INNOVATION THAT MOVES THE WORLD FORWARD
2025 Annual Report
Technology for everyday heroes Oshkosh ® is a global industrial technology company delivering scalable, purpose-driven solutions for tough jobs. We develop technology for everyday heroes in one market and adapt it across related industries to move the world forward.
Supporting essential industries: We advance safety and productivity in vehicles and equipment through ţėėţ and connectivity.
Collaboration powers innovation: By working closely with customers and users, we design solutions to real- world challenges. Simplifying challenging work: Our solutions make demanding jobs easier.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-31371 Oshkosh Corporation (Exact name of registrant as specified in its charter)
Wisconsin
39-0520270
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1917 Four Wheel Drive Oshkosh, Wisconsin
54902
(Address of principal executive offices)
(Zip code)
(920) 502-3400 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act:
Trading Symbol(s)
Title of each class
Name of each exchange on which registered
Common Stock $0.01 par value
OSK
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D- 1(b). ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No At June 30, 2025, the aggregate market value of the registrant’s Common Stock held by non-affiliates was $7,276,796,085 (based on the closing price of $113.54 per share on the New York Stock Exchange as of the last trading day of the quarter ended June 30, 2025). As of February 10, 2026, 62,548,631 shares of the registrant’s Common Stock were outstanding. DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Proxy Statement for the 2026 Annual Meeting of Shareholders (to be filed with the Commission under Regulation 14A within 120 days after the end of the registrant’s fiscal year and, upon such filing, to be incorporated by reference into Part III). Auditor Firm ID: 34 Auditor Name: Deloitte & Touche LLP Auditor Location: Milwaukee, WI
OSHKOSH CORPORATION FORM 10-K INDEX
Page
PART I
ITEM 1. ITEM 1A. ITEM 1B. ITEM 1C. ITEM 2. ITEM 3. ITEM 4.
BUSINESS
1
RISK FACTORS
13 23 23 25 25 25 26
UNRESOLVED STAFF COMMENTS
CYBERSECURITY
PROPERTIES
LEGAL PROCEEDINGS
MINE SAFETY DISCLOSURES
INFORMATION ABOUT OUR EXECUTIVE OFFICERS
PART II
ITEM 5.
MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
28 29
ITEM 6. ITEM 7. ITEM 7A. ITEM 8. ITEM 9. ITEM 9A. ITEM 9B. ITEM 9C. ITEM 10. ITEM 11. ITEM 12. ITEM 13. ITEM 14.
RESERVED
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
40 41
FINANCIAL STATEMENTS
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 95
CONTROLS AND PROCEDURES
95 95 96
OTHER INFORMATION
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
PART III
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
97 97 98 98 98
EXECUTIVE COMPENSATION
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
PRINCIPAL ACCOUNTANT FEES AND SERVICES
PART IV
ITEM 15. ITEM 16.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULE
99
FORM 10-K SUMMARY
102 103
SIGNATURES
As used herein, “the Company,” “we,” “us” and “our” refers to Oshkosh Corporation and its consolidated subsidiaries. “Oshkosh” refers to Oshkosh Corporation, not including JLG Industries, Inc. and its wholly-owned subsidiaries (JLG), JerrDan LLC (JerrDan), AUSACORP S.L. (AUSA), Hinowa S.p.A (Hinowa), Pierce Manufacturing Inc. (Pierce), Oshkosh AeroTech and its wholly-owned subsidiaries (Oshkosh AeroTech), McNeilus Companies, Inc. (McNeilus) and its wholly-owned subsidiaries, Oshkosh Commercial Products, LLC (Oshkosh S-Series), Iowa Mold Tooling Co., Inc. (IMT), Kewaunee Fabrications, LLC (Kewaunee), Maxi-Metal, Inc. (Maxi-Metal), Oshkosh Defense, LLC (Oshkosh Defense) and its wholly-owned subsidiaries, Pratt & Miller Engineering & Fabrications, LLC (Pratt Miller) or any other subsidiaries. The “Oshkosh®,” “JLG®,” “Pierce®,” “MAXIMETAL,” "Oshkosh® S-Series™," “McNeilus®,” “IMT®,” “Jerr-Dan®,” “Frontline™ Communications,” “Oshkosh® Airport Products,” “Oshkosh AeroTech™,” “Oshkosh® Defense,” “Pratt Miller,” “Command Zone™,” “TAK-4®,” “PUC™,” “Hercules™,” “Husky™,” “Ascendant™,” “SkyTrak®,” “DaVinci™” and “Volterra™” trademarks and related logos are trademarks or registered trademarks of the Company. All other product and service names referenced in this document are the trademarks or registered trademarks of their respective owners. All references herein to earnings per share refer to earnings per share assuming dilution, unless noted otherwise. For ease of understanding, the Company refers to types of purpose-built vehicles and equipment for particular applications as “markets.” When the Company refers to “market” positions, these comments are based on information available to the Company concerning units sold by those companies currently manufacturing the same types of purpose-built vehicles and equipment as the Company and are therefore only estimates. Unless otherwise noted, these market positions are based on sales in the United States of America. There can be no assurance that the Company will maintain such market positions in the future.
