OSK OSHKOSH CORP

Overview and Growth

In fiscal 2025, OSHKOSH CORP recorded revenue of $10.42B. The $10.42B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 2.9% below fiscal 2024 revenue of $10.73B, marking a top-line contraction. The diluted weighted-average share count was 64.55M, linking total earnings with the per-share result received by shareholders. Diluted shares moved 1.9% from 65.83M in fiscal 2024, leaving the current share base lower year over year. At period end, total assets were $10.07B, framing the scale of the company’s operating and financing commitments. Asset turnover was 1.03x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $1.82B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 17.5%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $939.50M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 9.0% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Reported EBITDA totaled $1.16B, adding a pre-interest, tax, depreciation, and amortization perspective to the profitability profile. The company recognized $191.50M of income tax for the period, completing the transition from pretax income to net income.

Liquidity and Capital Structure

At period end, the $10.07B asset base was financed through $5.54B of liabilities and $4.53B of equity. Current assets were $5.17B against $2.66B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.94x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $479.80M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 18.0%, excluding receivables and other current assets. Total debt was $1.10B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.24x, showing how much debt the company carried for each unit of book equity. Debt represented 10.9% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 45.0%, placing book capital against the total resource base. Liabilities represented 55.0% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 4.8% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 6.9% from $9.42B in fiscal 2024, leaving current total assets higher year over year. Book equity was 9.1% higher than fiscal 2024 equity of $4.15B, showing how shareholder capital changed year over year. Compared with $204.90M in fiscal 2024, the current cash balance moved 134.2% and finished higher.

Cash Flow and Earnings Quality

The company reported $783.40M of operating cash flow, a cash inflow that shows the cash generated by operations. The cash-flow statement records $165.40M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 21.1%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $618.00M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 5.9%, showing how much sales converted into cash after investment. Free cash flow equaled 6.1% of total assets, relating post-investment cash generation to the company’s resource base. Compared with $550.10M in fiscal 2024, current operating cash flow of $783.40M was above the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.