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Posted by Defense World Staff on Jul 25th, 2026

ABN Amro Investment Solutions cut its stake in shares of Oshkosh Corporation (NYSE:OSK – Free Report) by 72.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,600 shares of the company’s stock after selling 25,000 shares during the period. ABN Amro Investment Solutions’ holdings in Oshkosh were worth $1,413,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its stake in Oshkosh by 16.8% in the first quarter. PNC Financial Services Group Inc. now owns 18,787 shares of the company’s stock valued at $2,766,000 after acquiring an additional 2,704 shares during the period. Mathes Company Inc. acquired a new stake in shares of Oshkosh during the first quarter worth about $3,663,000. Dimensional Fund Advisors LP lifted its holdings in shares of Oshkosh by 1.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,051,511 shares of the company’s stock valued at $449,166,000 after purchasing an additional 46,306 shares in the last quarter. KBC Group NV grew its position in shares of Oshkosh by 28.0% in the 1st quarter. KBC Group NV now owns 2,101 shares of the company’s stock valued at $309,000 after purchasing an additional 460 shares during the period. Finally, Precision Wealth Strategies LLC increased its stake in Oshkosh by 8.8% during the 1st quarter. Precision Wealth Strategies LLC now owns 3,813 shares of the company’s stock worth $561,000 after purchasing an additional 308 shares in the last quarter. Institutional investors and hedge funds own 92.36% of the company’s stock.

Wall Street Analysts Forecast Growth OSK has been the topic of a number of research reports. Truist Financial lifted their price target on shares of Oshkosh from $176.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Wall Street Zen downgraded shares of Oshkosh from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Citigroup cut shares of Oshkosh from a “buy” rating to a “neutral” rating and cut their price objective for the company from $180.00 to $170.00 in a research report on Monday, April 13th. Evercore reaffirmed an “outperform” rating and issued a $181.00 target price on shares of Oshkosh in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. lowered their target price on Oshkosh from $158.00 to $145.00 and set a “neutral” rating for the company in a report on Monday, May 11th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $168.60.

Read Our Latest Research Report on OSK

Insider Buying and Selling at Oshkosh In related news, Director Duncan Palmer sold 505 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $133.86, for a total transaction of $67,599.30. Following the transaction, the director directly owned 39,684 shares in the company, valued at approximately $5,312,100.24. The trade was a 1.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.64% of the company’s stock.

Oshkosh Price Performance NYSE:OSK opened at $154.97 on Friday. Oshkosh Corporation has a 52-week low of $116.77 and a 52-week high of $180.49. The company has a market cap of $9.66 billion, a P/E ratio of 17.26, a P/E/G ratio of 0.75 and a beta of 1.23. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 1.63. The stock’s 50-day simple moving average is $138.63 and its 200 day simple moving average is $148.00.

Oshkosh (NYSE:OSK – Get Free Report) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.85 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.19). The company had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.29 billion. Oshkosh had a net margin of 5.54% and a return on equity of 13.90%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same period last year, the company posted $1.92 earnings per share. Oshkosh has set its FY 2026 guidance at 11.500-11.500 EPS. As a group, sell-side analysts forecast that Oshkosh Corporation will post 10.87 EPS for the current fiscal year.

Oshkosh Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 26th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, May 26th. Oshkosh’s dividend payout ratio is presently 25.39%.

Oshkosh Company Profile (Free Report)

Oshkosh Corporation (NYSE: OSK) is a leading designer, manufacturer and marketer of specialty trucks, military vehicles and access equipment. The company’s offerings span critical end markets, including defense, fire and emergency services, commercial construction and industrial sectors. By combining engineering expertise with advanced technologies, Oshkosh delivers solutions that enhance mobility, safety and productivity for its customers.

Founded in 1917 and headquartered in Oshkosh, Wisconsin, the company has evolved from producing heavy-duty dump trucks to a diversified portfolio of products and services.

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At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +23.94% per year. These returns cover a period from January 1, 1988 through July 6, 2026. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. Zacks may license the Zacks Mutual Fund rating provided herein to third parties, including but not limited to the issuer.

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Oshkosh (OSK - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on July 28, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis heavy vehicle manufacturer for the military, emergency and commercial companies is expected to post quarterly earnings of $2.60 per share in its upcoming report, which represents a year-over-year change of -23.8%.

Revenues are expected to be $2.75 billion, up 0.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.23% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Oshkosh?For Oshkosh, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.54%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Oshkosh will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Oshkosh would post earnings of $1.04 per share when it actually produced earnings of $0.85, delivering a surprise of -18.27%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Oshkosh doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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In 2026, choosing between industrial giants depends on your preference for global scale versus specialized government contracts. For investors evaluating heavy machinery, Caterpillar (CAT +1.49%) and Oshkosh (OSK +2.50%) offer distinct pathways to growth.

While both companies operate within the industrial manufacturing landscape, their core differentiators set them apart. Caterpillar dominates the global stage with its construction and mining equipment, while Oshkosh focuses on purpose-built vehicles for defense and fire services. Comparing these two helps you decide between a diversified market leader and a specialized defense contractor.