Cautionary Statement About Forward-Looking Statements The Company believes that certain statements in “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other statements located elsewhere in this Annual Report on Form 10-K are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this report, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, including those under the caption “2026 Outlook” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are forward-looking statements. When used in this Annual Report on Form 10-K, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “confident” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, fire apparatus, refuse and recycling collection and air transportation equipment markets, which are particularly impacted by the strength of U.S. and European economies and construction outlooks; the Company’s estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the Company's ability to predict the level and timing of orders and costs on the U.S. Postal Service contract; risks that the trade war and related tariffs could reduce demand for or competitiveness of the Company’s products or cause inefficiencies in the Company's supply chain; the Company’s ability to increase prices to raise margins or to offset higher input costs; the Company's ability to achieve its projected material and manufacturing efficiency savings; the Company's ability to accurately predict future input costs associated with U.S. Department of Defense contracts; the Company’s ability to attract and retain production labor in a timely manner; the Company's ability to increase production rates in its municipal fire apparatus and delivery vehicle businesses; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the impact of severe weather, war, natural disasters or pandemics that may affect the Company, its suppliers or its customers; budget uncertainty for the U.S. federal government, including risks of future budget cuts, the impact of continuing resolution funding mechanisms or a prolonged federal government shutdown; the impact of any U.S. Department of Defense solicitation for competition for future contracts to produce military vehicles; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company; the Company’s ability to successfully identify, complete and integrate acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors that could cause actual results to differ materially from those in the forward-looking statements is contained in Item 1A of Part I of this report. All forward-looking statements, including those under the caption “2026 Outlook” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” speak only as of February 17, 2026. The Company assumes no obligation, and disclaims any obligation, to update information contained in this Annual Report on Form 10-K. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.
PART I
ITEM 1. BUSINESS The Company
Oshkosh Corporation is a global industrial technology company that designs and deploys advanced technologies to empower everyday heroes who build, serve and protect communities around the world. Across construction, firefighting, aviation, refuse collection, defense and delivery industries, we create purpose-built vehicles, equipment and integrated ecosystems that are safe, intuitive and highly productive. As an innovator and integrator, we work directly with our customers to solve real-world challenges – developing and applying breakthrough technologies in autonomy, artificial intelligence, connectivity and electrification. Through these advancements, we make some of the world’s toughest jobs safe, efficient, sustainable and connected — delivering measurable impact for the people who depend on us every day. The Company has three reportable segments: Access, Vocational and Transport, which comprised 43%, 36% and 20%, respectively, of the Company’s 2025 consolidated net sales. Oshkosh’s leading brands include a wide range of purpose-built vehicles and equipment for a diverse set of end markets. Our innovations are scalable and adaptable, often expanding across many of our businesses. We believe collaboration across our diverse, resilient portfolio drives breakthroughs in technology, supply chain, materials integration and manufacturing across markets. The Company generated approximately 20% of its net sales in both 2025 and 2024, and 19% in 2023, from sales to the United States (U.S.) government, a substantial majority of which were under multi-year contracts and programs in the defense vehicle market. See Note 24 of the Notes to Consolidated Financial Statements for financial information related to the Company's reportable segments. The Access segment designs and manufactures access and material handling equipment for use in a wide range of construction, industrial, agricultural, vegetation management and maintenance applications to safely position workers and materials at height under industry-leading brands, JLG and SkyTrak. The Access segment's customer base includes equipment rental companies, construction contractors and home improvement centers. The Access segment also includes Jerr-Dan towing and recovery vehicles (such as wreckers, rotators and carriers). The Vocational segment includes the Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Oshkosh S-Series and Frontline Communications businesses. The Pierce and Maxi-Metal businesses design and manufacture commercial and custom fire