Oshkosh Corp. (OSK) Issues Guidance and Update on Growth Strategy

Oshkosh Corporation (NYSE: OSK), a leading innovator of purpose-built vehicles and equipment, shared its strategy for growth and 2028 financial targets at its Investor Day held June 5, 2025. The Company announced the following 2028 consolidated financial targets:

• $13 billion-$14 billion revenue
• 12%-14% adjusted1 operating income margin
• $18.00-$22.00 adjusted1 earnings per share
• 90%+ free cash flow conversion2 across the cycle

“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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