The case for CaterpillarCaterpillar provides the heavy lifting for global infrastructure, manufacturing everything from massive mining trucks to industrial gas turbines. Its dominance among construction stocks provides a steady foundation through a global dealer network of over 150 independent entities. Strategic moves in early 2026, such as the acquisition of Skycatch, help integrate spatial data and automation into its core products.

In FY 2025, revenue reached nearly $67.6 billion, representing a 4.3% increase over the previous year. The company reported net income of approximately $8.9 billion during this period. While revenue grew, the net margin of 13.1% was lower than the 16.7% reported in FY 2024.

As of the December 2025 balance sheet, the debt-to-equity ratio was roughly 2.0x. This metric measures total debt relative to shareholder equity, showing how much debt the company uses to fund its assets. The current ratio of 1.4x indicates Caterpillar has enough short-term assets to cover liabilities, while free cash flow reached $10.3 billion.

The case for OshkoshOshkosh builds specialized equipment ranging from fire trucks to military tactical vehicles. The company derives approximately 20% of its net sales from the U.S. government, primarily through multiyear defense and procurement contracts. Customer concentration like this adds a layer of risk to the business.

For the FY 2025 period, Oshkosh reported revenue of approximately $10.4 billion. This reflected a revenue decline of nearly 2.9% compared to the prior fiscal year. Despite the lower top-line result, the company generated net income of roughly $647.0 million with a net margin of 6.2%.

The balance sheet as of December 2025 appears conservative with a debt-to-equity ratio of approximately 0.3x. A lower ratio suggests the company relies less on borrowed money to fund its operations. The current ratio is nearly 1.9x, showing a healthy margin of short-term assets over liabilities, and the company generated close to $618.0 million in free cash flow during the year.

Risk profile comparisonCaterpillar faces risks from the cyclical nature of construction and mining, where demand follows global commodity prices. Supply chain disruptions for components like semiconductors can stall production and impact delivery schedules for competitors like Deere & Company (DE 0.93%). Additionally, the company must successfully integrate new technology acquisitions while defending against cyber threats to its autonomous machinery.

Oshkosh carries risk due to its reliance on government budgets, which are subject to political delays and funding shifts. The company is also navigating federal class action lawsuits regarding alleged price-fixing in the fire truck market. It competes for talent and heavy manufacturing contracts against other large firms such as Lockheed Martin (LMT +0.93%) and PACCAR (PCAR +1.05%).

Valuation comparisonOshkosh is cheaper based on its forward P/E and P/S ratio, which measure stock price relative to estimated future earnings and annual sales.

MetricCaterpillarOshkoshSector BenchmarkForward P/E38.8x13.1x242.8xP/S ratio6.5x0.9xSector benchmark uses the SPDR XLI sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Even when industrial stocks serve different markets, investors may find it useful to compare them and choose one over the other. Caterpillar primarily makes construction equipment, while Oshkosh focuses on specialty vehicles. So, which is the better choice this year?

One of the drivers for Caterpillar is benefiting many other industries, too: artificial intelligence. The rapid build-out of data centers and their infrastructure is driving demand for industrial machinery, gas turbines, and mining equipment. Among the caveats, though, its valuation is currently high relative to earnings, and demand for construction and mining products is cyclical.

Oshkosh produces specialty vehicles for various industries, including fire trucks and the mail trucks that will replace the aging LLV (long-life vehicle) fleet. Government contracts help provide a steady source of revenue, but the company's dependence on government spending can introduce uncertainty. The stock is significantly cheaper than Caterpillar, though.

So, for income investors wanting to capitalize on trends and willing to pay a premium for a stock with strong long-term potential, Caterpillar is the better choice. Oshkosh is more of a conservative, defensive stock. Personally, I would choose Caterpillar because I don’t think AI-related spending will abate in the near future.

PARIS--(BUSINESS WIRE)--As European and allied forces accelerate modernization efforts in response to evolving operational threats, Oshkosh Defense LLC, an Oshkosh Corporation [NYSE: OSK] business, will showcase proven tactical mobility solutions at Eurosatory 2026 designed to support interoperability, distributed operations and future battlefield requirements, without the risk and long development timelines of entirely new vehicle programs.

For decades, Oshkosh Defense has supported allied military forces with heavy, medium and light tactical vehicle platforms designed to operate across coalition environments. Today, as NATO and European partners prioritize readiness, sustainment resilience and operational flexibility, Oshkosh Defense continues to evolve its proven platforms to meet emerging mission requirements. At Eurosatory 2026, Oshkosh Defense will feature its hybrid electric Joint Light Tactical Vehicle (eJLTV), an advanced capability demonstrator built on the combat-proven JLTV platform currently fielded by the United States and allied nations worldwide. With more than 24,000 JLTVs produced, the platform provides a mature, interoperable foundation capable of adapting to future operational requirements while maintaining commonality across coalition forces. The eJLTV demonstrates how allied forces can modernize tactical mobility capabilities while reducing transition risk, leveraging existing sustainment infrastructure and preserving operational familiarity for deployed forces. The platform integrates hybrid electric capability, onboard exportable power generation, silent watch and silent drive functionality to support distributed operations, next-generation battlefield systems and evolving operational energy requirements.