apparatus. Oshkosh AeroTech designs and manufactures airport ground support equipment (GSE) and gate equipment, and provides baggage, airport facility and operations, and equipment-monitoring technology services. Oshkosh Airport Products designs and manufactures aircraft rescue and firefighting (ARFF) vehicles. McNeilus designs and manufactures refuse and recycling collection vehicles and components. The segment also includes IMT-branded field service vehicles and truck-mounted cranes, Oshkosh S-Series front-discharge concrete mixer vehicles and Frontline Communications- branded simulators and command vehicles. Vocational segment sales are made primarily to municipal and commercial customers in North America. Under the Oshkosh Defense brand, the Transport segment designs, manufactures and sustains best-in-class specialty vehicles and mobility systems for the U.S. Department of Defense (DoD) and approved foreign customers. This segment also designs and manufactures the Next Generation Delivery Vehicle (NGDV) for the U.S. Postal Service (USPS) under a contract that was awarded in February 2021. The contract allows for the delivery of up to 165,000 vehicles over a 10-year period. Significant Transport segment contracts as of December 31, 2025 include:
Delivery Period for Current Orders
Contract
Customer
Order Period 2015 - 2029 2018 - 2028 2021 - 2027 2021 - 2031
Family of Heavy Tactical Vehicles (FHTV) Family of Medium Tactical Vehicles (FMTV) Medium Caliber Weapons System (MCWS)
DoD DoD DoD USPS
2026 - 2027 2026 - 2028 2026 - 2027 2026 - 2028
NGDV
1
The Company has a disciplined capital allocation strategy that focuses on reinvesting in its core businesses, delivering returns to shareholders through dividends and share repurchases and pursuing growth through strategic acquisitions. The Company's acquisition and investment strategy continues to include expanding into new categories and enhancing critical technological and lifecycle management capabilities. For example, the Company has completed the following strategic acquisitions and divestitures over the past three years: • In September 2024, the Company acquired AUSA, a privately held Spanish manufacturer of wheeled dumpers, rough terrain forklifts and telehandlers, for $114.5 million. • In August 2023, the Company acquired AeroTech from JBT Corporation for $804.6 million. • In July 2023, the Transport segment sold its snow removal apparatus business for $17.1 million. • In March 2023, the Vocational segment sold its rear-discharge concrete mixer business for $32.9 million. • In January 2023, the Company acquired Hinowa, an Italian manufacturer of compact crawler booms and tracked equipment, for $186.8 million. Business Strategy The Company's business strategy is grounded in the Company's purpose of making a difference for those who build, serve and protect communities around the world. This strategy is reflected in three simple words: Innovate. Serve. Advance. Innovate . Develop safe, intuitive and productive solutions to real-world challenges through advanced technology and proven expertise in intelligent, connected products; electrification; autonomy and active safety. Serve . Deliver solutions that support the installed base, promote uptime and create value across every stage of ownership, including tools enhancing fleet intelligence; deep customer relationships; fleet uptime, productivity and safety enhancements; on-demand parts fulfillment and continuous product advancement. Advance . Expand our leading portfolio to adjacent products, verticals and geographies through pursuit of category expansion, lifecycle categories, adjacent markets, purpose-built vehicles and equipment and technology. Competitive Strengths The following competitive strengths support the Company’s business strategy: Powerful Brands and Product Portfolios. The Company believes its broad product portfolios and diverse end markets serve to diversify its sources of revenue, reduce exposure to economic cycles and provide multiple avenues for both organic and inorganic growth. The Company believes its product portfolios unlock significant potential to share innovation and technology within and across segments, bundle solutions for customers and maximize the Company's purchasing power. In each of its target markets, the Company believes it has either developed advanced, purpose-built technologies or strategically acquired broad product lines to become the supplier of choice for vehicles, equipment, parts and service of the types that the Company offers. The Company has also established an extensive domestic and international distribution network tailored to the needs of each market, reinforcing its global reach and customer accessibility. Innovative, Purpose-built Solutions. The Company’s advanced design and engineering capabilities have contributed to the development of innovative, purpose-built solutions that elevate performance, reduce total cost of ownership and deepen customer loyalty. The Company believes these capabilities enable it to integrate solutions across multiple segments and product lines, strengthening its competitive position and delivering manufacturing efficiencies that differentiate it from manufacturers who are more reliant on purchased components. For more than 20 years, the Company has supplied electric ‑ powered products, and it continues to accelerate its leadership with new zero-emission solutions across every segment.
