Income statement overview.
Oshkosh Corp (OSK) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | 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 |
|---|
| Sales/Revenue | 10.76B | 10.42B | 10.73B | 9.66B | 8.28B | 7.74B | 6.86B | 6.86B | 8.38B | 7.71B | 6.83B | 6.28B | 6.81B | 7.67B | 8.14B | 7.54B | 9.82B | 5.25B | 6.94B | 6.31B | 3.43B | 2.96B | 2.26B | 1.93B | 1.74B | 1.45B | 1.33B | 1.17B | 902.79M | 683.2M | 413.5M |
| Revenue Growth % | 4.18% | -2.87% | 11.1% | 16.61% | 7.04% | 12.84% | 0% | -18.2% | 8.78% | 12.83% | 8.77% | -7.77% | -11.18% | -5.85% | 7.99% | -23.24% | 86.95% | -24.27% | 9.97% | 84.03% | 15.79% | 30.84% | 17.46% | 10.46% | 20.64% | 8.71% | 13.6% | 29.63% | 32.14% | 65.22% | -5.57% |
| Cost of Goods Sold | 9.11B | 8.6B | 8.76B | 7.98B | 7.23B | 6.47B | 5.74B | 5.74B | 6.86B | 6.35B | 5.65B | 5.22B | 5.63B | 6.47B | 7.13B | 6.45B | 7.85B | 4.55B | 5.76B | 5.2B | 2.82B | 2.47B | 1.9B | 1.63B | 1.48B | 1.23B | 1.13B | 996.92M | 756M | 584.8M | 369.7M |
| COGS % of Revenue | - | 82.55% | 81.65% | 82.6% | 87.27% | 83.61% | 83.72% | 83.72% | 81.9% | 82.37% | 82.71% | 83.19% | 82.63% | 84.45% | 87.63% | 85.52% | 79.94% | 86.61% | 83.01% | 82.52% | 82.25% | 83.28% | 83.92% | 84.84% | 85.06% | 85.16% | 84.74% | 85.19% | 83.74% | 85.6% | 89.41% |
| Gross Profit | 1.66B | 1.82B | 1.97B | 1.68B | 1.05B | 1.27B | 1.12B | 1.12B | 1.52B | 1.36B | 1.18B | 1.06B | 1.18B | 1.19B | 1.01B | 1.09B | 1.97B | 703.3M | 1.18B | 1.1B | 608.28M | 494.77M | 363.67M | 291.92M | 260.47M | 214.49M | 202.93M | 173.38M | 146.79M | 98.4M | 43.8M |
| Gross Margin % | 15.39% | 17.45% | 18.35% | 17.4% | 12.73% | 16.39% | 16.28% | 16.28% | 18.1% | 17.63% | 17.29% | 16.81% | 17.37% | 15.55% | 12.37% | 14.48% | 20.06% | 13.39% | 16.99% | 17.48% | 17.75% | 16.72% | 16.08% | 15.16% | 14.94% | 14.84% | 15.26% | 14.82% | 16.26% | 14.4% | 10.59% |
| Gross Profit Growth % | - | -7.64% | 17.17% | 59.41% | -16.86% | 13.6% | 0% | -26.43% | 11.69% | 15.06% | 11.84% | -10.73% | -0.76% | 18.36% | -7.73% | -44.6% | 180.11% | -40.31% | 6.85% | 81.3% | 22.94% | 36.05% | 24.58% | 12.07% | 21.43% | 5.7% | 17.05% | 18.11% | 49.18% | 124.66% | -34.14% |
| Operating Expenses | 922.3M | 873.8M | 958.7M | 843.2M | 682.1M | 676.1M | 631.6M | 631.6M | 720.4M | 702.6M | 710.5M | 691.8M | 679.4M | 686.1M | 619.2M | 565.2M | 545.2M | 1.68B | 563.3M | 512.5M | 282.35M | 227.57M | 183.26M | 162.72M | 149.35M | 116.2M | 98.05M | 97.17M | 98.1M | 69.6M | 47.3M |
| OpEx % of Revenue | - | 8.38% | 8.93% | 8.73% | 8.24% | 8.74% | 9.21% | 9.21% | 8.59% | 9.12% | 10.4% | 11.02% | 9.98% | 8.95% | 7.61% | 7.5% | 5.55% | 32.03% | 8.12% | 8.13% | 8.24% | 7.69% | 8.1% | 8.45% | 8.57% | 8.04% | 7.37% | 8.3% | 10.87% | 10.19% | 11.44% |
