Harley-Davidson, Inc. (HOG) Balance Sheet
HOG balance sheet, 2025
December 31, 2025 · U.S. dollars$8.04B assets = $4.89B liabilities + $3.16B equity
Both columns are drawn to the same scale: what HOG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HOG financial health
Descriptive bands, not a rating. Fiscal 2025.
HOG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $9.89B2016 | $8.04B2025 | −2.3%/yr | |
| Total liabilities | $7.97B2016 | $4.89B2025 | −5.3%/yr | |
| Shareholders’ equity | $1.92B2016 | $3.14B2025 | +5.6%/yr | |
| Cash & short-term investments | $765.5M2016 | $3.09B2025 | +16.8%/yr | |
| Total debt | $6.81B2016 | $3.05B2025 | −8.5%/yr | |
| Net cash (debt) | −$6.04B2016 | $38.0M2025 | +$6.1B | |
| Working capital | $991.3M2016 | $2.93B2025 | +$1.9B | |
| Book value per share | $10.642016 | $25.902025 | +10.4%/yr | |
| Current ratio | 1.352016 | 2.102025 | +0.76 | |
| Debt / equity | 3.552016 | 0.972025 | −2.57 | |
| Shares outstanding | 180.5M2016 | 121.3M2025 | −4.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HOG assets
HOG liabilities and equity
HOG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HOG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.09B | $1.59B | $1.53B | $1.43B | $1.87B | $3.26B | $833.9M | $1.21B | $687.5M | $765.5M |
| Cash & equivalents | $3.09B | $1.59B | $1.53B | $1.43B | $1.87B | $3.26B | $833.9M | $1.20B | $687.5M | $760.0M |
| Short-term investments | — | −$5.83B | — | — | $360,000 | $47,000 | $2,000 | $10.0M | $0 | $5.5M |
| Receivables | $225.8M | $2.27B | $2.38B | $2.03B | $1.65B | $1.65B | $2.53B | $2.52B | $2.44B | $2.36B |
| Inventory | $730.9M | $745.8M | $930.0M | $951.0M | $712.9M | $523.5M | $603.6M | $556.1M | $538.2M | $499.9M |
| Other current assets | $1.54B | $395.4M | $319.0M | $331.7M | $314.7M | $412.1M | $233.5M | $193.6M | $223.4M | $227.1M |
| Total current assets | $5.59B | $5.00B | $5.16B | $4.75B | $4.55B | $5.85B | $4.20B | $4.48B | $3.88B | $3.85B |
| Property, plant & equipment (net) | $825.6M | $820.9M | $801.4M | $733.8M | $733.6M | $789.0M | $909.0M | $904.1M | $967.8M | $981.6M |
| Goodwill & intangible assets | $63.9M | $67.2M | $69.7M | $68.5M | $70.7M | $75.6M | $74.8M | $61.0M | $62.9M | $63.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $5.11B | $4.93B | $5.10B | $5.01B | $4.86B | $4.76B |
| Other non-current assets | $1.57B | $6.00B | $6.11B | $5.94B | $590.3M | $367.1M | $239.7M | $208.5M | $197.9M | $231.7M |
| Total assets | $8.04B | $11.88B | $12.14B | $11.49B | $11.05B | $12.01B | $10.53B | $10.67B | $9.97B | $9.89B |
| Liabilities | ||||||||||
| Accounts payable | $389.2M | $298.7M | $349.2M | $378.0M | $375.0M | $290.9M | $294.4M | $284.9M | $227.6M | $235.3M |
| Short-term debt | $1.33B | $2.51B | $2.15B | $2.47B | $2.31B | $3.07B | $2.34B | $2.71B | $2.40B | $2.14B |
| Deferred revenue | $34.7M | $23.1M | $23.4M | $17.6M | $18.3M | $18.1M | $568.4M | $43.1M | $508.5M | $26.1M |
| Total current liabilities | $2.66B | $3.56B | $3.38B | $3.53B | $3.34B | $3.98B | $3.20B | $3.60B | $3.16B | $2.86B |
| Long-term debt | $1.65B | $4.47B | $4.99B | $4.46B | $4.60B | $5.93B | $5.12B | $4.89B | $4.59B | $4.67B |
| Lease obligations | $86.7M | $66.1M | $70.5M | $43.0M | $47.3M | $47.2M | $63.5M | — | — | — |
| Other long-term liabilities | $579.7M | $696.9M | $513.4M | $594.7M | $559.3M | $372.9M | $402.6M | $406.4M | $383.0M | $440.5M |
| Total liabilities | $4.89B | $8.72B | $8.89B | $8.59B | $8.50B | $10.29B | $8.72B | $8.89B | $8.13B | $7.97B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.8M | $1.8M | $1.8M | $1.8M |
| Retained earnings (deficit) | $3.72B | $3.47B | $3.10B | $2.49B | $1.84B | $1.28B | $2.19B | $2.01B | $1.61B | $1.34B |