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Strong Market Positions. The Company has developed strong market positions and brand recognition in its core businesses, which it attributes to its commitment to exceptional quality, technological innovation, advanced engineering, performance, reliability, customer service and low total cost of ownership. The Company maintains leading market shares across nearly all of its businesses and is the sole-source supplier for several key vehicle platforms to the DoD. Focus on Quality and Lifecycle Support. The Company has developed strong brand recognition for its products as a result of its commitment to meet the stringent product quality and reliability requirements of its customers in the purpose-built vehicle and equipment markets it serves. The Company frequently achieves premium pricing due to the quality, durability and low total cost of ownership of its products and its commitment to providing high quality lifecycle support through extensive parts and service support programs. Flexible, Technology Enabled Manufacturing. The Company believes its purpose-built manufacturing approach gives it a distinct competitive edge over larger vehicle manufacturers due to the Company's ability to deliver flexibility, manage supply chains effectively and tailor products to meet customer specifications. At the same time, the Company believes it has competitive advantages over smaller manufacturers through the benefits of scale, its advanced manufacturing capabilities and its ability to share innovation across product lines. High-Performing Leadership Team. The Company benefits from a dynamic leadership team led by President and Chief Executive Officer, John Pfeifer. Mr. Pfeifer is supported by a seasoned senior management team drawn from both internal development and strategic external recruitment. The Company’s Board of Directors maintains a rigorous succession planning process for its executive officers to help ensure continuity and strengthen long-term strategy execution. Products Oshkosh Corporation focuses on the following purpose-built vehicle and equipment markets: Access segment. JLG is a leading designer and manufacturer of aerial work platforms and telehandlers used in a wide variety of construction, industrial, agricultural, vegetation management and maintenance applications to safely position workers and materials at height. JLG also offers a broad range of parts and accessories, including technical support, training and reconditioning services. Access customers include equipment rental companies, construction contractors and home improvement centers. JLG's products are employed worldwide by end users through JLG’s rental customers or independent distributors, who purchase JLG's products and then rent or sell them and provide service support. JLG also arranges equipment financing and leasing solutions for its customers, primarily through third-party funding arrangements with independent financial companies, and occasionally provides credit support in connection with these financing and leasing arrangements. Financing arrangements that JLG offers or arranges include various types of rental fleet loans and leases, as well as floor plan and retail financing. Terms of these arrangements vary depending on the type of transaction but typically range from 36 to 72 months and generally require the customer to be responsible for maintenance of the equipment and to bear the risk of damage to or loss of the equipment. Jerr-Dan is a leading designer and manufacturer of towing and recovery equipment in the U.S. Jerr-Dan offers a broad line of carriers, wreckers and rotators. In addition to manufacturing equipment, Jerr-Dan provides its customers with one-stop service support and generates revenue from the installation of equipment, as well as the sale of chassis and service parts. Vocational segment. Through Pierce and Maxi-Metal, the Company is a leading North American designer and manufacturer of municipal fire apparatus assembled on both commercially available and custom chassis, designed and manufactured to meet the demanding requirements of firefighters. Pierce’s engineering expertise allows it to design its vehicles to meet stringent industry guidelines and government regulations for safety and effectiveness. Pierce primarily serves domestic municipal customers, but also sells fire apparatus to the DoD, airports, universities and large industrial companies, and in international markets. Pierce’s history of innovation, research and development in consultation with firefighters has resulted in a broad product line that features a wide range of innovative, high-quality custom and commercial firefighting equipment with advanced fire suppression capabilities. In an effort to be a single-source supplier for its customers, Pierce offers a full line of custom and commercial fire apparatus and emergency vehicles, including pumpers, aerial platforms, ladder
