Filing Flows › Harley-Davidson (HOG) › Q1 2025
Harley-Davidson (HOG) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Harley-Davidson (HOG) reported revenue of $1.3B for the first quarter 2025 (Q1 2025), -23% from a year earlier and +93% from the quarter before. Operating margin was 12.1%, net earnings $133M (10.0% of revenue).
Harley-Davidson, Q1 2025: revenue $1.3B (-23% year over year), operating margin 12.1%, net earnings $133M, operating cash flow $142M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | +93% | -23% |
| Operating profit | $160M | — | -39% |
| Net earnings | $133M | — | -43% |
| Operating cash flow | $142M | +6% | +36% |
| Free cash flow | $112M | +45% | +94% |
What changed
Revenue was $1.3B in Q1 2025, down 23% year over year and up 93% from the previous quarter. Non-Financial Services Entities was the largest line at 81% of revenue. Non-Financial Services Entities lost $0.39B year over year (down 27%), 99% of the total change.
Operating profit was $0.16B, a 12.1% margin (down 3.1 points year over year). Total costs fell 20% while revenue fell 23%. Net earnings were $0.13B, down 43% year over year ($0.13B including minority interests, which bore $2.3M of losses). The effective tax rate was 26.5%.
Operating cash flow was $0.14B (up 36% year over year), 108% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.04B. Capital expenditures of $0.03B left free cash flow of $0.11B.
Questions
What was Harley-Davidson's revenue in the first quarter 2025?
Harley-Davidson (HOG) reported revenue of $1.3B for the first quarter 2025 (Q1 2025), -23% from a year earlier and +93% from the quarter before.
Was Harley-Davidson profitable in the first quarter 2025?
Operating profit was $160M (12.1% of revenue) and net earnings $133M.
Source: Harley-Davidson 10-Q on SEC EDGAR.