Oshkosh (OSK) Q4 2025 earnings summary

Executive summary

• Achieved full-year 2025 revenue of $10.42 billion, adjusted operating income over $1 billion, and adjusted EPS of $10.79, slightly above guidance but reflecting a slight decrease from the prior year.

• Fourth quarter revenue was $2.69 billion, up 3.5% year-over-year, with adjusted operating income of $225.9 million (8.4% margin) and adjusted EPS of $2.26, in line with guidance but down year-over-year due to product mix and higher overhead.

• Strong performance in vocational and transport segments, with continued innovation and multiple awards at CES for robotics, electrification, and safety technologies.

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

Financial highlights

• Q4 consolidated sales rose 3.5% year-over-year to $2.69 billion, driven by improved pricing in vocational and higher access segment volume.

• Adjusted operating income for Q4 was $225.9 million (8.4% margin), down 7.9% year-over-year; adjusted EPS was $2.26, down 12.4%.

• Full-year free cash flow was $618 million (96% of net income), exceeding guidance; operating cash flow was $783 million.

• Share repurchases totaled $278 million in 2025, more than double the prior year.

Outlook and guidance

• 2026 consolidated sales expected at ~$11 billion, adjusted operating income just over $1 billion, and adjusted EPS of ~$11.50.

• Segment sales guidance: Access $4.2 billion (down 6-7% YoY), Vocational $4.2 billion, Transport $2.5 billion.

• Free cash flow for 2026 estimated at $550–$650 million; CapEx planned at $200 million.

• Quarterly dividend of $0.57 per share announced.

• Q1 2026 expected to be the lowest quarter due to seasonal factors and Q4 2025 pull-forward; EPS for Q1 could be about half of last year.