By building on a fielded and combat-proven platform, Oshkosh Defense offers allied customers a scalable path toward future capability integration without sacrificing reliability, survivability or interoperability. The JLTV platform also creates opportunities for localized sustainment, long-term fleet support and regional operational integration aligned with allied modernization priorities.

“European and allied forces are modernizing under real operational pressure, and they also need solutions that can be fielded, sustained and integrated quickly,” said Pat Williams, Chief Programs Officer at Oshkosh Defense. “The eJLTV demonstrates how Oshkosh Defense can evolve a combat-proven platform to support future power, interoperability and distributed operational requirements without forcing customers to accept the risk and timelines associated with entirely new vehicle programs.”

Attendees can experience the eJLTV and learn more about Oshkosh Defense’s portfolio of advanced tactical mobility solutions and technologies at Eurosatory 2026 in Booth A320 in the USA Pavilion.

About Oshkosh Defense

Oshkosh Defense, an Oshkosh Corporation business [NYSE: OSK], delivers adaptable, connected, and survivable systems critical to the modernization and readiness of the U.S. and its allied forces. As a trusted mobility integrator, Oshkosh brings advanced vehicles, intelligent systems, and mission-critical technologies together into unified solutions built for evolving operational demands. Combining defense expertise with commercial scale, Oshkosh accelerates innovation from development through deployment. And because the mission does not end at fielding, Oshkosh provides global sustainment, lifecycle support, and aftermarket solutions that keep fleets ready while advancing the future of defense mobility.

Learn more at OshkoshDefense.com.

About Oshkosh Corporation

At Oshkosh (NYSE: OSK), we make innovative, purpose-built vehicles and equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs over 18,000 team members worldwide, all united behind a common purpose: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, MAXIMETAL, Oshkosh® S-Series™, McNeilus®, IMT®, Jerr-Dan®, Frontline™ Communications, Oshkosh® Airport Products, Oshkosh AeroTech™, Oshkosh® Defense and Pratt Miller. For more information, visit oshkoshcorp.com.

Forward Looking Statements

This news release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions, and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this news release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this news release. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

April 29, 2026 10:10 ET  | Source: Edustaff

OSHKOSH, Wis., April 29, 2026 (GLOBE NEWSWIRE) -- The Oshkosh Area School District (OASD) has announced a new partnership with Edustaff, a leading provider of educational staffing services, to enhance the district's ability to recruit, place, and retain high-quality substitute teachers, paraprofessionals, and support staff across its schools. The collaboration is designed to ensure continuity of instruction and student support throughout the academic year.

Under the agreement, Edustaff will manage the full lifecycle of substitute and support staff recruitment — from sourcing and credentialing to scheduling and compliance — leveraging its proprietary technology platform and deep network of education professionals. This allows OASD administrators and principals to focus on their core mission of delivering an exceptional learning experience for students.

“Several factors were considered in this decision, most importantly our confidence in Edustaff’s ability to deliver the high level of service and support that both our district and our staff deserve. By partnering with Edustaff, we are focused on improving our overall substitute staffing process, while keeping our students and staff at the center of our work.”

— Sabrina Johnson, Executive Director of Human Resources, Oshkosh Area School District

Edustaff brings decades of experience partnering with school districts across the Midwest to address the persistent challenge of staff shortages. The company's approach combines personalized service, rigorous background screening, and ongoing professional development resources to help districts maintain instructional quality and a safe learning environment.

“Oshkosh Area School District is a tremendous example of a community that puts students first. We are honored to support their mission by providing dependable, thoroughly vetted staffing solutions that keep classrooms running smoothly and effectively. We look forward to a long, productive partnership built on shared values and a passion for education.”

— Derek Vogel, Chief Executive Officer, Edustaff

The partnership takes effect immediately, with Edustaff beginning onboarding operations in coordination with OASD's Human Resources department. Both organizations anticipate a seamless transition that minimizes disruption for current staff and school building teams.

About Oshkosh Area School District

The Oshkosh Area School District serves students in the City of Oshkosh and surrounding communities in Winnebago County, Wisconsin. OASD is committed to preparing every student for success in college, career, and community through rigorous academics, enriching extracurricular opportunities, and a supportive learning environment. For more information, visit www.oshkosh.k12.wi.us.

About Edustaff

Edustaff is a premier educational staffing company dedicated to connecting school districts with qualified substitute teachers, paraprofessionals, and support personnel. With a mission to support student achievement, Edustaff partners with districts across the country to deliver flexible, reliable, and compliant staffing solutions. For more information, visit www.edustaff.org.

Media Contact:
Public Relations Dept.
Edustaff, LLC
[email protected]
877-974-6338

Annual Experimental Aircraft Association gathering is also world's largest fly-in convention Annual Experimental Aircraft Association gathering is also world's largest fly-in convention

OSHKOSH, Wis.--(BUSINESS WIRE)--Oshkosh Corporation (NYSE: OSK), a leading innovator of purpose-built vehicles and equipment, today reported 2026 first quarter net income of $43.1 million, or $0.68 per diluted share, compared to net income of $112.2 million, or $1.72 per diluted share, for the first quarter of 2025. Adjusted1 net income was $53.8 million, or $0.85 per diluted share, for the first quarter of 2026 compared to $124.8 million, or $1.92 per diluted share, for the first quarter of 2025. Comparisons in this news release are to the first quarter of 2025, unless otherwise noted.

