OSHKOSH (OSK) Company Report

Oshkosh Corporation reiterated its 2028 financial targets, projecting revenue growth to $13-$14 billion, operating margins of 12%-14% (an increase of 200-400 basis points), and EPS to nearly double to $18-$22.
The company's confidence in these targets is driven by innovation across its Vocational, Access, and Transport segments, including significant backlogs in Vocational products (some up to 3.5 years) and the long-term revenue potential of the Next Generation Delivery Vehicle (NGDV) program for the USPS.
A key challenge in 2025 has been navigating the tariff and geopolitical climate, which has required adjustments to supply chains and manufacturing footprints.
The NGDV program is in full ramp mode, with the company targeting full-rate production by the end of 2025, though this may extend into 2026. This program is expected to drive significant revenue growth for over 10 years.
The Access segment is currently in a downturn but is anticipated to recover and expand through 2028, with a projected market recovery starting in mid to late 2026.

Dec 2, 2025, 7:40 PM

Transcript

Oshkosh Reaffirms 2028 Financial Targets and Discusses 2025 Performance

OSK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Oshkosh Corporation's CEO, John C. Pfeifer, reaffirmed the company's 2028 financial targets, including revenue of $13-$14 billion, operating margins of 12%-14%, and EPS nearly doubling to $18-$22.
A primary challenge in 2025 was navigating tariffs and the geopolitical climate, particularly Section 232 tariffs on raw materials, which necessitated supply chain adjustments.
The company's confidence in its long-term targets is underpinned by innovation and technology deployment, such as autonomous functionality, electrification, and AI, across its diverse end markets.
The Next Generation Delivery Vehicle (NGDV) program for the USPS is ramping up production and is expected to drive significant revenue growth for over 10 years, though full-rate production may extend into early 2026.
The Defense segment is focused on a margin transformation to a 10% target by 2028 through renegotiated contracts, rather than being a primary growth driver in the near term.

Dec 2, 2025, 7:40 PM

Transcript

Oshkosh Reaffirms 2028 Targets and Discusses 2025 Challenges

OSK

Guidance Update

New Projects/Investments

M&A

Oshkosh (OSK) reaffirmed its 2028 guidance, expecting revenue to grow to $13-$14 billion, operating margins to increase by 200-400 basis points (12%-14%), and EPS to nearly double to $18-$22.
The company identified tariffs and the geopolitical climate as the toughest challenges in 2025, leading to efforts in supply chain and manufacturing footprint optimization to mitigate impacts.
The Next Generation Delivery Vehicle (NGDV) program for the United States Postal Service is in full ramp mode, targeting full-rate production by the end of 2025, potentially pushing into 2026, and is expected to drive significant revenue growth for 10 years.
The Access segment is currently in a downturn but anticipates recovery in mid to late 2026, with demand drivers including data centers and power generation.
Oshkosh expects to pursue programmatic M&A in 2026, focusing on opportunities where its technology can make a difference.

Dec 2, 2025, 7:40 PM

Transcript

Oshkosh Corporation Announces Q3 2025 Earnings

OSK

Earnings

Guidance Update

New Projects/Investments

For the third quarter of 2025, Oshkosh Corporation reported consolidated revenue of $2.69 billion and adjusted diluted earnings per share (EPS) of $3.20.
Segment performance in Q3 2025 included Access revenue of $1,110 million with an 11.0% adjusted operating income margin, Vocational revenue of $968 million with a 15.6% adjusted operating income margin, and Transport revenue of $588 million with a 6.2% operating income margin.
The company updated its 2025 outlook, projecting revenues between $10.3 billion and $10.4 billion, adjusted operating income between $975 million and $1,015 million, and adjusted EPS between $10.50 and $11.00.

Oct 29, 2025, 1:30 PM

Presentation

Oshkosh Corporation Announces Q3 2025 Results and Updates Full-Year Guidance

OSK

Earnings

Guidance Update

Demand Weakening

Oshkosh Corporation reported Q3 2025 adjusted earnings per share of $3.20 on revenue of $2.7 billion, achieving an adjusted operating margin of 10.2%.
The company updated its full-year 2025 adjusted EPS guidance to a range of $10.50 to $11.00 and revenue guidance to $10.3 billion to $10.4 billion, primarily due to slightly lower revenue expectations for the access and transport segments.
The access segment's sales were nearly 19% lower than the prior year, reflecting weaker market conditions and cautious customer spending, while the vocational segment's sales grew nearly 19%.
Free cash flow for Q3 2025 was strong at $464 million, and the company repurchased approximately 666,000 shares for $91 million during the quarter.
Tariffs are expected to impact the full year 2025 by $30 million to $40 million, with $20 million to $30 million anticipated in Q4 2025.

