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Harley-davidson, Inc. (HOG) stock

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NYSE: HOG NYSE Motorcycle Manufacturers Next results ~February 9, 2027

C+ Fundamentals grade

Harley-davidson, Inc. is a US-listed company in the motorcycle manufacturers industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$49

Valuation models combined (3)

Base case. Range ~$25–$75. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book), the forward price-to-earnings vs peers counting double.

Price vs value

No Buy/Hold/Sell rating is issued: consolidated figures include Harley-Davidson Financial Services, a finance arm whose borrowing funds customer loans, so a single cash-flow value of the group is not meaningful; not rated until we value the parts separately.

Harley-davidson, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Harley-davidson files

Where Harley-davidson stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.24bn, down 5.2% on a year earlier, a smaller fall than the 9.8% decline a quarter earlier. That puts it 1360 of 1447 for growth among all the companies we cover. Free-cash-flow margin fell to -3.1% from 18.4% a year earlier. The diluted share count is down 9.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $68.56 a share, against a share price of $28.77.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 9, 2027 (estimated)

Harley-davidson, Inc.'s trailing-twelve-month revenue fell 5.2% year on year, with a free-cash-flow margin of -3.1%. Where it stands out: change in share count of -9.4% ranks 14 of 408 consumer discretionary companies we cover. Where it lags: revenue growth of -5.2% ranks 371 of 452 consumer discretionary companies we cover.

Current signal Gross margin compressing: TTM gross margin fell to 33.4%, down 8.9pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 9.4% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.8bn.

Things to watch

  • Revenue shrinking. Revenue fell 5.2% over the last 12 months.
  • Burning cash. Free cash flow was -3.1% of revenue over the last 12 months.
  • Gross margin slipping. Gross margin is down 8.9 points on a year ago.
  • Weak cash conversion. Free cash flow was -66% of net income over the last 12 months.
  • Heavily shorted. 27.0% of the shares available to trade are sold short (10.2 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.40 against an average estimate of $0.47: missed by 15.6%
Revenue
$1.23bn, down 5.9% on a year earlier
Share reaction
+5.8% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
global Motorcycle Retail Sales 135500 to 139000 (full year 2026); operating income $25m to $55m (full year 2026)
Next report
October 29, 2026; average EPS estimate -$0.75

Harley-davidson's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.9%
  • 1 week+14.6%
  • 1 month+34.7%
  • This year+65.5%
  • 1 year+26.7%
  • 5 years-5.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.2B
Operating margin
5.0%
Net margin
4.8%
EPS (TTM, diluted)
$1.77

Growth

Revenue growth
−5.2%
Change in growth rate
+4.6 pts
Share count change
−9.4%

Cash

Free cash flow (TTM)
-$133M
FCF margin
-3.1%
Stock pay % of revenue
0.8%

Earnings

Last results
October 29, 2026
Next results (est.)
February 9, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Results
  5. Dividend
  6. Results
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Harley-davidson, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: consolidated figures include Harley-Davidson Financial Services, a finance arm whose borrowing funds customer loans, so a single cash-flow value of the group is not meaningful; not rated until we value the parts separately.

