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Oshkosh cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$275M in Q3 2026 · $974M over twelve months

Operating cash flow$320M
Capital spending−$45.2M
Free cash flow+$275M
Cash / net income2.3×
Cash conversion cycle101 days

Analysis

In Q3 2026, Oshkosh generated $320M of operating cash flow and spent $45.2M on capital projects, leaving free cash flow of $275M. That is $175M less than in Q3 2025 ($450M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were buybacks ($340M), capital spending ($160M), dividends ($138M); besides operations, cash came from other investing ($11.2M); the cash balance rose by $346M.

Operating cash flow was $320M against net income of $138M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$62.8M, stock-based pay +$12.0M, other non-cash +$10.1M.

Its cash conversion cycle was 101 days (receivables 53 + inventory 88 − payables 40).

Free cash flow

Oshkosh: free cash flow by quarterOshkosh: free cash flow by quarter$702MQ4 2024−$440MQ1 2025$34.9MQ2 2025$450MQ3 2025$526MQ4 2025−$191MQ1 2026$348MQ2 2026$275MQ3 2026
Operating cash flow less capital spending.
Oshkosh: operating cash flow against capital spendingOshkosh: operating cash flow against capital spendingOperating cash flowCapital spending$791M$88.7MQ4 2024−$395M$44.7MQ1 2025$89.2M$54.3MQ2 2025$489M$38.9MQ3 2025$600M$73.9MQ4 2025−$161M$29.6MQ1 2026$374M$26.7MQ2 2026$320M$45.2MQ3 2026
Latest (Q3 2026): Operating cash flow $320M, Capital spending $45.2M.

Capital allocation, year by year

Oshkosh: where the cash came from (up) and went (down), by fiscal yearOshkosh: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2022: Operating cash flow $601MFY2022: Net borrowing −$204MFY2022: Shares issued $3.1MFY2022: Capital spending −$280MFY2022: Acquisitions −$19.7MFY2022: Buybacks −$155MFY2022: Dividends −$97.3M$604MFY2022FY2023: Operating cash flow $600MFY2023: Net borrowing $165MFY2023: Asset sales $32.6MFY2023: Capital spending −$330MFY2023: Acquisitions −$996MFY2023: Buybacks −$22.5MFY2023: Dividends −$107M$798MFY2023FY2024: Operating cash flow $550MFY2024: Net borrowing $187MFY2024: Asset sales $7.0MFY2024: Capital spending −$288MFY2024: Acquisitions −$121MFY2024: Buybacks −$116MFY2024: Dividends −$120M$744MFY2024FY2025: Operating cash flow $783MFY2025: Net borrowing $140MFY2025: Capital spending −$212MFY2025: Acquisitions −$900KFY2025: Buybacks −$278MFY2025: Dividends −$130M$924MFY2025
Over these 4 years operating cash flow totalled $2.5B; the largest uses were acquisitions ($1.1B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$558M
Debt$1.1B
Net debt$543M

Oshkosh funds itself: free cash flow was $974M over the last twelve months, and $558M of cash and investments stands against $1.1B of debt.

Where the cash came from and went

Oshkosh: sources (+) and uses (−) of cash, Q3 2026Oshkosh: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$320MCash drawn (+) / kept (−)−$154MBuybacks−$82.4MCapital spending−$45.2MDividends−$35.2MOther investing$7.3MOther financing−$6.9MNet borrowing (+) / repaid (−)−$1.8MExchange rates−$1.3M
Oshkosh: sources (+) and uses (−) of cash, TTM to Q3 2026Oshkosh: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.1BCash drawn (+) / kept (−)−$346MBuybacks−$340MCapital spending−$160MDividends−$138MNet borrowing (+) / repaid (−)−$104MOther financing−$53.4MOther investing$11.2MExchange rates−$2.3M

From profit to cash

Oshkosh: net income to operating cash flow, Q3 2026Oshkosh: net income to operating cash flow, Q3 2026Net income$138MDepreciation & amortization$62.8MStock-based pay$12.0MOther non-cash$10.1MOperating cash flow$320M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026538840101
Q2 2026499037102
Q1 20265711046121
Q4 2025509841107
Q3 20255110340113
Q2 20254910340112
Q1 20255211250114
Q4 2024509847101

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$320M−$45.2M—−$82.4M−$35.2M−$1.8M−$154M$275M
Q2 2026$374M−$26.7M—−$91.6M−$35.4M−$44.0M−$153M$348M
Q1 2026−$161M−$29.6M—−$47.3M−$35.6M$45.8M$230M−$191M
Q4 2025$600M−$73.9M—−$119M−$32.1M−$104M−$268M$526M
Q3 2025$489M−$38.9M—−$90.6M−$32.6M−$292M−$20.1M$450M
Q2 2025$89.2M−$54.3M—−$40.0M−$32.8M$21.0M$18.6M$34.9M
Q1 2025−$395M−$44.7M−$900K−$28.7M−$32.9M$516M−$5.4M−$440M
Q4 2024$791M−$88.7M−$500K−$50.4M−$29.9M−$575M−$44.0M$702M

Oshkosh: income statement and cash flow

Oshkosh, Q3 2026: revenue $2.8B (+6% year over year), operating margin 6.9%. The chart follows the revenue to costs, profit and cash.

Oshkosh: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.