| Selling, General & Admin | 865.4M | 818.7M | 852.4M | 810.4M | 662.8M | 666.5M | 620.6M | 620.6M | 683.5M | 664.3M | 664.7M | 612.4M | 624.1M | 620.5M | 561.5M | 503.9M | 483.9M | 430.3M | 493.5M | 446.6M | 273.99M | 219.88M | 175.95M | 156.27M | 143.33M | 104.02M | 93.72M | 86M | 69.7M | 47.7M | 32.2M |
| SG&A % of Revenue | - | 7.86% | 7.94% | 8.39% | 8% | 8.61% | 9.05% | 9.05% | 8.15% | 8.62% | 9.73% | 9.75% | 9.17% | 8.1% | 6.9% | 6.68% | 4.93% | 8.19% | 7.11% | 7.08% | 7.99% | 7.43% | 7.78% | 8.11% | 8.22% | 7.2% | 7.05% | 7.35% | 7.72% | 6.98% | 7.79% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.7M | 7.8M | 6.3M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.07% | 1.14% | 1.52% |
| Other Operating Expenses | 4M | 55.1M | 106.3M | 32.8M | 19.3M | 9.6M | 11M | 11M | 36.9M | 38.3M | 45.8M | 79.4M | 55.3M | 65.6M | 57.7M | 61.3M | 61.3M | 1.25B | 69.8M | 65.9M | 8.37M | 7.69M | 7.31M | 6.45M | 6.02M | 12.18M | 4.33M | 11.17M | 18.7M | 14.1M | 8.8M |
| Operating Income | 734.3M | 945.2M | 1.01B | 837.6M | 372.3M | 592.1M | 484.8M | 484.8M | 797M | 656M | 470.3M | 364M | 503.3M | 505.7M | 387.7M | 526.1M | 1.42B | -979.5M | 615M | 590.3M | 325.93M | 267.2M | 180.41M | 129.2M | 111.12M | 98.3M | 104.88M | 76.21M | 48.69M | 28.8M | -3.5M |
| Operating Margin % | 6.82% | 9.07% | 9.42% | 8.67% | 4.5% | 7.65% | 7.07% | 7.07% | 9.51% | 8.51% | 6.89% | 5.8% | 7.39% | 6.6% | 4.76% | 6.98% | 14.51% | -18.65% | 8.87% | 9.36% | 9.51% | 9.03% | 7.97% | 6.71% | 6.37% | 6.8% | 7.89% | 6.51% | 5.39% | 4.22% | -0.85% |
| Operating Income Growth % | - | -6.48% | 20.67% | 124.98% | -37.12% | 22.13% | 0% | -39.17% | 21.49% | 39.49% | 29.2% | -27.68% | -0.47% | 30.44% | -26.31% | -63.08% | 245.46% | -259.27% | 4.18% | 81.11% | 21.98% | 48.11% | 39.64% | 16.27% | 13.04% | -6.28% | 37.62% | 56.52% | 69.07% | 922.86% | -118.23% |
| EBITDA | 978.2M | 1.17B | 1.21B | 997.5M | 479.9M | 696.1M | 589M | 589M | 912.2M | 776.5M | 600.6M | 492.8M | 630.1M | 632.5M | 518.6M | 670.5M | 1.6B | -827.5M | 767.9M | 719.3M | 363.39M | 301.9M | 208.37M | 155.32M | 136.51M | 126.79M | 129.1M | 99.41M | 67.39M | 42.9M | 5.3M |
| EBITDA Margin % | 9.09% | 11.22% | 11.28% | 10.33% | 5.79% | 9% | 8.59% | 8.59% | 10.88% | 10.08% | 8.79% | 7.85% | 9.25% | 8.25% | 6.37% | 8.89% | 16.27% | -15.75% | 11.07% | 11.4% | 10.6% | 10.2% | 9.21% | 8.06% | 7.83% | 8.77% | 9.71% | 8.49% | 7.46% | 6.28% | 1.28% |
| EBITDA Growth % | -16.86% | -3.43% | 21.38% | 107.86% | -31.06% | 18.18% | 0% | -35.43% | 17.48% | 29.29% | 21.88% | -21.79% | -0.38% | 21.96% | -22.65% | -58.03% | 293.08% | -207.76% | 6.76% | 97.94% | 20.37% | 44.89% | 34.16% | 13.78% | 7.66% | -1.79% | 29.86% | 47.51% | 57.09% | 709.43% | -80.8% |
