Earnings quality remains a concern as the operating cash flow to net income ratio turned to -3.74 in 2026Q1, highlighting a disconnect between accounting profits and actual cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 1.02B | 783.4M | 550.1M | 599.6M | 601.3M | 1.22B | 327.3M | 568.3M | 436.3M | 246.5M | 577.7M | 82.5M | 170.4M | 438M | 268.3M | 387.7M | 619.7M | 898.9M | 390.4M | 406M | 177.41M | 212.31M | 134.92M | 105.27M | 263.97M | -8.37M | 51.7M | 39M | 78.8M | 64.1M | -11.5M |
| Operating CF Margin % | - | 7.52% | 5.13% | 6.21% | 7.26% | 15.79% | 4.77% | 6.78% | 5.66% | 3.61% | 9.2% | 1.35% | 2.5% | 5.71% | 3.3% | 5.14% | 6.31% | 17.11% | 5.63% | 6.44% | 5.18% | 7.17% | 5.96% | 5.47% | 15.14% | -0.58% | 3.89% | 3.33% | 8.73% | 9.38% | -2.78% |
| Operating CF Growth % | 227.34% | 42.41% | -8.26% | -0.28% | -50.78% | 273.24% | -42.41% | 30.25% | 77% | -57.33% | 600.24% | -51.58% | -61.1% | 63.25% | -30.8% | -37.44% | -31.06% | 130.25% | -3.84% | 128.85% | -16.44% | 57.37% | 28.17% | -60.12% | 3253.74% | -116.19% | 32.56% | -50.51% | 22.93% | 657.39% | -168.45% |
| Net Income | 577.9M | 647M | 681.4M | 598M | 173.9M | 508.9M | 321.5M | 579.4M | 471.9M | 285.6M | 216.4M | 229.5M | 309.3M | 318M | 236.3M | 273.4M | 790M | -1.1B | 79.3M | 268.1M | 205.53M | 160.21M | 112.81M | 75.62M | 59.6M | 50.86M | 50.52M | 31.2M | 16.3M | 10M | -3.1M |
| Depreciation & Amortization | 269.5M | 255.5M | 200.1M | 159.9M | 107.6M | 104M | 104.2M | 115.2M | 120.5M | 130.3M | 128.8M | 124.5M | 126.8M | 126.8M | 130.9M | 144.4M | 172.9M | 152M | 152.9M | 129M | 37.47M | 34.7M | 27.96M | 26.12M | 25.39M | 28.5M | 24.22M | 23.2M | 18.7M | 14.1M | 8.8M |
| Stock-Based Compensation | 21.3M | 0 | 38.1M | 31.9M | 28.6M | 27.2M | 29.3M | 29M | 26.7M | 22.4M | 18.7M | 21.4M | 25M | 24.4M | 18.5M | 15.5M | 14.7M | 10.9M | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 69.9M | 53.2M | -17.9M | -160.4M | -53.5M | 99.8M | 21.5M | 10.4M | -3.1M | 7.8M | -17M | -12.2M | -19.8M | -30.4M | -59.6M | 10M | -70.7M | -51.2M | -10.4M | 13.6M | -19.6M | 3.97M | -32K | 1.98M | -1.9M | -2.7M | 2.28M | -3.4M | 0 | -4M | -1.4M |
| Other Non-Cash Items | -28.3M | -2.8M | 54.8M | 9.5M | 27.7M | -3.7M | -4.5M | -2.2M | 15.1M | -4.9M | 7M | 15.2M | 2M | 5.9M | 1.5M | 7.1M | 40.5M | 1.17B | 174.9M | -6.2M | 10.53M | -2.11M | -2.94M | 1.85M | -3.84M | -2.29M | 60K | -2.4M | 900K | -1.4M | 6.2M |
| Working Capital Changes | 107M | -169.5M | -406.4M | -39.3M | 317M | 485.4M | -144.7M | -163.5M | -194.8M | -194.7M | 223.8M | -295.9M | -272.9M | -6.7M | -52.3M | -62.7M | -330.6M | 720.1M | -21.3M | 1.5M | -56.51M | 15.54M | -2.88M | -306K | 184.71M | -82.74M | -23.36M | -9.6M | 42.9M | 45.4M | -22M |
| Change in Receivables | 0 | -254.9M | 200.9M | -184.6M | -346.7M | -65.5M | 332.5M | -66.6M | -227M | -295.9M | -39.6M | -13.9M | -195.6M | 236.5M | 63.2M | -210M | -339.6M | 377.2M | 65.6M | -408.9M | -8.77M | -20.67M | -56.32M | -10.85M | 70.59M | -71.49M | -9.7M | -12.2M | 20.9M | -4.6M | -10.6M |
