OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
Remaining Performance Obligations As of December 31, 2025, the Company had unsatisfied performance obligations for contracts with an original duration greater than one year totaling $12.4 billion, of which $4.8 billion is expected to be satisfied and recognized in revenue in 2026, $4.6 billion is expected to be satisfied and recognized in revenue in 2027 and $3.0 billion is expected to be satisfied and recognized in revenue beyond 2027. 5. Stock-Based Compensation In May 2024, the Company's shareholders approved the 2024 Incentive Stock and Awards Plan (the "2024 Stock Plan"). The 2024 Stock Plan replaced the 2017 Incentive Stock Awards Plan (as amended, the "2017 Stock Plan"). While no new awards will be granted under the 2017 Stock Plan, awards previously made under that plan that were outstanding as of the approval date of the 2024 Stock Plan will remain outstanding and continue to be governed by the provisions of that plan. At December 31, 2025, the Company had reserved 3,236,667 shares of Common Stock available for issuance to provide for the issuance of Common Stock under incentive compensation awards and the exercise of outstanding stock options, with 2,225,518 shares remaining available for issuance. Under the 2024 Stock Plan, officers, directors, including non-employee directors, and employees of the Company may be granted stock options, stock appreciation rights, performance shares, performance units, shares of Common Stock, restricted stock, restricted stock units (RSU) or other stock-based awards. The 2024 Stock Plan provides for the granting of options to purchase shares of Common Stock at not less than the fair market value of such shares on the date of grant. The market value of restricted stock unit awards are determined based on the closing market price of Common Stock on the date of grant. Except to the extent vesting is accelerated upon early retirement and except for performance shares and performance units, vesting is based solely on continued service as an employee of the Company. The Company recognizes stock-based compensation expense over the requisite service period for vesting of an award, or to an employee’s eligible retirement date, if earlier and applicable. Total stock-based compensation expense was as follows (in millions): Year Ended December 31, 2025 2024 2023 Stock awards $ 32.0 $ 30.2 $ 24.9 Performance share awards 6.0 7.9 7.0 Other stock-based compensation 1.3 0.5 0.9 Total stock-based compensation expense 39.3 38.6 32.8 Income tax benefit recognized for stock-based compensation (4.9) (4.8) (4.4) Stock-based compensation expense, net of tax $ 34.4 $ 33.8 $ 28.4 Stock Awards — A summary of the Company’s stock award activity (including shares and units) is as follows: Year Ended December 31, 2025 2024 2023
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value
Number of Shares
Number of Shares
Number of Shares
Nonvested, beginning of period
537,655 $
102.02 108.83 103.45 101.21 106.30
462,429 $
98.28 107.46 103.79 102.07 102.02
363,661 $
103.86 90.91 97.85 95.85
Granted Forfeited
316,094 (33,472) (275,861)
327,976 (24,649) (228,101)
344,484 (43,602) (202,114)
Vested
Nonvested, end of period
544,416
537,655
462,429
98.28
63
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