Oshkosh Corp. missed earnings estimates in Q4 2025, lowering 2026 guidance and dropping stock, despite strong revenue and backlog.

Oshkosh Corp. reported fourth-quarter 2025 adjusted earnings of $2.26 per share, missing estimates by 3% to 6%, while revenue rose 3.5% to $2.69 billion, exceeding forecasts. The company issued full-year 2026 adjusted EPS guidance of $11.50, below analyst expectations, contributing to a 2.7% stock decline. Despite a strong five-year EPS growth trend and a $14.18 billion backlog, weaker profitability and EBITDA misses fueled investor concern, though revenue and long-term growth prospects remain solid.