| Change in Inventory | 0 | -77.7M | -112.4M | -116.1M | -330.8M | 199.3M | -242.8M | -111M | -38.6M | -202.3M | 327.2M | -378.8M | -153.4M | 113.1M | -161.9M | 58.8M | -82.7M | 112.6M | -38.7M | 116M | -48.95M | -110.87M | -94.4M | -25.66M | 48.94M | -14.84M | 7.33M | -49.3M | 10M | 29.8M | -25.1M |
| Change in Payables | 0 | -28.2M | -77.3M | 11.8M | 331.7M | 252.1M | -222.5M | 12.8M | 124.3M | 177.2M | -87.6M | -28.7M | 62.4M | -156M | -72.2M | 54.2M | 169.4M | -55.8M | 15.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -160.7M | -204.9M | -388.8M | -1.29B | -300.4M | -245.6M | -77.6M | -153M | -90.4M | -65.2M | -89.2M | -140.1M | -114.8M | -74.8M | -41.8M | -68.3M | -83.9M | -56.1M | -100.2M | -3.23B | -327.33M | -68.51M | -128.42M | -28.18M | -23.43M | -183.36M | -32.16M | -14.5M | -228.6M | -7.4M | -166.2M |
| Capital Expenditures | -168.8M | -165.4M | -281M | -325.3M | -269.5M | -114.8M | -130.2M | -174.2M | -100.1M | -113.2M | -127.3M | -158M | -124.9M | -59.9M | -64.3M | -86.2M | -89.5M | -46.2M | -75.8M | -102M | -56.02M | -43.17M | -29.95M | -24.67M | -15.62M | -18.49M | -22.65M | -13.1M | -229.7M | -6.3M | -166.2M |
| CapEx % of Revenue | 1.62% | 1.59% | 2.62% | 3.37% | 3.25% | 1.48% | 1.9% | 2.08% | 1.3% | 1.66% | 2.03% | 2.59% | 1.83% | 0.78% | 0.79% | 1.14% | 0.91% | 0.88% | 1.09% | 1.62% | 1.63% | 1.46% | 1.32% | 1.28% | 0.9% | 1.28% | 1.7% | 1.12% | 25.44% | 0.92% | 40.19% |
| Acquisitions | 29.6M | -900K | -114.3M | -963.2M | -19.7M | -151.6M | -2.9M | 500K | 0 | 0 | 0 | -10M | 0 | 0 | 8.7M | 0 | 0 | 0 | 0 | -3.14B | -272.84M | -31.29M | -87.49M | 0 | 0 | -160.24M | -7.15M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -21.5M | -38.6M | 6.5M | 2.9M | 6.2M | 61.8M | 58.4M | 20.7M | 9.7M | 48M | 38.1M | 27.9M | 12M | 4.5M | 13.8M | 17.9M | 1.6M | -600K | 5.1M | 15.9M | 1.53M | 5.95M | -10.98M | -3.51M | -7.82M | -4.63M | -2.37M | -1.4M | -2.3M | -1.1M | 0 |
| Cash from Financing | -822.5M | -315.9M | -75.1M | 3.4M | -485M | -180.4M | -115.5M | -421.6M | -338.9M | -44.8M | -215.8M | -212.9M | -476M | -170M | -117.3M | -231.5M | -722.5M | -408.1M | -273.6M | 2.87B | 43.25M | -44.65M | 3.23M | -98.33M | -212.86M | 189.85M | -11.11M | -23M | 130.2M | -33.6M | 148.1M |
| Debt Issued (Net) | -332.4M | 137.8M | 183.8M | 149.5M | -217.1M | -5.2M | 3.9M | - | -14.4M | -17.1M | -83.5M | 43.5M | -60M | - | -105.1M | -241.4M | -720.9M | -731.6M | -250M | 2.92B | 63.85M | -52.27M | 9.1M | -101.5M | -209.33M | 196.29M | -98.68M | -20.3M | 143M | -22.9M | 157.9M |
| Equity Issued (Net) | -296.6M | -278M | -116M | -22.5M | -151.9M | -122.1M | -51.5M | -357.4M | -257M | -4.8M | -106.3M | -209.3M | -403.3M | -201.8M | -13.3M | - | - | 358.1M | -1.4M | 4.9M | 2.43M | 23.64M | 4.57M | 9.56M | 2.25M | 480K | 94.1M | 1.4M | - | -6.5M | -5.4M |
