Oshkosh Corp
NYSE:OSK
Oshkosh Corp
In the bustling world of specialized industrial manufacturing, Oshkosh Corporation has carved out a robust niche, evolving from its humble beginnings in Oshkosh, Wisconsin, to becoming a powerhouse in the production of heavy-duty vehicles and equipment. Founded in 1917, the company made its mark with innovations in four-wheel-drive technology, setting a precedent for durable and reliable performance. Over the decades, Oshkosh has strategically expanded its reach across defense, access equipment, fire and emergency, and commercial segments, ensuring a steady stream of diversified income. This diversification acts as a stabilizing force, insulating the company from sector-specific downturns while allowing it to capitalize on expansive markets such as defense contracts and construction equipment.
Oshkosh's revenue engine is powered by its strong commitment to producing high-quality, mission-critical vehicles and equipment, which serve a variety of industries. In defense, Oshkosh Defense is renowned for designing and manufacturing military vehicles, including the Joint Light Tactical Vehicle (JLTV), which meets rigorous demands for security and adaptability. Likewise, its access equipment segment, led by the JLG brand, supplies leading edge aerial work platforms and telehandlers that are indispensable to construction firms worldwide. The company’s expertise in customization and engineering prowess ensures that Oshkosh remains highly valuable to its clients, enabling the corporation to maintain significant market share across its diverse business lines. Through a blend of innovation and strategic acquisitions, Oshkosh continues to hone its competitive edge, securing its position as an indispensable player in the field of specialty vehicles and equipment.
In the bustling world of specialized industrial manufacturing, Oshkosh Corporation has carved out a robust niche, evolving from its humble beginnings in Oshkosh, Wisconsin, to becoming a powerhouse in the production of heavy-duty vehicles and equipment. Founded in 1917, the company made its mark with innovations in four-wheel-drive technology, setting a precedent for durable and reliable performance. Over the decades, Oshkosh has strategically expanded its reach across defense, access equipment, fire and emergency, and commercial segments, ensuring a steady stream of diversified income. This diversification acts as a stabilizing force, insulating the company from sector-specific downturns while allowing it to capitalize on expansive markets such as defense contracts and construction equipment.
Oshkosh's revenue engine is powered by its strong commitment to producing high-quality, mission-critical vehicles and equipment, which serve a variety of industries. In defense, Oshkosh Defense is renowned for designing and manufacturing military vehicles, including the Joint Light Tactical Vehicle (JLTV), which meets rigorous demands for security and adaptability. Likewise, its access equipment segment, led by the JLG brand, supplies leading edge aerial work platforms and telehandlers that are indispensable to construction firms worldwide. The company’s expertise in customization and engineering prowess ensures that Oshkosh remains highly valuable to its clients, enabling the corporation to maintain significant market share across its diverse business lines. Through a blend of innovation and strategic acquisitions, Oshkosh continues to hone its competitive edge, securing its position as an indispensable player in the field of specialty vehicles and equipment.
Full-Year Results: Oshkosh reported 2025 revenue of $10.4 billion, adjusted operating income of just over $1 billion, and adjusted EPS of $10.79, all in line with or slightly above recent guidance.
Q4 Performance: Fourth quarter revenue was $2.7 billion with adjusted operating margin of 8.4% and adjusted EPS of $2.26, matching prior guidance.
2026 Guidance: Management expects 2026 revenue of about $11 billion and adjusted EPS of $11.50, with flat nonresidential construction activity and growth in Vocational and Transport segments offsetting weaker Access segment.
Tariff Impact: The company anticipates $200 million in tariff costs in 2026, up $160 million from 2025, mainly impacting the Access segment, but expects to fully offset tariffs by year-end.
Segment Trends: Access segment revenue is expected to decline 6–7% in 2026 due to soft nonresidential construction, while Vocational and Transport segments are projected to see growth.
Backlog & Orders: The Vocational segment has a strong backlog of $6.6 billion, supporting visibility into future revenue; Access segment backlog stands at $1.3 billion.
Innovation Recognition: Oshkosh received multiple innovation awards at CES for new robotics, AI, and electric vehicles, with plans to commercialize these technologies in the coming years.
Q1 Weakness Expected: Q1 2026 is expected to be the lowest quarter of the year, with Access segment under pressure due to strong Q4 2025 sales pull-forward.
