The earnings call reflects a strong performance with significant achievements in operating margins, EPS growth, and segment-specific successes, particularly in the Vocational and Transport segments. However, challenges such as a decrease in consolidated sales, a decline in the Access segment revenue, and the ongoing dynamic tariff environment were also noted.

Company Guidance -

Q3 2025

During the Oshkosh Corporation's second quarter 2025 results conference call, several key metrics and future guidance were highlighted. The company reported an adjusted operating margin of 11.5% on revenue of $2.7 billion, leading to an adjusted earnings per share (EPS) of $3.41, a 2.1% increase from the previous year. The call emphasized the company's 2028 targets, which include a compound annual revenue growth rate of 7% to 10% and transformative margin expansion of 200 to 400 basis points. Oshkosh also mentioned a significant contract win with the Department of Defense for the Family of Medium Tactical Vehicles, expected to yield favorable returns. Furthermore, a revenue target of approximately $10.6 billion and an EPS of $11 for the year were set, with an increased free cash flow outlook ranging from $400 million to $500 million. The company plans to continue increasing share repurchases, having already bought back $70 million of its stock year-to-date.

Adjusted Operating Margin and EPS Increase

Oshkosh delivered an adjusted operating margin of 11.5% on revenue of $2.7 billion, leading to adjusted earnings per share of $3.41, an increase of 2.1% over the prior year.

Vocational Segment Growth

The Vocational segment achieved a 15% revenue increase and a 20% growth for fire apparatus, with adjusted operating income margin increasing by 220 basis points from last year.

Free Cash Flow Improvement

Positive free cash flow for the quarter was $49 million, significantly higher compared to the net cash usage of $251 million in the second quarter of 2024.

Strong Performance in Transport Segment

The Transport segment delivered an improved operating income margin of 3.7% compared to 2.1% last year, driven by improved FHTV pricing and increasing revenue from delivery vehicles.

New Contracts and Product Launches

Signed a 3-year sole-source contract for the FMTV program with the DoD and launched a micro-sized scissor lift, seeing positive reception and demand.

Oshkosh (OSK) Earnings, Revenues Date & History

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OSK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	3.06 / -	2.93	―	―	―
Aug 01, 2025	2025 (Q2)	2.95 / 3.41	3.34	2.10% (+0.07)
Apr 30, 2025	2025 (Q1)	2.05 / 1.92	2.89	-33.56% (-0.97)
Jan 30, 2025	2024 (Q4)	2.17 / 2.58	2.56	0.78% (+0.02)
Oct 30, 2024	2024 (Q3)	2.92 / 2.93	3.04	-3.62% (-0.11)
Jul 31, 2024	2024 (Q2)	3.01 / 3.34	2.69	24.16% (+0.65)
Apr 25, 2024	2024 (Q1)	2.25 / 2.89	1.59	81.76% (+1.30)
Jan 30, 2024	2023 (Q4)	2.24 / 2.56	1.6	60.00% (+0.96)
Oct 26, 2023	2023 (Q3)	2.20 / 3.04	1	204.00% (+2.04)
Aug 01, 2023	2023 (Q2)	1.64 / 2.69	0.41	556.10% (+2.28)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

OSK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 01, 2025	$126.53	$130.54	+3.17%
Apr 30, 2025	$87.79	$83.33	-5.08%
Jan 30, 2025	$94.70	$112.15	+18.43%
Oct 30, 2024	$106.34	$104.98	-1.28%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.