Our strategy
Develop safe, intuitive and productive solutions to real-world challenges through advanced technology and proven expertise INNOVATE
Deliver solutions that support the installed base, promote uptime and create value across every stage of ownership SERVE
Expand our leading portfolio to adjacent products, verticals and geographies ADVANCE
Compelling investment thesis — 2028 targets
CASH GENERATION AND CAPITAL MANAGEMENT ~90+% Avg. FCF conversion (1)
TOP-LINE GROWTH ~$13-14B Revenue
TRANSFORMING MARGIN ~12-14% Adj. operating margin*
RESILIENT PORTFOLIO ~$18-22 Adj. EPS*
2028 FINANCIAL TARGETS
2028
Segment
Revenue (in billions)
Adjusted OI*
GAAP to Non-GAAP Reconciliation Access segment operating income (GAAP) Amortization of purchased intangibles Adjusted Access segment operating income (non-GAAP) Vocational segment operating income (GAAP) Amortization of purchased intangibles Adjusted Vocational segment operating income (non-GAAP)
Low
High
15.8% 0.2% 16.0% 17.3% 0.7% 18.0% 13.6% 0.4% 14.0%
13.8% 0.2% 14.0% 15.2% 0.8% 16.0% 11.6% 0.4% 12.0% $17.40 0.60 $18.00
Access
~$5.3-5.8
~14-16%
Vocational
~$4.6-5.0
~16-18%
Transport
~$3.1-3.2
~10%
Consolidated operating income (GAAP) Amortization of purchased intangibles Adjusted consolidated operating income (non-GAAP)
OSK
~$13-14
~12-14%
$21.40 0.60 $22.00
Earnings per share-diluted (GAAP) Amortization of purchased intangibles Adjusted earnings per share-diluted (non-GAAP)
*Non-GAAP estimates. Note: All estimates exclude future M&A activities. (1) Net cash provided by operating activities less additions to property, plant and equipment, divided by net income.
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