| D&A (Non-Cash Add-back) | 243.9M | 224.1M | 200.1M | 159.9M | 107.6M | 104M | 104.2M | 104.2M | 115.2M | 120.5M | 130.3M | 128.8M | 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 |
| EBIT | 755.4M | 959.6M | 1.02B | 866.2M | 329M | 593.5M | 494.5M | 494.5M | 805.1M | 665.5M | 471.1M | 367.4M | 503.3M | 511M | 384.4M | 532.3M | 1.43B | -966.8M | 612.8M | 590.3M | 325.93M | 267.2M | 180.41M | 129.2M | 111.12M | 98.3M | 104.88M | 76.21M | 48.69M | 28.8M | -3.5M |
| Net Interest Income | -105.2M | -108.9M | -111.9M | -53.8M | -43.9M | -44.7M | -51.8M | -51.8M | -47.6M | -55.6M | -54.9M | -58.3M | -69.4M | -54.6M | -73.3M | -86M | -183.6M | -207.5M | -201.5M | -180.7M | 0 | -1.68M | -477K | -15.09M | -19.23M | 0 | -17M | -23.8M | -20.9M | -12.3M | 0 |
| Interest Income | 16.1M | 8.7M | 7.6M | 14.8M | 9.5M | 3.5M | 7.5M | 7.5M | 6.8M | 15.3M | 4.9M | 2.1M | 2M | 11.4M | 1.9M | 4.7M | 3.5M | 3.9M | 7.4M | 6.3M | 0 | 3.05M | 1.24M | 1.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 121.3M | 117.6M | 119.5M | 68.6M | 53.4M | 48.2M | 59.3M | 59.3M | 54.4M | 70.9M | 59.8M | 60.4M | 71.4M | 66M | 75.2M | 90.7M | 187.1M | 211.4M | 208.9M | 187M | 0 | 4.73M | 1.71M | 16.45M | 19.23M | 0 | 17M | 23.8M | 20.9M | 12.3M | 0 |
| Other Income/Expense | -100.8M | -106.7M | -119.3M | -49.6M | -100.9M | -46.8M | -51.4M | -51.4M | -46.3M | -60.3M | -57.5M | -55.2M | -69M | -57.7M | -76.2M | -83.5M | -187.4M | -200.1M | -208M | -187M | 795K | -4.73M | -1.71M | -16.45M | -19.23M | -18.07M | -25.03M | -23.71M | -19.69M | -12.3M | 1.6M |
| Pretax Income | 633.5M | 838.5M | 891.4M | 788M | 271.4M | 545.3M | 433.4M | 433.4M | 750.7M | 595.7M | 412.8M | 308.8M | 434.3M | 448M | 311.5M | 442.6M | 1.24B | -1.18B | 407M | 403.3M | 326.72M | 262.47M | 178.7M | 112.75M | 91.88M | 80.22M | 79.85M | 52.5M | 29M | 16.5M | -1.9M |
| Pretax Margin % | 5.89% | 8.05% | 8.31% | 8.16% | 3.28% | 7.05% | 6.32% | 6.32% | 8.96% | 7.73% | 6.04% | 4.92% | 6.38% | 5.84% | 3.83% | 5.87% | 12.6% | -22.46% | 5.87% | 6.39% | 9.53% | 8.87% | 7.9% | 5.85% | 5.27% | 5.55% | 6.01% | 4.49% | 3.21% | 2.42% | -0.46% |
| Income Tax | 136M | 191.5M | 210M | 190M | 97.5M | 36.4M | 111.9M | 111.9M | 171.3M | 123.8M | 127.2M | 92.4M | 125M | 131.7M | 65.2M | 151.6M | 421.4M | -12.6M | 120.8M | 135.2M | 121.19M | 102.27M | 65.89M | 37.13M | 32.28M | 29.36M | 31.35M | 21.31M | 12.7M | 6.5M | -1.7M |
| Effective Tax Rate % | 21.47% | 22.84% | 23.56% | 24.11% | 35.92% | 6.68% | 25.82% | 25.82% | 22.82% | 20.78% | 30.81% | 29.92% | 28.78% | 29.4% | 20.93% | 34.25% | 34.06% | 1.07% | 29.68% | 33.52% | 37.09% | 38.96% | 36.87% | 32.93% | 35.14% | 36.6% | 39.25% | 40.59% | 43.79% | 39.39% | 89.47% |
