Oshkosh Corporation (holding Company) · NYSE:OSK
Oshkosh Corporation (holding Company) — Q4 2025 Earnings Presentation
22 slides from Oshkosh Corporation (holding Company)'s earnings presentation, Jan 29, 2026
Slide 1: Q4 2025 Earnings Update
Q4 2025 EARNINGS UPDATE | JANUARY 29, 2026 FOURTH QUARTER 2025 EARNINGS CALL | 1
Slide 2: Forward-looking statements
Forward-looking statements This presentation 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
Slide 3: CES highlights
CES highlights AWARD-WINNING PRESENCE INTEGRATING ROBOTICS, AUTONOMY, AT CES 2026 CONNECTIVITY AND AI AT AIRPORTS We showcased technologies for everyday heroes and won Oshkosh is enabling productivity and efficient operations to numerous awards for robotics and innovation. improve customer experienc
Slide 4: 2025 full year consolidated results
2025 full year consolidated results REVENUE ADJ. OPERATING ADJ. OI MARGIN* ADJ. EPS* (in billions) INCOME* (in millions) $10.73 10.5% $11.74 $10.42 9.6% $10.79 $1,131.4 $1,004.9 2024 2025 2024 2025 2024 2025 2024 2025 * Non-GAAP results. See appendix for reconciliation to GAAP results. FOURTH QUARTE
Slide 5: Q4 consolidated results
Q4 consolidated results REVENUE ADJ. OPERATING ADJ. OI MARGIN* ADJ. EPS* (in billions) INCOME* (in millions) $2.69 9.4% $2.58 $2.60 $245.4 8.4% $2.26 $225.9 2024 2025 2024 2025 2024 2025 2024 2025 * Non-GAAP results. See appendix for reconciliation to GAAP results. FOURTH QUARTER 2025 EARNINGS CALL
Slide 6: Compelling investment thesis
Compelling investment thesis (Investor Day – June 2025) CASH GENERATION TRANSFORMING TOP-LINE RESILIENT AND CAPITAL MARGIN GROWTH PORTFOLIO MANAGEMENT Plans to deliver through- Sizable backlogs and Strong segments support Expect significant free cash cycle margin expansion pricing provide clear bala
Slide 7: Q4 highlights - Access
Q4 highlights - Access ESSENTIAL OPERATIONS AT TACKLING TOUGH JOBS WITH DATA CENTERS NEW SOLUTIONS Access equipment is essential for building and operating JLG recently introduced the new R13100 rotating telehandler. data centers across the globe. FOURTH QUARTER 2025 EARNINGS CALL | 7
Slide 8: Q4 highlights - Vocational
Q4 highlights - Vocational MUNICIPAL FIRE TRUCK DELIVERIES STRONG DEMAND FOR JETWAY PASSENGER CONTINUE TO GROW BOARDING BRIDGES Investments in improving throughput for Pierce fire trucks Oshkosh AeroTech leads the market in North America for have driven higher sales volume. technology-enabled passen
Slide 9: Q4 highlights - Transport
Q4 highlights - Transport ADDITIONAL JLTV ORDER FOR THE NGDVs ARE ROLLING OUT ACROSS THE NETHERLANDS UNITED STATES The Dutch Marines ordered additional JLTVs to support USPS continues to take delivery of revolutionary Next Generation peacekeeping efforts. Delivery Vehicles, including AWD units for u
Slide 10: Q4 consolidated results
Q4 consolidated results Dollars in millions, except per share amounts Three months ended December 31 2025 2024 Q4 COMMENTS Sales impacted by: Net Sales $2,688.8 $2,598.1 + Vocational pricing % Change 3.5% 5.3% + Access sales volume Adjusted operating income* $225.9 $245.4 Adjusted EPS* impacted by:
Slide 11: Q4 segment highlights
Q4 segment highlights Access Segment Vocational Segment Transport Segment $1,172M $922M $567M REVENUE REVENUE REVENUE 8.8% 16.2% 4.0% ADJUSTED OI MARGIN* ADJUSTED OI MARGIN* OI MARGIN * Non-GAAP results. See appendix for reconciliation to GAAP results. FOURTH QUARTER 2025 EARNINGS CALL | 11
Slide 12: 2026 outlook
2026 outlook EXPECTATIONS IN THE RANGE OF: Segment information • Revenues of ~$11.0 billion • Adj. operating income* of ~$1.06 billion Access Vocational Transport • Adjusted EPS* of ~$11.50 ADDITIONAL EXPECTATIONS Sales ~$4.2 ~$4.2 ~$2.5 (billions) • Corporate and other* of ~$180 million • Tax rate
Slide 13: Our strategy / Enabling our strategy
Our strategy Enabling our strategy INNOVATE DIVERSIFIED GROWTH Shaping tomorrow with Clear revenue opportunities from leading technology three industry-leading verticals, adjacencies and strategic partnerships SERVE Supporting throughout HEALTHY MARGINS the product lifecycle Through-cycle profitabil
Slide 14: Contact info
Neighborhood of the future Contact info PATRICK N. DAVIDSON Senior Vice President, Investor Relations pdavidson@oshkoshcorp.com 920-502-3266 GREG SCHRIMPF Senior Manager, Investor Relations gschrimpf@oshkoshcorp.com 920-502-3318 FOURTH QUARTER 2025 EARNINGS CALL | 14
Slide 15: Appendix
Appendix
Slide 16: Access
Access Q4 COMMENTS Dollars in millions Sales impacted by: + North America sales volume Three months ended December 31 2025 2024 − Sales discounts Net Sales $1,171.6 $1,157.0 Adjusted operating income* % Change 1.3% 0.6% impacted by: Adjusted operating income* $103.0 $151.6 − Price/cost dynamics − Pr
Slide 17: Vocational
Vocational Q4 COMMENTS Dollars in millions Sales impacted by: + Pricing Three months ended December 31 2025 2024 − Sales volume Net Sales $922.4 $880.6 Adjusted operating income* % Change 4.7% 19.8% impacted by: Adjusted operating income* $149.6 $122.9 + Price/cost dynamics − Product mix % Change 21
Slide 18: Transport
Transport Q4 COMMENTS Dollars in millions Sales impacted by: + NGDV ramp-up Three months ended December 31 2025 2024 + International TWV sales volume Net Sales $566.7 $533.8 + FHTV sales volume % Change 6.2% (4.8)% − Wind-down of domestic JLTV Operating income $22.8 $15.0 Operating income impacted b
Slide 19: GAAP to Non-GAAP reconciliation
GAAP to Non-GAAP reconciliation The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions): Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, 2025 December 31,
Slide 20: GAAP to Non-GAAP reconciliation
GAAP to Non-GAAP reconciliation The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions, except per share amounts): Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 202
Slide 21: GAAP to Non-GAAP reconciliation
GAAP to Non-GAAP reconciliation The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions, except per share amounts): 2026 2026 Expectations Expectations Low High Access segment operating income (GAAP)
Slide 22: Commonly used acronyms
Commonly used acronyms ARFF Aircraft Rescue and Firefighting FHTV Family of Heavy Tactical Vehicles NRC National Rental Company AWP Aerial Work Platform FMAV Family of Multi-Mission Autonomous Vehicles OH Overhead AMPS Aftermarket Parts & Service FMS Foreign Military Sales OI Operating Income APAC A
Oshkosh Corporation (Holding Company)Common Stock — Q4 2025 Earnings Presentation on 6ix