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Oshkosh Corporation Reports 2025 Second Quarter Results

Reports Second Quarter Sales of $2.73 billion

Reports Earnings per Share of $3.16 and Adjusted¹ Earnings per Share of $3.41

Raises Outlook for 2025 Earnings per Share to Approximately $10.25 and Adjusted¹ Earnings per Share to Approximately $11.00

Declares Quarterly Cash Dividend of $0.51 Per Share

OSHKOSH, Wis.--(BUSINESS WIRE)-- Oshkosh Corporation (NYSE: OSK), a leading innovator of purpose-built vehicles and equipment, today reported 2025 second quarter net income of $204.8 million, or $3.16 per diluted share, compared to net income of $168.6 million, or $2.56 per diluted share, for the second quarter of 2024. Adjusted¹ net income was $220.6 million, or $3.41 per diluted share, for the second quarter of 2025 compared to $219.8 million, or $3.34 per diluted share, for the second quarter of 2024. Comparisons in this news release are to the second quarter of 2024, unless otherwise noted.

Consolidated sales in the second quarter of 2025 decreased $114.8 million, or 4.0 percent, to $2.73 billion primarily due to lower sales volume in the Access and Transport segments, partially offset by higher Vocational segment sales volume and improved pricing.

Consolidated operating income in the second quarter of 2025 increased 11.8 percent to $291.7 million, or 10.7 percent of sales, compared to $260.9 million, or 9.2 percent of sales, in the second quarter of 2024. The increase in operating income was primarily due to lower intangible asset impairments and improved sales mix, offset in part by lower sales volume. Adjusted¹ operating income in the second quarter of 2025 decreased 4.7 percent to $312.9 million, or 11.5 percent of sales, compared to $328.2 million, or 11.5 percent of sales, in the second quarter of 2024.

鈥淲e delivered a strong second quarter, with adjusted earnings per share of $3.41, up 2.1 percent from the prior year, reflecting disciplined execution and broad-based strength across our portfolio,鈥� said John Pfeifer, president and chief executive officer of Oshkosh Corporation. 鈥淥ur Vocational segment continued to perform well, and our Access segment remained resilient and delivered another impressive quarter, helping to drive solid overall results.

鈥淭his quarter featured several strategic highlights, including the launch of our new micro-sized JLG庐 scissor lift, a three-year contract extension for our Family of Medium Tactical Vehicles program with the U.S. Army and our successful Investor Day in June, where we outlined our 2028 financial targets.

鈥淕iven our strong performance in the second quarter and continued visibility in our Vocational and Transport segments, we are raising our full-year expectations for adjusted earnings per share to be approximately $11.00. Despite ongoing uncertainties in the global trade environment, we remain confident in our ability to navigate these challenges while delivering value for customers and shareholders,鈥� added Pfeifer.

Factors affecting second quarter results for the Company鈥檚 business segments included:

Access - Access segment sales for the second quarter of 2025 decreased $150.9 million, or 10.7 percent, to $1.26 billion primarily due to the expiration of the agreement to produce Caterpillar-branded telehandlers, reduced sales volume in Europe and higher sales discounts, offset in part by sales volume associated with the AUSA acquisition.

Access segment operating income in the second quarter of 2025 decreased 26.3 percent to $181.6 million, or 14.5 percent of sales, compared to $246.5 million, or 17.5 percent of sales, in the second quarter of 2024. The decrease was primarily due to lower sales volume and higher sales discounts, offset in part by improved sales mix.

Adjusted¹ operating income in the second quarter of 2025 was $185.7 million, or 14.8 percent of sales, compared to $248.8 million, or 17.7 percent of sales, in the second quarter of 2024.

Vocational - Vocational segment sales for the second quarter of 2025 increased $126.6 million, or 15.0 percent, to $969.7 million due to higher sales volume and improved pricing.

Vocational segment operating income in the second quarter of 2025 increased 38.3 percent to $147.3 million, or 15.2 percent of sales, compared to $106.5 million, or 12.6 percent of sales, in the second quarter of 2024. The increase was primarily due to improved price/cost dynamics and higher sales volume, partially offset by higher production costs, warranty expense, litigation expense and engineering costs.

