OSHKOSH CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions)
Year Ended December 31,
2025
2024
2023
Operating activities: Net income
$
647.0 $
681.4 $
598.0 159.9
Depreciation and amortization Intangible asset impairments Stock-based incentive compensation
224.1
200.1
5.7
51.6 38.1
—
38.0 53.2
31.9
Deferred income taxes
(17.9)
(160.4)
Other non-cash adjustments
(15.1)
3.2
9.5
Changes in operating assets and liabilities: Receivables, net
(188.8) (66.1) (77.7) (28.2)
65.9
(53.4) (131.2) (116.1)
Unbilled receivables, net
135.0
Inventories
(112.4) (77.3) (94.1) (169.0) (131.9) (21.9) (0.7) (406.4)
Accounts payable Customer advances
11.8
155.9
157.0 109.0 215.3
Payroll-related obligations Income taxes payable Deferred contract costs
(30.2) (21.6)
17.1 70.1
(294.8)
Other operating assets and liabilities
63.1
Total changes in operating assets and liabilities
(169.5)
(39.3)
Net cash provided by operating activities
783.4
550.1
599.6
Investing activities: Additions to property, plant and equipment Additions to equipment held for rental Acquisition of businesses, net of cash acquired Proceeds from sale of businesses, net of cash sold
(165.4) (46.4)
(281.0)
(325.3)
(7.3)
(4.6)
(0.9)
(121.3)
(995.8)
—
7.0
32.6
Other investing activities
7.8
13.8
7.5
Net cash used in investing activities
(204.9)
(388.8)
(1,285.6)
Financing activities: Proceeds from revolving credit facilities Repayments of revolving credit facilities
3,239.0 (3,599.0)
4,325.5 (4,140.5)
1,616.5 (1,451.2)
Proceeds from issuance of debt
500.5
1.9
—
Dividends paid
(130.4) (278.0) (48.0) (315.9)
(120.0) (116.0) (26.0)
(107.2) (22.5) (32.2)
Repurchases of Common Stock
Other financing activities
Net cash provided by (used in) financing activities
(75.1)
3.4 2.1
Effect of exchange rate changes on cash and cash equivalents
12.3
(6.7)
Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period
274.9 204.9
79.5
(680.5)
125.4
805.9 125.4
$
479.8 $
204.9 $
Supplemental disclosures: Cash paid for interest
$
98.5 $
112.4 $
60.0
Sale of equipment held for rental - noncash Property, plant and equipment additions - noncash
29.0 18.7
—
—
31.6
58.6
The accompanying notes are an integral part of these financial statements.
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