Valuation models

We value Harley-davidson, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$25 ~$18–$43 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$75 ~$53–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$72 ~$61–$88 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: The finance arm and operating business require separate valuations; consolidated financing debt is not industrial debt.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: The finance arm and operating business require separate valuations; consolidated financing debt is not industrial debt.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: The finance arm and operating business require separate valuations; consolidated financing debt is not industrial debt.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$49 ~$25–$75 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Harley-davidson, Inc. with Consumer Discretionary sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$34.57$45.77$41.06$28.52$32.40$32.46$33.85$37.96$34.26$28.57$19.98$33.07
Market value$7.0bn$8.3bn$7.1bn$4.7bn$5.1bn$5.0bn$5.2bn$5.7bn$5.0bn$3.8bn$2.4bn$3.8bn
+ Net debt (− = net cash)$6.2bn$6.1bn$6.3bn$6.4bn$6.6bn$5.8bn$5.0bn$5.5bn$5.6bn$5.4bn−$125m$347m
Enterprise value$13.2bn$14.3bn$13.4bn$11.2bn$11.7bn$10.8bn$10.3bn$11.1bn$10.6bn$9.2bn$2.3bn$4.1bn
Multiples
Price / sales 1.2x1.4x1.3x0.8x1.0x1.2x1.0x1.0x0.9x0.7x0.5x0.9x
Price / earnings 9.4x11.9x13.6x8.9x12.1xn/m8.1x7.6x7.0x8.3x7.2x18.7x
Price / free cash flow 8.4x9.0x8.9x4.8x7.4x4.8x6.1x14.3x9.1x4.4x5.8x—
EV / EBITDA 9.8x11.4x12.2x11.4x14.9x55.0x10.4x10.5x11.3x15.8x4.1x10.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Harley-davidson's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Cash operating profit has been a median 8.3% of total assets over 8 years.

  • Pricing power 13 / 20

    Gross margin has been a median 40.7%, moving by 2.9 percentage points (standard deviation) across 8 years.

  • Durability 6 / 20

    Operating margin has been a median 12.5%; its worst year was 2.7%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 9 of 10 years, at a median 14.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 26.0% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (65 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.68 −76% $3.8bn +6%
Next $1.99 +192% $3.9bn +4%

Next year's EPS estimate has moved +2.1% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.7% on 90 days ago. In the last 30 days, 2 analysts raised Harley-davidson, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Harley-davidson, Inc., last 90 days
$0.00 $0.50 $1.00 $1.50 $2.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.64 Current fiscal year, 60 days ago: $0.68 Current fiscal year, 30 days ago: $0.66 Current fiscal year, 7 days ago: $0.67 Current fiscal year, Now: $0.68 $0.68 Next fiscal year, 90 days ago: $1.95 Next fiscal year, 60 days ago: $1.95 Next fiscal year, 30 days ago: $1.96 Next fiscal year, 7 days ago: $1.97 Next fiscal year, Now: $1.99 $1.99

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.64$1.95
60 days ago $0.68$1.95
30 days ago $0.66$1.96
7 days ago $0.67$1.97
Now $0.68$1.99

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.47 $0.40 −15.6%
Jun 2026 $0.64 $0.75 +16.7%
Mar 2026 $0.23 $0.22 −3.1%
Dec 2025 −$1.06 −$2.44 −129.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Global Motorcycle Retail Sales · HDMC full year 2026 135,500 to 139,000 Raised
    “Global Motorcycle Retail Sales of 135,500 to 139,000 units” source
  • Operating income · HDMC full year 2026 $25m to $55m Raised
    “Operating income of $25 to $55 million” source
  • Operating income · HDFS full year 2026 $60m to $70m Raised
    “Operating income of $60 to $70 million” source
  • Revised capital investment · HDI full year 2026 $140m to $165m Raised
    “Revised capital investment of $140 to $165 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

15 analysts, Oct 2026
Buy640%
Hold747%
Sell213%

Monthly trend

  1. Oct 202667215
  2. Sep 202668216
  3. Aug 202668216
  4. Jul 202668216

Counts of recommendations published by analysts covering Harley-davidson, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
27.0%
of tradable shares
Days to cover
10.18
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
5,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +26.7%

$26.10 on October 31, 2025 to $33.07

ThenNowEffect
Revenue (last 12 months) $4.5bn $4.2bn −5.2%
Net margin 5.4% 4.8% −11.9%
P/E multiple 13.6x 18.7x +37.5%
Share count 126m 114m +10.4%

Biggest factor: p/e multiple.

