OSKMEDIUM SIGNALFINANCIAL10-K

Oshkosh demonstrated strong operational cash flow improvement and working capital management despite lower net income amid revenue growth.

The company's ability to generate substantially higher operating cash flow while reducing capital expenditures suggests improved operational efficiency and disciplined capital allocation. However, the decline in net income despite revenue growth indicates margin pressure that warrants monitoring, though this may reflect typical cyclical patterns in industrial equipment markets.

Comparing 2026-02-17 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

Oshkosh delivered solid revenue growth of 12.8% to $7.7B while operating cash flow improved meaningfully to $783.4M, reflecting strong working capital management. The company reduced capital expenditures significantly and improved its balance sheet position with higher current assets and lower current liabilities. While net income declined to $229.5M, the strong cash generation and improved liquidity position suggest operational resilience despite margin headwinds.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+42.4%
$550.1M$783.4M

Operating cash flow surged 42.4% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
-41.1%
$281.0M$165.4M

Capex reduced 41.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
-25.8%
$309.3M$229.5M

Net income declined 25.8% — review whether driven by operations, interest costs, or non-recurring items.

Current Assets
Balance Sheet
+14.2%
$4.5B$5.2B

Current assets grew 14.2% — improving short-term liquidity or inventory/receivables build.

Revenue
P&L
+12.8%
$6.8B$7.7B

Revenue growing 12.8% — solid top-line momentum, watch margins for quality of growth.

Current Liabilities
Balance Sheet
-10.8%
$3.0B$2.7B

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-20
ADDED
As of February 10, 2026, 62,548,631 shares of the registrant s Common Stock were outstanding.
and its wholly-owned subsidiaries (JLG), JerrDan LLC (JerrDan), AUSACORP S.L.
(Pierce), Oshkosh AeroTech and its wholly-owned subsidiaries (Oshkosh AeroTech), McNeilus Companies, Inc.
(IMT), Kewaunee Fabrications, LLC (Kewaunee), Maxi-Metal, Inc.
The Oshkosh , JLG , Pierce , MAXIMETAL, "Oshkosh S-Series ," McNeilus , IMT , Jerr-Dan , Frontline Communications, Oshkosh Airport Products, Oshkosh AeroTech , Oshkosh Defense, Pratt Miller, Command Zone , TAK-4 , PUC , Hercules , Husky , Ascendant , SkyTrak , DaVinci and Volterra trademarks and related logos are trademarks or registered trademarks of the Company.
and European economies and construction outlooks; the Company s estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the Company's ability to predict the level and timing of orders and costs on the U.S.
Postal Service contract; risks that the trade war and related tariffs could reduce demand for or competitiveness of the Company s products or cause inefficiencies in the Company's supply chain; the Company s ability to increase prices to raise margins or to offset higher input costs; the Company's ability to achieve its projected material and manufacturing efficiency savings; the Company's ability to accurately predict future input costs associated with U.S.
Department of Defense contracts; the Company s ability to attract and retain production labor in a timely manner; the Company's ability to increase production rates in its municipal fire apparatus and delivery vehicle businesses; 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; budget uncertainty for the U.S.
federal government, including risks of future budget cuts, the impact of continuing resolution funding mechanisms or a prolonged federal government shutdown; the impact of any U.S.
REMOVED
As of February 13, 2025, 64,524,506 shares of the registrant s Common Stock were outstanding.
and its wholly-owned subsidiaries (JLG), JerrDan LLC (JerrDan), Hinowa S.p.A (Hinowa), AUSACORP S.L.
(Pierce), Oshkosh AeroTech and its wholly-owned subsidiaries (AeroTech), McNeilus Companies, Inc.
The Oshkosh , JLG , Pierce , Maxi-Metal , McNeilus , Jerr-Dan , Frontline , IMT , "Oshkosh S-Series ," Oshkosh Defense , Pratt Miller , Command Zone , TAK-4 , PUC , Hercules , Husky , Ascendant , SkyTrak , DaVinci and Volterra trademarks and related logos are trademarks or registered trademarks of the Company.
and European economies and construction seasons; the Company s 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 competitiveness of the Company s products; the Company s 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 Defense contracts; the Company s 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 s ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with 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.
All forward-looking statements, including those under the caption 2025 Outlook in Management s Discussion and Analysis of Financial Condition and Results of Operations, speak only as of February 20, 2025.
BUSINESS In July 2024, the Company moved the reporting responsibility for Pratt Miller from its Defense segment to the Chief Technology and Strategic Sourcing Officer to better utilize Pratt Miller's expertise across the entire Oshkosh Corporation enterprise.
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