A reciprocating saw including a housing, a motor supported by the housing, a spindle mounted for reciprocation relative to the housing and having a front end for supporting a saw blade, the spindle being movable through a cutting stroke and a return stroke, the cutting stroke having a stroke length, and a pivot body interconnecting the spindle and the motor. The position of the pivot axis of the pivot body may be movable relative to the housing to change the stroke length of the spindle. A shock absorber may be operatively positioned between the motor and the front end of the spindle and may be at least partially mounted within the spindle.