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and tiller trucks, tankers, light-, medium- and heavy-duty rescue vehicles, wildland rough terrain response vehicles and other emergency response vehicles. Through Oshkosh AeroTech, the Company is a leading designer and manufacturer of aviation ground support products and gate equipment for commercial airlines, airports, air freight carriers, ground handling and military customers. Oshkosh AeroTech specializes in special purpose aviation ground support products such as cargo loaders, push-back tractors and deicer trucks for airlines and air cargo companies. Airport terminal facilities and commercial aviation services are supported by the Jetway passenger boarding bridge and related air and power products. Oshkosh AeroTech's Airport Services business specializes in the maintenance, servicing and operation of key airport facility systems such as HVAC, passenger boarding systems and baggage systems, as well as leveraging asset management technology, including its iOPS Intelligent Monitoring System, to support efficient airport operations. Oshkosh AeroTech Airport Services also provides contracting, project management, design and installation services for critical and complex baggage systems and other key airport facility operations. Through Oshkosh Airport Products, the Company is a leader in the design and sale of internal combustion and electrified ARFF vehicles to domestic and international airports. These highly-specialized vehicles are required to be in service at most airports worldwide to support commercial airlines in the event of an emergency. Many of the largest airports in the U.S. are served by the Company’s ARFF vehicles. The U.S. government also maintains a fleet of ARFF vehicles that are used to support military operations throughout the world. Through McNeilus, the Company is a leading designer and manufacturer of refuse and recycling collection vehicles for the waste services industry throughout North America. Its broad lineup includes front, rear, and side loaders, including electric vehicle solutions. McNeilus provides a comprehensive range of lifecycle support solutions, including parts and aftermarket support, helping customers maximize uptime and performance. Through IMT, the Company is a leading North American designer and manufacturer of field service vehicles and truck ‑ mounted cranes for the construction, equipment dealer, rental, building supply, utility, tire service, railroad and mining industries. Through its Frontline Communications business, the Company is a leading manufacturer, system designer and integrator of command trucks and military simulator shelters and trailers. The Company’s vehicles have supported disaster relief efforts for the Federal Emergency Management Agency (FEMA) and everyday incident response for federal and local law enforcement, emergency management agencies and fire departments. Through its Oshkosh S-Series business, the Company is a leading designer and manufacturer of front-discharge concrete mixers for the ready-mix concrete industry throughout North America. The Company offers two- to fifteen-year municipal lease financing programs to its Pierce customers in the U.S. through the Pierce Financial Solutions program, provided through a third-party bank. Financing programs include competitive lease financing rates, flexible finance arrangements and the ease of one-stop shopping to meet the financing needs of Pierce customers. The Company typically provides credit support in connection with these financing and leasing arrangements. The Company also arranges equipment financing and leasing solutions for its other Vocational segment customers, primarily through third-party funding arrangements with independent financial companies, and occasionally provides credit support in connection with these financing and leasing arrangements. Transport segment. Oshkosh Defense has designed and sold products to the DoD for over 100 years and also exports its products to North Atlantic Treaty Organization (NATO) nations and other U.S.-approved partner nations. By successfully responding to the DoD’s challenging vehicle requirements, Oshkosh Defense has become a leading manufacturer of heavy, medium and light tactical wheeled vehicles and related sustainment services. Oshkosh Defense designs and manufactures vehicles that perform a variety of demanding tasks such as hauling combat vehicles, missile systems, ammunition, fuel, troops and cargo for a broad range of missions. Oshkosh Defense’s proprietary product line of military heavy-payload tactical wheeled vehicles includes the Heavy Expanded Mobility Tactical Truck (HEMTT), Heavy Equipment Transporter (HET), the Palletized Load System (PLS) and the Logistic Vehicle System Replacement (LVSR). Oshkosh Defense also manufactures the L ‑ ATV, light combat tactical all-terrain vehicle (domestically known as the JLTV), designed to protect, sustain and provide
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mobility for personnel and payloads across the full spectrum of military operations. In addition, Oshkosh Defense recently introduced its Family of Multi-Mission Autonomous Vehicles (FMAV). As the U.S. Army accelerates its transformation, Oshkosh Defense is demonstrating how the FMAV platforms directly support modernization priorities for long-range precision fires, resilient formations and scalable autonomy to deliver production-based solutions that reduce risk and increase capabilities for soldiers in contested environments. Oshkosh Defense is also building the NGDV for the USPS under an indefinite delivery, indefinite quantity contract that allows the USPS to purchase up to 165,000 vehicles over ten years. Oshkosh Defense’s offering provides the USPS with both fuel efficient, low emission internal combustion engine and zero-emission battery electric vehicles. Oshkosh Defense began producing and shipping vehicles under this contract in the first half of 2024. Through December 2025, the USPS has ordered 51,500 NGDVs. Marketing, Sales, Distribution and Service The Company believes it differentiates itself from many of its competitors by tailoring its distribution to the needs of its purpose-built vehicle and equipment markets and with its national and global sales and service reach and capabilities. The Company’s flexible distribution model focuses on meeting customers on their terms with turnkey delivery, training and support over the life of the vehicle. The Company backs its products with rapid parts shipment, enabled by predictive tools that help ensure inventory availability, and service technicians who are available to domestic customers 365 days a year. The