Last 3 years +23.6%

$26.76 on November 3, 2023 to $33.07

ThenNowEffect
Revenue (last 12 months) $6.0bn $4.2bn −29.6%
Net margin 13.0% 4.8% −63.3%
P/E multiple 5.0x 18.7x +271.1%
Share count 148m 114m +29.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HOG+4%+12%−10%−17%−30%+66%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HOG50%42%50%50%25%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HOG−32%−29%−49%−31%−33%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 73% from March 15, 2017 to April 3, 2020. Getting back needed a 274% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$16.94 – $33.07
From 52-week high
0.0%
vs 50-day average
+21.4%
vs 200-day average
+38.9%
Volatility (1 year)
39%
Beta vs S&P 500
0.77

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.8%
After a week
6 up, 5 down
typical move ±6.9%
After a month
6 up, 5 down
typical move ±9.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +5.8% −2.1% — —
July 23, 2026 −7.7% −1.1% −10.8% +2.1%
May 5, 2026 +2.7% +2.2% +9.1% +4.9%
February 10, 2026 +2.2% −0.3% +2.2% −9.8%
November 4, 2025 −6.2% −0.8% −6.6% −12.5%
July 30, 2025 +6.0% −0.5% +5.5% +25.6%
May 1, 2025 +4.9% +2.2% +4.4% +6.4%
February 5, 2025 −0.4% +0.8% −2.6% −2.1%
October 24, 2024 −6.7% +0.2% −6.4% −1.7%
July 25, 2024 +8.7% +0.6% +7.8% +12.6%
April 25, 2024 −11.9% +0.6% −11.2% −10.7%
February 8, 2024 +6.7% +0.6% +9.3% +13.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Harley-davidson, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Harley-davidson, Inc.
$4B $4.5B $5B $5.5B $6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.9B Revenue (TTM), FY23 Q4: $5.8B Revenue (TTM), FY24 Q1: $5.8B Revenue (TTM), FY24 Q2: $6B Revenue (TTM), FY24 Q3: $5.6B Revenue (TTM), FY24 Q4: $5.2B Revenue (TTM), FY25 Q1: $4.8B Revenue (TTM), FY25 Q2: $4.5B Revenue (TTM), FY25 Q3: $4.7B Revenue (TTM), FY25 Q4: $4.5B Revenue (TTM), FY26 Q1: $4.3B Revenue (TTM), FY26 Q2: $4.2B $4.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5.9B
FY23 Q4 $5.8B
FY24 Q1 $5.8B
FY24 Q2 $6B
FY24 Q3 $5.6B
FY24 Q4 $5.2B
FY25 Q1 $4.8B
FY25 Q2 $4.5B
FY25 Q3 $4.7B
FY25 Q4 $4.5B
FY26 Q1 $4.3B
FY26 Q2 $4.2B
Revenue growth, TTM YoY Harley-davidson, Inc.
