Oshkosh Corporation Poised for Solid Revenue Growth and Margin Expansion
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1 This news release refers to GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. Oshkosh Corporation believes that the non-GAAP measures provide investors a useful comparison of the Company's performance to prior period results. These non-GAAP measures may not be comparable to similarly titled measures disclosed by other companies. A reconciliation of the Company's presented non-GAAP measures to the most directly comparable GAAP measures can be found under the caption 'Non-GAAP Financial Measures' in this news release.
2 Net cash provided by operating activities less additions to property, plant and equipment, divided by net income.
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'At Oshkosh, we are harnessing the strength of our industry-leading brands and advanced technologies to support everyday heroes across the globe,' said John Pfeifer, president and chief executive officer of Oshkosh Corporation. 'With a strong foundation and a clear vision, we are targeting strong revenue and adjusted EPS growth over the next three years. This reflects our confidence in the business, underpinned by a robust backlog and sustained demand across our end markets.
We are executing our Innovate. Serve. Advance. strategy to drive revenue growth and transform our margins. Driven by our purpose of making a difference in people's lives, we are focused on delivering innovation that moves the world forward.'
Revenue growth target supported by executing existing contracts and backlog: multi-year backlogs and existing contracts in the Company's Vocational and Transport segments support approximately 50% of targeted revenue growth in 2028. Oshkosh is poised to capitalize on key industry trends and expects solid, long-term demand for its industry-leading products to drive success.
A path to transformative margin expansion: actions taken during the past few years are transforming Oshkosh's margin profile. The Company expects updated, sole-source contracts and new product launches in the Transport segment to support improved profitability. Additionally, Oshkosh is implementing cost reduction initiatives and enhancing operational efficiency through autonomous technologies that leverage artificial intelligence to improve throughput companywide. The Company continues to invest in customer-centric product innovations as it plans to reinforce and grow its leading positions on the journey toward achieving its 2028 targets.
Increased portfolio resilience: Oshkosh is growing strong resilient segments to support balanced returns. In 2028, Oshkosh expects the Vocational segment's contribution to adjusted operating income to be on par with its Access segment. The delivery vehicle business is also growing, and defense margins are expected to improve with new economic price adjustment provisions. The Company recently renamed its Defense segment to the Transport segment to better reflect its broader scope of business.
Cash generation and capital management: after a period of elevated new product and capital spending, the Company expects to generate significant free cash flow and attractive free cash flow conversion. Oshkosh employs disciplined capital allocation while reinvesting organically in its businesses. The Company is committed to returning cash to shareholders through dividends and share repurchases. As of March 31, 2025, the Company had 9.9 million shares available for repurchase under the current authorization.
A replay of the live webcast and supporting documents can be found here: oshkosh-2025-investor-day
About Oshkosh Corporation
At Oshkosh (NYSE: OSK), we make innovative, mission-critical equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs over 18,000 team members worldwide, all united behind a common purpose: to make a difference in people's lives. Oshkosh products can be found in more than 150 countries under the brands of JLG ®, Pierce ®, MAXIMETAL, Oshkosh ® S-Series™, McNeilus ®, IMT ®, Jerr-Dan ®, Frontline™ Communications, Oshkosh ® Airport Products, Oshkosh AeroTech™, Oshkosh ® Defense and Pratt Miller. For more information, visit oshkoshcorp.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
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Forward-looking Statements
This news release relates to the Company's 2025 Investor Day at which the Company is discussing the Company's strategy, financial targets and capital allocation priorities, its plans for growth in revenues, margin expansion and advancements in technology, and its investment thesis (its '2028 Targets'). The Company intends that all statements in this news release concerning the 2028 Targets, including without limitation the Company's financial targets for 2028; its plans to evolve its product portfolio; growth trends and drivers; its strategic and capital allocation priorities; its plans, objectives and expectations; future financial and other results it seeks to attain; its competitive advantages; the new product introductions it contemplates and anticipated revenues from new products; financial pillars; takeaways and messages; its cost reduction plans; its capacity expansion plans; its expectations concerning free cash flow; its resilience; its investment strategy; its M&A strategy; and its views of market opportunities and benefits and other matters resulting from the 2028 Targets, are statements that the Company believes to be 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Without limitation, when used in this news release, words such as 'may,' 'will,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'believe,' 'should,' 'project,' 'confident,' 'executing,' 'building,' 'improving,' 'advancing,' 'expanding,' 'trends,' 'positioned,' or 'plan' or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Similarly, references in the strategy circle that appears in this news release to diversified growth, healthy margins and disciplined capital allocation are intended to be forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company's access equipment, fire apparatus, refuse and recycling collection and air transportation equipment markets, which are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company's estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the impact of orders and costs on the U.S. Postal Service contract; risks that a trade war and related tariffs could reduce the demand for or competitiveness of the Company's products or cause inefficiencies in the Company's supply chain; the Company's ability to increase prices to raise margins or to offset higher input costs; the Company's ability to accurately predict future input costs associated with Defense contracts; the Company's ability to attract and retain production labor in a timely manner; the Company's ability to realize the anticipated benefits associated with the AeroTech acquisition; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the impact of severe weather, war, natural disasters or pandemics that may affect the Company, its suppliers or its customers; the Company's ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government; budget uncertainty for the U.S. federal government, including risks of future budget cuts, the impact of continuing resolution funding mechanisms and the potential for shutdowns; the impact of any U.S. Department of Defense solicitation for competition for future contracts to produce military vehicles; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company's products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company's ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company; the Company's ability to successfully identify, complete and integrate other acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company's ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company's filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this news release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this news release to reflect subsequent events or circumstances. In particular: The statements in this news release relate to the Company's goals, targets and objectives regarding the 2028 Targets and potential results from the 2028 Targets. While many statements use language that might imply a level of certainty about the likelihood that the Company will attain these goals, targets and objectives, it is possible that the Company will not attain them in the timeframe noted or at all. By their nature, the risk and uncertainty associated with these goals, targets and objectives are greater than that associated with near-term guidance and should not be construed as guidance. Therefore, investors should construe these statements regarding the 2028 Targets only as goals, targets and objectives rather than promises of future performance or absolute statements.
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accounting principles in the United States of America (GAAP). The Company is presenting various estimates on a basis excluding items that affect comparability of results. When the Company excludes certain items as described below, they are considered non-GAAP financial measures. The Company believes excluding the impact of these items is useful to investors in comparing the Company's performance to prior period results. However, while adjusted operating income and adjusted earnings per share exclude amortization of purchased intangibles, revenue and earnings of acquired companies are reflected in adjusted operating income and adjusted earnings per share and intangible assets contribute to the generation of revenue and earnings. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's results prepared in accordance with GAAP. The table below presents a reconciliation of the Company's presented non-GAAP measures to the most directly comparable GAAP measures:
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