Oshkosh Corp
oshkoshcorp.comWhat Do They Do?
Builds aerial work platforms and telehandlers, emergency and airport vehicles, and defense and delivery vehicles for rental companies, contractors and public agencies.
10-K for FY2025, filed Feb 17, 2026Access segment. JLG is a leading designer and manufacturer of aerial work platforms and telehandlers used in a wide variety of…View ↗
The Vocational segment includes the Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Oshkosh S-Series and…View ↗
Under the Oshkosh Defense brand, the Transport segment designs, manufactures and sustains best-in-class specialty vehicles and mobility…View ↗
How Do They Make Money?
Customers buy vehicles, equipment, parts and services; product sales are generally billed when goods are delivered, while some customer-specific work and services are billed as work proceeds or over a coverage period. Long-term defense and delivery contracts are typically billed upon acceptance of finished goods or through advances.
10-K for FY2025, filed Feb 17, 2026The Company derives revenue in the Access and Vocational segments through the sale of machinery, vehicles and related aftermarket parts and…View ↗
Revenue for performance obligations consisting of machinery, vehicle and aftermarket parts (together, “product”) is recognized when the…View ↗
The Access and Vocational segments offer aftermarket services related to their respective products such as repair, refurbishment and…View ↗
The majority of the Company’s Transport segment sales are derived through long-term contracts with the U.S. government to design, develop…View ↗
The Company is generally entitled to bill its customers upon satisfaction of its performance obligations, except for its long-term…View ↗
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10-K for FY2025, filed Feb 17, 2026
FY2025 revenue by reportable segment ↗
$10.4B
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10-K for FY2025, filed Feb 17, 2026
$10.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Access
Sold outright
10-K for FY2025, filed Feb 17, 2026 |
43%
FY2022: 48%
|
Access, FY2025
$4.5B Sources
|
Sold outright |
|
Vocational Segment
Sold outright
10-K for FY2025, filed Feb 17, 2026 |
36%
FY2022: 26%
|
Vocational Segment, FY2025
$3.7B Sources
|
Sold outright |
|
Transport
Recurring
10-K for FY2025, filed Feb 17, 2026 |
20% |
Transport, FY2025
$2.1B Sources
|
Recurring |
|
Corporate and Other
|
1.0%
FY2022: 0.9%
|
Corporate and Other, FY2025
$104.3M Sources
|
Who Are Their Customers?
Rental firms and distributors buy JLG equipment to rent or resell; contractors and home-improvement centers are also Access customers. Municipal and commercial buyers purchase vocational vehicles through dealers, representatives or direct sales, while Oshkosh Defense sells much of its domestic defense business directly to the U.S. Department of Defense and reaches other approved buyers through government channels and distributors.
10-K for FY2025, filed Feb 17, 2026Access segment. JLG is a leading designer and manufacturer of aerial work platforms and telehandlers used in a wide variety of…View ↗
The Vocational segment includes the Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Oshkosh S-Series and…View ↗
Vocational segment. The Company believes the geographic breadth, size and quality of its Pierce fire apparatus dealer network are…View ↗
Oshkosh AeroTech sales are conducted through a team of direct sales personnel strategically located across the globe and through an…View ↗
The Company markets its McNeilus-branded refuse and recycling collection vehicles through a network of dealers and sales representatives…View ↗
Transport segment. While Oshkosh Defense sells a substantial portion of its domestic defense products directly to the DoD, it also sells…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.
10-K for FY2025, filed Feb 17, 2026
$939.5MView ↗
10-K for FY2025, filed Feb 17, 2026
$647MView ↗
10-K for FY2025, filed Feb 17, 2026
$618MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 28, 2026
$183.2MView ↗
- ▼ −11%
- vs $204.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 28, 2026
Open tableView ↗
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Jul 28, 2026
Revises 2026 adjusted earnings-per-share outlook to about $11.00
Oshkosh cited a more gradual expected improvement in fire-truck production throughput.
Sources
8-K, filed Jul 28, 2026
Updates Outlook for 2026 Earnings per Share to Approximately $10.50 and Adjusted1 Earnings per Share to Approximately $11.00View ↗
Growing. Revenue grew 35% in 4 years, from $7.7B in FY2021 to $10.4B in FY2025, about 8% a year.
Broadened airport products
The portfolio added airport ground-support and gate equipment, airport facility services and operations technology alongside firefighting vehicles for airports.
10-K for FY2022, filed Feb 21, 2023The Fire & Emergency segment includes the Pierce and Maxi-Metal brands, leading manufacturers of custom and commercial firefighting…View ↗
Sold airport snow-removal equipment
The older report described snow-removal vehicles for airports and military bases; the latest report says the Transport segment sold that business.
10-K for FY2022, filed Feb 21, 2023 10-K for FY2025, filed Feb 17, 2026The Defense segment also designs and manufactures snow removal vehicles. The Company’s specially designed airport snow removal vehicles are…View ↗
In July 2023, the Transport segment sold its snow removal apparatus business for $17.1 million.View ↗
Exited rear-discharge mixers
The older report included rear- and front-discharge concrete vehicles; the latest report says it sold the rear-discharge mixer business while describing front-discharge mixers.
10-K for FY2022, filed Feb 21, 2023The Commercial segment designs and manufactures refuse collection, rear- and front-discharge concrete placement vehicles, field service…View ↗
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