Oshkosh Corporation (Holding Company)

Oshkosh Corp. designs and manufactures purpose-built vehicles and equipment for construction, firefighting, airport operations, refuse collection, defense, and delivery applications. The company operates through three reportable segments—Access, Vocational, and Transport—and sells primarily in the United States with additional international activity through dealers, distributors, direct sales teams, and government channels.

11,2 %

17,5 %

6,2 %

−2,9 %

1.94

1.05

— Oshkosh Corporation (Holding Company)
%
Access equipment43% Aerial work platforms, telehandlers, and related access products sold through rental and dealer channels.
Vocational vehicles and equipment36% Fire apparatus, refuse trucks, airport support equipment, concrete mixers, and specialty vehicles.
Defense and transport vehicles20% Tactical vehicles, trailers, parts, and delivery vehicles sold to government customers.
Other and corporate1% Smaller businesses and corporate items not included in the reportable segment mix.

Oshkosh sells to a mix of rental companies, municipal governments, commercial fleet operators, airports, waste haulers,...

  • Rental companiesprimary

    Buy JLG access equipment for rental fleets because utilization and uptime drive their economics.

  • Municipal fire and emergency servicesprimary

    Buy fire apparatus, ARFF vehicles, and command vehicles for public safety and emergency response.

  • Waste and recycling operatorsprimary

    Buy refuse and recycling collection vehicles for route density, durability, and service support.

  • Defense customersprimary

    Buy tactical vehicles, trailers, and parts through U.S. government and allied procurement channels.

  • Airports and aviation operatorssecondary

    Buy boarding bridges, ground support equipment, and ARFF vehicles for airport operations.

  • Construction and mining customerssecondary

    Buy concrete mixers, cranes, and field service vehicles for jobsite productivity and mobility.

The company is headquartered in the United States and its revenue base is heavily U.S.-centric, with the U.S...

  • •United States is the largest market and the main manufacturing base
  • •Other North America adds exposure to Canada and nearby markets
  • •Europe, Africa and Middle East support defense and vocational exports
  • •Rest of the World includes distributor-led sales in Asia and Australia
  • •The company manufactures across 37 facilities, supporting global supply

Oshkosh’s strategy centers on purpose-built vehicles, technology integration, and close customer relationships across...

01
Technology-enabled product developmentmedium-term

Higher technology content can improve differentiation, productivity, and customer retention.

02
Lifecycle support and aftermarket expansionmedium-term

Parts, service, and support deepen customer relationships and stabilize demand.

03
Channel and customer coverageshort-term

Specialized channels are essential in fragmented markets with different buying processes.

04
Manufacturing efficiency and throughputmedium-term

Complex vehicle programs require disciplined production flow and cost control.

Oshkosh is exposed to cyclical demand in access equipment, fire apparatus, refuse collection, airport products, and...

high

Cyclical demand in core end markets

Access, fire apparatus, refuse, airport, and construction markets depend on economic conditions and capital spending.

Scope
Access equipment, vocational vehicles, airport products
Materiality
high
high

Defense program execution and contract accounting

Long-duration defense contracts can be affected by production inefficiencies, labor costs, and estimate changes.

Scope
JLTV wind-down, FMTV, USPS NGDV
Materiality
high
medium

Customer and dealer concentration

Large rental companies, dealers, and government buyers can exert more pricing power as they consolidate.

Scope
Access rental customers, fire apparatus dealers
Materiality
medium
medium

Cybersecurity and IT disruption

The company relies on networked systems and third-party providers across manufacturing and defense programs.

Scope
Operations, product data, defense information
Materiality
medium
medium

International sales and regulatory exposure

Exports and foreign government sales are subject to trade rules, sanctions, and procurement restrictions.

Scope
Europe, Middle East, Asia, allied defense sales
Materiality
medium
Long-term contract estimates
Can materially change segment margins and quarterly operating income
Goodwill impairment
Can create large non-cash charges and reduce reported equity
Revenue timing by shipment and program progress
Affects quarterly revenue recognition and backlog conversion
Seasonality and geographic shipment mix
Can cause meaningful quarter-to-quarter swings in sales and margins

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: 29/04/2026