Consolidated sales in the first quarter of 2026 were relatively flat at $2.32 billion, as pricing, currency and the impact of cumulative catch-up adjustments offset lower sales volume.

Consolidated operating income in the first quarter of 2026 decreased 53.2 percent to $82.0 million, or 3.5 percent of sales, compared to $175.4 million, or 7.6 percent of sales, in the first quarter of 2025. The decrease was primarily due to unfavorable sales mix, higher manufacturing overhead costs and lower sales volume.

Adjusted1 operating income in the first quarter of 2026 decreased 49.8 percent to $96.3 million, or 4.2 percent of sales, compared to $191.8 million, or 8.3 percent of sales, in the first quarter of 2025.

“We delivered first quarter adjusted earnings per share of $0.85 reflecting lower results in our Access and Vocational segments compared with last year,” said John Pfeifer, president and chief executive officer of Oshkosh Corporation. “While fire truck production improved year-over-year, deliveries were below our expectations, driven in part by weather- and travel-related disruptions.

"In Access, lower results reflected adverse sales mix and unfavorable price-cost dynamics. We saw strong order activity and solid demand in the segment, supported by mega projects, including data center-related construction. Our Transport segment performed in line with our expectations as we continue to ramp NGDV production and execute on our defense portfolio.

“Importantly, demand across our segments remains solid and we have good visibility for the remainder of the year. We are maintaining our full-year expectation of adjusted earnings per share in the range of $11.50,” added Pfeifer.

Factors affecting first quarter results for the Company’s business segments included:

Access - Access segment sales for the first quarter of 2026 decreased $13.7 million, or 1.4 percent, to $943.4 million primarily due to lower sales volume, offset in part by favorable currency.

Access segment operating income in the first quarter of 2026 decreased 66.3 percent to $34.7 million, or 3.7 percent of sales, compared to $103.1 million, or 10.8 percent of sales, in the first quarter of 2025. The decrease was primarily due to adverse sales mix, adverse price/cost dynamics and lower sales volume.

Adjusted1 operating income in the first quarter of 2026 was $38.8 million, or 4.1 percent of sales, compared to $107.8 million, or 11.3 percent of sales, in the first quarter of 2025.

Vocational - Vocational segment sales for the first quarter of 2026 decreased $41.8 million, or 4.8 percent, to $825.0 million as lower sales volume was offset in part by improved pricing.

Vocational segment operating income in the first quarter of 2026 decreased 28.1 percent to $84.7 million, or 10.3 percent of sales, compared to $117.8 million, or 13.6 percent of sales, in the first quarter of 2025. The decrease was primarily due to lower sales volume, higher manufacturing overhead costs and adverse sales mix, offset in part by favorable price/cost dynamics.

Adjusted1 operating income in the first quarter of 2026 was $94.1 million, or 11.4 percent of sales, compared to $128.8 million, or 14.9 percent of sales, in the first quarter of 2025.

Transport - Transport segment sales for the first quarter of 2026 increased $49.8 million, or 10.8 percent, to $512.8 million primarily due to higher sales volume and the impact of cumulative catch-up adjustments on contracts. Higher sales volume reflected the ramp-up of Next Generation Delivery Vehicle (NGDV) production for the United States Postal Service, which was offset in part by lower tactical wheeled vehicle and aftermarket sales volume.

Transport segment operating income in the first quarter of 2026 was $4.2 million, or 0.8 percent of sales, compared to $0.6 million, or 0.1 percent of sales, in the first quarter of 2025. The increase was primarily the result of lower adverse cumulative catch-up adjustments and higher sales volume, offset in part by higher manufacturing overhead costs and adverse sales mix.

Corporate and other - Net operating costs for corporate and other in the first quarter of 2026 decreased $4.5 million to $41.6 million primarily due to improvements at Pratt Miller.

Repurchases of Common Stock - The Company repurchased 303,592 shares of common stock in the first quarter of 2026 for $47.3 million. Share repurchases completed during the previous twelve months benefited earnings per share in the first quarter of 2026 by $0.02 compared to the first quarter of 2025.

2026 Expectations

The Company continues to expect its 2026 diluted earnings per share to be in the range of $10.90 and its adjusted1 earnings per share to be in the range of $11.50, on net sales of approximately $11.0 billion.

Dividend Announcement

The Company’s Board of Directors today declared a quarterly cash dividend of $0.57 per share of Common Stock. The dividend will be payable on June 9, 2026 to shareholders of record as of May 26, 2026.

Conference Call

The Company will host a conference call at 9:00 a.m. EDT this morning to discuss its first quarter 2026 results and 2026 expectations. Slides for the call will be available on the Company’s website beginning at 7:00 a.m. EDT this morning. The call will be simultaneously webcast. To access the webcast, go to oshkoshcorp.com at least 15 minutes prior to the event and follow instructions for listening to the webcast. An audio replay of the call and related question and answer session will be available for 12 months at this website.

