In 1992–93, the team allowed their rivals Stirling Albion to share their stadium Ochilview Park. In the 1993–94 season, the Warriors moved out of the bottom league for the first time, due to the formation of the Scottish Third Division. The mid-90s was one of the club's most successful periods in its history; in 1994–95 they defeated St. Johnstone 4–0 and Aberdeen 2–0, both higher league opposition, en-route to the Scottish Cup quarter finals. In the 1995–96 season, Stenhousemuir won the Scottish Challenge Cup, defeating Dundee United 5–4 on penalties after a goalless 90 minutes and extra time. In the process, reaching their first national semi-final since 1902.