-30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 5.3% Revenue growth, TTM YoY, FY23 Q4: 1.4% Revenue growth, TTM YoY, FY24 Q1: -4.5% Revenue growth, TTM YoY, FY24 Q2: -1.2% Revenue growth, TTM YoY, FY24 Q3: -6.3% Revenue growth, TTM YoY, FY24 Q4: -11.1% Revenue growth, TTM YoY, FY25 Q1: -17.2% Revenue growth, TTM YoY, FY25 Q2: -24.8% Revenue growth, TTM YoY, FY25 Q3: -16.0% Revenue growth, TTM YoY, FY25 Q4: -13.8% Revenue growth, TTM YoY, FY26 Q1: -9.8% Revenue growth, TTM YoY, FY26 Q2: -5.2% -5.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 5.3%
FY23 Q4 1.4%
FY24 Q1 -4.5%
FY24 Q2 -1.2%
FY24 Q3 -6.3%
FY24 Q4 -11.1%
FY25 Q1 -17.2%
FY25 Q2 -24.8%
FY25 Q3 -16.0%
FY25 Q4 -13.8%
FY26 Q1 -9.8%
FY26 Q2 -5.2%
Operating margin (TTM) Harley-davidson, Inc.
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 13.6% Operating margin (TTM), FY23 Q4: 13.3% Operating margin (TTM), FY24 Q1: 11.6% Operating margin (TTM), FY24 Q2: 11.6% Operating margin (TTM), FY24 Q3: 10.6% Operating margin (TTM), FY24 Q4: 8.0% Operating margin (TTM), FY25 Q1: 6.6% Operating margin (TTM), FY25 Q2: 4.1% Operating margin (TTM), FY25 Q3: 11.9% Operating margin (TTM), FY25 Q4: 8.6% Operating margin (TTM), FY26 Q1: 5.8% Operating margin (TTM), FY26 Q2: 5.0% 5.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 13.6%
FY23 Q4 13.3%
FY24 Q1 11.6%
FY24 Q2 11.6%
FY24 Q3 10.6%
FY24 Q4 8.0%
FY25 Q1 6.6%
FY25 Q2 4.1%
FY25 Q3 11.9%
FY25 Q4 8.6%
FY26 Q1 5.8%
FY26 Q2 5.0%
FCF margin (TTM) Harley-davidson, Inc.
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 8.0% FCF margin (TTM), FY23 Q4: 9.4% FCF margin (TTM), FY24 Q1: 10.4% FCF margin (TTM), FY24 Q2: 12.0% FCF margin (TTM), FY24 Q3: 13.9% FCF margin (TTM), FY24 Q4: 16.7% FCF margin (TTM), FY25 Q1: 19.2% FCF margin (TTM), FY25 Q2: 18.4% FCF margin (TTM), FY25 Q3: 8.4% FCF margin (TTM), FY25 Q4: 9.3% FCF margin (TTM), FY26 Q1: 1.0% FCF margin (TTM), FY26 Q2: -3.1% -3.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 8.0%
FY23 Q4 9.4%
FY24 Q1 10.4%
FY24 Q2 12.0%
FY24 Q3 13.9%
FY24 Q4 16.7%
FY25 Q1 19.2%
FY25 Q2 18.4%
FY25 Q3 8.4%
FY25 Q4 9.3%
FY26 Q1 1.0%
FY26 Q2 -3.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Harley-davidson took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.5B
  2. Other income $81.7M · 1.8%
  3. Cost of revenue $2.7B · 61.3%
  4. Gross profit $1.7B · 38.7%
  5. Selling, general and admin $1.1B · 25.7%
  6. Other operating costs $197M · 4.4%
  7. Operating income $387M · 8.6%
  8. Income tax $130M · 2.9%
  9. Net income $339M · 7.6%