Forward-Looking Statements

This news release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, growth and drivers, capital allocation, resiliency, targets, projected sales, costs, margins, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “confident” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, fire apparatus, refuse and recycling collection and air transportation equipment markets, which are particularly impacted by the strength of U.S. and European economies and construction outlooks; the Company’s estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the Company's ability to predict the level and timing of orders and costs on the U.S. Postal Service contract; risks that trade wars and related tariffs could further reduce demand for or competitiveness of the Company’s products or cause inefficiencies in the Company's supply chain; the Company’s ability to increase prices to raise margins or to offset higher input costs; the Company's ability to achieve its projected material and manufacturing efficiency savings; the Company's ability to accurately predict future input costs associated with U.S. Department of Defense contracts; the Company’s ability to attract and retain production labor in a timely manner; the Company's ability to increase production rates in its municipal fire apparatus and delivery businesses; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the impact of severe weather, war, natural disasters or pandemics that may affect the Company, its suppliers or its customers; budget uncertainty for the U.S. federal government, including risks of future budget cuts, the impact of continuing resolution funding mechanisms or a prolonged federal government shutdown; the impact of any U.S. Department of Defense solicitation for competition for future contracts to produce military vehicles; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company; the Company’s ability to successfully identify, complete and integrate acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission, including its most recent Form 10-K. All forward-looking statements speak only as of the date of this news release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this news release. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

About Oshkosh Corporation

At Oshkosh (NYSE: OSK), we make innovative, purpose-built equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs over 18,000 team members worldwide, all united behind a common purpose: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, MAXIMETAL, Oshkosh® S-Series™, McNeilus®, IMT®, Jerr-Dan®, Frontline™ Communications, Oshkosh® Airport Products, Oshkosh AeroTech™, Oshkosh® Defense and Pratt Miller. For more information, visit oshkoshcorp.com.

  OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except share and per share amounts; unaudited)

  Three Months Ended
March 31,

2026

2025

Net sales

$

2,317.8

$

2,312.8

Cost of sales

2,005.9

1,912.9

Gross income

311.9

399.9

Operating expenses:

Selling, general and administrative

215.6

211.0

Amortization of purchased intangibles

14.3

13.5

Total operating expenses

229.9

224.5

Operating income

82.0

175.4

Other income (expense):

Interest expense

(29.8

)

(27.0

)

Interest income

4.5

2.0

Miscellaneous, net

(2.0

)

0.5

Income before income taxes and losses of unconsolidated affiliates

54.7

150.9

Provision for income taxes

10.5

36.8

Income before losses of unconsolidated affiliates

44.2

114.1

Losses of unconsolidated affiliates

(1.1

)

(1.9

)

Net income

$

43.1

$

112.2

Earnings per share:

Basic

$

0.69

$

1.73

Diluted

0.68

1.72

Basic weighted-average shares outstanding

62,824,046

64,796,278

Dilutive equity-based compensation awards

476,875

276,081

Diluted weighted-average shares outstanding

63,300,921

65,072,359

      OSHKOSH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions; unaudited)

  March 31,

December 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

250.3

$

479.8

Receivables, net

1,503.2

1,456.1

Unbilled receivables, net

698.2

702.7

Inventories

2,515.9

2,375.0

Income taxes receivable

49.8

52.4

Other current assets

89.0

102.5

Total current assets

5,106.4

5,168.5

Property, plant and equipment:

Property, plant and equipment

2,514.0

2,571.7

Accumulated depreciation

(1,265.2

)

(1,300.5

)

Property, plant and equipment, net

1,248.8

1,271.2

Goodwill

1,442.7

1,448.1

Purchased intangible assets, net

718.9

734.8

Deferred income taxes

196.1

201.0

Deferred contract costs

813.4

825.5

Other non-current assets

434.8

423.3

Total assets

$

9,961.1

$

10,072.4

Liabilities and Shareholders’ Equity

Current liabilities:

Revolving credit facilities and current maturities of long-term debt

$

546.2

$

0.6

Accounts payable

992.5

1,074.2

Customer advances

814.8

737.1

Payroll-related obligations

178.3

218.4

Income taxes payable

96.6

141.3

Other current liabilities

497.0

492.8

Total current liabilities

3,125.4

2,664.4

Long-term debt

600.6

1,100.3

Non-current customer advances

1,203.4

1,222.7

Deferred income taxes

24.5

25.7

Other non-current liabilities

540.9

528.8

Commitments and contingencies

Shareholders’ equity

4,466.3

4,530.5

Total liabilities and shareholders’ equity

$

9,961.1

$

10,072.4

      OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions; unaudited)

  Three Months Ended
March 31,

2026

2025

Operating activities:

Net income

$

43.1

$

112.2

Depreciation and amortization

60.6

53.6

Stock-based incentive compensation

9.7

8.2

Deferred income taxes

4.6

(12.1

)

Other non-cash adjustments

4.8

3.5

Changes in operating assets and liabilities

(283.8

)

(560.3

)

Net cash used in operating activities

(161.0

)

