A reciprocating saw generally includes a housing and a motor supported by the housing. A spindle is mounted for reciprocation relative to the housing, the spindle having a front end for supporting a saw blade and being movable through a cutting stroke and a return stroke, and the cutting stroke may have a stroke length. A rotary member may be supported for rotation about a rotary axis. The saw may further include an adjusting assembly operable to adjust the stroke length of the spindle. Also, the saw may include a counterweight supported for movement relative to the housing, a movement of the counterweight substantially balancing at least a portion of movement of the spindle, and an adjusting assembly operable to adjust the movement of the counterweight.