Harley-Davidson, Inc. (HOG) Income Statement
HOG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHOG revenue and net income
Where HOG's revenue goes
2025Each bar shows an amount and its share of revenue. HOG kept 7.6% of revenue as net income.
HOG profit margins
HOG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −13.8% | −8.1% | +2.0% | −2.9% |
| Gross profit | −25.2% | −14.1% | −0.3% | −4.9% |
| Operating income | −7.2% | −24.8% | +109.1% | −10.4% |
| Net income | −25.6% | −23.0% | +204.3% | −7.7% |
| EPS (diluted) | −21.6% | −19.3% | +35.1% | −3.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HOG quarterly EPS vs estimates
Harley-Davidson beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.43).
HOG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.47B | $5.19B | $5.84B | $5.76B | $5.34B | $4.05B | $5.36B | $5.72B | $5.65B | $6.00B |
| Cost of revenue | $3.12B | $3.38B | $3.65B | $3.62B | $3.44B | $2.68B | $3.44B | $3.54B | $3.72B | $3.87B |
| Gross profit | $1.35B | $1.81B | $2.18B | $2.13B | $1.90B | $1.37B | $1.92B | $2.17B | $1.93B | $2.13B |
| Research & development | — | $161.0M | $159.3M | $158.6M | $175.1M | $202.4M | $216.5M | $191.6M | $175.2M | $172.3M |
| Sales, general & admin | $965.9M | $936.8M | $931.7M | $939.5M | $885.6M | $895.3M | $1.02B | $1.10B | $1.18B | $1.22B |
| Total operating expenses | $965.9M | $1.39B | $1.40B | $1.22B | $1.08B | $1.36B | $1.37B | $1.46B | $1.04B | $1.08B |
| Operating income | $386.6M | $416.6M | $779.1M | $909.3M | $823.4M | $9.7M | $555.6M | $713.5M | $891.3M | $1.05B |
| Interest income | $10.8M | $28.2M | $16.0M | $26.7M | $24.3M | $23.6M | $14.7M | $29.9M | $27.4M | $25.0M |
| Interest expense | $33.4M | $30.7M | $30.8M | $31.2M | $31.0M | $31.1M | $31.1M | $30.9M | $31.0M | $29.7M |
| Income before taxes | $458.7M | $517.1M | $866.9M | $931.2M | $819.2M | −$15.7M | $557.4M | $686.6M | $863.8M | $1.02B |
| Income taxes | $129.6M | $72.0M | $171.8M | $192.0M | $169.2M | −$17.0M | $133.8M | $155.2M | $342.1M | $331.7M |
| Net income | $338.7M | $455.4M | $706.6M | $741.4M | $650.0M | $1.3M | $423.6M | $531.5M | $521.8M | $692.2M |
| EBITDA | $664.5M | $708.6M | $1.06B | $1.11B | $1.02B | $201.1M | $821.0M | $982.4M | $1.11B | $1.26B |
| EPS (diluted) | $2.61 | $3.33 | $4.82 | $4.97 | $4.42 | $0.58 | $3.08 | $3.27 | $3.41 | $3.82 |
| Gross margin | 30.2% | 34.9% | 37.4% | 37.1% | 35.6% | 33.8% | 35.8% | 38.0% | 34.2% | 35.5% |
| Operating margin | 8.6% | 8.0% | 13.3% | 15.8% | 15.4% | 0.2% | 10.4% | 12.5% | 15.8% | 17.5% |
| Net margin | 7.6% | 8.8% | 12.1% | 12.9% | 12.2% | 0.0% | 7.9% | 9.3% | 9.2% | 11.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.10B | $1.17B | $496.2M | $1.34B | $1.31B | $1.33B | $687.6M | $1.15B | $1.62B | $1.73B | $1.05B | $1.55B |
| Cost of revenue | $826.2M | $826.2M | $609.4M | $868.4M | $938.5M | $859.7M | $534.5M | $713.0M | $1.02B | $1.11B | $719.7M | $977.5M |
| Gross profit | $277.2M | $346.4M | −$113.3M | $472.3M | $368.6M | $469.5M | $153.1M | $437.7M | $601.1M | $617.2M | $333.5M | $571.6M |
| Research & development | — | — | — | — | — | — | $87.0M | $24.9M | $26.4M | $22.7M | $27.6M | $26.8M |
| Sales, general & admin | $296.9M | $302.5M | $247.8M | $292.9M | $256.2M | $255.7M | $274.3M | $273.9M | $304.0M | $293.1M | $255.1M | $261.9M |