| Net Income | 498.5M | 647M | 681.4M | 598M | 173.9M | 508.9M | 321.5M | 321.5M | 579.4M | 471.9M | 285.6M | 216.4M | 309.3M | 318M | 230.8M | 273.4M | 790M | -1.1B | 79.3M | 268.1M | 205.53M | 160.21M | 112.81M | 75.62M | 59.6M | 50.86M | 49.7M | 31.13M | 15.1M | 10M | -3.1M |
| Net Margin % | 4.63% | 6.21% | 6.35% | 6.19% | 2.1% | 6.58% | 4.69% | 4.69% | 6.91% | 6.12% | 4.18% | 3.45% | 4.54% | 4.15% | 2.83% | 3.63% | 8.04% | -20.92% | 1.14% | 4.25% | 6% | 5.41% | 4.99% | 3.93% | 3.42% | 3.52% | 3.74% | 2.66% | 1.67% | 1.46% | -0.75% |
| Net Income Growth % | -25.18% | -5.05% | 13.95% | 243.88% | -65.83% | 58.29% | 0% | -44.51% | 22.78% | 65.23% | 31.98% | -30.04% | -2.74% | 37.78% | -15.58% | -65.39% | 171.9% | -1485.62% | -70.42% | 30.44% | 28.29% | 42.02% | 49.17% | 26.88% | 17.17% | 2.34% | 59.66% | 106.17% | 51% | 422.58% | -133.7% |
| Net Income (Continuing) | 497.5M | 647M | 681.4M | 598M | 173.9M | 508.9M | 321.5M | 321.5M | 579.4M | 471.9M | 285.6M | 216.4M | 309.3M | 316.3M | 246.3M | 291M | 816M | -1.17B | 286.2M | 268.1M | 205.53M | 160.21M | 112.81M | 75.62M | 59.6M | 50.86M | 48.51M | 31.19M | 16.3M | 10M | -200K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 200K | 2.2M | 3.3M | 3.8M | 3.76M | 3.15M | 2.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.01 | 10.02 | 10.38 | 9.08 | 2.63 | 7.35 | 4.72 | 4.72 | 8.21 | 6.29 | 3.77 | 2.91 | 3.61 | 3.55 | 2.51 | 2.99 | 8.69 | -14.37 | 1.06 | 3.58 | 2.76 | 2.18 | 1.57 | 1.08 | 0.86 | 0.75 | 0.76 | 0.48 | 0.30 | 0.20 | -0.06 |
| EPS Growth % | -22.73% | -3.47% | 14.32% | 245.25% | -64.22% | 55.72% | 0% | -42.51% | 30.52% | 66.84% | 29.55% | -19.39% | 1.69% | 41.43% | -16.05% | -65.59% | 160.47% | -1455.66% | -70.39% | 29.71% | 26.61% | 38.85% | 45.37% | 25.58% | 14.67% | -1.32% | 58.33% | 60% | 50% | 447.83% | -133.82% |
| EPS (Basic) | - | 10.08 | 10.39 | 9.15 | 2.65 | 7.43 | 4.76 | 4.76 | 8.30 | 6.38 | 3.82 | 2.94 | 3.66 | 3.60 | 2.53 | 3.01 | 8.78 | -14.37 | 1.07 | 3.64 | 2.81 | 2.22 | 1.62 | 1.11 | 0.89 | 0.76 | 0.77 | 0.48 | 0.30 | 0.20 | -0.06 |
| Diluted Shares Outstanding | 62.24M | 64.55M | 65.66M | 65.86M | 66.13M | 69.21M | 68.79M | 68.79M | 70.56M | 74.98M | 75.79M | 74.43M | 85.38M | 88.95M | 91.94M | 91.57M | 90.95M | 76.46M | 74.84M | 74.89M | 74.47M | 73.49M | 71.85M | 70.02M | 69.3M | 68.27M | 65.61M | 52.32M | 54.32M | 51.28M | 53.91M |
| Basic Shares Outstanding | 61.85M | 64.18M | 65.56M | 65.38M | 65.7M | 68.48M | 68.15M | 68.15M | 69.82M | 74M | 74.67M | 73.57M | 84.12M | 87.73M | 91.33M | 90.89M | 89.95M | 76.46M | 74.01M | 73.65M | 73.14M | 72.16M | 69.63M | 68.13M | 67.34M | 66.71M | 64.34M | 50.6M | 54.32M | 50.63M | 53.91M |
| Dividend Payout Ratio | - | 20.15% | 17.61% | 17.93% | 55.95% | 17.76% | 25.44% | 25.44% | 13.03% | 15.09% | 21.99% | 25.83% | 16.39% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying OSK stock.
