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
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