| Total operating expenses | $231.8M | $300.5M | $247.8M | −$6.4M | $256.2M | $309.0M | $346.5M | $331.9M | $360.0M | $354.1M | $354.6M | $362.3M |
| Operating income | $45.4M | $45.9M | −$361.1M | $478.7M | $112.4M | $160.5M | −$193.3M | $105.8M | $241.1M | $263.1M | −$21.1M | $209.3M |
| Interest income | — | — | $4.2M | $2.1M | $3.3M | $1.3M | $5.6M | $8.7M | — | — | — | $2.2M |
| Interest expense | $10.7M | $3.5M | $7.9M | $10.1M | $7.7M | $7.7M | $7.7M | $7.7M | $7.7M | $7.7M | $7.7M | $7.7M |
| Income before taxes | $95.3M | $42.1M | −$341.0M | $491.5M | $130.2M | $178.0M | −$170.3M | $132.9M | $264.1M | $290.4M | $4.6M | $238.3M |
| Income taxes | $16.3M | $18.0M | −$58.5M | $116.4M | $24.4M | $47.2M | −$51.9M | $17.0M | $48.7M | $58.1M | −$18.7M | $42.2M |
| Net income | $79.0M | $24.8M | −$279.3M | $377.4M | $107.6M | $133.1M | −$116.9M | $119.0M | $218.3M | $234.9M | $25.8M | $198.6M |
| EBITDA | $1.5M | $89.8M | −$287.1M | $545.9M | $178.3M | $227.4M | −$121.5M | $179.8M | $310.7M | $339.6M | $57.8M | $286.3M |
| EPS (diluted) | $0.75 | $0.22 | −$2.44 | $3.10 | $0.88 | $1.07 | −$0.93 | $0.91 | $1.63 | $1.72 | $0.18 | $1.38 |
| Gross margin | 25.1% | 29.5% | −22.8% | 35.2% | 28.2% | 35.3% | 22.3% | 38.0% | 37.1% | 35.7% | 31.7% | 36.9% |
| Operating margin | 4.1% | 3.9% | −72.8% | 35.7% | 8.6% | 12.1% | −28.1% | 9.2% | 14.9% | 15.2% | −2.0% | 13.5% |
| Net margin | 7.2% | 2.1% | −56.3% | 28.1% | 8.2% | 10.0% | −17.0% | 10.3% | 13.5% | 13.6% | 2.5% | 12.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HOG's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HOG financial results
In fiscal year 2025 (ended December 31, 2025), Harley-Davidson reported revenue of $4.5 billion, down 13.8% from the year before. It had net income of $338.7 million (down 25.6%), a net profit margin of 7.6%. Diluted earnings per share came to $2.61. Over five years revenue grew at an average rate of 2.0% a year.
See the HOG stock overview for the latest quote and news, or the HOG chart for price history and technical indicators.
HOG income statement FAQ
What is Harley-Davidson's annual revenue?
Harley-Davidson reported total revenue of $4.5 billion for fiscal year 2025, which ended on December 31, 2025. That was down 13.8% from $5.2 billion the previous year.
Is Harley-Davidson profitable?
Yes. Harley-Davidson reported net income of $338.7 million in fiscal 2025, a net profit margin of 7.6%; its operating margin was 8.6%.
What is Harley-Davidson's gross margin?
Harley-Davidson's gross margin was 30.2% in fiscal 2025: for every $100 of revenue, Harley-Davidson kept $30 after the direct cost of its products and services.
How fast is Harley-Davidson growing?
Revenue grew 2.0% a year on average over the last five fiscal years, from $4.1 billion to $4.5 billion.
What are Harley-Davidson's earnings per share?
Harley-Davidson earned $2.61 per diluted share in fiscal 2025, compared with $3.33 a year earlier.
When will Harley-Davidson report its next earnings?
Harley-Davidson is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Harley-Davidson's fiscal year end?
Harley-Davidson's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.