(394.9

)

Investing activities:

Additions to property, plant and equipment

(28.1

)

(40.3

)

Additions to equipment held for rental

(1.5

)

(4.4

)

Proceeds from sale of equipment held for rental

29.6

0.4

Other investing activities

1.1

1.2

Net cash provided by (used in) investing activities

1.1

(43.1

)

Financing activities:

Proceeds from issuance of debt

259.8

1,646.0

Repayments of debt

(214.1

)

(1,130.1

)

Repurchases of Common Stock

(47.3

)

(28.7

)

Dividends paid

(35.6

)

(32.9

)

Other financing activities

(31.3

)

(16.2

)

Net cash provided by (used in) financing activities

(68.5

)

438.1

Effect of exchange rate changes on cash and cash equivalents

(1.1

)

5.3

Increase (decrease) in cash and cash equivalents

(229.5

)

5.4

Cash and cash equivalents at beginning of period

479.8

204.9

Cash and cash equivalents at end of period

$

250.3

$

210.3

      OSHKOSH CORPORATION

SEGMENT INFORMATION

(In millions; unaudited)

  Three Months Ended
March 31,

2026

2025

Net Sales

Access

Aerial work platforms

$

431.0

$

450.8

Telehandlers

208.2

244.5

Other

304.2

261.8

Total Access

943.4

957.1

Vocational

Municipal fire apparatus

331.5

329.8

Airport products

226.6

225.3

Refuse and recycling vehicles

153.7

205.5

Other

113.2

106.2

Total Vocational

825.0

866.8

Transport

Defense

296.2

412.7

Delivery vehicles

216.6

50.3

Total Transport

512.8

463.0

Corporate and other

36.6

25.9

Consolidated

$

2,317.8

$

2,312.8

    Three Months Ended
March 31,

2026

2025

Operating Income (Loss)

Access

$

34.7

$

103.1

Vocational

84.7

117.8

Transport

4.2

0.6

Corporate and other

(41.6

)

(46.1

)

Consolidated

$

82.0

$

175.4

    March 31,

2026

2025

Period-end backlog:

Access

$

1,838.5

$

1,804.8

Vocational

6,627.6

6,340.1

Transport

5,959.0

6,400.6

Corporate and other

111.4

70.1

Consolidated

$

14,536.5

$

14,615.6

    Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles in the United States of America (GAAP). The Company is presenting various operating results both on a GAAP basis and on a basis excluding items that affect comparability of results. When the Company excludes certain items as described below, they are considered non-GAAP financial measures. The Company believes excluding the impact of these items is useful to investors in comparing the Company’s performance to prior period results. However, while adjusted operating income, adjusted net income and adjusted earnings per share exclude amortization of purchased intangibles, revenue and earnings of acquired companies are reflected in adjusted operating income, adjusted net income and adjusted earnings per share and intangible assets contribute to the generation of revenue and earnings. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s results prepared in accordance with GAAP. The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts):

Three Months Ended
March 31,

2026

2025

Access segment operating income (GAAP)

$

34.7

$

103.1

Amortization of purchased intangibles

4.1

4.7

Adjusted Access segment operating income (non-GAAP)

$

38.8

$

107.8

Vocational segment operating income (GAAP)

$

84.7

$

117.8

Amortization of purchased intangibles

9.4

11.0

Adjusted Vocational segment operating income (non-GAAP)

$

94.1

$

128.8

Corporate and other operating loss (GAAP)

$

(41.6

)

$

(46.1

)

Amortization of purchased intangibles

0.8

0.7

Adjusted corporate and other operating loss (non-GAAP)

$

(40.8

)

$

(45.4

)

Consolidated operating income (GAAP)

$

82.0

$

175.4

Amortization of purchased intangibles

14.3

16.4

Adjusted consolidated operating income (non-GAAP)

$

96.3

$

191.8

Provision for income taxes (GAAP)

$

10.5

$

36.8

Income tax effects of adjustments

3.6

3.8

Adjusted provision for income taxes (non-GAAP)

$

14.1

$

40.6

Net income (GAAP)

$

43.1

$

112.2

Amortization of purchased intangibles

14.3

16.4

Income tax effects of adjustments

(3.6

)

(3.8

)

Adjusted net income (non-GAAP)

$

53.8

$

124.8

Earnings per share-diluted (GAAP)

$

0.68

$

1.72

Amortization of purchased intangibles

0.23

0.25

Income tax effects of adjustments

(0.06

)

(0.05

)

Adjusted earnings per share-diluted (non-GAAP)

$

0.85

$

1.92

      2026 Expectations

Earnings per share-diluted (GAAP)

$

10.90

Amortization of purchased intangibles, net of tax

0.60

Adjusted earnings per share-diluted (non-GAAP)

$

11.50

For the quarter ended March 2026, Oshkosh (OSK - Free Report) reported revenue of $2.32 billion, up 0.2% over the same period last year. EPS came in at $0.85, compared to $1.92 in the year-ago quarter.

