Oshkosh (OSK) Q4 2025 earnings summary

Executive summary

• Achieved full-year 2025 revenue of $10.42 billion and adjusted EPS of $10.79, with Q4 revenue of $2.69 billion and adjusted EPS of $2.26, reflecting modest growth but lower margins due to product mix and overhead.

• Strong performance in vocational and access segments, with significant technology innovation and multiple industry awards at CES.

• Strategic investments, leadership changes, and disciplined capital allocation support 2028 goals and ongoing innovation.

Financial highlights

• Q4 consolidated sales rose 3.5% year-over-year to $2.69 billion, with adjusted operating income of $225.9 million (8.4% margin), and adjusted EPS of $2.26.

• Full-year free cash flow was $618 million, exceeding guidance, and share repurchases totaled $278 million in 2025.

• Quarterly dividend declared at $0.57 per share.

Outlook and guidance

• 2026 adjusted EPS expected at $11.50, with consolidated sales projected at $11.0 billion and CapEx planned at $200 million.

• Segment sales guidance: Access $4.2 billion, Vocational $4.2 billion, Transport $2.5 billion.

• Tariff costs estimated at $200 million in 2026, mostly impacting access; price increases and cost reductions expected to offset by year-end.

• Long-term EPS target of $18-$22 by 2028 reaffirmed.