Adjusted¹ operating income in the second quarter of 2025 was $157.9 million, or 16.3 percent of sales, compared to $118.5 million, or 14.1 percent of sales, in the second quarter of 2024.

Transport - Transport segment sales for the second quarter of 2025 decreased $92.8 million, or 16.2 percent, to $479.1 million, as the wind-down of the domestic Joint Light Tactical Vehicle program was partially offset by the ramp-up of Next Generation Delivery Vehicle production for the United States Postal Service and higher international tactical wheeled vehicle sales volume.

Transport segment operating income in the second quarter of 2025 increased 49.6 percent to $17.8 million, or 3.7 percent of sales, compared to $11.9 million, or 2.1 percent of sales, in the second quarter of 2024. The increase was primarily the result of improved pricing under the more recent Family of Heavy Tactical Vehicles contracts, lower new product development costs, lower unfavorable cumulative catch-up adjustments and improved sales mix, partially offset by lower sales volume.

Corporate and other - Net operating costs for corporate and other in the second quarter of 2025 decreased $49.0 million to $55.0 million primarily due to lower intangible asset impairments.

Interest Expense Net of Interest Income - Interest expense net of interest income in the second quarter of 2025 decreased $2.2 million to $28.1 million.

Miscellaneous, net - Miscellaneous income, net in the second quarter of 2025 was $7.3 million compared to miscellaneous expense, net of $1.5 million in the second quarter of 2024, primarily due to an unrealized gain on an investment.

Provision for Income Taxes - The Company recorded income tax expense in the second quarter of 2025 of $65.2 million, or 24.1 percent of pre-tax income, compared to $53.5 million, or 23.4 percent of pre-tax income, in the second quarter of 2024.

Losses of unconsolidated affiliates - Losses of unconsolidated affiliates were $0.9 million in the second quarter of 2025 compared to $7.0 million in the second quarter of 2024 due to lower impairments of investments in unconsolidated affiliates.

Repurchases of common stock - The Company repurchased 414,755 shares of common stock in the second quarter of 2025 for $40.0 million. Share repurchases completed during the previous twelve months benefited earnings per share in the second quarter of 2025 by $0.06 compared to the second quarter of 2024.

Dividend Announcement

The Company鈥檚 Board of Directors today declared a quarterly cash dividend of $0.51 per share of Common Stock. The dividend will be payable on September 2, 2025 to shareholders of record as of August 19, 2025.

Six-month Results

The Company reported net sales for the first six months of 2025 of $5.04 billion and net income of $317.0 million, or $4.88 per diluted share. This compares with net sales of $5.39 billion and net income of $348.0 million, or $5.27 per diluted share, for the six months ended June 30, 2024. The decrease in net income for the first six months of 2025 compared to the six months ended June 30, 2024 was primarily due to lower sales volume, higher production costs and higher warranty expense, offset in part by improved pricing, lower intangible asset impairments and improved performance of the Company's investments.

Adjusted¹ net income for the first six months of 2025 was $345.4 million, or $5.32 per diluted share, compared to $410.9 million, or $6.23 per diluted share, for the six months ended June 30, 2024.

2025 Expectations

The Company expects its 2025 diluted earnings per share to be approximately $10.25 and its adjusted¹ earnings per share to be approximately $11.00. The Company continues to expect net sales of approximately $10.6 billion.

The international trade environment remains dynamic and difficult to predict. The Company's revised estimates reflect a more limited impact of tariffs compared to last quarter due to pauses and revisions to tariff rates and the Company's performance in the second quarter. The adjusted earnings per share guidance is consistent with the Company's original January outlook as anticipated tariff impacts are expected to be offset by company-wide cost reduction actions. The Company's estimates include direct impacts of tariffs based on rates as of July 30 and do not reflect potential future indirect impacts, including weaker macroeconomic conditions, which are difficult to predict at this time.