The reported revenue represents a surprise of -0.27% over the Zacks Consensus Estimate of $2.32 billion. With the consensus EPS estimate being $1.04, the EPS surprise was -18.53%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Oshkosh performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net sales- Vocational- Total Vocational: $825 million versus $942.06 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -4.8% change.Net sales- Vocational- Municipal fire apparatus: $331.5 million compared to the $374.33 million average estimate based on two analysts. The reported number represents a change of +0.5% year over year.Net sales- Transport- Total Transport: $512.8 million compared to the $529.11 million average estimate based on two analysts.Net Sales- Access- Telehandlers: $208.2 million compared to the $207.83 million average estimate based on two analysts. The reported number represents a change of -14.9% year over year.Net Sales- Corporate and other: $36.6 million versus the two-analyst average estimate of $11.54 million. The reported number represents a year-over-year change of +41.3%.Net Sales- Access- Aerial work platforms: $431 million compared to the $394.45 million average estimate based on two analysts. The reported number represents a change of -4.4% year over year.Net Sales- Access- Other: $304.2 million versus the two-analyst average estimate of $226.46 million. The reported number represents a year-over-year change of +16.2%.Net Sales- Access- Total: $943.4 million compared to the $828.74 million average estimate based on two analysts. The reported number represents a change of -1.4% year over year.Operating Income (loss)- Transport: $4.2 million compared to the $8.73 million average estimate based on two analysts.Adjusted Vocational segment operating income (non-GAAP): $94.1 million compared to the $135 million average estimate based on two analysts.Adjusted Access segment operating income (non-GAAP): $38.8 million versus the two-analyst average estimate of $16.42 million.View all Key Company Metrics for Oshkosh here>>>

Shares of Oshkosh have returned -2.2% over the past month versus the Zacks S&P 500 composite's +11% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Oshkosh Corporation (OSK +0.81%) stock crashed 10.6% through 3 p.m. ET Friday after reporting mixed Q1 earnings.

Analysts had forecast the truckmaker would earn $1.04 per share on just under $2.3 billion in quarterly sales. The good news is that Oshkosh actually posted sales of just over $2.3 billion. The bad news is it fell far short on earnings -- just $0.85 per share.

Image source: Getty Images.

Oshkosh Q1 earnings Even the good news wasn't great. Oshkosh beat its sales target but still grew sales by only 0.2% year over year. And as for the bad news, it was even worse than it looks. Turns out, the company's "$0.85" per share profit was only a pro forma number. Actual earnings calculated under generally accepted accounting principles (GAAP) for the quarter were only $0.68 per share -- down 60% year over year.

Continuing the theme on the cash flow statement, Oshkosh burned through $189.1 million in negative free cash flow in Q1. That was less cash than it burned in Q1 2025 ($435.2 million), but still negative -- the opposite of what Oshkosh's reported earnings would suggest.

Today's Change

(

0.81

%) $

1.09

Current Price

$

135.05

What's next for Oshkosh? On guidance, Oshkosh did finally deliver some good news. Despite disappointing Wall Street mightily this morning, "demand across our segments remains solid and we have good visibility for the remainder of the year." Thus, Oshkosh reiterated its guidance for the rest of this year.

Management still expects to earn $10.90 per share -- GAAP -- in 2026. At a share price of $138, that works out to a modest 12.7 price-to-earnings ratio. Given the stock's 1.5% dividend yield and analysts' 12% long-term earnings growth forecast, Oshkosh stock might still be a buy.

Assuming, that is, the company actually can grow as fast as Wall Street says it should.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Oshkosh (NYSE:OSK) on Friday reported worse-than-expected first-quarter financial results.

Oshkosh reported quarterly earnings of 85 cents per share which missed the analyst consensus estimate of $1.17 per share. The company reported quarterly sales of $2.317 billion which missed the analyst consensus estimate of $2.322 billion.

“We delivered first quarter adjusted earnings per share of $0.85 reflecting lower results in our Access and Vocational segments compared with last year,” said John Pfeifer, president and chief executive officer of Oshkosh Corporation. “While fire truck production improved year-over-year, deliveries were below our expectations, driven in part by weather- and travel-related disruptions.

Oshkosh affirmed its FY2026 adjusted EPS guidance of $11.50.

Oshkosh shares fell 0.2% to trade at $137.82 on Monday.

These analysts made changes to their price targets on Oshkosh following earnings announcement.

Baird analyst Mircea Dobre maintained the stock with an Outperform rating and lowered the price target from $175 to $172. Truist Securities analyst Jamie Cook reiterated the stock with a Hold and lowered the price target from $183 to $176. Considering buying OSK stock? Here’s what analysts think:

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Shares of firetruck maker Oshkosh are a favorite on Wall Street.

OSHKOSH, Wis.--(BUSINESS WIRE)--Oshkosh Defense LLC, an Oshkosh Corporation [NYSE: OSK] business, announced today it has received two delivery orders from the U.S. Marine Corps for the Remotely Operated Ground Unit for Expeditionary Fires (ROGUE-Fires) Block 2 Production, totaling $92M.

Built on the battle-tested Oshkosh Defense Joint Light Tactical Vehicle (JLTV), ROGUE-Fires combines next-generation autonomy with the protection, mobility, speed, and off-road capability Marines rely on in austere environments. The JLTV’s proven transportability, operational interoperability and available sustainment provide a strong foundation for expeditionary fires missions and distributed operations.