Company believes its dedication to keeping its products operational in demanding conditions worldwide has contributed to customer loyalty. The Company provides its salespeople, representatives and distributors with product and sales training on the operation and specifications of its products. The Company’s engineers, along with its product managers, develop user-friendly operating manuals and virtual training tools and provide field support at vehicle delivery. U.S. dealers and representatives enter into agreements with the Company that allow for termination by either party generally upon 90 days’ notice, subject to applicable laws. Dealers and representatives, except for those utilized by JLG and IMT, are generally not permitted to market and sell competitive products. Access segment. JLG’s products are marketed across six continents through rental companies and distributors that purchase products and then rent or sell them, as well as provide service and support. JLG also provides service and support through Company-owned sales and service branches. JLG maintains a broad worldwide internal sales force. Sales employees are dedicated to specific major customers, channels or geographic regions. JLG’s international sales force is spread among international sales and service offices throughout the world. The Company markets its Jerr-Dan-branded carriers, wreckers and rotators through its extensive network of independent distributors. Vocational segment. The Company believes the geographic breadth, size and quality of its Pierce fire apparatus dealer network are competitive advantages in a market characterized by a few large manufacturers and numerous small, regional competitors. Pierce’s fire apparatus are sold through an extensive network of independent dealers with hundreds of sales representatives in the U.S. and Canada, which combine broad geographical reach with high frequency of contact with fire departments and municipal government officials. These dealers are supported by product and marketing support professionals and contract administrators at Pierce. The Company believes high frequency of contact, ability to customize products and local presence are important to cultivate major, and typically infrequent, purchases. After a sale, Pierce’s nationwide local parts and service capability is available to help municipalities maintain peak readiness for this vital municipal service. Pierce also sells fire apparatus to international municipal and industrial fire departments through a network of international dealers. The Company markets its Maxi-Metal vehicles through a combination of direct sales representatives and a network of dealers in Canada. Some of these representatives and dealers also sell Pierce products. Oshkosh AeroTech sales are conducted through a team of direct sales personnel strategically located across the globe and through an extensive network of sales agents.
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The Company markets its Oshkosh-branded ARFF vehicles through a combination of direct sales representatives and dealerships domestically and an extensive network of representatives and distributors in international markets. Some of these international representatives and distributors also sell Pierce products. The Company markets its McNeilus-branded refuse and recycling collection vehicles through a network of dealers and sales representatives, some of whom also sell Pierce products. Following the implementation of a dealer distribution model for non-fleet refuse and recycling collection vehicle customers in 2024, McNeilus believes its market presence and customer support have strengthened. This sales and support structure has enabled the Company to better serve customers across North America, deepen relationships in previously underrepresented markets and reinforce its reputation for industry-leading service and responsiveness. IMT distributes its products through a combination of direct sales representatives and a wide network of distributors in more than one hundred locations worldwide. International distributors are primarily located in Canada, Central and South America, Australia and Asia and are primarily focused on mining and construction markets. The Company markets its Frontline Communications-branded command vehicles and shelters through both sales representatives and a network of dealers that are directed at commercial and government customers. Some of these representatives and dealers also sell Pierce products. The Company markets its Oshkosh S-Series-branded front-discharge concrete mixers through a team of direct sales representatives strategically located throughout the U.S. Transport segment. While Oshkosh Defense sells a substantial portion of its domestic defense products directly to the DoD, it also sells defense products to other prime contractors of the DoD, NATO nations and other U.S.-approved partner nations. Oshkosh Defense locates its business development, consultants and engineering professionals near its customers’ principal commands, both domestically and internationally. Oshkosh Defense sells and services defense products to approved international governments as Direct Commercial Sales or Foreign Military Sales via U.S. government channels. Oshkosh Defense supports international sales through international sales offices, as well as through dealers, distributors and representatives. The Company believes that its proven worldwide logistics capabilities are critical in supporting its defense parts and service business. Oshkosh Defense maintains a parts distribution warehouse in Wisconsin to fulfill stringent parts delivery schedule requirements, as well as satellite facilities near DoD bases in the U.S. and abroad. Manufacturing The Company manufactures its products at 37 manufacturing