Oshkosh Corp

Oshkosh Corporation closed fiscal 2025 with a mixed fourth quarter, posting adjusted EPS of $2.26 against a consensus estimate of $2.31, a 2.24% miss, even as revenue of $2.69 billion came in 3.53% above expectations and grew 3.5% year-over-year. The earnings shortfall traced primarily to margin compression in the Access segment, where operating income tumbled 30.5% to $99.30 million as adverse price and cost dynamics squeezed the segment's margin to 8.5% from 12.4% a year earlier. Offsetting that pressure, the Vocational segment delivered a standout performance, with operating income climbing 26.5% to $140.30 million on $922.40 million in sales, while the Transport segment benefited from a sharp ramp in NGDV delivery vehicle production for the U.S. Postal Service. Management is also working to offset an estimated $200 million in tariff headwinds through pricing adjustments and cost reductions. Looking to fiscal 2026, Oshkosh guided for net sales of approximately $11.00 billion and adjusted EPS of approximately $11.50, with Vocational and Transport growth expected to partly offset continued Access segment softness tied to weak non-residential construction demand.