Oshkosh (OSK) financial statements
Oshkosh reported revenue of $10.4B in fiscal 2025, up 5.8% a year over 9 years.
Net income was $647M and the operating margin 9.0%, against 5.8% in 2016.
Free cash flow was $618M, and the company returned $130M in dividends and $278M in net buybacks.
The diluted share count fell 13% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Oshkosh's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.3B | $6.8B | $7.7B | $8.4B | $6.9B | $7.7B | $8.3B | $9.7B | $10.7B | $10.4B |
| Cost of revenue | $5.2B | $5.7B | $6.3B | $6.9B | $5.7B | $6.5B | $7.2B | $8.0B | $8.8B | $8.6B |
| Gross profit | $1.1B | $1.2B | $1.4B | $1.5B | $1.1B | $1.3B | $1.1B | $1.7B | $2.0B | $1.8B |
| Research and development | $103M | $98M | $99M | $99M | $104M | $103M | $113M | $134M | $169M | $174M |
| Selling, general and admin | $612M | $665M | $664M | $684M | $621M | $666M | $663M | $810M | $852M | $819M |
| Operating income | $364M | $470M | $656M | $797M | $485M | $592M | $372M | $838M | $1.0B | $940M |
| Interest expense | $60M | $60M | $71M | $54M | $59M | $48M | $53M | $69M | $120M | $118M |
| Pre-tax income | $307M | $411M | $595M | $751M | $435M | $545M | $276M | $798M | $903M | $842M |
| Income tax | $92M | $127M | $124M | $171M | $112M | $36M | $98M | $190M | $210M | $192M |
| Net income | $216M | $286M | $472M | $579M | $322M | $509M | $174M | $598M | $681M | $647M |
| EPS (diluted) | $2.91 | $3.77 | $6.29 | — | — | — | — | — | — | — |
| Diluted shares | 74M | 76M | 75M | 71M | 69M | 69M | 66M | 66M | 66M | 65M |
| Gross margin | 16.8% | 17.3% | 17.6% | 18.1% | 16.3% | 16.4% | 12.7% | 17.4% | 18.4% | 17.5% |
| Operating margin | 5.8% | 6.9% | 8.5% | 9.5% | 7.1% | 7.7% | 4.5% | 8.7% | 9.4% | 9.0% |
| Net margin | 3.4% | 4.2% | 6.1% | 6.9% | 4.7% | 6.6% | 2.1% | 6.2% | 6.4% | 6.2% |
Balance sheet
Fiscal years, from Oshkosh's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $322M | $447M | $455M | $448M | $583M | $1.4B | $806M | $125M | $205M | $480M |
| Receivables | $1.0B | $1.3B | $1.3B | $1.1B | $858M | $1.0B | $1.2B | $1.3B | $1.3B | $1.5B |
| Inventory | $980M | $1.2B | $1.2B | $1.2B | $1.5B | $1.4B | $1.9B | $2.1B | $2.3B | $2.4B |
| Total current assets | $2.4B | $3.0B | $3.3B | $3.4B | $3.5B | $4.6B | $4.5B | $4.5B | $4.5B | $5.2B |
| Property, plant and equipment | $452M | $470M | $481M | $574M | $566M | $596M | $826M | $1.1B | $1.2B | $1.3B |
| Goodwill | $1.0B | $1.0B | $1.0B | $996M | $1.0B | $1.1B | $1.0B | $1.4B | $1.4B | $1.4B |
| Total assets | $4.5B | $5.1B | $5.3B | $5.6B | $5.8B | $7.0B | $7.7B | $9.1B | $9.4B | $10.1B |
| Total current liabilities | $1.4B | $1.7B | $1.7B | $1.7B | $1.6B | $2.2B | $2.4B | $3.1B | $3.0B | $2.7B |
| Long-term debt | $826M | $808M | $818M | $819M | $818M | $819M | $595M | $598M | $600M | $1.1B |
| Total liabilities | $2.5B | $2.8B | $2.8B | $3.0B | $2.9B | $3.7B | $4.5B | $5.4B | $5.3B | $5.5B |
| Shareholders' equity | $2.0B | $2.3B | $2.5B | $2.6B | $2.9B | $3.4B | $3.2B | $3.7B | $4.2B | $4.5B |
| Net debt | $524M | $384M | $363M | $371M | $240M | -$557M | -$201M | $647M | $757M | $621M |
Cash flow
Fiscal years, from Oshkosh's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $584M | $246M | $436M | $568M | $327M | $1.2B | $601M | $600M | $550M | $783M |
| Capital spending | $92M | $86M | $95M | $148M | $112M | $104M | $270M | $325M | $281M | $165M |
| Free cash flow | $491M | $161M | $341M | $421M | $215M | $1.1B | $332M | $274M | $269M | $618M |
| Stock-based compensation | $19M | $22M | $27M | $29M | $29M | $27M | $29M | $32M | $38M | $38M |
| Dividends paid | $56M | $63M | $71M | $76M | $82M | $90M | $97M | $107M | $120M | $130M |
| Share buybacks (net) | -$106M | -$5M | -$257M | -$357M | -$41M | -$108M | -$155M | -$22M | -$116M | -$278M |
| Net borrowing | — | — | — | — | -$300M | -$5M | -$225M | -$16M | $700,000 | $500M |
| Free cash flow margin | 7.8% | 2.4% | 4.4% | 5.0% | 3.1% | 14.4% | 4.0% | 2.8% | 2.5% | 5.9% |
| Dividends per share | $0.75 | $0.83 | $0.95 | $1.07 | $1.19 | $1.31 | $1.47 | $1.63 | $1.82 | $2.02 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for OSK.
Open OSK in InvestinglyQuestions
What was Oshkosh's revenue in 2025?
$10.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Oshkosh generate?
$618M in fiscal 2025 (operating cash flow minus capital spending).
From Oshkosh's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.