Oshkosh (OSK) Stock Forecast & Price Target

Oshkosh Corporation has demonstrated significant revenue growth across its segments, with delivery vehicle revenues increasing by 37% quarter-over-quarter to $146 million, driven by the introduction of the Next Generation Delivery Vehicle (NGDV), which now constitutes 25% of Transport revenues. The Vocational segment continues to excel, contributing to a substantial backlog of $6.4 billion, reflecting an 8% year-over-year increase, and achieving an impressive adjusted operating profit of $151 million with a margin of 15.6%, up 190 basis points from the previous year. The Transport segment also shows strength with sales of $588 million, marking an 8.8% increase year-over-year and benefiting from improved pricing dynamics, resulting in a notable increase in operating margins.

Oshkosh's adjusted operating margin has decreased to 10.2%, marking a drop of 10 basis points from the previous year, indicating potential operational inefficiencies. The company experienced a significant decline in its Access segment, with adjusted operating income down 42% year-over-year and revenues falling 18.6% to $1.1 billion, largely attributed to lower volumes and increasing sales incentives. Additionally, the 66% year-over-year decline in Access backlog to $721 million and the lowered full-year 2025 adjusted earnings per share guidance further reflect the ongoing challenges within the company’s key segments, suggesting a negative outlook for Oshkosh’s stock performance.