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OSK

Oshkosh Corporation

OSK

Oshkosh Corporation • NYSE
$128.18 ▲ 0.83% (+1.06)
Market Cap $8.29 B
52w High $144.30
52w Low $76.82
Dividend Yield 2.04%
P/E 12.51
Volume 186.91K
Outstanding Shares 64.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.689B ▼ $210.1M ▼ $196.2M ▼ 7.297% ▼ $3.06 ▼ $325.3M ▼
Q2-2025 $2.732B ▲ $232.8M ▲ $204.8M ▲ 7.496% ▲ $3.17 ▲ $356.9M ▲
Q1-2025 $2.313B ▼ $224.5M ▲ $112.2M ▼ 4.851% ▼ $1.73 ▼ $231.5M ▼
Q4-2024 $2.598B ▼ $223.4M ▼ $153.1M ▼ 5.893% ▼ $2.34 ▼ $284.1M ▼
Q3-2024 $2.741B $239.8M $180.3M 6.577% $2.75 $323.6M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $211.8M ▲ $9.841B ▼ $5.303B ▼ $4.537B ▲
Q2-2025 $191.7M ▼ $10.016B ▲ $5.562B ▲ $4.454B ▲
Q1-2025 $210.3M ▲ $9.761B ▲ $5.527B ▲ $4.235B ▲
Q4-2024 $204.9M ▲ $9.423B ▼ $5.271B ▼ $4.152B ▲
Q3-2024 $160.9M $9.876B $5.774B $4.102B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $196.2M ▼ $489M ▲ $-37.2M ▲ $-431M ▼ $6.9M ▲ $464.3M ▲
Q2-2025 $204.8M ▲ $89.2M ▲ $-56M ▼ $-58.7M ▼ $-18.6M ▼ $48.6M ▲
Q1-2025 $112.2M ▼ $-394.9M ▼ $-43.1M ▲ $438.1M ▲ $5.4M ▼ $-435.2M ▼
Q4-2024 $153.1M ▼ $790.8M ▲ $-79.2M ▲ $-660.8M ▼ $44M ▲ $703.3M ▲
Q3-2024 $180.3M $326.1M $-160.3M $-147.1M $19.5M $272.2M

Revenue by Products

Product Q2-2024Q3-2024Q1-2025Q2-2025
Access Equipment
Access Equipment
 $1.41Bn ▲$1.36Bn ▼$960.00M ▼$1.26Bn ▲
Corporate Segment and Other Operating Segment
Corporate Segment and Other Operating Segment
 $0 ▲$20.00M ▲$30.00M ▲$30.00M ▲
Defense
Defense
 $600.00M ▲$540.00M ▼$460.00M ▼$480.00M ▲
Vocational Segment
Vocational Segment
 $840.00M ▲$810.00M ▼$870.00M ▲$970.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Oshkosh’s sales have climbed steadily over the last few years, and profitability has improved more than revenue. Margins that were previously pressured have recovered, suggesting better pricing power, cost control, or mix of higher‑value products. Earnings dipped meaningfully a few years back but have since rebounded to much healthier levels. Overall, the income statement now shows a mature industrial business moving from a recovery phase into a stronger, more stable earnings profile, though still exposed to economic and government‑spending cycles.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and gradually stronger. Total assets and shareholder equity have been building, indicating reinvestment and retained profits. Debt has increased but remains moderate compared with the equity base, pointing to a balanced use of borrowing rather than aggressive leverage. The main watchpoint is relatively low cash on hand compared with the scale of the business, which heightens the importance of reliable cash generation and access to credit, especially in a downturn or if large projects ramp up quickly.

Cash Flow

Cash Flow Oshkosh has produced steady, positive cash flow from its operations, which is a key strength. Free cash flow has also been consistently positive, though not dramatically higher than operating cash flow once regular capital spending is considered. This pattern suggests a business that is funding its own investment needs while still leaving a modest cushion. The combination of rising earnings but fairly flat cash flow hints at working‑capital swings or timing effects, which are common in project‑driven, cyclical industries and worth monitoring over time.

Competitive Edge

Competitive Edge The company operates in specialized niches—defense vehicles, fire and emergency, access equipment, and other heavy duty applications—where reliability, customization, and service matter as much as the initial purchase price. Strong brands like JLG and Pierce, along with proprietary systems such as the TAK‑4 suspension, help differentiate its products. Deep integration with customers, long product lifecycles, and tailored service and financing create switching costs that support a durable competitive moat. At the same time, Oshkosh competes with large, capable peers and remains sensitive to defense budgets, infrastructure spending, and construction activity, so its moat is strong but not immune to cycles.

Innovation and R&D

Innovation and R&D Oshkosh is leaning heavily into electrification, autonomy, and digital fleet management rather than relying only on traditional heavy‑equipment strengths. Examples include electric refuse and airport support vehicles, autonomous robots for waste collection, and advanced safety and collision‑avoidance systems. Its telematics and data platforms aim to lock in customers with ongoing insights and service, not just one‑time equipment sales. This innovation strategy can deepen customer relationships and open new revenue streams, but it also requires sustained investment and flawless execution, plus customer willingness to adopt newer technologies in conservative, mission‑critical applications.

Summary

Overall, Oshkosh appears to be a well‑established industrial company that has grown its revenue and significantly improved profitability in recent years, supported by a reasonably conservative balance sheet and consistent positive cash generation. Its competitive position is underpinned by specialized products, strong brands, and high switching costs, while an active push into electric, autonomous, and digitally connected vehicles aims to keep that edge in the future. The main areas to watch are the inherent cyclicality of its end markets, modest cash buffers, and the execution risk around scaling up its newer technologies and integrated “job site of the future” concepts.

NEWS

November 18, 2025 · 11:00 AM UTC

Oshkosh Corporation to Participate in the UBS Global Industrials and Transportation Conference

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November 11, 2025 · 11:00 AM UTC

Oshkosh Corporation Earns 2026 Military Friendly® Employer Designation

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November 5, 2025 · 1:17 PM UTC

Oshkosh Corporation Recognized for Technology Leadership with Two CES Innovation Awards® 2026 Best of Innovation and Two Honoree Distinctions

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October 29, 2025 · 7:00 AM UTC

Oshkosh Corporation Reports 2025 Third Quarter Results

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October 15, 2025 · 11:00 AM UTC

Oshkosh Corporation to Announce Third Quarter 2025 Earnings on October 29, 2025

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