For fiscal year 2025, Oshkosh Corp (OSK) reported total revenue of $10.42B. This represents a 2420.5% increase compared to $413.5M in 1996.
Oshkosh Corp (OSK) is profitable, generating $647.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.2%.
Oshkosh Corp (OSK) reported an operating income of $945.2M, resulting in an operating profit margin of 9.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Oshkosh Corp (OSK) generated $1.82B in gross profit for the year, representing a gross profit margin of 17.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Defense contract concentration and JLTV loss
Metrics are mathematically derived from official filings.
Top-Line Momentum Fading Into Guidance Cut
According to reported quarterly figures, OSK's revenue growth has decelerated from 18.0% in Q2 2024 to 5.7% in Q3 2026, with TTM revenue growth turning negative at -2.9%, signaling a clear loss of top-line momentum.
The shift from double-digit growth in 2024 to negative trailing growth suggests demand normalization across segments rather than a single-period anomaly. The strength cited in Access Equipment orders appears insufficient to offset softness elsewhere in the portfolio. Investors should monitor whether Q3 FY2026 growth of 5.7% reflects a durable recovery or a short-lived rebound against a weak comparison base.
Gross Margin Compression Amid Cost Pressure
Based on reported figures, OSK's gross margin contracted from 19.2% in mid-2024 to roughly 15.5% in the latest quarter, a decline of nearly 370 basis points that points to persistent input-cost or mix pressure.
The compression is consistent with the high variable cost structure tied to steel, aluminum, and purchased drivetrain components, where pricing actions lag cost inflation on long-dated municipal and federal contracts. The trend may also reflect mix shifts toward lower-margin programs. Management's pricing initiatives will need to demonstrate sustained recovery to reverse this trajectory.
Flat SG&A Fails to Offset Volume Softness
As reported in the quarterly statements, OSK's SG&A has held near $200-230 million while operating margin fell from 10.9% to 6.9%, indicating limited operating leverage in a declining-volume environment.
Because overhead has remained broadly fixed while gross profit has contracted, the fall in operating margin appears to be driven primarily by lost absorption rather than discretionary spending. This suggests the cost base is not flexing downward quickly enough to protect profitability. Sustained margin recovery would likely require either volume recovery or meaningful overhead restructuring.
EPS Volatility Outpaces Operating Trends
Based on EPS figures, OSK reported diluted EPS of $2.92 in Q2 2026 against consensus near $3.21, and the sharp swings between quarters, such as the 60.5% EPS decline in Q1 2026, suggest earnings are sensitive to timing items.
The gap between operating income movements and EPS swings warrants further investigation into below-the-line items, tax rate variation, and share count effects. Stock-based compensation remains modest relative to revenue, so it does not appear to be a primary driver of the volatility. Analysts should separate recurring operating earnings from one-time or timing-related items before modeling normalized EPS.
Bull Case Relies on Unproven Order Conversion
The strongest challenge is that OSK's cited $1.5 billion in Access orders has not yet translated into revenue growth, as TTM sales are contracting at -2.9% while gross margin sits near 17.5%.
If order intake does not convert to shipments at healthy margins, the bull narrative of segment resilience could prove overstated. The loss of the JLTV follow-on and the government-exposed roughly 20% of net sales add downside risk to the defense franchise. Investors should treat backlog-driven optimism cautiously until revenue and margin inflection become visible in reported results.