OSHKOSH CORP (OSK) Business

ITEM 1. BUSINESS

The Company

Oshkosh Corporation is a global industrial technology company that designs and deploys advanced technologies to empower everyday heroes who build, serve and protect communities around the world. Across construction, firefighting, aviation, refuse collection, defense and delivery industries, we create purpose-built vehicles, equipment and integrated ecosystems that are safe, intuitive and highly productive. As an innovator and integrator, we work directly with our customers to solve real-world challenges – developing and applying breakthrough technologies in autonomy, artificial intelligence, connectivity and electrification. Through these advancements, we make some of the world’s toughest jobs safe, efficient, sustainable and connected — delivering measurable impact for the people who depend on us every day.

The Company has three reportable segments: Access, Vocational and Transport, which comprised 43%, 36% and 20%, respectively, of the Company’s 2025 consolidated net sales. Oshkosh’s leading brands include a wide range of purpose-built vehicles and equipment for a diverse set of end markets. Our innovations are scalable and adaptable, often expanding across many of our businesses. We believe collaboration across our diverse, resilient portfolio drives breakthroughs in technology, supply chain, materials integration and manufacturing across markets. The Company generated approximately 20% of its net sales in both 2025 and 2024, and 19% in 2023, from sales to the United States (U.S.) government, a substantial majority of which were under multi-year contracts and programs in the defense vehicle market. See Note 24 of the Notes to Consolidated Financial Statements for financial information related to the Company's reportable segments.

The Access segment designs and manufactures access and material handling equipment for use in a wide range of construction, industrial, agricultural, vegetation management and maintenance applications to safely position workers and materials at height under industry-leading brands, JLG and SkyTrak. The Access segment's customer base includes equipment rental companies, construction contractors and home improvement centers. The Access segment also includes Jerr-Dan towing and recovery vehicles (such as wreckers, rotators and carriers).

The Vocational segment includes the Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Oshkosh S-Series and Frontline Communications businesses. The Pierce and Maxi-Metal businesses design and manufacture commercial and custom fire apparatus. Oshkosh AeroTech designs and manufactures airport ground support equipment (GSE) and gate equipment, and provides baggage, airport facility and operations, and equipment-monitoring technology services. Oshkosh Airport Products designs and manufactures aircraft rescue and firefighting (ARFF) vehicles. McNeilus designs and manufactures refuse and recycling collection vehicles and components. The segment also includes IMT-branded field service vehicles and truck-mounted cranes, Oshkosh S-Series front-discharge concrete mixer vehicles and Frontline Communications-branded simulators and command vehicles. Vocational segment sales are made primarily to municipal and commercial customers in North America.

Under the Oshkosh Defense brand, the Transport segment designs, manufactures and sustains best-in-class specialty vehicles and mobility systems for the U.S. Department of Defense (DoD) and approved foreign customers. This segment also designs and manufactures the Next Generation Delivery Vehicle (NGDV) for the U.S. Postal Service (USPS) under a contract that was awarded in February 2021. The contract allows for the delivery of up to 165,000 vehicles over a 10-year period.

Significant Transport segment contracts as of December 31, 2025 include:

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The Company has a disciplined capital allocation strategy that focuses on reinvesting in its core businesses, delivering returns to shareholders through dividends and share repurchases and pursuing growth through strategic acquisitions. The Company's acquisition and investment strategy continues to include expanding into new categories and enhancing critical technological and lifecycle management capabilities. For example, the Company has completed the following strategic acquisitions and divestitures over the past three years:

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In September 2024, the Company acquired AUSA, a privately held Spanish manufacturer of wheeled dumpers, rough terrain forklifts and telehandlers, for $114.5 million.

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In August 2023, the Company acquired AeroTech from JBT Corporation for $804.6 million.

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In July 2023, the Transport segment sold its snow removal apparatus business for $17.1 million.

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In March 2023, the Vocational segment sold its rear-discharge concrete mixer business for $32.9 million.

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In January 2023, the Company acquired Hinowa, an Italian manufacturer of compact crawler booms and tracked equipment, for $186.8 million.

Business Strategy

The Company's business strategy is grounded in the Company's purpose of making a difference for those who build, serve and protect communities around the world. This strategy is reflected in three simple words: Innovate. Serve. Advance.

Innovate. Develop safe, intuitive and productive solutions to real-world challenges through advanced technology and proven expertise in intelligent, connected products; electrification; autonomy and active safety.

Serve. Deliver solutions that support the installed base, promote uptime and create value across every stage of ownership, including tools enhancing fleet intelligence; deep customer relationships; fleet uptime, productivity and safety enhancements; on-demand parts fulfillment and continuous product advancement.

