OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
Year Ended December 31, 2025
Corporate and Other
Total Segment
Access
Vocational
Transport
Consolidated
Net Sales
$ 4,494.4 $ 3,726.9 $ 2,096.7 $ 10,318.0 $
104.3 $ 10,422.3
Cost of sales (excluding R&D) Research and development
3,590.2
2,844.3
1,909.5
8,344.0
85.6 25.9
8,429.6
84.6
56.7
6.5
147.8
173.7
Gross income
819.6 157.7
825.9 129.7
180.7
1,826.2
(7.2)
1,819.0
Employee compensation Amortization of purchased intangibles Intangible asset impairment
52.6
340.0
150.3
490.3
14.5
37.5
— —
52.0
3.1 5.7
55.1
—
—
—
5.7
Other items (a)
145.4
111.6
50.3
307.3
21.1
328.4 939.5
Operating income
$
502.0 $
547.1 $
77.8 $ 1,126.9 $ (187.4)
Interest expense, net of interest income
(108.9)
Miscellaneous, net
11.4
Income before income taxes and losses of unconsolidated affiliates
$
842.0
(a) Includes software and information technology, outside services and consulting, travel, depreciation, lease expense, advertising and other miscellaneous SG&A expenses.
Year Ended December 31, 2024
Corporate and Other
Total Segment
Access
Vocational
Transport
Consolidated
Net Sales
$ 5,164.7 $ 3,310.3 $ 2,155.2 $ 10,630.2 $
100.0 $ 10,730.2
Cost of sales (excluding R&D) Research and development
3,951.4
2,583.4
1,977.9
8,512.7
79.0 19.1
8,591.7
84.5
47.3
18.2
150.0
169.1
Gross income
1,128.8
679.6 128.6
159.1
1,967.5
1.9
1,969.4
Employee compensation Amortization of purchased intangibles Intangible asset impairment
161.3
54.4
344.3
166.7
511.0
10.7
39.7
— —
50.4
4.3
54.7 51.6
—
—
—
51.6 22.5
Other items (a)
151.4
114.2
53.3
318.9
341.4
Operating income (b)
$
805.4 $
397.1 $
51.4 $ 1,253.9 $ (243.2)
1,010.7
Interest expense, net of interest income
(111.9)
Miscellaneous, net
4.2
Income before income taxes and losses of unconsolidated affiliates
$
903.0
(a) Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses. (b) Access results include $4.2 million of amortization of inventory fair value step-up.
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