OSK · Oshkosh Corporation

0001193125-26-214298

Summary

Q1 results showed revenue up 21.6% to $2.3B but sharply declining profitability, with gross profit down 22.0% to $311.9M and operating income down 53.2% to $82.0M, driven by unfavorable sales mix, higher tariff-related material costs, and manufacturing overhead pressures.

Key takeaways

Revenue increased 21.6% to $2.3B from $2.3B in Q1 FY2025, reflecting pricing gains that offset volume declines in key segments.
Operating income fell 53.2% to $82.0M from $175.4M, mainly from unfavorable sales mix, higher manufacturing overhead, and lower sales volume.
Net income decreased 61.6% to $43.1M from $112.2M, reflecting the broader profitability pressures across segments.
Operating cash use improved to -$161M from -$395M, supported by disciplined working capital management amid seasonal inventory build.
Capital expenditures declined to $28M from $40M, prioritized for capacity and strategic investments while monitoring liquidity.

Full analysis

Net income fell 61.6% to $43.1 million from $112.2 million, underscoring the flow-through impact of these segment-specific and consolidated headwinds. A substantial majority of net sales derive from customer orders received prior to production, providing backlog visibility but exposing results to mix and cost volatility in the current environment.