It has been about a month since the last earnings report for Oshkosh (OSK). Shares have added about 3.2% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Oshkosh due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Oshkosh Corporation before we dive into how investors and analysts have reacted as of late.
Oshkosh Q3 Earnings Top Expectations
Oshkosh reported third-quarter 2025 adjusted earnings of $3.20 per share, beating the Zacks Consensus Estimate of $3.12. The bottom line also surpassed $2.93 recorded in the year-ago quarter. Consolidated net sales fell 1.9% year over year to $2.69 billion. The top line also missed the Zacks Consensus Estimate of $2.82 billion.
Segmental Details
Access: Access segment sales declined 18.6% year over year to $1.11 billion, primarily due to lower sales volume in North America and higher discounts. The metric also missed the Zacks Consensus Estimate of $1.18 billion.
Operating income decreased 43.2% year over year to $118 million, representing 10.6% of sales compared with 15.2% in the prior-year quarter, primarily due to reduced volume and discounts. The metric also missed the Zacks Consensus Estimate of $126 million.
Vocational: This segment posted an 18.9% year-over-year increase in sales to $968 million, driven by higher production rates and improved pricing. The metric also beat our estimate of $955 million.
Operating income increased 42.3% to $141.7 million, representing 14.6% of sales compared with 12.2% a year earlier. This rise was supported by higher volume and favorable pricing. The metric, however, missed our estimate of $144 million.
Transport: Transport segment recorded an 8.8% rise in sales to $587.9 million, benefiting from the ramp-up of the U.S. Postal Service’s Next Generation Delivery Vehicle production, higher international tactical wheeled vehicle sales and a one-time intellectual property (IP) license to the U.S. government. This metric, however, missed our estimate of $640 million.
Operating income surged 226.8% to $36.6 million, or 6.2% of sales compared with 2.1% of sales a year earlier, reflecting the IP license income and improved pricing. The metric, however, missed our estimate of $40.05 million.
Financials
Oshkosh had cash and cash equivalents of $211.8 million as of Sept. 30, 2025, compared with $204.9 million as of Dec. 31, 2024. The company recorded a long-term debt of $1.09 billion, up from $599.5 million as of Dec. 31, 2024.
OSK declared a quarterly cash dividend of 51 cents per share. The dividend will be paid out on Dec. 1, 2025, to its shareholders on record as of Nov. 17, 2025.
2025 Guidance Revised
The company now expects its 2025 adjusted earnings per share to be between $10.50 and $11 compared with previous guidance of $11. Full-year net sales are projected to be between $10.3 billion and $10.4 billion, down from the prior estimate of $10.6 billion.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted -10.29% due to these changes.
VGM Scores
At this time, Oshkosh has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Oshkosh has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry Player
Oshkosh belongs to the Zacks Automotive - Domestic industry. Another stock from the same industry, Paccar (PCAR), has gained 6.2% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.
Paccar reported revenues of $6.11 billion in the last reported quarter, representing a year-over-year change of -20.7%. EPS of $1.12 for the same period compares with $1.85 a year ago.
For the current quarter, Paccar is expected to post earnings of $1.05 per share, indicating a change of -36.8% from the year-ago quarter. The Zacks Consensus Estimate has changed -3.5% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #4 (Sell) for Paccar. Also, the stock has a VGM Score of B.
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Oshkosh Corporation (OSK): Free Stock Analysis Report PACCAR Inc. (PCAR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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