• The 3M (MMM) of heavy-duty, specialized vehicles.
• Like Caterpillar (CAT), but for specialized military, emergency, and industrial vehicles.

• Aerial Work Platforms & Telehandlers: Equipment used for lifting personnel and materials in construction, industrial, and maintenance applications.
• Towing & Recovery Equipment: Vehicles and systems designed for towing and recovering other vehicles.
• Tactical Wheeled Vehicles: Heavy, medium, and light military vehicles provided to the department of defense.
• Fire & Emergency Vehicles: A wide range of custom and commercial vehicles including pumpers, aerial platforms, rescue vehicles, aircraft rescue and firefighting vehicles, and other emergency response vehicles.
• Commercial Concrete Mixers: Front- and rear-discharge vehicles for the concrete ready-mix industry.
• Refuse Collection Vehicles: Trucks and related components used for waste collection by commercial and municipal haulers.
• Field Service Vehicles & Truck-Mounted Cranes: Specialized vehicles and equipment for on-site service and material handling across various industries.
• Financing Services: Offers rental fleet loans and leases, along with floor plan and retail financing for its equipment.
• Equipment Installation & Parts: Services for equipment installation and sales of chassis and service parts.

Oshkosh Corporation (OSK) primarily sells its specialty vehicles and equipment to other companies and governmental entities rather than directly to individuals. Its major customers include:

• United States Department of Defense: A significant customer for Oshkosh's Defense segment, purchasing heavy, medium, and light tactical wheeled vehicles and related services.
• Rental Companies: Major purchasers of aerial work platforms and telehandlers from the Access Equipment segment for their rental fleets. Examples of large public rental companies include United Rentals (URI).
• Waste Management Companies and Municipalities: Key customers for refuse collection vehicles and related components from the Commercial segment. Examples of large public waste management companies include Waste Management (WM) and Republic Services (RSG).
• Municipalities (Fire & Emergency Services): Major buyers of custom and commercial firefighting vehicles, emergency vehicles, and snow removal equipment from the Fire & Emergency segment.

John C. Pfeifer, President and Chief Executive Officer

Mr. Pfeifer has served as President and Chief Executive Officer of Oshkosh Corporation since April 2021, having joined the company in 2019 and previously holding the role of President and Chief Operating Officer from May 2020 to April 2021. Prior to his time at Oshkosh, he spent 13 years with Brunswick Corporation, where he was most recently the Senior Vice President and President of Mercury Marine. His tenure at Brunswick also included leadership roles as President of Brunswick Marine in Europe, the Middle East and Africa, and President of the Brunswick Asia Pacific Group. Earlier in his career, Mr. Pfeifer held executive and general management positions with ITT Corporation and Milacron, Inc. He currently serves on the boards of James Hardie Industries plc, Froedtert ThedaCare Health, Inc., the National Exchange Bank and Trust, and the National Association of Manufacturers.

Matthew Field, Executive Vice President and Chief Financial Officer

Mr. Field was appointed Executive Vice President and Chief Financial Officer of Oshkosh Corporation, effective December 16, 2024. Before joining Oshkosh, he served as CFO and Treasurer of Joby Aviation, where he led financial and accounting support for the company's public listing through a $1.1 billion merger with a special purpose acquisition company (SPAC) in 2021. Prior to Joby Aviation, Mr. Field spent more than two decades at Ford Motor Company, holding senior finance roles including CFO for North America and Corporate General Auditor.

Jay Iyengar, Executive Vice President and Chief Technology and Strategic Sourcing Officer

Ms. Iyengar joined Oshkosh Corporation in January 2022 as Executive Vice President and Chief Technology and Strategic Sourcing Officer, responsible for the company's vision and strategy for leading-edge technologies and global strategic sourcing activities. She brings over 30 years of diverse industry experience across automotive, aerospace, diversified industrial, agricultural, and heavy-duty vehicle markets. Prior to Oshkosh, Ms. Iyengar served as Chief Technology and Quality Officer at CNH Industrial, and held roles as Senior Vice President, Chief Innovation and Technology Officer for Xylem, Inc., and Group Vice President, Engineering and Technology for Eaton Corporation's Aerospace Group.

