Filing Flows › Harley-Davidson (HOG) › Q4 2025
Harley-Davidson (HOG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Harley-Davidson (HOG) reported revenue of $496M for the fourth quarter 2025 (Q4 2025), -28% from a year earlier and -63% from the quarter before. Operating margin was -72.8%, net loss $283M (56.9% of revenue).
Harley-Davidson, Q4 2025: revenue $496M (-28% year over year), operating margin -72.8%, net loss $283M, operating cash flow $152M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $496M | -63% | -28% |
| Operating profit | −$361M | -176% | — |
| Net earnings | −$283M | -175% | — |
| Operating cash flow | $152M | — | +14% |
| Free cash flow | $100M | — | +30% |
What changed
Revenue was $496.2M in Q4 2025, down 28% year over year and down 63% from the previous quarter. HDMC was the largest line at 76% of revenue.
Operating costs exceeded revenue by $361.1M, an operating margin of -72.8%. Total costs fell 3% while revenue fell 28%. The quarter ended with a net loss of $282.6M, after a profit of $375.2M the previous quarter. Minority interests bore $3.3M of it: to shareholders the quarter was a loss of $279.3M.
Operating cash flow was $152.0M (up 14% year over year). Non-cash charges added back $46.0M of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items added $382.6M. Capital expenditures of $51.6M left free cash flow of $100.4M.
Questions
What was Harley-Davidson's revenue in the fourth quarter 2025?
Harley-Davidson (HOG) reported revenue of $496M for the fourth quarter 2025 (Q4 2025), -28% from a year earlier and -63% from the quarter before.
Was Harley-Davidson profitable in the fourth quarter 2025?
Operating loss was $361M (-72.8% of revenue) and net loss $283M.
Source: Harley-Davidson 10-K on SEC EDGAR.