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Oshkosh: The High-Automation Plant Ramp—What’s the Real Margin Upside From This Manufacturing Overhaul?

Oshkosh Corporation recently released its third-quarter 2025 financial results, reflecting both strengths and challenges in its operations. The company reported an adjusted operating margin of 10.2% on revenues of $2.7 billion, resulting in an adjusted earnings per share (EPS) of $3.20, which represented a 9.2% increase over last year. These results underscore solid performance across its segments, although challenges in demand led to slightly lower revenue expectations for its Access and Transport segments. In terms of positives, Oshkosh Corporation continues to benefit from strong operating income margins, particularly in its Vocational segment, which achieved significant sales growth driven by improved throughput and robust orders for Pierce fire trucks and AeroTech products. The Transport segment also saw improvement, benefiting from both a software intellectual property license sale and higher international defense vehicle sales. However, Oshkosh is also navigating several challenges.