Oshkosh Corp. (OSK)

Oshkosh Corporation reported second-quarter 2026 sales of $2.92 billion on 28 July, up 6.7 percent, on higher sales volume and better pricing 3. Operating income fell 16.6 percent to $243.2 million, which the company put down to unfavorable sales mix and higher manufacturing overhead 3.

The company lowered its earnings outlook but raised its sales outlook 3. It now expects 2026 adjusted earnings per share of about $11.00, down about $0.50, because fire truck output is rising more gradually than it planned 3. It expects net sales of about $11.2 billion, up $200 million from its earlier guidance 3.

Access orders of $1.5 billion in the quarter lifted that segment's backlog to $1.96 billion at 30 June, up 64.7 percent in a year, which the company ties to data centers and megaprojects 2.

The open questions are how fast Pierce can raise fire truck output and when the Postal Service places the next delivery vehicle order that the company expects 2.

Oshkosh makes purpose-built vehicles, from lifts for building sites to fire engines and army trucks 1. Its defense arm says it has supplied the U.S. Department of Defense for over 100 years 1.

John Pfeifer joined in 2019 from Brunswick's Mercury Marine unit and became chief executive on 2 April 2021 1.

In February 2021 the Postal Service picked Oshkosh Defense for a $482 million first contract to build its next mail truck, the Next Generation Delivery Vehicle 71. The contract allows up to 165,000 vehicles over a 10-year period 1.

In January 2023 the company acquired Hinowa, an Italian maker of compact crawler booms, for $186.8 million 1. In August 2023 it acquired AeroTech from JBT Corporation for $804.6 million 1.

The AeroTech deal was announced on 30 May 2023 as an $800 million all-cash purchase, which Oshkosh put at $720 million after about $80 million of expected tax benefits 8. Oshkosh said it let the company enter the air transportation support space with a market-leading portfolio 8.

It also exited two small lines in 2023: rear-discharge concrete mixers for $32.9 million in March and snow removal equipment for $17.1 million in July 1. In September 2024 it acquired AUSA, a Spanish maker of wheeled dumpers and telehandlers, for $114.5 million 1.

In 2024 it wrote down $52 million of Pratt Miller goodwill and intangibles, citing weak mobility and motorsports markets 1.

Net sales fell to $10,422.3 million from $10,730.2 million a year earlier, because Access volume dropped $659 million and Transport $107 million, offset in part by $261 million more in Vocational 1. Tariffs cost $35 million, or $0.42 a share 1.

Delivery vehicle sales rose $365 million, or 352 percent, in 2025 as production rose 1. Vocational sales rose 12.6 percent and its margin reached 14.7 percent 1.

Access: JLG and Jerr-Dan

Access makes aerial work platforms and telehandlers under the JLG and SkyTrak brands for rental companies, contractors and home improvement centers, plus Jerr-Dan tow trucks 1. Access, Vocational and Transport made up 43%, 36% and 20% of 2025 net sales 1.

Access sales rose 9.4 percent to $1.37 billion in the second quarter, with operating income of $151.6 million, or 11.0 percent of sales 3. Platform sales rose 15.2 percent to $735.1 million while telehandler sales fell 19 percent to $263.3 million, the Rental Equipment Register reported 9.

Rivals in aerial platforms include Genie, a Terex subsidiary, Skyjack, Haulotte and XCMG 1. Jerr-Dan's principal competitor is Miller Industries 1.

Vocational: fire, airport and refuse

Pierce and Maxi-Metal build fire engines, and Oshkosh AeroTech makes airport ground support equipment and boarding bridges 1. Oshkosh Airport Products builds airport rescue vehicles, and McNeilus builds garbage and recycling trucks 1. IMT, S-Series and Frontline Communications add field service trucks, concrete mixers and command vehicles 1.

Second-quarter Vocational sales were relatively flat at $966.8 million, with lower refuse and recycling shipments offsetting better pricing, and operating income fell 17.8 percent to $121.1 million 3. Vocational backlog was $6.62 billion at 30 June, up 5.6 percent 2.

Pierce said on 25 March 2026 that it had launched the first phase of a High Flow line at Appleton, Wisconsin, part of a $150 million investment across its Wisconsin plants 6. Pierce said it had added more than 500,000 square feet, invested over $70 million and hired about 800 people 6.

Fire engine rivals include Rosenbauer and REV Group, a Terex subsidiary, and refuse rivals include Environmental Solutions Group and New Way Trucks 1.

Transport: defense and mail trucks

Oshkosh Defense builds heavy and medium tactical trucks and the L-ATV for the U.S. military and approved partner nations, and the Next Generation Delivery Vehicle for the Postal Service 1. Through December 2025 the Postal Service had ordered 51,500 of them 1.

About 20 percent of 2025 sales went to the U.S. government, mostly under defense vehicle contracts 1. Defense rivals include AM General, American Rheinmetall Vehicles, BAE Systems, General Dynamics and GM Defense, and delivery van rivals include Utilimaster, Morgan Olson and Rivian 1.

Second-quarter Transport sales rose 11.9 percent to $536.1 million as the delivery vehicle ramp offset lower defense volume 3. Operating income of $15.8 million included a one-time $16.6 million delivery vehicle item 3.

Plants, people and problems

The company operated 37 manufacturing facilities at the end of 2025, with Access plants in Pennsylvania, Vocational plants in Appleton, Wisconsin, and Transport plants in Oshkosh, Wisconsin 1. It had about 18,400 employees, about 11,750 of them in production 1.

John Pfeifer is president and chief executive 1. Matthew Field became chief financial officer in December 2024, and Steven Nordlund took over Transport in July 2025 1. The board includes Keith Allman, Tyrone Jordan and Duncan Palmer 5.

At 30 June 2026 the company had guaranteed $568.7 million of customer debt, with a maximum estimated loss exposure of $126.4 million 2. Access results also carried higher litigation reserves 3.

The umbrella, in words

The main brands are JLG, SkyTrak and Jerr-Dan in Access; Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Oshkosh S-Series and Frontline Communications in Vocational; and Oshkosh Defense in Transport 1.

Its subsidiaries exhibit lists JLG Industries, Inc., McNeilus Companies, Inc., Pierce Manufacturing Inc., Oshkosh Defense, LLC, Hinowa and Pratt & Miller Engineering & Fabrication, LLC, and omits inactive ones 4. A subsidiary, Pierce Manufacturing, Inc., owns a 25% interest in BME Fire Trucks LLC (Idaho) 4.

The proxy shows The Vanguard Group with 7,964,920 shares, or 12.23%, from a Schedule 13G/A filed 12 November 2024 5. BlackRock reported 5,821,998 shares, or 9.0%, in one filed 24 April 2025 5. Aristotle Capital Management reported 5,619,748 shares, or 8.78%, in one filed 14 November 2025 5.

The company expects 2026 diluted earnings per share of about $10.50 and adjusted earnings per share of about $11.00, on net sales of about $11.2 billion 3.

The quarterly report says the company believes fourth quarter results will be stronger than the third as fire engine capacity plans progress, an expected order for more delivery vehicles arrives, and delivery vehicle production rises 2. It expects that momentum to carry into 2027 2.

The annual report lists the delivery vehicle order period as 2021 to 2031, with current orders delivering from 2026 to 2028 1. Pierce said additional phases of its High Flow line are planned 6.

The company said new fire engine production changes brought material flow requirements that it expects to lift output more gradually than first thought 2. It also lists a tax benefit tied to a foreign anti-hybrid tax matter among the items in its earnings estimate 2.