At a glance
Harley-Davidson Inc is worth $3.07B, about 11 times its fiscal 2025 earnings. Revenue fell 13.8% to $4.47B in fiscal 2025, with 7.6% kept as profit; over 5 years it has grown 2.0% a year. It pays a 2.53% dividend yield, raised every year for at least 5 years, and returned $1.99B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +11.5% over the past year with dividends reinvested and −2.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 56.7% in the 2020 crash (S&P 500: 33.7%) and 29.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 4 months after the lows.
The business in plain English
Harley-Davidson makes motorcycles and sells the parts, accessories and clothing that go with them. The company was founded in 1903 and has been publicly traded since 1986. It reported revenue of $4.47 billion for 2025 across three segments. Harley-Davidson Motor Company (HDMC), the motorcycle business, brings in roughly four-fifths of revenue. Harley-Davidson Financial Services (HDFS), the lending arm, brings in most of the rest. LiveWire, the electric motorcycle business, adds only a sliver.
HDMC sells mostly at wholesale to independent dealers, who then sell to riders. It had 1,174 dealership points worldwide as of December 31, 2025, including 554 in the US. In 2025, motorcycles made up 74.3% of HDMC revenue. Parts and accessories made up 17.2%, apparel 6.0% and licensing of the Harley-Davidson name 0.6%. Most of its engines are larger than 600cc (cubic centimeters, a measure of engine size). In 2025, about 79% of new Harley retail sales came from the US and European markets for these bigger bikes. Harley's share of new US registrations in that class was 34.5%.
HDFS earns interest by lending to riders who buy Harley motorcycles and to dealers who stock them. It pays for those loans by borrowing in the capital markets. That means its profits depend on interest rates and on the company's credit ratings. HDFS is also part of a strategic deal with the investment firms KKR and PIMCO.
Price history
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HOG +11.5% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.23B, down 5.9% from a year earlier, and net income was $79.8M (-25.8%).
- For fiscal 2025, revenue was $4.47B (-13.8% year over year; +2.0% a year from FY2020 to FY2025) with a 7.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.0% watch |
|---|---|
| Operating margin | 8.6% watch |
| Free cash flow margin | 9.3% watch |
| Return on equity (FY2025) | 10.8% watch |
| Return on assets (FY2025) | 4.2% watch |
| Net cash (cash minus debt) | $-346.7M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.05B | $1.3M | $1.05B |
| FY2021 | $5.34B | $650.0M | $855.5M |
| FY2022 | $5.76B | $741.4M | $396.8M |
| FY2023 | $5.84B | $706.6M | $547.5M |
| FY2024 | $5.19B | $455.4M | $867.3M |
| FY2025 | $4.47B | $338.7M | $415.2M |
Valuation snapshot
| Market value | $3.07B |
|---|---|
| P/E ratio | 10.6 |
| Dividend yield | 2.53% |
Rank among 1514 US companies
Market value at each year end
Harley-Davidson’s market value went from $10.31B at the end of 2016 to $3.07B on Oct 28, 2026, down 70%; since the end of 2025 it is up 27%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.07B | +26.9% |
| 2025 | $2.42B | -36.9% |
| 2024 | $3.84B | -25.2% |
| 2023 | $5.13B | -15.6% |
| 2022 | $6.08B | +4.9% |
| 2021 | $5.80B | +3.1% |
| 2020 | $5.63B | -2.0% |
| 2019 | $5.74B | +3.3% |
| 2018 | $5.56B | -35.1% |
| 2017 | $8.56B | -17.0% |
| 2016 | $10.31B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HOG price data to Oct 28, 2026 | +47.7% | +11.5% | +6.8% | -2.3% | -3.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +47.7% |
| 2025 | -30.0% |
| 2024 | -16.6% |
| 2023 | -9.7% |
| 2022 | +12.2% |
| 2021 | +4.3% |
| 2020 | +0.1% |
| 2019 | +13.7% |
| 2018 | -30.5% |
| 2017 | -10.3% |
| 2016 | +32.4% |
| 2015 | -29.5% |
| 2014 | -3.2% |
| 2013 | +43.8% |
| 2012 | +27.4% |
| 2011 | +13.6% |
| 2010 | +39.5% |
| 2009 | +52.1% |
| 2008 | -62.0% |
| 2007 | -32.4% |
| 2006 | +38.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 82.5% over that stretch · deepest drop along the way 83.1%, back to its old high 35.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.4% over that stretch · deepest drop along the way 56.7%, back to its old high 7.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.9% over that stretch · deepest drop along the way 29.4%, back to its old high 4.4 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 3 open-market purchases ($1.4M) and 7 sales ($273K), 7 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 31, 2026 | Daniel J Nova Director | buy | $983K |
| Aug 10, 2026 | Artie Starrs President & CEO, Director | buy | $259K |
| Aug 11, 2026 | Gayle Littleton CLO, CCO, CAO & Corp Sec | buy | $198K |
| Sep 1, 2026 | Jonathan R Root CFO and CCO | sell (plan) | $43K |
| May 11, 2026 | Paul J Krause Chief Legal Officer | sell (plan) | $41K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.4% | Mar 31, 2026 |
| DONALD SMITH & CO., INC. | 8.8% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 5.4% | Dec 31, 2024 |
| Vanguard Portfolio Management | 5.38% | Jun 30, 2026 |
| Vanguard Capital Management | 5.32% | Mar 31, 2026 |
| Beutel, Goodman & Co Ltd. | 4.7% | Jan 31, 2026 |
| H PARTNERS MANAGEMENT, LLC | 4.7% | Sep 30, 2025 |
| Boston Partners | 3.22% | Jun 30, 2025 |
ETFs with the most weight in HOG
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.28% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.47% |
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 1.37% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 1.16% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.79% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.64% |
| CVY Invesco Zacks Multi-Asset Income ETF | 0.61% |
| AUSF Global X Adaptive U.S. Factor ETF | 0.42% |
What could go wrong
- Losing the premium price edge. Harley's suggested retail prices are generally higher than rivals'. If buyers care more about price, or Harley relies on incentives to sell bikes, it could lose the price premium that supports its profit margins.
