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Auto manufacturers · Consumer Cyclical · Fiscal year ends Dec 31
Oshkosh reported revenue of $10.4B in the fiscal year ended Dec 2025, down 2.9% from the year before. Operating income was $940M, an operating margin of 9.0%, and net income was $647M. Operating cash flow of $783M less capital expenditure of $165M left free cash flow of $618M. Net debt was $621M.
Ranks among the 15 auto manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 7,737 | 8,282 | 9,658 | 10,730 | 10,422 |
| Cost of revenue | 6,469 | 7,228 | 7,977 | 8,761 | 8,603 |
| Gross profit | 1,268 | 1,054 | 1,681 | 1,969 | 1,819 |
| Research & development | 103 | 113 | 134 | 169 | 174 |
| Selling, general & admin | 667 | 663 | 810 | 852 | 819 |
| Operating income | 592 | 372 | 838 | 1,011 | 940 |
| Net interest incomeBanks | −44.7 | −43.9 | −53.8 | −112 | −109 |
| Interest expense | 48.2 | 53.4 | 68.6 | 120 | 118 |
| Pre-tax income | 545 | 276 | 798 | 903 | 842 |
| Income tax | 36.4 | 97.5 | 190 | 210 | 192 |
| Net income | 509 | 174 | 598 | 681 | 647 |
| Diluted shares | 69.2 | 66.1 | 65.9 | 65.8 | 64.6 |
| Fiscal year | Sep 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,376 | 806 | 125 | 205 | 480 |
| Receivables | 1,017 | 1,162 | 1,316 | 1,255 | 1,456 |
| Inventory | 1,412 | 1,866 | 2,132 | 2,266 | 2,375 |
| Current assets | 4,562 | 4,532 | 4,481 | 4,528 | 5,169 |
| Net PP&E | 596 | 826 | 1,070 | 1,217 | 1,271 |
| Goodwill | 1,052 | 1,042 | 1,416 | 1,410 | 1,448 |
| Total assets | 7,036 | 7,729 | 9,129 | 9,423 | 10,072 |
| Payables | 860 | 1,129 | 1,215 | 1,143 | 1,074 |
| Deferred revenue | 654 | 697 | 707 | 649 | 737 |
| Current liabilities | 2,152 | 2,429 | 3,090 | 2,987 | 2,664 |
| Short-term debt | – | 9.7 | 175 | 362 | 0.6 |
| Long-term debt | 819 | 595 | 598 | 600 | 1,100 |
| Total liabilities | 3,678 | 4,543 | 5,424 | 5,271 | 5,542 |
| Shareholders' equity | 3,358 | 3,186 | 3,705 | 4,152 | 4,531 |
| Backlog (remaining obligations) | 5,300 | 9,100 | 11,350 | 12,110 | 12,400 |
| Fiscal year | Sep 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,222 | 601 | 600 | 550 | 783 |
| Capital expenditure | 104 | 270 | 325 | 281 | 165 |
| Free cash flow | 1,117 | 332 | 274 | 269 | 618 |
| Depreciation & amortisation | 104 | 108 | 160 | 200 | 224 |
| Stock-based compensation | 27.2 | 28.6 | 31.9 | 38.1 | 38.0 |
| Acquisitions | 111 | 19.7 | 996 | 121 | 0.9 |
| Share buybacks | 108 | 155 | 22.5 | 116 | 278 |
| Dividends paid | 90.4 | 97.3 | 107 | 120 | 130 |
| Dividend per share | 1.32 | 1.48 | 1.64 | 1.84 | 2.04 |
| Fiscal year | Sep 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.0% | 16.6% | 11.1% | −2.9% |
| Operating income growth (YoY) | – | −37.1% | 125.0% | 20.7% | −7.0% |
| Gross margin | 16.4% | 12.7% | 17.4% | 18.4% | 17.5% |
| Operating margin | 7.7% | 4.5% | 8.7% | 9.4% | 9.0% |
| Net margin | 6.6% | 2.1% | 6.2% | 6.4% | 6.2% |
| Return on equityBlank when equity is negative | 15.2% | 5.5% | 16.1% | 16.4% | 14.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.1% | 7.0% | 13.9% | 15.7% | 12.7% |
| Free cash flow margin | 14.4% | 4.0% | 2.8% | 2.5% | 5.9% |
| Cash conversion (CFO ÷ net income) | 2.40x | 3.46x | 1.00x | 0.81x | 1.21x |
| Receivable days | 48 | 51 | 50 | 43 | 51 |
| Inventory days | 80 | 94 | 98 | 94 | 101 |
| Payable days | 49 | 57 | 56 | 48 | 46 |
| Interest cover | 12.3x | 6.97x | 12.2x | 8.46x | 7.99x |
| Debt ÷ equity | 0.24x | 0.19x | 0.21x | 0.23x | 0.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −557 | −201 | 647 | 757 | 621 |
| Current ratio | 2.12x | 1.87x | 1.45x | 1.52x | 1.94x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.