Oshkosh Earnings Call Transcripts
Fiscal Year 2026
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Q1 adjusted EPS was $0.85 on $2.3B sales, with strong backlog and robust order activity in Access and Vocational. Full-year EPS guidance of $11.50 is maintained, with a stronger second half expected from improved price/cost, higher fire truck production, and NGDV ramp-up.
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Directors and auditors were elected and ratified, and executive compensation was approved. A shareholder proposal to require directors who fail to win a majority vote to leave the board within nine months was rejected. Final vote tallies will be filed with the SEC.
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Revenue is projected to grow to $13–$14 billion by 2028, driven by technology integration, strong backlogs in key segments, and robust aftermarket opportunities. AI and automation are central to product and operational strategy, while macro challenges like tariffs and labor shortages are actively managed.
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The portfolio is now balanced across Access, Vocational, and Transport, with each segment targeting significant growth and margin improvement by 2028. Technology integration, especially in autonomy and connectivity, is a key differentiator, while capital allocation remains focused on business investment, dividends, and selective M&A.
Fiscal Year 2025
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Full-year 2025 revenue reached $10.4B with adjusted EPS of $10.79, and Q4 results were in line with guidance. 2026 outlook calls for ~$11B revenue and $11.50 adjusted EPS, with strong vocational and transport segments offsetting softer access markets and higher tariffs. Innovation and backlog support long-term growth.
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Management reaffirmed 2028 targets for revenue, margin, and EPS, citing strong backlogs, innovation in technology, and a balanced portfolio. Tariff and supply chain challenges persist, but margin improvements and M&A are expected to drive growth, with AI and automation as key future enablers.
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Q3 2025 saw resilient margins and strong cash flow despite lower Access sales and tariff headwinds. Guidance for 2025 EPS was revised down to $10.50-$11.00, with continued strength in vocational and transport segments and ongoing innovation in autonomy and airport products.
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Management outlined a strategy focused on innovation, capacity expansion, and operational efficiency, targeting strong revenue and margin growth through 2028. Segment performance varies, with Vocational and Transport showing robust demand and margin upside, while Access faces cyclical headwinds. AeroTech acquisition and new contract structures support future growth and resilience.
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Q2 2025 saw strong adjusted margins and EPS growth despite lower revenue, with robust Vocational and improved Transport performance. Full-year guidance was reaffirmed, free cash flow outlook raised, and tariff impacts are expected to be offset by cost actions and business strength.
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The event outlined a clear strategy focused on innovation, margin expansion, and disciplined capital allocation, with ambitious 2028 targets for revenue and profitability. Major investments in technology, electrification, and capacity are driving growth across all segments, supported by strong backlogs and a robust new product pipeline.
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Q1 2025 results met expectations with $2.3B revenue and $1.92 adjusted EPS, driven by strong vocational growth and resilient access margins. Tariffs are expected to reduce full-year EPS by $1, with mitigation efforts offsetting up to $0.50. Backlogs and demand remain robust across key segments.
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A diversified industrial company highlighted its leadership in access, defense, and vocational segments, emphasizing technology-driven growth and resilience. 2025 guidance reflects a trough in access, strong defense and vocational outlooks, and ongoing innovation in electrification and autonomy.
Fiscal Year 2024
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FY2024 saw double-digit revenue and margin growth, led by vocational and AeroTech segments, while access faces near-term headwinds. FY2025 guidance anticipates stable earnings with continued investment in innovation, capacity, and sustainability.
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Q3 2024 saw 9% revenue growth and strong vocational and defense performance, but full-year guidance was lowered due to softer access markets. Backlog remains healthy, with ongoing innovation and capacity expansion in key segments.
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Strong financial performance and raised guidance reflect robust demand across key segments, with technology-driven innovation in electrification and autonomy fueling growth. Major defense and postal contracts, along with healthy backlogs and new market entries, support a positive long-term outlook.
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Q2 2024 saw 18% revenue growth and 36% higher adjusted operating income, with strong execution across all segments. Full-year adjusted EPS guidance was raised to $11.75, and NGDV production is set to offset defense revenue declines in 2025.
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Strong demand and resilient performance continue across segments, with recent acquisitions and electrification driving growth. Defense transitions from JLTV to NGDV will support revenue and margin improvement, while capital allocation focuses on programmatic M&A and growth investment.