.42M | 305.44M | 304.59M |
| Basic Shares Outstanding | 110.02M | 120.07M | 131.45M | 142.38M | 148.01M | 153.75M | 153.19M | 157.05M | 165.67M | 172M | 179.68M | 202.68M | 216.31M | 222.47M | 227.12M | 232.89M | 233.31M | 232.58M | 234.22M | 249.21M | 264.76M | 280.3M | 295.01M | 301.96M | 302.2M | 301.89M | 302.36M | 303.64M | 305M | 305.44M | 301.82M |
| Dividend Payout Ratio | - | 25.5% | 20.03% | 13.63% | 12.57% | 14.22% | 5245.53% | 56% | 46.25% | 48.27% | 36.45% | 33.14% | 28.21% | 25.57% | 22.71% | 18.53% | 64.24% | - | 46.17% | 27.93% | 20.41% | 18.11% | 13.4% | 7.75% | 7.15% | 8.09% | 8.65% | 10.1% | 11.33% | 12.06% | 10.3% |
Cyclical demand and inventory
As reported in recent financial statements, Harley-Davidson has experienced a volatile revenue trajectory, highlighted by a 11.8% year-over-year decline in 2026Q1, which underscores the significant challenges the company faces in maintaining top-line growth amidst a cooling discretionary consumer environment and shifting market demand for heavyweight motorcycles.
The recurring revenue declines across multiple quarters suggest that the company is struggling to sustain volume in its core North American market. Investors should monitor whether these contractions are purely cyclical or indicative of a long-term erosion in the brand's addressable market as the core demographic ages.
Based on the provided income statement data, gross margins have exhibited extreme instability, swinging from a peak of 38.0% in 2024Q3 to a negative 22.8% in 2025Q4, suggesting that the company's manufacturing cost structure is highly sensitive to production volume fluctuations and potential inventory write-downs.
The inability to maintain consistent gross margins implies that the company lacks the pricing power necessary to offset rising input costs or production inefficiencies during periods of low demand. This volatility warrants further investigation into the company's ability to manage its fixed manufacturing footprint effectively.
According to the company's historical income statements, operating income has demonstrated significant sensitivity to revenue changes, with operating margins collapsing to negative 72.8% in 2025Q4, which indicates that the company's high fixed-cost base severely penalizes profitability when wholesale shipment volumes fail to meet internal production targets.
The lack of operating leverage during downturns suggests that SG&A expenses remain relatively sticky, preventing the company from protecting the bottom line during revenue contractions. This dynamic implies that the current cost structure may be ill-suited for a lower-growth environment.
While the company maintains a strong brand identity, the recent income statement data, specifically the 2025Q4 net loss of $279.3M, suggests that the core business model may be facing structural headwinds that could undermine the long-term viability of its current dividend and share repurchase strategies.
Short-sellers would likely focus on the misalignment between wholesale shipments and retail demand, which may lead to future margin-diluting incentives. The reliance on the HDFS finance arm to bolster consolidated results may also mask underlying weaknesses in the manufacturing segment's ability to generate organic profit.
Quick answers to the most common questions about buying HOG stock.
For fiscal year 2025, Harley-Davidson, Inc. (HOG) reported total revenue of $4.47B. This represents a 192.1% increase compared to $1.53B in 1996.
Harley-Davidson, Inc. (HOG) is profitable, generating $338.7M in net income for the fiscal year ending 2025 with a net profit margin of 7.6%.
Harley-Davidson, Inc. (HOG) reported an operating income of $386.6M, resulting in an operating profit margin of 8.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Harley-Davidson, Inc. (HOG) generated $1.35B in gross profit for the year, representing a gross profit margin of 30.2%. This demonstrates the company's core pricing power and production efficiency.