OSHKOSH CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data OSHKOSH CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,279	6,830	7,706	8,382	6,857	7,737	8,282	9,658	10,730	10,422
Cost of revenue	5,223	5,655	6,350	6,865	5,740	6,469	7,228	7,977	8,761	8,603
Gross profit	1,056	1,181	1,359	1,517	1,116	1,268	1,054	1,681	1,969	1,819
Research and development	103	98	99.3	99	104	103	113	134	169	174
Selling, general and administrative	612	665	664	684	621	667	663	810	852	819
Operating expenses	692	711	703	720	632	676	682	843	959	880
Operating income	364	470	656	797	485	592	372	838	1,011	940
Interest expense	60.4	59.8	70.9	54.4	59.3	48.2	53.4	68.6	120	118
Interest income	2.1	4.9	15.3	6.8	7.5	3.5	9.5	14.8	7.6	8.7
Other non-operating income	1.3	-4.1	-5.8	1.3	2.2	-2.1	-52.8	13.8	4.2	11.4
Pre-tax income	307	411	595	751	435	545	276	798	903	842
Income tax	92.4	127	124	171	112	36.4	97.5	190	210	192
Net income	216	286	472	579	322	509	174	598	681	647
EBITDA	493	601	777	912	589	696	480	998	1,211	1,164
EPS, basic	2.94	3.82	6.38
EPS, diluted	2.91	3.77	6.29
Shares, basic (weighted)	73.6	74.7	74	69.8	68.1	68.5	65.7	65.4	65.5	64.2
Shares, diluted (weighted)	74.4	75.8	75	70.6	68.8	69.2	66.1	65.9	65.8	64.6
Dividend per share	0.76	0.84	0.96	1.08	1.20	1.32	1.48	1.64	1.84	2.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	322	447	455	448	583	1,376	806	125	205	480
Receivables	1,022	1,306	1,286	1,082	858	1,017	1,162	1,316	1,255	1,456
Inventory	980	1,198	1,228	1,249	1,505	1,412	1,866	2,132	2,266	2,375
Other current assets	93.9	88.1	66	78.9	60.9	58.2	90.7	93.6	115	103
Total current assets	2,418	3,040	3,270	3,408	3,536	4,562	4,532	4,481	4,528	5,169
Property, plant and equipment	452	470	481	574	566	596	826	1,070	1,217	1,271
Lease right-of-use assets					149	195	209	206	200	196
Goodwill	1,004	1,013	1,008	996	1,010	1,052	1,042	1,416	1,410	1,448
Intangible assets	554	508	469	432	418	467	457	830	778	735
Other non-current assets	87.2	68.4	65.9	156	287	351	321	360	390	423
Total assets	4,514	5,099	5,294	5,566	5,816	7,036	7,729	9,129	9,423	10,072
Accounts payable	466	651	777	796	578	860	1,129	1,215	1,143	1,074
Accrued liabilities	148	192	193	184	151	215	120	243	246	218
Deferred revenue			445	382	491	654	697	707	649	737
Short-term debt	20	23	0		5.2		9.7	175	362	0.6
Total current liabilities	1,368	1,683	1,690	1,742	1,585	2,152	2,429	3,090	2,987	2,664
Long-term debt	826	808	818	819	818	819	595	598	600	1,100
Lease liabilities					109	161	175	178	167	167
Other non-current liabilities	344	301	273	406	562	589	499	519	503	529
Total liabilities	2,537	2,792	2,781	2,967	2,892	3,678	4,543	5,424	5,271	5,542
Total debt	846	828	818	819	818	819	595	598	600	1,100
Paid-in capital	782	802	815	809	801	805	806	823	848	866
Retained earnings	2,177	2,400	2,008	2,505	2,748	3,239	3,315	3,806	4,367	4,884
Treasury stock	-809	-771	-203	-513	-500	-556	-844	-852	-960	-1,227
Other comprehensive income	-175	-125	-107	-202	-198	-131	-92.3	-72	-103	6.4
Shareholders' equity	1,977	2,307	2,514	2,600	2,851	3,358	3,186	3,705	4,152	4,531
Total equity	1,977	2,307	2,514	2,600	2,924	3,358	3,186	3,705	4,152	4,531
Total liabilities and equity	4,514	5,099	5,294	5,566	5,816	7,036	7,729	9,129	9,423	10,072
Shares outstanding							65.5	65.5	64.6	62.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	216	286	472	579	322	509	174	598	681	647
Depreciation and amortization	129	130	121	115	104	104	108	160	200	224
Stock-based compensation	18.7	22.4	26.7	29	29.3	27.2	28.6	31.9	38.1	38
Deferred income tax	-17	7.8	-3.1	10.4	21.5	99.8	-53.5	-160	-17.9	53.2
Change in receivables	-39.6	-213	-130	173	267	-128	-200	-53.4	65.9	-189
Change in inventory	327	-202	-38.6	-111	-243	199	-331	-116	-112	-77.7
Change in payables	-87.6	177	124	12.8	-223	252	332	11.8	-77.3	-28.2
Cash from operations	584	247	436	568	327	1,222	601	600	550	783
Capital expenditures	-92.5	-85.8	-95.3	-148	-112	-104	-270	-325	-281	-165
Acquisitions	0	0				-111	-19.7	-996	-121	-0.9
Purchases of investments					-2.9	-41	-17.4
Cash from investing	-89.2	-65.2	-90.4	-153	-77.6	-246	-300	-1,286	-389	-205
Debt issued								0	1.9	501
Debt repaid					-300	-5.2	-225	-15.8	-1.2
Stock issued	21.7	39.9	16.6	11.3	26.1	42.8	3.1
Share buybacks	-106	-4.8	-257	-357	-40.8	-108	-155	-22.5	-116	-278
Dividends paid	-55.9	-62.8	-71.2	-75.5	-81.8	-90.4	-97.3	-107	-120	-130
Cash from financing	-222	-44.8	-339	-422	-116	-180	-485	3.4	-75.1	-316
Exchange rate effect	6.3	-11.4	0.6
Net change in cash	279	125	7.6	-6.2	135	793	-190	-681	79.5	275
Free cash flow	491	161	341	421	215	1,117	332	274	269	618
Interest paid	54.7	57.1	55.7	53.6	55.9	45.2	49.6	60	112	98.5
Income taxes paid	117	130	100	118	157	154	6.5	162	399	160

