Strong diversified portfolio
2028 segment financial targets
$ (in billions)
Revenue
Adj. OI*
Access
~$5.3-5.8
~14-16%
Vocational
~$4.6-5.0
~16-18%
Transport
~$3.1-3.2
~10%
OSK
~$13-14
~12-14%
Key assumptions
Average annual CapEx (1)
Average free cash flow conversion * (2)
Effective tax rate
Corporate expenses (3)
Share count
* Non-GAAP estimates. See appendix for reconciliation to GAAP results. Note: All estimates exclude future M&A activities. (1) Average annual expected value for 2026-2028. (2) Net cash provided by operating activities less additions to property, plant and equipment, divided by net income. (3) Includes additional innovation investments.
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