Ignacio Cortina, Executive Vice President, Chief Legal and Administrative Officer

Mr. Cortina has served as Executive Vice President, Chief Legal and Administrative Officer of Oshkosh Corporation since November 2024, and previously as Executive Vice President, Chief Legal Officer and Secretary from 2023 to 2024, and Executive Vice President, General Counsel and Secretary from 2015 to 2023. He joined Oshkosh Corporation in 2003 and has held various roles of increasing responsibility. Before joining Oshkosh, Mr. Cortina was in private practice in Washington, D.C. He currently serves on the board for Alliant Energy Corporation, the Fox Valley Technical College Foundation, and the Fox Cities Performing Arts Center.

Mahesh Narang, Executive Vice President and President, Access

Mr. Narang was appointed Executive Vice President and President, Access, at Oshkosh Corporation in November 2023. In this role, he is responsible for leading all aspects of the company's Access segment, which includes JLG and Jerr-Dan. Prior to joining Oshkosh, Mr. Narang served as Vice President and President of Components at Cummins Inc. from 2021 to October 2023, where he developed strategic direction and led operational aspects of the global Components business, including leading the acquisition and integration of several companies. He held various cross-functional positions of increasing responsibility during his long career at Cummins, starting in 2003.

1. Dependence on Cyclical Markets and Government Contracts: Oshkosh Corporation's business, particularly its Access Equipment, Fire & Emergency, and Defense segments, is highly susceptible to cyclical economic conditions, construction spending, and fluctuations in government budgets and contracts. Downturns in these markets or shifts in government priorities and spending can significantly reduce sales and profitability across multiple segments. For instance, a substantial portion of the company's revenue is derived from U.S. government contracts, exposing it to political risks and potential reductions or reallocations of defense spending. The performance under specific large contracts, such as the USPS contract, also carries uncertainties, including potential order reductions, production delays, and higher-than-expected costs.

2. Supply Chain Disruptions and Tariffs: The company faces ongoing operational risks related to its supply chain, including challenges in expanding manufacturing capacity, which may incur higher costs or take longer than anticipated. Specifically, tariffs on key components like steel and, more recently, Chinese battery imports, pose a significant financial headwind. Oshkosh anticipates these tariffs to total approximately $200 million in 2026, a substantial increase from 2025, and aims to offset this impact by year-end 2026, partly through localizing battery production. These issues can lead to increased production costs and potential delays in product delivery.

3. Declining Backlog and Increased Competition: Oshkosh has experienced declines in its backlog, indicating a slowdown in new orders over recent periods. This trend suggests a potential for increasing competition or market saturation in some of its operating segments, particularly Access. A sustained decline in backlog can directly impact future revenue streams and signal challenges in securing new business, potentially affecting long-term growth prospects and profitability.

Oshkosh Corporation (OSK) operates in several specialty vehicle markets. The addressable market sizes for its main products and services are outlined below:

Access Equipment Segment

• Aerial Work Platforms: The global aerial work platform market size was valued at USD 20.7 billion in 2024 and is projected to reach USD 44.59 billion by 2033. North America held the largest market share, at 38.13% in 2025.
• Telehandlers: The global telehandler market size was valued at USD 7.1 billion in 2024 and is anticipated to increase to USD 10.8 billion by 2035. In 2022, North America dominated the market, exceeding 35.0% of the market share.

Defense Segment

• Heavy, Medium, and Light Tactical Wheeled Vehicles: The global military land vehicles market, which includes tactical trucks, was valued at USD 17.3 billion in 2024 and is expected to reach USD 34.6 billion by 2033. More specifically, the wheeled military armored vehicle market was estimated at USD 5.45 billion in 2025 and is expected to reach USD 12.45 billion by 2032.

