The earnings call reflected a strong performance in terms of adjusted operating margin, new defense contracts, and growth in the Vocational segment. However, there were challenges with decreased overall revenue, particularly in the Access and Transport segments. Despite these challenges, the company expressed confidence in its growth outlook and increased free cash flow guidance.

Company Guidance

During Oshkosh Corporation's second quarter 2025 earnings call, the company provided guidance highlighting several key metrics. They 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 over the prior year. Despite a 4% decline in revenue from the same quarter last year, Oshkosh maintained its operating income margin due to strong performance across its segments. The company outlined expectations for substantial revenue growth and margin transformation by 2028, projecting a compound annual revenue growth rate of 7% to 10% and a 200 to 400 basis point expansion in margins. Oshkosh also announced a new three-year contract with the Department of Defense for the FMTV program, with an economic price adjustment mechanism anticipated to yield favorable returns. Additionally, Oshkosh revised its free cash flow outlook upward to a range of $400 million to $500 million for the year and indicated plans to increase share buybacks, reflecting confidence in their financial strategies amidst a dynamic tariff environment.

Strong Adjusted Operating Margin and EPS

The company 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.

New Defense Contracts

Oshkosh signed a 3-year sole-source contract for the FMTV program with the Department of Defense, which includes favorable pricing and an economic price adjustment mechanism.

Vocational Segment Growth

The Vocational segment experienced a 15% revenue increase and 20% growth in fire apparatus deliveries, with improved pricing dynamics.

Improved Free Cash Flow

Free cash flow for the quarter was $49 million, a significant improvement from a net use of cash of $251 million in the second quarter of 2024.

Positive Outlook and Increased Free Cash Flow Guidance

The company increased its free cash flow guidance from $300-$400 million to $400-$500 million, reflecting tax bill changes and operating performance.

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)	3.10 / -	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	$126.07	$130.06	+3.16%
Apr 30, 2025	$87.47	$83.03	-5.08%
Jan 30, 2025	$94.35	$111.75	+18.44%
Oct 30, 2024	$105.95	$104.60	-1.27%

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.