| Dividends Paid | -133.1M | -130.4M | -120M | -107.2M | -97.3M | -90.4M | -81.8M | -75.5M | -71.2M | -62.8M | -55.9M | -53.1M | -50.7M | 0 | 0 | 0 | 0 | -14.9M | -29.8M | -29.6M | -27.12M | -16.02M | -9.11M | -6.39M | -5.78M | -5.74M | -5.39M | -4.2M | -4.2M | -4.2M | -4.4M |
| Share Repurchases | -296.6M | -278M | -116M | -22.5M | -155M | -122.1M | -51.5M | -357.4M | -257M | -4.8M | -100.1M | -200.4M | -403.3M | -201.8M | -13.3M | 0 | 0 | -200K | -1.4M | -1.6M | -1.03M | -612K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.5M | -5.4M |
| Other Financing | -60.4M | -45.3M | -22.9M | -16.4M | -18.7M | 37.3M | 13.9M | 11.3M | 3.7M | 39.9M | 23.7M | -2.9M | 38M | 31.8M | 1.1M | 9.9M | -1.6M | -19.7M | 7.6M | -28.9M | 4.1M | 0 | -1.34M | 0 | 0 | -1.18M | -1.13M | 100K | -8.6M | 0 | 0 |
| Net Change in Cash | 26.8M | 274.9M | 79.5M | -680.5M | -189.8M | 792.9M | 134.5M | -6.2M | 7.6M | 125.1M | 279M | -270.9M | -419.7M | 192.8M | 112.2M | 89.5M | -191.4M | 442.2M | 13M | 53.2M | -105.5M | 97.43M | 10.84M | -20.79M | 28.73M | -2.26M | 8.43M | 1.5M | -19.6M | 23.1M | -29.6M |
| Free Cash Flow | 848.5M | 618M | 269.1M | 274.3M | 331.8M | 1.11B | 197.1M | 394.1M | 336.2M | 133.3M | 456.6M | -66.6M | 45.5M | 378.1M | 204M | 301.5M | 530.2M | 852.7M | 314.6M | 304M | 121.39M | 169.14M | 104.97M | 80.59M | 248.35M | -26.86M | 29.05M | 25.9M | -150.9M | 57.8M | -177.7M |
| FCF Margin % | 8.14% | 5.93% | 2.51% | 2.84% | 4.01% | 14.3% | 2.87% | 4.7% | 4.36% | 1.95% | 7.27% | -1.09% | 0.67% | 4.93% | 2.51% | 4% | 5.4% | 16.23% | 4.54% | 4.82% | 3.54% | 5.71% | 4.64% | 4.18% | 14.24% | -1.86% | 2.19% | 2.21% | -16.71% | 8.46% | -42.97% |
| FCF Growth % | 192.79% | 129.65% | -1.9% | -17.33% | -70.02% | 461.54% | -49.99% | 17.22% | 152.21% | -70.81% | 785.59% | -246.37% | -87.97% | 85.34% | -32.34% | -43.13% | -37.82% | 171.04% | 3.49% | 150.44% | -28.23% | 61.13% | 30.24% | -67.55% | 1024.5% | -192.47% | 12.17% | 117.16% | -361.07% | 132.53% | -1645.22% |
| FCF per Share | 1.78 | 1.65 | 4.10 | 4.16 | 5.02 | 15.99 | 2.87 | 5.59 | 4.48 | 1.76 | 6.13 | -0.84 | 0.53 | 4.25 | 2.22 | 3.29 | 5.83 | 11.15 | 4.20 | 4.06 | 1.63 | 2.30 | 1.46 | 1.15 | 3.58 | -0.39 | 0.44 | 0.50 | -2.78 | 1.13 | -3.30 |
| FCF Conversion (FCF/Net Income) | 1.47x | 1.21x | 0.81x | 1.00x | 3.46x | 2.40x | 1.02x | 0.98x | 0.92x | 0.86x | 2.67x | 0.36x | 0.55x | 1.38x | 1.16x | 1.42x | 0.78x | -0.82x | 4.92x | 1.51x | 0.86x | 1.33x | 1.20x | 1.39x | 4.43x | -0.16x | 1.04x | 1.25x | 5.22x | 6.41x | 3.71x |
| Interest Paid | 52.5M | 0 | 112.4M | 60M | 49.6M | 45.2M | 55.9M | 53.6M | 55.7M | 57.1M | 54.7M | 51M | 56M | 61.1M | 69.9M | 86.1M | 180.7M | 183.8M | 211.2M | - | - | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 141.6M | 0 | 398.5M | 161.7M | 6.5M | 153.9M | 157.2M | 117.6M | 100.3M | 129.9M | 116.8M | 89.9M | 61.9M | 157M | 179.1M | 128.2M | 457.1M | 5.5M | 138.2M | - | - | - | - | - | - | - | - | - | - | - | - |
Working capital volatility
