Oshkosh Corporation reported third‑quarter 2025 results, posting net sales of $2.69 billion, a 1.9% decline year‑over‑year from $2.74 billion in Q3 2024. Earnings per share were $3.04, while adjusted earnings per share reached $3.20, reflecting a 10.2% adjusted operating margin that slipped slightly from 10.3% in the prior year.
Segment sales were $1.11 billion for Access, $968 million for Vocational, and $587.9 million for Transport. Access sales fell 10.4% versus Q3 2024, driven by lower volume in North America and higher sales discounts amid tariff‑related uncertainty. Vocational sales grew 18.9% as higher pricing and increased production rates offset modest demand softness. Transport sales rose 12.3% thanks to the ramp‑up of the Next Generation Delivery Vehicle program for the U.S. Postal Service and continued demand for tactical wheeled vehicles.
The company’s backlog at the end of the quarter was $13.69 billion, up from $12.45 billion in Q3 2024, providing near‑term revenue visibility. Adjusted operating income fell to $274 million, a 4.2% decline from $287 million in Q3 2024, largely due to lower sales volume and higher warranty costs, partially offset by lower selling, general and administrative expenses.
Oshkosh revised its 2025 full‑year guidance downward, projecting diluted earnings per share between $9.75 and $10.25 and adjusted EPS between $10.50 and $11.00. Revenue guidance was lowered to $10.35 billion–$10.40 billion, reflecting anticipated lower sales volumes in the Access and Transport segments. The company cited tariff‑related headwinds and broader economic uncertainty as key factors behind the guidance revision.
Key drivers for the quarter included the continued ramp‑up of the NGDV program, improved pricing in the Vocational segment, and a one‑time benefit from resolving a federal income tax audit. Management highlighted ongoing capacity expansion and strong demand in fire apparatus and airport product lines as positive indicators for future growth.
The company declared a quarterly cash dividend of $0.51 per share and continues to return value to shareholders through dividends and share repurchases. Management emphasized that the company remains focused on executing large contracts, managing cost pressures, and navigating trade‑policy impacts that affect the Access segment.
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