Harley-Davidson, Inc.

HOGNYSEConsumer Cyclical● Active

$24.91

+$0.42(+1.71%)

Market Cap$2.6B

P/E Ratio—

52W High$31.25

52W Low$17.09

Avg Volume3.3M

Open$24.22

Beta1.28

Free Cash Flow Financials Revenue

Harley-Davidson, Inc. (HOG) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

HOG · free cash flow · updated Jun 9, 2026

Core FCF metrics

HOG · FCF · TTM · margin & CAGR

Free cash flow was $415.2M for FY2025 (fiscal year ending 2025-12-31), down 52.1% year-over-year The FCF margin was 9.3%. Five-year CAGR stands at -16.9%.

FY2025 Free Cash Flow$415.2M▼ -52.1% YoY

Trailing 12M (TTM)$43.9Mtrailing 4 quarters sum

FCF Margin9.3%$415.2M ÷ revenue

3-Year CAGR+1.5%FY2022 → FY2025

5-Year CAGR-16.9%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

HOG · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$568.9M(154M)$415.2M▼ 52.1%9.3%

FY2024$1.06B(197M)$867.3M▲ +58.4%16.7%

FY2023$754.9M(207M)$547.5M▲ +38.0%9.4%

FY2022$548.5M(152M)$396.8M▼ 53.6%6.9%

FY2021$975.7M(120M)$855.5M▼ 18.3%16.0%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

HOG · P/FCF · FCF yield · FCF per share

Harley-Davidson, Inc. (HOG) trades at a FCF yield of 1.67% and a price-to-free-cash-flow ratio of 67.3x. FCF per share stands at $0.37, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

1.67%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.37

TTM FCF ÷ Shares Outstanding

Price / FCF

x67.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x68.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

HOG · cash flow statement · operating / investing / financing

For FY2025, Harley-Davidson, Inc. generated $568.9M in operating cash flow and spent 154M in capital expenditures, yielding $415.2M in free cash flow.

Operating Activities

+$568.9M

Cash from core business operations

2025-12-31

Investing Activities

+$3.78B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$3.01B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($568.9M) − |CapEx| (154M) = FCF ($415.2M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Cyclical)

HOG vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Harley-Davidson, Inc.YOU

HOG

$415.2M-52.1%9.3%

Toyota Motor Corporation

Alibaba Group Holding Limited

BABA

−$50.72B-164.9%-5.0%

Loss

Consumer Cyclical · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Harley-Davidson, Inc. (HOG) reported free cash flow of $415.2M for FY2025 (fiscal year ending 2025-12-31), down 52.1% year-over-year. The FCF margin was 9.3%.

Based on available data, Harley-Davidson, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $1.05B in FY2020. The 5-year CAGR stands at -16.9%.

Harley-Davidson, Inc.'s FCF yield is 1.67% and price-to-FCF ratio is 67.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

HOG free cash flow · 8 questions

Harley-Davidson, Inc. free cash flow was $415.2M for FY2025, down 52.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $43.9M.

HOG free cash flowHOG FCFHOG FCF 2025HOG free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Harley-Davidson, Inc. · Harley-Davidson, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026