According to the provided cash flow data, Oshkosh's operating cash flow to net income ratio has frequently turned negative, reaching -3.74 in 2026Q1, which suggests that reported accounting profits are currently failing to translate into actual cash generation for the business during this period of operational stress.
The persistent divergence between net income and operating cash flow indicates that the company's earnings quality is currently compromised by non-cash accruals or timing differences. Investors should monitor whether this disconnect is a temporary byproduct of contract-based revenue recognition or a more permanent structural issue in cash collection.
As reported in financial statements, Oshkosh's free cash flow trajectory has been highly erratic, swinging from a peak of $703.3 million in 2024Q4 to a deficit of $190.6 million in 2026Q1, reflecting the company's struggle to maintain consistent cash conversion amid fluctuating operational performance.
The extreme variance in free cash flow margins suggests that the company's cash generation is highly sensitive to quarterly production cycles and working capital swings. This lack of stability complicates the assessment of the company's ability to self-fund its dividend and share repurchase programs over the long term.
Based on reported figures, working capital changes have been a primary driver of cash flow volatility, with a massive $560.3 million outflow in 2025Q1 followed by a $414.2 million inflow in 2025Q4, indicating that inventory and receivables management remains a significant source of quarterly cash instability.
The magnitude of these working capital fluctuations suggests that the company's cash flow is heavily influenced by the timing of large-scale government and municipal contract deliveries. Such volatility makes it difficult to discern the underlying cash-generating capability of the core business without adjusting for these lumpy, project-driven movements.
Data from recent filings shows that Oshkosh continued to prioritize shareholder returns, with $35.6 million in dividends and $47.3 million in buybacks in 2026Q1, despite the company reporting a negative free cash flow of $190.6 million during the same three-month period, warranting further investigation into funding sources.
The decision to maintain capital returns while free cash flow is negative suggests that management is relying on balance sheet liquidity to support shareholder payouts. This strategy may become unsustainable if the current cash flow deterioration persists, potentially forcing a re-evaluation of the company's capital allocation priorities.
Quick answers to the most common questions about buying OSK stock.
Oshkosh Corporation (OSK) generated $783.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oshkosh Corporation (OSK) generated $618.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Oshkosh Corporation (OSK) spent $165.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Oshkosh Corporation (OSK) returned $130.4M to shareholders via cash dividends and spent $278.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.