Filing Flows › Harley-Davidson (HOG) › Q3 2025
Harley-Davidson (HOG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Harley-Davidson (HOG) reported revenue of $1.3B for the third quarter 2025 (Q3 2025), +17% from a year earlier and +3% from the quarter before. Operating margin was 35.4%, net earnings $377M (28.1% of revenue).
Harley-Davidson, Q3 2025: revenue $1.3B (+16% year over year), operating margin 35.4%, net earnings $377M, operating cash flow −$92.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | +3% | +17% |
| Operating profit | $475M | +322% | +349% |
| Net earnings | $377M | +251% | +217% |
| Operating cash flow | −$92.6M | -125% | — |
What changed
Revenue was $1.3B in Q3 2025, up 17% year over year and up 3% from the previous quarter. Non-Financial Services Entities was the largest line at 80% of revenue. Non-Financial Services Entities added $0.20B year over year (up 23%), 104% of the total change.
Operating profit was $0.47B, a 35.4% margin (up 26.2 points year over year). Of the extra revenue versus a year earlier, 194% reached operating profit, above the 9% margin then. Total costs fell 17% while revenue rose 17%. Net earnings were $0.38B, up 217% year over year ($0.38B including minority interests, which bore $2.2M of losses). The effective tax rate was 23.7%.
Operating cash flow was −$0.09B. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.52B. Capital expenditures of $0.04B exceeded it, leaving free cash flow of −$0.13B.
Questions
What was Harley-Davidson's revenue in the third quarter 2025?
Harley-Davidson (HOG) reported revenue of $1.3B for the third quarter 2025 (Q3 2025), +17% from a year earlier and +3% from the quarter before.
Was Harley-Davidson profitable in the third quarter 2025?
Operating profit was $475M (35.4% of revenue) and net earnings $377M.
Source: Harley-Davidson 10-Q on SEC EDGAR.