Companies /Industrials

Oshkosh Corp

NYSE: OSK Farm & Heavy Construction Machinery
$157.25
▲ $0.89 (+0.57%) today
Markets open · 10:19am ET

Q3 2025 Earnings

Reported Oct 29, 2025, 8:01am ET · SEC source
$3.20
Beat +3.32%
EPS · est. $3.10
$2.7B
Miss −5.06%
Revenue · est. $2.8B
+3.0%
Beating market
OSK vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0Oct 29Oct 30report 8:01am ETearnings−0.8%−5.1%
−6%−3%0Oct 29Oct 30earnings−0.8%−5.1%
OSK −5.1%S&P 500 −0.8%
−6%−3%0Oct 29Oct 30report 8:01am ETearnings−0.9%−5.1%
−6%−3%0Oct 29Oct 30earnings−0.9%−5.1%
OSK −5.1%NASDAQ −0.9%
−5%0+5%Oct 28Nov 5report 8:01am ETearnings−1.6%−6.1%
−5%0+5%Oct 28Nov 5earnings−1.6%−6.1%
OSK −6.1%S&P 500 −1.6%
−5%0+5%Oct 28Nov 5report 8:01am ETearnings−2.0%−6.1%
−5%0+5%Oct 28Nov 5earnings−2.0%−6.1%
OSK −6.1%NASDAQ −2.0%
−9.25%
Day of report
−1.26%
Next session
+0.16%
One week
+1.96%
30 days

S&P 500 over the same 30 days: −1.04%.

Did OSK Beat Earnings? Q3 2025 Results

Oshkosh Corporation delivered a mixed third quarter for fiscal 2025, beating on the bottom line while falling short on revenue, as diverging segment dynamics defined the period. Adjusted EPS came in at $3.20, ahead of the $3.10 consensus estimate by 3.32%, but consolidated net sales slipped 1.9% year-over-year to $2.69 billion, trailing analyst expectations of $2.83 billion by roughly 5%. The central story was a sharp deterioration in the Access segment, where revenue tumbled 18.6% to $1.11 billion on weaker North American volumes and elevated sales discounts, squeezing operating margin to 10.6% from 15.2% a year earlier. That drag was partially countered by a 18.9% surge in Vocational sales to $968.00 million, where improved pricing and faster production rates expanded margins to 14.6%. Looking ahead, Oshkosh trimmed its full-year adjusted EPS outlook to a range of $10.50 to $11.00 and cut its net sales forecast to $10.30 billion to $10.40 billion, citing softer expected volumes in both Transport and Access amid a challenging macroeconomic backdrop.

Key Takeaways
  • Strong Vocational segment execution with nearly 19% revenue increase driven by increased production rates and improved pricing
  • Access segment headwinds from reduced North American sales volume and higher sales discounts
  • Transport segment benefited from NGDV production ramp, higher international tactical wheeled vehicle sales, and $25M IP license
  • Cost discipline and lower SG&A expenses partially offset lower sales volume
  • $19.1 million tax benefit from resolution of multi-year U.S. federal income tax audit
  • Improved pricing across segments offset by higher warranty costs

“Oshkosh delivered solid third quarter results in a difficult environment, with adjusted earnings per share of $3.20 and an adjusted operating margin of 10.2 percent.”

Oshkosh CEO, on the earnings call

Forward Guidance & Outlook

Oshkosh revised its full-year 2025 guidance downward. GAAP diluted EPS is now expected at $9.75 to $10.25, with adjusted EPS at $10.50 to $11.00 (down $0.50 on the low end from prior guidance). Net sales are expected between $10.3 billion and $10.4 billion, reduced from the prior estimate of $10.6 billion due to lower anticipated sales volume in the Transport and Access segments. The company cited the current demand and production environment as the basis for the revision.

OSK YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$800.0M$1.6B$2.4B$2.7B$2.7BRevenue$506.0M$470.5MGross Profit$266.2M$260.4MOperating Income$180.3M$196.2MNet Income
$0$800.0M$1.6B$2.4BRevenueGross ProfitOperating IncomeNet Income

OSK Revenue by Segment

Access$1.1B−18.6%
Vocational$968.0M+18.9%
Aerial work platforms
Aerial Work Platforms$556.5M−11.9%
Transport$587.9M+8.8%
Defense$441.6M−13.1%
Defense vehicles
Telehandlers$260.8M−41.4%

Figures from SEC filings and company reports. Not investment advice.