| Treasury stock | — | — | — | — | −$597.0M | −$588.0M | −$1.35B | −$1.07B | −$687.9M | −$235.8M |
| Accumulated other comprehensive income | −$257.1M | −$332.7M | −$305.0M | −$341.9M | −$240.9M | −$483.4M | −$536.9M | −$629.7M | −$500.0M | −$565.4M |
| Minority interest | $16.2M | −$7.5M | −$513,000 | $3.3M | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $3.14B | $3.17B | $3.25B | $2.90B | $2.55B | $1.72B | $1.80B | $1.77B | $1.84B | $1.92B |
| Key figures | ||||||||||
| Total debt | $3.05B | $7.03B | $7.20B | $6.96B | $6.94B | $9.03B | $7.51B | $7.60B | $6.99B | $6.81B |
| Net cash (debt) | $38.0M | −$5.44B | −$5.66B | −$5.52B | −$5.06B | −$5.78B | −$6.67B | −$6.39B | −$6.30B | −$6.04B |
| Working capital | $2.93B | $1.44B | $1.78B | $1.22B | $1.21B | $1.86B | $1.01B | $886.8M | $726.6M | $991.3M |
| Tangible book value | $3.08B | $3.10B | $3.18B | $2.84B | $2.48B | $1.65B | $1.73B | $1.71B | $1.78B | $1.86B |
| Book value per share | $25.90 | $23.93 | $22.42 | $19.44 | $16.47 | $11.19 | $11.43 | $10.65 | $10.66 | $10.64 |
| Shares outstanding | 121.3M | 132.3M | 145.1M | 149.4M | 155.0M | 153.9M | 157.8M | 166.5M | 172.9M | 180.5M |
| Current ratio | 2.10 | 1.40 | 1.53 | 1.34 | 1.36 | 1.47 | 1.31 | 1.25 | 1.23 | 1.35 |
| Quick ratio | 1.25 | 1.08 | 1.16 | 0.98 | 1.05 | 1.23 | 1.05 | 1.04 | 0.99 | 1.09 |
| Debt / equity | 0.97 | 2.22 | 2.21 | 2.40 | 2.72 | 5.24 | 4.16 | 4.28 | 3.79 | 3.55 |
| Equity / assets | 39.0% | 26.6% | 26.8% | 25.3% | 23.1% | 14.3% | 17.1% | 16.6% | 18.5% | 19.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.90B | $1.81B | $3.09B | $1.83B | $1.59B | $1.93B | $1.59B | $2.24B | $1.85B | $1.46B | $1.53B | $1.88B |
| Cash & equivalents | $1.90B | $1.81B | $3.09B | $1.83B | $1.59B | $1.93B | $1.59B | $2.24B | $1.85B | $1.46B | $1.53B | $1.88B |
| Receivables | $1.94B | $1.90B | $225.8M | $5.61B | $2.45B | $313.3M | $2.27B | $2.61B | $2.79B | $2.83B | $2.38B | $2.42B |
| Inventory | $500.9M | $622.2M | $730.9M | $512.2M | $630.3M | $712.3M | $745.8M | $681.9M | $668.9M | $779.6M | $930.0M | $768.8M |
| Other current assets | $250.4M | $415.3M | $1.54B | $297.4M | $477.0M | $0 | $395.4M | $355.9M | $325.5M | $312.5M | $319.0M | $358.4M |
| Total current assets | $4.59B | $4.74B | $5.59B | $8.24B | $5.15B | $2.96B | $5.00B | $5.89B | $5.64B | $5.39B | $5.16B | $5.42B |
| Property, plant & equipment (net) | $691.1M | $801.7M | $825.6M | $786.4M | $790.0M | $814.0M | $820.9M | $798.3M | $782.3M | $784.7M | $801.4M | $772.3M |
| Goodwill & intangible assets | $63.6M | $63.4M | $63.9M | $63.9M | $63.8M | $62.3M | $67.2M | $62.9M | $62.2M | $62.3M | $69.7M | $123.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.90B | $1.64B | $1.57B | $1.47B | $6.05B | $8.55B | $6.00B | $6.28B | $6.28B | $6.10B | $6.11B | $6.14B |
| Total assets | $7.25B | $7.25B | $8.04B | $10.57B | $12.05B | $12.38B | $11.88B | $13.03B | $12.76B | $12.33B | $12.14B | $12.46B |
| Liabilities | ||||||||||||
| Accounts payable | $409.3M | $459.4M | $389.2M | $342.8M | $367.4M | $443.1M | $298.7M | $305.6M | $377.1M | $397.5M | $349.2M | $382.1M |
| Short-term debt | $1.11B | $996.9M | $1.33B | $2.01B | $2.49B | $2.34B | $2.51B | $3.06B | $2.52B | $2.22B | $2.15B | $1.45B |
| Deferred revenue | — | — | $34.7M | — | — | — | $23.1M | −$1.11B | $1 | $1 | $23.4M | −$382.1M |
| Total current liabilities | $2.41B | $2.48B | $2.66B | $3.28B | $3.77B | $2.34B | $3.56B | $4.17B | $3.76B | $3.49B | $3.38B | $2.67B |
| Long-term debt | $1.13B | $1.13B | $1.65B | $3.15B | $4.37B | $4.96B | $4.47B | $4.74B | $4.95B | $4.99B | $4.99B | $5.86B |
| Lease obligations | $64.6M | $68.4M | $86.7M | $52.5M | $56.3M | $48.0M | $66.1M | $52.0M | $45.4M | $48.4M | $70.5M | $52.2M |
