At a glance
Oshkosh Corporation is worth $8.41B. Revenue fell 2.9% to $10.42B in fiscal 2025, with 6.2% kept as profit; over 5 years it has grown 8.7% a year. It pays a 1.61% dividend yield, raised every year for at least 9 years, and returned $1.22B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +1.9% over the past year with dividends reinvested and +6.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.4% in the 2020 crash (S&P 500: 33.7%) and 42.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 18 months after the lows.
The business in plain English
Oshkosh Corporation, a Wisconsin company, designs and builds purpose-built vehicles and equipment for construction, firefighting, airports, trash collection, defense and mail delivery. It earns money from sales of these machines and from parts, service and support over their working lives. Net sales were $10.4 billion in the fiscal year ended December 31, 2025. About 82% came from the US and about 11% from Europe, the Middle East and Africa.
Access is the largest segment, at 43% of 2025 net sales. Its JLG and SkyTrak brands make aerial work platforms and telehandlers, which are machines that lift workers and materials to height. Customers are mainly equipment rental companies, construction contractors and home improvement centers. JLG also arranges financing for customers, mostly through outside lenders. The segment includes Jerr-Dan tow trucks.
Vocational, at 36%, includes Pierce fire trucks, McNeilus garbage and recycling trucks, and Oshkosh AeroTech airport equipment such as cargo loaders and Jetway boarding bridges. Its customers are mainly local governments and businesses in North America. Transport, at 20%, builds Oshkosh Defense military vehicles for the US Department of Defense. It also builds the Next Generation Delivery Vehicle for the US Postal Service under a contract for up to 165,000 vehicles over 10 years. Sales to the US government made up about 20% of 2025 net sales.
Price history
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OSK +1.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Access | $4.49B | 43.1% |
| Vocational Segment | $3.73B | 35.8% |
| Transport | $2.10B | 20.1% |
By geography
| US | $8.56B | 82.2% |
| EMEA | $1.12B | 10.7% |
| Rest Of World | $376.5M | 3.6% |
| Other North America | $365.9M | 3.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.84B, up 5.7% from a year earlier, and net income was $138.4M (-29.5%).
- For fiscal 2025, revenue was $10.42B (-2.9% year over year; +8.7% a year from FY2020 to FY2025) with a 6.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.7% good |
|---|---|
| Operating margin | 9% watch |
| Free cash flow margin | 5.9% watch |
| Return on equity (FY2025) | 14.3% watch |
| Return on assets (FY2025) | 6.4% watch |
| Net cash (cash minus debt) | $-543.1M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.86B | $321.5M | $215.0M |
| FY2021 | $7.74B | $508.9M | $1.12B |
| FY2022 | $8.28B | $173.9M | $331.8M |
| FY2023 | $9.66B | $598.0M | $274.3M |
| FY2024 | $10.73B | $681.4M | $269.1M |
| FY2025 | $10.42B | $647.0M | $618.0M |
Valuation snapshot
| Market value | $8.41B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.61% |
Rank among 1514 US companies
Market value at each year end
Oshkosh’s market value went from $4.81B at the end of 2016 to $8.41B on Oct 28, 2026, up 75%; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.41B | +5.8% |
| 2025 | $7.95B | +28.5% |
| 2024 | $6.19B | -12.8% |
| 2023 | $7.09B | +23.0% |
| 2022 | $5.77B | -24.2% |
| 2021 | $7.61B | +29.6% |
| 2020 | $5.87B | -8.9% |
| 2019 | $6.44B | +46.1% |
| 2018 | $4.41B | -35.5% |
| 2017 | $6.83B | +42.0% |
| 2016 | $4.81B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OSK price data to Oct 28, 2026 | +11.1% | +1.9% | +18.9% | +6.8% | +11.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.1% |
| 2025 | +34.5% |
| 2024 | -10.8% |
| 2023 | +25.2% |
| 2022 | -20.5% |
| 2021 | +32.5% |
| 2020 | -7.5% |
| 2019 | +56.6% |
| 2018 | -31.6% |
| 2017 | +42.4% |
| 2016 | +68.3% |
| 2015 | -18.5% |
| 2014 | -2.2% |
| 2013 | +70.4% |
| 2012 | +38.7% |
| 2011 | -39.3% |
| 2010 | -4.8% |
| 2009 | +321.0% |
| 2008 | -80.7% |
| 2007 | -1.7% |
| 2006 | +9.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 91.6% over that stretch · deepest drop along the way 93.5%, back to its old high 64.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.1% over that stretch · deepest drop along the way 42.4%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.6% over that stretch · deepest drop along the way 42.9%, back to its old high 17.7 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 4 sales ($1.0M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 27, 2026 | Anupam Khare SVP/Chief Information Officer | sell | $676K |
| Feb 20, 2026 | John S Verich SVP Bus Devl and Treasurer | sell | $186K |
| Sep 11, 2026 | John C Pfeifer Director | sell (plan) | $117K |
| May 12, 2026 | Duncan Palmer Director | sell (plan) | $68K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 6.79% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.42% | Jun 30, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.1% | Jun 30, 2026 |
| Aristotle Capital Management, LLC | 1.97% | Jul 31, 2026 |
| Victory Capital Management, Inc. | 0.4% | Sep 30, 2025 |
ETFs with the most weight in OSK
| XMVM Invesco S&P MidCap Value with Momentum ETF | 1.45% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 1.23% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.74% |
| PRAY FIS Christian Stock Fund | 0.61% |
| CVY Invesco Zacks Multi-Asset Income ETF | 0.6% |
| IFRA iShares U.S. Infrastructure ETF | 0.49% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 0.45% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 0.44% |
What could go wrong
- Postal Service truck contract could disappoint. The Postal Service had ordered 51,500 of up to 165,000 vehicles as of December 31, 2025. The production ramp-up has been slower and costlier than planned, and fewer orders could force a charge against profits.
