Oshkosh Corporation reported fourth‑quarter 2025 revenue of $2.69 billion, a 3.5% year‑over‑year increase, and net income of $133.8 million, translating to diluted earnings per share of $2.10. The revenue beat was driven by solid demand in the Vocational and Access segments, while margin pressure from a less favorable product mix and higher manufacturing overhead tempered profitability.
Adjusted earnings per share for the quarter were $2.26, falling short of the consensus estimate of $2.33 by $0.07, or 3.2%. The miss reflects a contraction in adjusted operating margin from 9.4% in Q4 2024 to 8.4% in Q4 2025, largely due to adverse price‑cost dynamics and a shift toward lower‑margin product lines.
Segment performance varied: Access revenue rose 1.3% to $1.17 billion but operating income declined because of the mix shift; Vocational revenue increased 4.7% to $922.4 million, with strong operating income growth; Transport revenue grew 6.2% to $566.7 million, buoyed by the ramp‑up of next‑generation delivery vehicles.
Management guided for 2026 adjusted EPS in the range of $10.90 to $11.50, unchanged from the prior outlook, signaling confidence in demand recovery and cost discipline. CFO Matthew Field noted that price‑cost is expected to turn positive in the second half of the year, supporting the guidance.
CEO John Pfeifer highlighted the company’s “dedicated workforce and innovative products” as key drivers of the year‑end performance, while CFO Field emphasized that the full‑year adjusted EPS of $10.79 slightly exceeded the midpoint of the guidance, underscoring a modest upside in profitability expectations.
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