| Other long-term liabilities | $587.7M | $552.5M | $579.7M | $579.1M | $604.1M | $623.7M | $696.9M | $692.5M | $612.7M | $518.6M | $513.4M | $622.1M |
| Total liabilities | $4.13B | $4.17B | $4.89B | $7.01B | $8.74B | $9.21B | $8.72B | $9.60B | $9.33B | $9.00B | $8.89B | $9.15B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M |
| Retained earnings (deficit) | $3.78B | $3.72B | $3.72B | $4.02B | $3.66B | $3.58B | $3.47B | $3.60B | $3.51B | $3.31B | $3.10B | $3.10B |
| Accumulated other comprehensive income | −$274.2M | −$272.1M | −$257.1M | −$306.3M | −$298.4M | −$338.2M | −$332.7M | −$298.7M | −$337.9M | −$332.6M | −$305.0M | −$356.7M |
| Minority interest | $16.8M | $15.9M | $16.2M | −$11.0M | −$9.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $3.10B | $3.06B | $3.14B | $3.57B | $3.32B | $3.18B | $3.17B | $3.43B | $3.44B | $3.34B | $3.25B | $3.31B |
| Key figures | ||||||||||||
| Total debt | $2.31B | $2.20B | $3.05B | $5.21B | $6.91B | $2.34B | $7.03B | $7.85B | $7.51B | $7.26B | $7.20B | $7.36B |
| Net cash (debt) | −$411.3M | −$395.2M | $38.0M | −$3.39B | −$5.32B | −$406.4M | −$5.44B | −$5.61B | −$5.67B | −$5.79B | −$5.66B | −$5.48B |
| Working capital | $2.18B | $2.26B | $2.93B | $4.97B | $1.38B | $619.2M | $1.44B | $1.72B | $1.87B | $1.89B | $1.78B | $2.75B |
| Tangible book value | $3.04B | $3.00B | $3.08B | $3.51B | $3.25B | $3.12B | $3.10B | $3.37B | $3.38B | $3.28B | $3.18B | $3.19B |
| Book value per share | $28.61 | $27.66 | $27.47 | $29.36 | $26.87 | $25.51 | $25.07 | $26.20 | $25.63 | $24.38 | $22.99 | $22.94 |
| Shares outstanding | 108.3M | 110.8M | 114.3M | 121.7M | 123.5M | 124.7M | 126.3M | 131.0M | 134.1M | 136.9M | 141.5M | 144.3M |
| Current ratio | 1.90 | 1.91 | 2.10 | 2.51 | 1.37 | 1.26 | 1.40 | 1.41 | 1.50 | 1.54 | 1.53 | 2.03 |
| Quick ratio | 1.59 | 1.50 | 1.25 | 2.27 | 1.07 | 0.96 | 1.08 | 1.16 | 1.23 | 1.23 | 1.16 | 1.61 |
| Debt / equity | 0.74 | 0.72 | 0.97 | 1.46 | 2.08 | 0.73 | 2.22 | 2.29 | 2.19 | 2.17 | 2.21 | 2.22 |
| Equity / assets | 42.8% | 42.3% | 39.0% | 33.8% | 27.5% | 25.7% | 26.6% | 26.3% | 26.9% | 27.1% | 26.8% | 26.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
HOG financial position
At the end of fiscal 2025 (December 31, 2025), Harley-Davidson had total assets of $8.0 billion (down 32.3% from a year earlier), total liabilities of $4.9 billion and shareholders' equity of $3.1 billion. It held $3.1 billion in cash and short-term investments against $3.1 billion of debt, a net cash position of $38.0 million. Its current ratio was 2.10. In the latest quarter (ended June 30, 2026) total assets were $7.2 billion and equity $3.1 billion.
Related: HOG income statement, HOG cash flow statement, HOG key metrics. See the HOG stock overview for the latest quote and news.
HOG balance sheet FAQ
What are Harley-Davidson's total assets?
Harley-Davidson reported total assets of $8.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $11.9 billion a year earlier.
How much debt does Harley-Davidson have?
Harley-Davidson had $3.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.97.
How much cash does Harley-Davidson have?
Harley-Davidson held $3.1 billion in cash and short-term investments at the end of fiscal 2025; with $3.1 billion of debt that is net cash of $38.0 million.
What is Harley-Davidson's book value?
Harley-Davidson's shareholders' equity (book value) was $3.1 billion at the end of fiscal 2025, or $25.90 per share.
What is Harley-Davidson's current ratio?
Harley-Davidson had current assets of $5.6 billion and current liabilities of $2.7 billion, a current ratio of 2.10 (it can cover its short-term obligations).
How much goodwill does Harley-Davidson have?
Harley-Davidson carried $63.9 million of goodwill and intangible assets, 0.8% of total assets, at the end of fiscal 2025.