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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Oshkosh (OSK) investor relations material
Oshkosh Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue was $2.69 billion, down 1.9% year-over-year, with adjusted operating income of $274.3 million and adjusted EPS of $3.20, up 9.2% year-over-year, aided by a $0.30 per share tax benefit from a resolved federal audit.
Sales were impacted by a 19% decline in Access segment volume, partially offset by strong growth in Vocational and Transport segments.
Notable product launches and contract wins included new autonomous vehicle platforms, advanced airport ground support equipment, and an $89 million U.S. Army order for autonomy-ready tactical trucks.
Share repurchases totaled $91 million in Q3, $159 million year-to-date, boosting EPS by $0.05.
Quarterly cash dividend declared at $0.51 per share.
Financial highlights
Adjusted operating income margin was 10.2% in Q3 2025, nearly flat year-over-year.
Adjusted EPS increased to $3.20 from $2.93, aided by a favorable tax resolution.
Free cash flow for Q3 2025 was $464 million, up from $272 million in Q3 2024.
Q3 2025 net income was $196.2 million, up from $180.3 million in Q3 2024.
Q3 2025 gross margin was 17.5%, down 100 bps year-over-year.
Outlook and guidance
2025 adjusted EPS guidance revised to $10.50–$11.00, with GAAP EPS expected between $9.75 and $10.25, on $10.3–$10.4 billion revenue.
Free cash flow for 2025 projected at $450–$550 million; CapEx at $200 million.
Access segment 2025 sales expected at $4.3 billion, margin at 11.0%; Vocational at $3.8 billion, margin at 15.0%; Transport at $2.1 billion, margin at 4.0%.
Long-term vision to double adjusted EPS to $18–$22 by 2028 remains intact.
Access segment sales and backlog decline drivers?
Transport segment organic growth excluding IP?
Address rising warranty costs across segments
Discuss 2026 Access pricing magnitude and timing
NGDV production ramp-up and 2026 revenue outlook
Vocational production efficiency and lead time reduction
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Frequently asked questions
Oshkosh Corporation is a manufacturer of specialty vehicles and equipment serving defense, fire and emergency, and commercial markets. The company designs and produces tactical wheeled vehicles, fire trucks, access equipment, and refuse collection vehicles. Its products are sold to government agencies and industrial customers. Oshkosh Corporation is headquartered in Oshkosh, Wisconsin, and its shares are listed on the NYSE.
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