- Loan losses and funding costs at HDFS. The lending arm loses money when riders or dealers fail to repay. It borrows in the capital markets to fund its loans, so a credit-rating downgrade or higher interest rates could squeeze its earnings.
- A new CEO and an unfinished strategy. The Hardwire strategic plan ran from 2021 through 2025, and a new chief executive is leading its replacement. Changing direction carries execution risk, and activist shareholder campaigns could add cost and distraction.
- Shrinking market share against bigger rivals. Many competitors are more diversified, and foreign makers benefit when the dollar strengthens. Harley's share of US registrations for bikes over 600cc slipped to 34.5% in 2025 from 37.9% in 2023.
- Tariffs and trade restrictions. Harley is an iconic American brand with plants in the US, Thailand and Brazil. That exposes it to tariffs and trade restrictions, which can raise its costs or make its bikes pricier overseas.
- Used bikes and dealer health. Harley sells mainly at wholesale through independent dealers. Cheaper used motorcycles or too many new bikes on dealer lots can hurt new-bike sales, and dealer sales suffer when credit tightens or the economy weakens.
Recent events
- Quarterly results released; Executive or board change
- Quarterly results released
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released; Executive or board change
- Executive or board change
- Major agreement signed; Acquisition or sale of assets completed
- Quarterly results released
For income and retirement investors
Harley-Davidson's dividend per share rose for five straight years, from $0.44 in fiscal 2020 to $0.72 in fiscal 2025, about 10.4% a year. Net income fell 25.6% in 2025, yet the dividend used only 25.5% of earnings and 20.8% of free cash flow (cash left after running and investing in the business). The yield, or yearly dividend as a share of the stock price, was 2.53% as of October 28, 2026. Buybacks have been bigger. From fiscal 2021 through 2025, the company spent $1.53 billion repurchasing shares versus $460 million on dividends, and the share count fell 32.4% between October 2021 and July 2026.
The stock has swung hard in downturns. It fell 83% in the 2008 financial crisis and took about 35 months after its low to recover. It dropped 57% in the 2020 COVID crash but recovered in about seven months, and it lost 29% in 2022. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Harley-Davidson make money?
Mostly by selling motorcycles. The Harley-Davidson Motor Company segment produced roughly four-fifths of the company's $4.47 billion in revenue for 2025. It sells bikes, parts, accessories and apparel at wholesale through 1,174 dealership points worldwide, and motorcycles made up 74.3% of that segment's revenue. Most of the remaining revenue came from Harley-Davidson Financial Services, which earns interest on loans to riders and dealers. LiveWire, the electric motorcycle unit, adds only a sliver.
Does Harley-Davidson raise its dividend every year?
It has raised its dividend five years in a row. The dividend was $0.72 per share for 2025, up from $0.44 for 2020, which works out to growth of about 10.4% a year. Dividends paid equaled about 25.5% of 2025 net income. The yield was 2.53% as of October 28, 2026. Harley has spent more on buybacks than on dividends: $1.53 billion on share repurchases from 2021 through 2025, against about $460 million in dividends.
Is Harley-Davidson losing market share?
Yes, based on the registration figures in its 10-K. Harley's share of new US registrations for on-road motorcycles over 600cc (a measure of engine size) fell to 34.5% in 2025, from 37.3% in 2024 and 37.9% in 2023. In Europe it fell to 3.4% from 5.0%. The company says that about 3,700 of its bikes were registered early in late 2024, ahead of new Euro 5+ emissions rules, and that this lowered its 2025 European count.
Are Harley-Davidson's sales growing?
No. Revenue fell 13.8% in 2025 to $4.47 billion. That was the second annual drop in a row, down from $5.84 billion in 2023. Net income fell 25.6% to $338.7 million. The decline continued into the quarter ended June 30, 2026, when revenue fell 5.9% from a year earlier to $1.23 billion and net income fell 25.8%. From 2020 through 2025, revenue grew only about 2% a year.
How has Harley-Davidson stock performed over the long term?
Not well over the past decade, and with big swings along the way. Based on share price alone, as of October 28, 2026, the stock lost about 2.3% a year over five years and 3.8% a year over ten years. That is a 32% cumulative decline over the decade. The stock was up 47.7% year to date as of that date, after falling 30.01% in 2025. In the 2008 financial crisis it dropped 83.1% and took about 35 months to recover.