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $132.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	16.6%	Gross profit / revenue.
Operating margin	8.1%	Operating income / revenue.
EBITDA margin	10.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.2%	Pre-tax income / revenue.
Net margin	5.5%	Net income / revenue.
FCF margin	8.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.8%	Cash from operations / revenue.
Effective tax rate	22.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.8%	Net income / average total assets.
Return on invested capital (ROIC)	13.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.6%	Research and development expense / revenue.
SG&A / revenue	7.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	36.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	34.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-5.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	55.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	42.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	129.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	23.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	11.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.63x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.0%	Total debt / total assets.
Liabilities / assets	55.2%	Total liabilities / total assets.
Net debt	$350.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.33x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.03x	Operating income / interest expense.
Working capital	$1.98B	Current assets - current liabilities.
Goodwill and intangibles / assets	21.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.05x	Revenue / average total assets.
Fixed asset turnover	8.35x	Revenue / average property, plant and equipment.
Inventory turnover	3.46x	Cost of revenue / average inventory.
Days inventory	106 days	365 x average inventory / cost of revenue.
Receivables turnover	6.94x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	117 days	Days inventory + days sales outstanding - days payables.
FCF conversion	144.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$164.73	Revenue / diluted weighted shares.
FCF per share	$13.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.07	Cash from operations / diluted weighted shares.
Book value per share	$71.45	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$36.87	Tangible book value / shares outstanding.
Cash per share	$4.00	(Cash + short-term investments) / shares outstanding.
Payout ratio	23.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	15.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	35.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.20B	Share price x shares outstanding.
Enterprise value	$8.55B	Market cap + total debt - cash - short-term investments.
P/E	14.2x	Market cap / net income. Only when net income is positive.
P/S	0.79x	Market cap / revenue.
P/B	1.84x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.56x	Market cap / tangible book value, when positive.
P/FCF	9.80x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.06x	Market cap / cash from operations, when positive.
EV/Sales	0.82x	Enterprise value / revenue.
EV/EBIT	10.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.93x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.2%	Free cash flow / market cap.
Earnings yield	7.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.6%	Dividends paid over the period / market cap.
Shareholder yield	5.2%	(Dividends paid + share buybacks) / market cap.

What was OSHKOSH CORP's revenue in fiscal 2025?

OSHKOSH CORP reported revenue of $10.42B for fiscal 2025, 2.9% lower than the year before.

Was OSHKOSH CORP profitable in fiscal 2025?

Yes. Net income was $647.0M, a net margin of 6.2%.

How much free cash flow did OSHKOSH CORP generate in fiscal 2025?

Cash from operations of $783.4M minus capital expenditures of $165.4M left free cash flow of $618.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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