Shares of revenue. Source: Harley-davidson's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 4,782 4,859 5,312 5,581 5,900 6,229 5,995 5,996 5,647 5,717 5,362 4,054 5,336 5,755 5,836 5,187 4,473 4,240
Gross profit — — — — — — — 2,570 2,375 2,365 2,132 1,619 2,093 2,351 2,514 2,181 1,731 1,416
EBITDA 442 816 1,010 1,169 1,321 1,460 1,354 1,256 1,104 978 788 195 989 1,061 937 577 559 390
Operating income 196 561 830 1,000 1,154 1,281 1,156 1,046 882 714 556 10 823 909 779 417 387 213
Net income −55 147 599 624 734 845 752 692 522 531 424 1 650 741 707 455 339 203
Diluted EPS −$0.24 $0.62 $2.55 $2.72 $3.28 $3.88 $3.69 $3.83 $3.02 $3.19 $2.68 $0.01 $4.19 $4.96 $4.87 $3.44 $2.78 $1.77
Growth (year on year)
Revenue −19.7% +1.6% +9.3% +5.1% +5.7% +5.6% −3.7% +0.0% −5.8% +1.2% −6.2% −24.4% +31.6% +7.8% +1.4% −11.1% −13.8% −5.2%
EBITDA −65.4% +84.4% +23.9% +15.7% +13.0% +10.6% −7.3% −7.2% −12.1% −11.4% −19.4% −75.2% +406.0% +7.3% −11.7% −38.4% −3.2% +12.2%
Operating income −81.5% +185.9% +48.0% +20.5% +15.3% +11.0% −9.8% −9.5% −15.7% −19.1% −22.1% −98.3% — +10.4% −14.3% −46.5% −7.2% +15.0%
Net income −108.4% — +308.8% +4.1% +17.6% +15.1% −10.9% −8.0% −24.6% +1.9% −20.3% −99.7% — +14.1% −4.7% −35.6% −25.6% −16.5%
Diluted EPS −108.6% — +311.3% +6.7% +20.6% +18.3% −4.9% +3.8% −21.1% +5.6% −16.0% −99.6% — +18.4% −1.8% −29.4% −19.2% −7.9%
Margins
Gross margin — — — — — — — 42.9% 42.1% 41.4% 39.8% 39.9% 39.2% 40.9% 43.1% 42.0% 38.7% 33.4%
EBITDA margin 9.3% 16.8% 19.0% 21.0% 22.4% 23.4% 22.6% 20.9% 19.6% 17.1% 14.7% 4.8% 18.5% 18.4% 16.1% 11.1% 12.5% 9.2%
Operating margin 4.1% 11.5% 15.6% 17.9% 19.6% 20.6% 19.3% 17.4% 15.6% 12.5% 10.4% 0.2% 15.4% 15.8% 13.3% 8.0% 8.6% 5.0%
Net margin −1.2% 3.0% 11.3% 11.2% 12.4% 13.6% 12.5% 11.5% 9.2% 9.3% 7.9% 0.0% 12.2% 12.9% 12.1% 8.8% 7.6% 4.8%
Free-cash-flow margin 10.3% 20.4% 13.1% 11.0% 13.0% 14.7% 14.0% 15.3% 14.1% 17.4% 12.8% 25.8% 16.0% 6.9% 9.4% 16.7% 9.3% −3.1%
Cash flow
Cash from operations 609 1,163 885 801 977 1,147 1,100 1,174 1,005 1,206 868 1,178 976 548 755 1,064 569 −0
Capital spending 117 171 189 189 208 232 260 256 206 214 181 131 120 152 207 197 154 133
Free cash flow 492 993 696 612 769 914 840 918 799 992 687 1,047 856 397 547 867 415 −133
Stock-based pay 18 30 38 41 41 38 29 32 32 36 34 23 42 54 83 49 32 32
Free cash flow after stock pay 475 962 658 572 728 876 811 886 766 957 653 1,023 813 342 465 818 383 −165
Balance sheet
Cash 1,630 1,022 1,527 1,068 1,067 907 722 760 688 1,204 834 3,257 1,875 1,433 1,534 1,590 3,092 1,896
Total debt 5,636 5,752 5,723 5,103 5,259 5,505 6,890 6,830 7,008 7,620 7,467 9,017 6,912 6,912 7,126 6,960 2,967 2,242
Net debt (negative = net cash) 4,006 4,730 4,196 4,035 4,193 4,598 6,168 6,070 6,321 6,416 6,633 5,759 5,037 5,479 5,592 5,371 −125 347
Diluted shares 233m 235m 235m 229m 224m 218m 204m 181m 173m 167m 158m 154m 155m 149m 145m 132m 121m 114m
Returned to shareholders
Dividends 94 94 111 142 188 238 249 252 252 246 237 68 92 93 96 91 86 83
Buybacks 2 2 225 312 479 616 1,537 465 465 391 297 8 12 339 364 460 353 361
Total returned 96 96 336 453 667 854 1,786 718 717 636 534 76 104 432 460 551 440 443