facilities. To reduce production costs and increase throughput, the Company continually focuses on developing proprietary components, enhancing self-sufficiency in fabrication, implementing just-in-time inventory management, improving production flow and component interchangeability across product lines, creating jigs and fixtures to ensure consistent quality, leveraging robotics, and using performance metrics to track progress toward cost reduction goals. The Company encourages employee involvement to improve production processes and product quality. The Company uses a quality management system to support the delivery of consistent, high-quality products and services to customers. The Company requires employees at all levels to understand customer and supplier requirements, measure performance, develop systems and procedures to prevent product nonconformance and continually improve all work processes. The Company educates and trains all employees at its facilities in quality principles. The Company utilizes quality gates in its manufacturing facilities to identify issues early in the process and to analyze root cause at the source, resulting in fewer defects and less rework. The Company’s quality management system is based on ISO 9001, a set of internationally- accepted requirements established by the International Organization for Standardization. ISO 9001 certification indicates that a company has established and follows a rigorous set of standards aimed at achieving customer satisfaction by following a process-based approach to identify and control the quality needs of suppliers, inputs, critical processes and outputs. The quality management system helps ensure that the Company is continually improving and sharing successful practices across the organization. The majority of Oshkosh AeroTech and Oshkosh Defense facilities and the following brands are ISO 9001
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certified: JLG, Jerr-Dan, AUSA, Hinowa, Pierce, Maxi-Metal, Oshkosh Airport Products, McNeilus, Frontline Communications and Pratt Miller. The Company has a team of employees dedicated to leading the implementation of the Company’s simplification initiatives. The team is comprised of members with diverse backgrounds in quality, lean, data analytics, product and process engineering, and culture change management. Simplification includes lean tools to eliminate waste and provide better value for customers. It also guides customer satisfaction assessments to help identify opportunities to improve the customer experience. Within the Company’s facilities, simplification projects have contributed to manufacturing efficiency gains, reduced cycle times, materials management improvements and quality enhancements. Simplification projects have also improved manufacturing capacity to support production increases. Engineering, Research and Development The Company is an industrial technology leader, designing and delivering purpose-built vehicles and equipment that empower everyday heroes – those who build, serve and protect communities around the world. The Company's global technology and product development teams include more than 1,850 engineers with deep expertise across vehicle design, simulation, software, electronics and emerging technologies. With extensive research and development capabilities, the Company is united by a relentless focus on creating safe, productive vehicles and equipment that redefine performance in the most demanding environments. The Company leverages disruptive technologies — including autonomy, artificial intelligence, connectivity and electrification — to unlock step-change improvements in safety, productivity, sustainability and the total cost of ownership. Every innovation is rooted in a clear understanding of customer needs. By listening closely to operators and business partners, observing their environments and identifying both spoken and unspoken challenges, the Company engineers target purpose- built solutions that solve real-world problems. This customer-first mindset helps ensure that technology is not abstract; it is practical, intuitive and built for measurable value. The Company advances innovation across airports, neighborhoods and job sites of the future through new product development, structured ideation and partnerships that accelerate breakthrough thinking. The Company’s open innovation ecosystem includes leading technology partners, startup accelerators, strategic acquisitions and top academic institutions. The acquisition of Pratt Miller — a leader in advanced mobility, autonomy and connected systems — further expanded the Company’s innovation capability and fueled early access to next-generation technologies. Backed by more than a century of engineering excellence, the Company believes it is well-positioned to transition technologies at speed across its businesses, scaling proven architecture, components and software through harmonized technology stacks. These shared technology platforms — combined with enterprise Centers of Excellence — allow the Company to develop once, deploy broadly and create meaningful differentiation in the markets it serves. Recent product launches demonstrate this capability in action. Highlights include the JLG AG619 agriculture telehandler, engineered to help farmers maneuver and lift with ease in tight spaces; the Oshkosh AeroTech Tempest-si Deicer, enabling compact, high-performance aircraft de-icing; the JLG Micro-Sized Scissor Lift, redefining mobility in congested work environments; the McNeilus Volterra ZSL and ZFL, North America’s first fully integrated electric refuse and recycling collection vehicles; the NGDV, built to enhance safety, sustainability and operational efficiency; the JLG ClearSky Smart Fleet connected technology, a two-way digital ecosystem