Filing Flows › Harley-Davidson (HOG) › Q2 2025
Harley-Davidson (HOG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Harley-Davidson (HOG) reported revenue of $1.3B for the second quarter 2025 (Q2 2025), -19% from a year earlier and -2% from the quarter before. Operating margin was 8.6%, net earnings $108M (8.2% of revenue).
Harley-Davidson, Q2 2025: revenue $1.3B (-19% year over year), operating margin 8.6%, net earnings $108M, operating cash flow $368M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | -2% | -19% |
| Operating profit | $112M | -30% | -53% |
| Net earnings | $108M | -19% | -51% |
| Operating cash flow | $368M | +160% | -22% |
| Free cash flow | $332M | +198% | -23% |
What changed
Revenue was $1.3B in Q2 2025, down 19% year over year and down 2% from the previous quarter. Non-Financial Services Entities was the largest line at 80% of revenue. Non-Financial Services Entities lost $0.31B year over year (down 23%), 98% of the total change.
Operating profit was $0.11B, a 8.6% margin (down 6.3 points year over year). Total costs fell 13% while revenue fell 19%. Net earnings were $0.11B, down 51% year over year ($0.11B including minority interests, which bore $1.8M of losses). The effective tax rate was 18.8%.
Operating cash flow was $0.37B (down 22% year over year), 348% 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 added $0.21B. Capital expenditures of $0.04B left free cash flow of $0.33B.
Questions
What was Harley-Davidson's revenue in the second quarter 2025?
Harley-Davidson (HOG) reported revenue of $1.3B for the second quarter 2025 (Q2 2025), -19% from a year earlier and -2% from the quarter before.
Was Harley-Davidson profitable in the second quarter 2025?
Operating profit was $112M (8.6% of revenue) and net earnings $108M.
Source: Harley-Davidson 10-Q on SEC EDGAR.