Overview
Harley-Davidson, Inc. reported consolidated fourth-quarter 2025 results that point to continued pressure on profitability despite disciplined expense control and a strong year-end cash position. The income statement shows broad-based year-over-year declines across revenue, earnings, and profitability metrics, while the balance sheet and cash flow data indicate solid liquidity and a significantly improved cash position.
Income Statement Performance
Total revenue for the period stands at $4,473,000, representing a 14% decline year over year. Total expense declined at a similar pace, falling to $4,086,365, also down 14%, indicating management’s efforts to align costs with a lower revenue base. However, expense reductions were not sufficient to fully offset weaker top-line performance.
EBITDA is reported at $419,292, a 14% decrease, reflecting lower operating scale and margin compression. Operating income (EBIT) of $386,635 declined 7%, suggesting that while profitability has softened, the operating margin contraction is less severe than the revenue decline. Net income of $338,738, down 25%, underscores more pronounced pressure at the bottom line. Basic earnings per share of $2.82, a decline of 18%, mirrors this trend.
Collectively, these figures point to a year characterized by softer demand and lower earnings power, partially mitigated by expense discipline.
Balance Sheet Position
Harley-Davidson ended the period with total assets of $8,044,815, supported by total equity of $3,156,850. Total liabilities stand at $4,887,965, resulting in a balanced capital structure with equity representing a meaningful portion of total capitalization. This balance suggests a stable financial foundation despite earnings pressure.
Cash Flow and Liquidity
Operating cash flow amounted to $568,922, demonstrating that the core business continues to generate positive cash. Investing cash flow was $3,778,775, while financing cash flow was -$3,010,300. The company closed the period with an end cash position of $3,091,744, a notably strong level that enhances financial flexibility.
Conclusion
The data reflect a challenging earnings environment in Q4 2025, marked by declining revenue and profitability, but also highlight Harley-Davidson’s ability to manage costs and maintain a robust liquidity position.