delivering real-time intelligence; and the Pierce Volterra, the first electric fire truck in North America. Each of these launches showcases our ability to transform end markets through technologies that aid safety, unlock productivity and elevate the operator experience. Intellectual Property Patents, trademarks, copyrights, trade secrets and licenses are important to the operation of the Company's business. The Company expects to continue growing its intellectual property portfolio as it pursues advanced innovations in autonomy, artificial intelligence, connectivity and electrification. The Company believes its collection of patented and patent-pending technologies is important to the operation of its business and its competitive position. The Company leverages technology across its businesses and segments to bring innovative solutions to customers around the world. Certain Oshkosh Corporation
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trademarks including the Oshkosh name and logomark, along with each of its business unit brands contribute to the business’ identity. The Company does not believe that any existing patent, trademark, copyright, trade secret or license is of such importance that its loss or termination would have a material adverse effect on the Company's business taken as a whole. Competition In all of the Company’s segments, competitors include smaller, specialized manufacturers as well as large, mass producers. The Company believes that, in its purpose-built vehicle and equipment markets, it has been able to effectively compete against large, mass producers due to its product quality, manufacturing flexibility and distribution networks. In addition, the Company believes it has competitive advantages over smaller vehicle and equipment manufacturers due to volumes that offer purchasing power and opportunities to share technology and manufacturing across product lines. The Company believes that its competitive cost structure, strategic global purchasing capabilities, engineering expertise, product quality and global distribution and service systems have enabled it to compete effectively. Certain of the Company’s competitors have greater financial, marketing, manufacturing, distribution and governmental affairs resources than the Company has, which may put the Company at a competitive disadvantage. The Company also faces pricing pressure from international competitors that attempt to gain domestic market share through importing and selling products at below market prices, particularly in the Access segment. Access segment. JLG’s competitors range from some of the world’s largest multinational construction equipment manufacturers to small single-product niche manufacturers. Within this global market, competition for sales of aerial work platform equipment includes Genie Industries, Inc. (a subsidiary of Terex Corporation), Skyjack Inc. (a subsidiary of Linamar Corporation), Haulotte Group, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Zhejiang Dingli Machinery Co., Ltd. and numerous other manufacturers. Global competition for sales of telehandler equipment includes J C Bamford Excavators Ltd., the Manitou Group, Merlo SpA, Genie Industries, Inc., Skyjack Inc. and numerous other manufacturers. In addition, JLG faces competition from a number of manufacturers of other niche products such as boom vehicles, cherry pickers, skid steer loaders, mast climbers, straight mast and vehicle-mounted fork-lifts, rough-terrain and all-terrain cranes, vehicle-mounted cranes, portable material lifts, various types of material handling equipment, scaffolding and the common ladder that offer functionality that is similar to or overlaps that of JLG’s products. Principal methods of competition include brand awareness, product innovation and performance, price, quality, service and support, product availability and the extent to which a company offers single-source customer solutions. The Company believes its competitive strengths include: premium brand names; broad and single-source product offerings; product quality; product residual values that are generally higher than competitors’ units; worldwide distribution; safety record; service and support network; global procurement scale; and extensive manufacturing capabilities. The principal competitor for Jerr-Dan-branded products is Miller Industries, Inc. Principal methods of competition include product quality and innovation, product performance, price and service. The Company believes its competitive strengths in this market include its high-quality, innovative and high-performance product line and its cost competitive manufacturing capabilities. Vocational segment. Competitors for Pierce and Maxi-Metal firefighting vehicles include Rosenbauer International AG, REV Group, Inc. (a subsidiary of Terex Corporation) and numerous smaller, regional manufacturers. Principal methods of competition include brand awareness, ability to meet or exceed customer specifications, price, lead times, the extent to which a company offers single-source customer solutions, product innovation, product quality, dealer distribution and service and support. The Company believes that its competitive strengths include: recognized, premium brand name; nationwide network of independent Pierce dealers; extensive, high-quality and innovative product offerings, which include single-source customer solutions for aerials, pumpers and rescue units; large-scale and high-efficiency custom manufacturing capabilities; and proprietary technologies such as the Pierce Ultimate Configuration (PUC), TAK-4 independent suspension system, Hercules and Husky foam systems, Command Zone electronics, Volterra parallel-electric drivetrain and the Ascendant family of aerial fire trucks.
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