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $7.2bn
Short-term assets $4.6bnLonger-term assets $2.7bn
What it owes, and who funded it · $5.5bn
Short-term liabilities $2.4bnShareholders' equity $3.1bn
  • Short-term assets cover short-term liabilities $4.6bn of assets due within a year against $2.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.9bn of cash against $1.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 53% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 180% to 53% over five years.
  • A year's operating cash flow covers at least 20% of debt −$255,000 of operating cash flow against $1.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $213m against $25m of interest.

From Harley-davidson, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$361M
Dividends (TTM)
$82.8M
Returned to shareholders
-333%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−9.4%
year over year
Total shareholder yield
12.0%
dividends 2.2% + buybacks 9.8% of market value
Dividend payout ratio
41%
of net income paid out
Sales & admin spending
28.1%
of revenue
Days sales outstanding
26 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in motorcycle manufacturers
Last 12 months unless stated HOG LVWR LOBO Median
Revenue, last 12 months $4.2bn $31m $23m $31m
Revenue growth, last 12 months −5.2% 31.3% 9.6% 9.6%
Revenue growth, 3-year average −11.1% −6.9% — −9.0%
Revenue growth, latest quarter −5.9% 55.2% — 24.7%
Gross margin 33.4% −10.9% 13.3% 13.3%
Operating margin 5.0% −230.9% −17.5% −17.5%
Operating margin, 3-year average 6.9% −317.1% — −155.1%
Net margin 4.8% −234.5% −23.6% −23.6%
Cash from operations / revenue −0.0% −152.1% −7.3% −7.3%
Free-cash-flow margin −3.1% −162.7% −9.2% −9.2%
Free-cash-flow margin, 3-year average 9.1% −267.1% — −129.0%
Stock pay / revenue 0.8% 12.8% — 6.8%
Change in share count −9.4% 0.5% 39.6% 0.5%

Median of all 3 companies we cover in motorcycle manufacturers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

454 consumer discretionary companies
Measure Company Peer median Rank
Revenue growth Growth -5.2% 4.3% 371 of 452
Change in growth rate Growth +4.6pp -0.0pp 78 of 452
Gross margin Profitability 33.4% 37.1% 200 of 355
Operating margin Profitability 5.0% 4.1% 186 of 415
Net margin Profitability 4.8% 2.5% 180 of 454
Free-cash-flow margin Cash generation -3.1% 4.1% 363 of 449
Stock pay as % of revenue Cash generation 0.8% 0.8% 180 of 403
Long-term debt as % of assets Balance sheet 15.6% 18.2% 139 of 317
Change in share count Balance sheet -9.4% 0.0% 14 of 408
Days sales outstanding Balance sheet 26 days 23 days 158 of 299

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
HDMC $3.6B ▼ 13.2%
Livewire $25.7M ▼ 2.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Harley-davidson, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.7B
Institutions reporting
435
Shares held vs prior quarter
▲ 2.2%
Positions opened / closed
81 / 48

Top buyers and sellers, Q2 2026: 206 institutions bought and 171 sold ; the biggest buyer was Fifthdelta Ltd (+2.2M shares) and the biggest seller Citadel Advisors LLC (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $249M 10.2M 9.4% ▼ 3.9%
Donald Smith & Co., Inc. $227M 9.3M 8.5% ▼ 7.4%
Dimensional Fund Advisors LP $146M 6.0M 5.5% ▲ 2.1%
Vanguard Portfolio Management LLC $138M 5.6M 5.2% ▲ 6.5%
American Century Companies Inc $131M 5.4M 4.9% ▲ 12.5%
LSV Asset Management $124M 5.1M 4.7% ▼ 1.8%
Vanguard Capital Management LLC $116M 4.7M 4.4% ▼ 6.2%
Fifthdelta Ltd $107M 4.4M 4.0% ▲ 105.2%
State Street Corp $104M 4.2M 3.9% ▲ 11.6%
Geode Capital Management, LLC $73.3M 3.0M 2.8% ▲ 31.1%
AQR Capital Management LLC $63.8M 2.6M 2.4% ▲ 64.1%
D. E. Shaw & Co., Inc. $55.6M 2.3M 2.1% ▲ 98.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Harley-davidson, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.9M 6 trades by 5 insiders, last 12 months Insider sales History → $842,724 11 trades by 5 insiders · 32% under pre-set plans
Net ▲ $1M net buying
Insider Date Trade Shares Price Value
Root Jonathan R CFO and CCO October 1, 2026 Sell pre-set plan 1,559 $24.43 $38,086
Root Jonathan R CFO and CCO September 1, 2026 Sell pre-set plan 1,554 $27.46 $42,673
Littleton Gayle CLO, CCO, CAO & Corp Sec August 11, 2026 Buy 7,500 $26.38 $197,850
Starrs Artie President & CEO August 10, 2026 Buy 10,000 $25.89 $258,900
Root Jonathan R CFO and CCO August 3, 2026 Sell pre-set plan 1,554 $24.88 $38,664
Nova Daniel J Director July 31, 2026 Buy 40,000 $24.57 $982,800
Root Jonathan R CFO and CCO July 1, 2026 Sell pre-set plan 1,554 $24.44 $37,980
Root Jonathan R CFO and CCO June 1, 2026 Sell pre-set plan 1,554 $23.87 $37,094
Root Jonathan R CFO and CCO May 19, 2026 Sell pre-set plan 1,554 $24.21 $37,622
Krause Paul J Chief Legal Officer May 11, 2026 Sell pre-set plan 1,564 $26.00 $40,664
Do Charles Sr. Vice President, HDFSI March 12, 2026 Sell 4,241 $18.10 $76,762
Starrs Artie President & CEO March 9, 2026 Buy 15,000 $19.10 $286,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 38 trades and filings