Oshkosh Defense was initially awarded the ROGUE-Fires contract in 2022, and the platform has since become the first semi-autonomous ground system fielded by the U.S. military. The ROGUE-Fires offers the only in production and fielded semi-autonomous ground system for offensive and defensive fires.

The Block 2 configuration introduces Forterra’s next-generation autonomy and expanded weapon system integration to support Expeditionary Advanced Base Operations (EABO) and distributed long-range precision fires missions.

“As the Marine Corps continues to modernize its force structure and operational capabilities, Oshkosh remains focused on delivering advanced ground mobility solutions that support mission success,” said Pat Williams, Chief Programs Officer at Oshkosh Defense. “With new technology integration and expanded weapon system flexibility, ROGUE-Fires Block 2 demonstrates Oshkosh’s ability to integrate advanced technologies onto proven tactical vehicles.”

ROGUE-Fires, built on a Modular Open System Approach, provides the architecture that now supports integration with the MLRS Family of Munitions (MFOM) and rapid swapping of future payload weapon systems based on mission requirements. This modular approach provides Marines with greater operational flexibility across evolving expeditionary fires missions and beyond.

Forterra’s AutoDrive autonomous driving system is built to support operations in contested and GPS-denied environments.

Vehicle deliveries under the contract are expected to continue through 2031.

About Oshkosh Defense

Oshkosh Defense, an Oshkosh Corporation business [NYSE: OSK], delivers adaptable, connected, and survivable systems critical to the modernization and readiness of the U.S. and its allied forces. As a trusted mobility integrator, Oshkosh brings advanced vehicles, intelligent systems, and mission-critical technologies together into unified solutions built for evolving operational demands. Combining defense expertise with commercial scale, Oshkosh accelerates innovation from development through deployment. And because the mission does not end at fielding, Oshkosh provides global sustainment, lifecycle support, and aftermarket solutions that keep fleets ready while advancing the future of defense mobility. Learn more at OshkoshDefense.com.

About Oshkosh Corporation

At Oshkosh (NYSE: OSK), we make innovative, purpose-built vehicles and equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs over 18,000 team members worldwide, all united behind a common purpose: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, MAXIMETAL, Oshkosh® S-Series™, McNeilus®, IMT®, Jerr-Dan®, Frontline™ Communications, Oshkosh® Airport Products, Oshkosh AeroTech™, Oshkosh® Defense and Pratt Miller. For more information, visit oshkoshcorp.com.

Forward Looking Statements

This news release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions, and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this news release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this news release. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

OSHKOSH, Wis.--(BUSINESS WIRE)--Oshkosh Defense LLC, an Oshkosh Corporation [NYSE: OSK] business, today announced orders valued at $142 million for its Family of Medium Tactical Vehicles (FMTV) A2 platform from U.S. and international customers. The multiple awards underscore sustained demand for proven, modernized tactical mobility solutions as mission requirements continue to evolve.

The latest orders include FMTV A2 4x4 Cargo, 6x6 Cargo, and Long Wheel Base configurations, designed to support a wide range of operational needs across diverse environments.

Interest in the FMTV A2 continues to build across international markets as defense forces seek proven platforms that can adapt to evolving operational environments. Backed by decades of defense expertise and a global support network, Oshkosh Defense delivers vehicles that integrate seamlessly into diverse fleets while meeting region-specific mission needs.

“The continued demand for the FMTV A2, both in the U.S. and internationally, reflects the platform’s ability to perform across a wide range of missions and environments,” said Pat Williams, Chief Programs Officer, Oshkosh Defense. “Our international customers require vehicles that combine durability, flexibility, and advanced capability. The FMTV A2 delivers that performance while aligning with the operational needs of modern forces.”

Oshkosh Defense continues to support customers worldwide with vehicles designed to perform under the most demanding conditions, helping the Warfighter carry out their missions with confidence and return home safely.

About Oshkosh Defense

Oshkosh Defense, an Oshkosh Corporation business [NYSE: OSK], delivers adaptable, connected, and survivable systems critical to the modernization and readiness of the U.S. and its allied forces. As a trusted mobility integrator, Oshkosh brings advanced vehicles, intelligent systems, and mission-critical technologies together into unified solutions built for evolving operational demands. Combining defense expertise with commercial scale, Oshkosh accelerates innovation from development through deployment. And because the mission does not end at fielding, Oshkosh provides global sustainment, lifecycle support, and aftermarket solutions that keep fleets ready while advancing the future of defense mobility. Learn more at OshkoshDefense.com.

About Oshkosh Corporation

At Oshkosh (NYSE: OSK), we make innovative, mission-critical equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs over 18,000 team members worldwide, all united behind a common purpose: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, MAXIMETAL, Oshkosh® S-Series™, Oshkosh® Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™ Communications, Oshkosh® Airport Products, Oshkosh AeroTech™ and Pratt Miller. For more information, visit oshkoshcorp.com.

Forward Looking Statements

This news release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions, and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this news release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this news release. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.