Conference Call

The Company will host a conference call at 8:30 a.m. EDT this morning to discuss its second quarter results and 2025 expectations. Slides for the call will be available on the Company鈥檚 website beginning at 7:00 a.m. EDT this morning. The call will be simultaneously webcast. To access the webcast, go to at least 15 minutes prior to the event and follow instructions for listening to the webcast. An audio replay of the call and related question and answer session will be available for 12 months at this website.

Forward-Looking Statements

This news release contains statements that the Company believes to be 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company鈥檚 future financial position, business strategy, growth and drivers, capital allocation, resiliency, targets (including financial targets for 2028), projected sales, costs, margins, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渆stimate,鈥� 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渟hould,鈥� 鈥減roject,鈥� 鈥渃onfident鈥� or 鈥減lan鈥� or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company鈥檚 control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company鈥檚 access equipment, fire apparatus, refuse and recycling collection and air transportation equipment markets, which are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company鈥檚 estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the impact of orders and costs on the U.S. Postal Service contract; risks that a trade war and related tariffs could reduce the demand for or competitiveness of the Company鈥檚 products or cause inefficiencies in the Company's supply chain; the Company鈥檚 ability to increase prices to raise margins or to offset higher input costs; the Company's ability to accurately predict future input costs associated with U.S. Department of Defense contracts; the Company鈥檚 ability to attract and retain production labor in a timely manner; the Company's ability to realize the anticipated benefits associated with the AeroTech acquisition; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the impact of severe weather, war, natural disasters or pandemics that may affect the Company, its suppliers or its customers; the Company鈥檚 ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government; budget uncertainty for the U.S. federal government, including risks of future budget cuts, the impact of continuing resolution funding mechanisms and the potential for shutdowns; the impact of any U.S. Department of Defense solicitation for competition for future contracts to produce military vehicles; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company鈥檚 products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company鈥檚 ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company; the Company鈥檚 ability to successfully identify, complete and integrate other acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company鈥檚 ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company鈥檚 filings with the Securities and Exchange Commission, including the Form 8-K filed today. All forward-looking statements speak only as of the date of this news release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this news release. Investors should be aware that the Company may not update such information until the Company鈥檚 next quarterly earnings conference call, if at all. In particular: The statements in this news release that relate to the Company's financial targets for 2028 use language that might imply a level of certainty about the likelihood that the Company will attain these targets, it is possible that the Company will not attain them in the timeframe noted or at all. By their nature, the risk and uncertainty associated with these targets are greater than that associated with near-term guidance and should not be construed as guidance. Therefore, investors should construe these statements regarding the Company's financial targets for 2028 only as targets rather than promises of future performance or absolute statements.

About Oshkosh Corporation

At Oshkosh (NYSE: OSK), we make innovative, purpose-built equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs over 18,000 team members worldwide, all united behind a common purpose: to make a difference in people鈥檚 lives. Oshkosh products can be found in more than 150 countries under the brands of JLG庐, Pierce庐, MAXIMETAL, Oshkosh庐 S-Series鈩�, McNeilus庐, IMT庐, Jerr-Dan庐, Frontline鈩� Communications, Oshkosh庐 Airport Products, Oshkosh AeroTech鈩�, Oshkosh庐 Defense and Pratt Miller. For more information, visit .

Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles in the United States of America (GAAP). The Company is presenting various operating results both on a GAAP basis and on a basis excluding items that affect comparability of results. When the Company excludes certain items as described below, they are considered non-GAAP financial measures. The Company believes excluding the impact of these items is useful to investors in comparing the Company鈥檚 performance to prior period results. However, while adjusted operating income, adjusted net income and adjusted earnings per share exclude amortization of purchased intangibles and intangible asset impairments, revenue and earnings of acquired companies are reflected in adjusted operating income, adjusted net income and adjusted earnings per share and intangible assets contribute to the generation of revenue and earnings. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company鈥檚 results prepared in accordance with GAAP. The table below presents a reconciliation of the Company鈥檚 presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts):

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Source: Oshkosh Corporation