Fire & Emergency Segment

• Custom and Commercial Firefighting Vehicles and Equipment: The global firefighting vehicles market size was valued at USD 11.42 billion in 2024 and is anticipated to reach USD 15.75 billion by 2032. Europe holds 29% of the global market, while North America holds 34% of the global market.
• Aircraft Rescue and Firefighting (ARFF) Vehicles: The global Aircraft Rescue and Firefighting Vehicles Market was valued at USD 51.2 billion in 2023 and is expected to reach USD 79.9 billion by 2033. North America currently dominates this market.
• Other Emergency Response Vehicles (e.g., rescue vehicles, mobile command centers): The global emergency ambulance vehicle market, representing a broader category of emergency response vehicles, was valued at USD 43.8 billion in 2023 and is projected to reach USD 103.9 billion by 2033. North America was the largest market for emergency ambulance vehicles, holding a 37.60% share in 2021.

Commercial Segment

• Front-and Rear-Discharge Concrete Mixers: The global concrete mixer market size was valued at USD 5.96 billion in 2025 and is estimated to grow to USD 8.91 billion by 2031. Asia-Pacific accounted for 44.16% of global revenue in 2025.
• Refuse Collection Vehicles: The global garbage collection vehicle market size was 15.1 billion USD in 2024 and is anticipated to increase to 27.7 billion USD by 2035. The Asia Pacific region was the global leader in 2024, holding a 40% market share.
• Field Service Vehicles and Truck-Mounted Cranes: The global truck-mounted cranes market was valued at USD 2.7 billion in 2025 and is estimated to grow to USD 28.7 billion by 2036. Asia Pacific held the largest share in 2024.

Oshkosh Corporation (OSK) is expected to drive future revenue growth over the next two to three years through a combination of strong backlogs, the ramp-up of key programs, and strategic technological advancements.

Here are 4 expected drivers of future revenue growth:

1. Robust Backlog and Execution in Vocational and Transport Segments: Oshkosh benefits from a significant backlog, particularly in its Vocational segment, which includes municipal fire apparatus and airport products, and its Transport segment. This strong order book provides multi-year revenue visibility, with existing contracts and backlogs supporting approximately 50% of targeted revenue growth by 2028.
2. Ramp-up of Next Generation Delivery Vehicles (NGDV): The ongoing production and delivery of Next Generation Delivery Vehicles (NGDV) for the United States Postal Service (USPS) within the Transport segment is a critical growth driver. This program has already shown significant delivery vehicle revenue growth and is a key focus for future sales.
3. Strategic Investments in Advanced Technologies: Oshkosh is actively investing in and integrating advanced technologies such as electrification, autonomy, and artificial intelligence (AI) across its product portfolio. These innovations, including electric Aircraft Rescue and Fire Fighting (ARFF) vehicles and robotic access concepts, are designed to enhance differentiation, meet evolving market demands, and drive long-term revenue streams by providing safer, smarter, and more sustainable solutions.
4. Growth in International Defense Sales: While the domestic Joint Light Tactical Vehicle (JLTV) program is winding down, international sales within the Defense segment are expected to contribute to revenue growth. These international contracts help offset the decline from domestic programs and represent an expanding business scope.

Share Repurchases

• Oshkosh Corporation repurchased $278 million in shares in 2025.
• In the fourth quarter of 2025, the company repurchased 911,873 shares of common stock for $118.7 million.
• A long-running share repurchase program, totaling approximately $1.57 billion since 2015, was confirmed complete alongside the Q4 2025 results.

Inbound Investments

• Capital Research Global Investors acquired 489,134 shares of Oshkosh stock, valued at approximately $63.44 million, in the third quarter (most recent disclosure).
• Norges Bank purchased a new position in the second quarter valued at approximately $98.57 million.
• American Century Companies Inc. raised its stake in Oshkosh by 22.8% in the second quarter, owning 2,858,787 shares worth $324.587 million.

Outbound Investments

• Oshkosh Corporation has invested in Eatron® Technologies.

Capital Expenditures

• Capital expenditures for the last 12 months (ending December 31, 2025) were -$211.80 million.
• Expected capital expenditures for 2026 are approximately $200 million.
• The primary focus of capital expenditures includes ramping up Next Generation Delivery Vehicle (NGDV) production and investing in additional U.S. fire truck production to meet customer demand, alongside capacity investments and operational improvements in the Vocational segment.