Oct 29, 2025, 1:30 PM

Transcript

Oshkosh Reports Q3 2025 Financial Results and Provides Business Updates

OSK

Earnings

Guidance Update

Demand Weakening

Oshkosh Corporation reported Q3 2025 consolidated sales of nearly $2.7 billion, a 2% decrease from the prior year, with adjusted operating income of $274 million (10.2% margin) and adjusted EPS of $3.20, which included a $0.30 favorable impact from a U.S. federal income tax audit resolution.
The Access segment's sales decreased nearly 19% due to weaker market conditions, while the Vocational segment saw sales grow nearly 19% with strong orders of $1.1 billion. The Transport segment's operating income margin improved to 6.2%, partly due to a $25 million one-time intellectual property license.
The company is ramping up production of the NGDV postal vehicle, targeting full-rate production by the end of 2025, and expects $30 million-$40 million in tariff impacts for the full year 2025, with pricing adjustments planned for 2026. Oshkosh also reiterated its vision to roughly double adjusted EPS to $18-$22 per share by 2028.

Oct 29, 2025, 1:30 PM

Transcript

Oshkosh Reports Q3 2025 Results and Updates Full-Year Guidance

OSK

Earnings

Guidance Update

Demand Weakening

Oshkosh Corporation reported Q3 2025 adjusted earnings per share of $3.20, an increase of 9.2% over the prior year, on revenue of $2.7 billion, achieving an adjusted operating margin of 10.2%.
The company revised its full-year 2025 adjusted EPS guidance to a range of $10.50 to $11.00 and revenue expectations to approximately $10.3 to $10.4 billion, primarily due to more cautious customer spending in the access segment and slightly lower revenue expectations for both access and transport segments.
Free cash flow was $464 million in Q3 2025, and the company repurchased approximately 666,000 shares for $91 million during the quarter.
The updated outlook also considers the impact of tariffs, estimated at $30 to $40 million for the full year 2025, with $20 to $30 million expected in Q4.

Oct 29, 2025, 1:30 PM

Transcript

Oshkosh Corporation Reports Q3 2025 Results and Updates Full-Year Outlook

OSK

Earnings

Guidance Update

Share Buyback

Oshkosh Corporation reported Q3 2025 sales of $2.69 billion, a 1.9% decrease compared to Q3 2024, with adjusted earnings per share of $3.20.
The company updated its 2025 adjusted earnings per share outlook to a range of $10.50 to $11.00 and its net sales outlook to between $10.3 billion and $10.4 billion, primarily due to lower anticipated sales volume in the Access and Transport segments.
In Q3 2025, the Access segment's sales decreased by 18.6% to $1.11 billion, while the Vocational segment's sales increased by 18.9% to $968.0 million.
Oshkosh declared a quarterly cash dividend of $0.51 per share and repurchased 666,359 shares for $90.6 million during the third quarter of 2025.

Oct 29, 2025, 12:01 PM

8-K

Oshkosh Corporation Reports Q3 2025 Results and Updates 2025 Outlook

OSK

Earnings

Guidance Update

Dividends

Oshkosh Corporation reported third quarter 2025 sales of $2.69 billion, representing a 1.9% decrease compared to the third quarter of 2024.
Diluted earnings per share (EPS) for Q3 2025 were $3.04, with adjusted diluted EPS at $3.20.
The company updated its full-year 2025 outlook, projecting diluted EPS between $9.75 and $10.25 and adjusted diluted EPS between $10.50 and $11.00. This adjusted EPS outlook was revised from previous guidance.
A quarterly cash dividend of $0.51 per share was declared, and $90.6 million was used to repurchase 666,359 shares in the third quarter of 2025.
Segment performance showed Access sales decreased by 18.6% to $1.11 billion, while Vocational sales increased by 18.9% to $968.0 million.

Oct 29, 2025, 11:00 AM

Press Release

Oshkosh Defense Awarded $89 Million U.S. Army Contract

OSK

New Projects/Investments

Oshkosh Defense secured an $89 million order from the U.S. Army Contracting Command – Detroit Arsenal for new Palletized Load System (PLS) A2 vehicles, kits, and installs.
The PLS A2 vehicles incorporate advanced technologies such as by-wire functionality for autonomous operation and active safety systems, aligning with Army modernization priorities.
This award is part of the Family of Heavy Tactical Vehicles (FHTV) V contract, which permits the Army to procure vehicles until August 2029.

Oct 1, 2025, 12:30 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for OSHKOSH.

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