In the last 12 months, 1 member of Congress disclosed 5 purchases and 2 sales of Harley-davidson, Inc. shares.

  • Tim Moore(R-NC 14):Sale (full), $50,001 - $100,000, traded April 7, 2026, filed April 28, 2026
  • Tim Moore(R-NC 14):Purchase, $15,001 - $50,000, traded March 12, 2026, filed March 24, 2026
  • Tim Moore(R-NC 14):Purchase, $15,001 - $50,000, traded January 23, 2026, filed February 20, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 23, 2026
  • May 5, 2026
  • February 10, 2026
  • November 4, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Harley-davidson, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Harley-davidson, Inc. in brief

What does Harley-davidson, Inc. do?
Harley-davidson, Inc. is a US-listed company in the motorcycle manufacturers industry. Its financial year ends in December.
What is Harley-davidson, Inc.'s stock ticker?
Harley-davidson, Inc. trades under the ticker HOG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Harley-davidson, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Harley-davidson, Inc. reported revenue of $4.2B, 5.2% lower than a year earlier, according to its SEC filings.
What is Harley-davidson, Inc.'s free cash flow?
Harley-davidson, Inc.'s free-cash-flow margin is -3.1% of revenue over the trailing twelve months, ranking 363 of the 449 consumer discretionary companies we cover.
Who are Harley-davidson, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Donald Smith & Co., Inc. and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Harley-davidson, Inc. buying back stock, and does it pay a dividend?
Harley-davidson, Inc. spent $361M on share repurchases over the trailing twelve months, and its diluted share count fell 9.4% over the year.
What is Harley-davidson, Inc.'s market cap?
On November 2, 2026, Harley-davidson, Inc.'s market capitalisation was about $3.8B, with a price-to-earnings ratio of 18.7 and net debt of $347M. Market figures come from third-party market data and may be delayed.
Does Harley-davidson, Inc. pay a dividend?
Yes: Harley-davidson, Inc. paid $82.8M in dividends over the trailing twelve months, a dividend yield of 2.24% and a payout ratio of 40.9%.
How much debt does Harley-davidson, Inc. have?
Harley-davidson, Inc.'s debt-to-equity ratio is 52.6%, from its latest balance sheet (180.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Harley-davidson, Inc.'s competitors?
In our Motorcycle Manufacturers peer group, the companies closest to Harley-davidson, Inc. are Livewire Group, Inc. and Lobo Technologies LTD. The side-by-side comparison below sets their revenue, margins and growth against Harley-davidson, Inc.'s.
Are insiders buying or selling Harley-davidson, Inc. stock?
Over the last 12 months, Harley-davidson, Inc.'s directors and officers reported 6 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Harley-davidson, Inc.'s next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Harley-davidson, Inc. announces its own schedule.