- Construction and municipal markets are highly cyclical. Access, 43% of 2025 sales, depends on construction spending and on rental companies' ability to finance and replace fleets. Fire, refuse and airport equipment also rise and fall with the economy, tax receipts and air travel.
- Heavy reliance on government contracts. Sales to the US government were about 20% of 2025 net sales, mostly under multi-year defense contracts. Changes in government spending or contract terms could materially reduce revenue and profits.
- Tariff costs expected to rise sharply. US tariffs cost Oshkosh about $35 million in 2025, and the company estimated about $200 million for 2026. Retaliatory tariffs and export controls, such as China's on rare earth minerals, could also disrupt supplies.
- Consolidating customers and dealers could squeeze margins. Oshkosh warns that consolidation among its customers and dealers, such as equipment rental companies, may affect its strategy, pricing and margins. Fewer, larger customers can push harder for lower prices.
- Input costs and supplier problems. Raw material prices can swing, and Oshkosh relies on outside suppliers that may run short or raise prices. With 9 cents of operating profit per dollar of sales in 2025, higher costs could hurt earnings.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
Oshkosh pays a modest dividend, yielding 1.61% as of October 28, 2026. It has raised the dividend at least nine years in a row through FY2025. Dividends per share rose from $1.20 in 2020 to $2.04 in 2025, about 11% a year. The 2025 dividends used about 20% of earnings and 21% of free cash flow (cash from operations left after capital spending). From FY2021 to FY2025, Oshkosh spent $679 million on buybacks, more than its $545 million in dividends. Its share count fell about 10% between November 2021 and October 2026.
Downturns have hit the shares hard. They fell 93.5% in the 2008 financial crisis and took about 64 months from the low to recover. They dropped about 42% in the 2020 COVID crash, recovering in about 2.5 months, and 43% in the 2022 bear market, taking about 18 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Oshkosh make money?
Oshkosh makes money by building purpose-built vehicles and equipment and supplying parts and service for them. In 2025, the Access segment, led by JLG aerial work platforms and telehandlers, brought in 43% of net sales. Vocational, which includes Pierce fire trucks, McNeilus refuse trucks and airport equipment, added 36%. Transport, which makes military vehicles and Postal Service delivery trucks, added 20%. Net sales totaled $10.4 billion in the fiscal year ended December 31, 2025, and about 82% came from the US.
Does Oshkosh raise its dividend every year?
Yes, at least through FY2025. Oshkosh raised its dividend at least nine years in a row through FY2025, and the true streak may be longer. Dividends per share grew from $1.20 in 2020 to $2.04 in 2025, about 11% a year. The 2025 dividends used about 20% of earnings, a low share that leaves some cushion if profits dip. The yield was 1.61% as of October 28, 2026, which is modest for investors seeking income.
What is Oshkosh's Postal Service delivery truck contract?
It is a contract, awarded in February 2021, for Oshkosh to build the Next Generation Delivery Vehicle for the US Postal Service. The Postal Service can order up to 165,000 vehicles over 10 years, and orders reached 51,500 as of December 31, 2025. Oshkosh says the production ramp-up took longer and cost more than it expected. At that date, it estimated that deferred contract costs exceeded future profits on existing orders by about $135 million.
How much of Oshkosh's revenue comes from the US government?
About 20%. Sales to the US government made up roughly 20% of net sales in both 2025 and 2024, and 19% in 2023, mostly under multi-year defense contracts. Oshkosh Defense builds heavy and medium tactical vehicles and a medium caliber weapons system for the Department of Defense. Orders on hand at December 31, 2025, were scheduled for delivery from 2026 to 2028. The company says it is the only supplier for several key Defense Department vehicle platforms.
How volatile is Oshkosh stock?
Quite volatile. As of October 28, 2026, its one-year beta was 1.31, which means the shares tended to move about 31% more than the overall market. The stock fell 93.5% from peak to low in the 2008 financial crisis. It also fell about 42% in the 2020 COVID crash and about 43% in the 2022 bear market. Over the 10 years to October 28, 2026, the share price rose about 11.7% a year, with sharp swings along the way.