Advance. Expand our leading portfolio to adjacent products, verticals and geographies through pursuit of category expansion, lifecycle categories, adjacent markets, purpose-built vehicles and equipment and technology.

Competitive Strengths

The following competitive strengths support the Company’s business strategy:

Powerful Brands and Product Portfolios. The Company believes its broad product portfolios and diverse end markets serve to diversify its sources of revenue, reduce exposure to economic cycles and provide multiple avenues for both organic and inorganic growth. The Company believes its product portfolios unlock significant potential to share innovation and technology within and across segments, bundle solutions for customers and maximize the Company's purchasing power. In each of its target markets, the Company believes it has either developed advanced, purpose-built technologies or strategically acquired broad product lines to become the supplier of choice for vehicles, equipment, parts and service of the types that the Company offers. The Company has also established an extensive domestic and international distribution network tailored to the needs of each market, reinforcing its global reach and customer accessibility.

Innovative, Purpose-built Solutions. The Company’s advanced design and engineering capabilities have contributed to the development of innovative, purpose-built solutions that elevate performance, reduce total cost of ownership and deepen customer loyalty. The Company believes these capabilities enable it to integrate solutions across multiple segments and product lines, strengthening its competitive position and delivering manufacturing efficiencies that differentiate it from manufacturers who are more reliant on purchased components. For more than 20 years, the Company has supplied electric-powered products, and it continues to accelerate its leadership with new zero-emission solutions across every segment.

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Strong Market Positions. The Company has developed strong market positions and brand recognition in its core businesses, which it attributes to its commitment to exceptional quality, technological innovation, advanced engineering, performance, reliability, customer service and low total cost of ownership. The Company maintains leading market shares across nearly all of its businesses and is the sole-source supplier for several key vehicle platforms to the DoD.

Focus on Quality and Lifecycle Support. The Company has developed strong brand recognition for its products as a result of its commitment to meet the stringent product quality and reliability requirements of its customers in the purpose-built vehicle and equipment markets it serves. The Company frequently achieves premium pricing due to the quality, durability and low total cost of ownership of its products and its commitment to providing high quality lifecycle support through extensive parts and service support programs.

Flexible, Technology Enabled Manufacturing. The Company believes its purpose-built manufacturing approach gives it a distinct competitive edge over larger vehicle manufacturers due to the Company's ability to deliver flexibility, manage supply chains effectively and tailor products to meet customer specifications. At the same time, the Company believes it has competitive advantages over smaller manufacturers through the benefits of scale, its advanced manufacturing capabilities and its ability to share innovation across product lines.

High-Performing Leadership Team. The Company benefits from a dynamic leadership team led by President and Chief Executive Officer, John Pfeifer. Mr. Pfeifer is supported by a seasoned senior management team drawn from both internal development and strategic external recruitment. The Company’s Board of Directors maintains a rigorous succession planning process for its executive officers to help ensure continuity and strengthen long-term strategy execution.

Products

Oshkosh Corporation focuses on the following purpose-built vehicle and equipment markets:

Access segment. JLG is a leading designer and manufacturer of aerial work platforms and telehandlers used in a wide variety of construction, industrial, agricultural, vegetation management and maintenance applications to safely position workers and materials at height. JLG also offers a broad range of parts and accessories, including technical support, training and reconditioning services. Access customers include equipment rental companies, construction contractors and home improvement centers. JLG's products are employed worldwide by end users through JLG’s rental customers or independent distributors, who purchase JLG's products and then rent or sell them and provide service support.

JLG also arranges equipment financing and leasing solutions for its customers, primarily through third-party funding arrangements with independent financial companies, and occasionally provides credit support in connection with these financing and leasing arrangements. Financing arrangements that JLG offers or arranges include various types of rental fleet loans and leases, as well as floor plan and retail financing. Terms of these arrangements vary depending on the type of transaction but typically range from 36 to 72 months and generally require the customer to be responsible for maintenance of the equipment and to bear the risk of damage to or loss of the equipment.

Jerr-Dan is a leading designer and manufacturer of towing and recovery equipment in the U.S. Jerr-Dan offers a broad line of carriers, wreckers and rotators. In addition to manufacturing equipment, Jerr-Dan provides its customers with one-stop service support and generates revenue from the installation of equipment, as well as the sale of chassis and service parts.

Vocational segment. Through Pierce and Maxi-Metal, the Company is a leading North American designer and manufacturer of municipal fire apparatus assembled on both commercially available and custom chassis, designed and manufactured to meet the demanding requirements of firefighters. Pierce’s engineering expertise allows it to design its vehicles to meet stringent industry guidelines and government regulations for safety and effectiveness. Pierce primarily serves domestic municipal customers, but also sells fire apparatus to the DoD, airports, universities and large industrial companies, and in international markets. Pierce’s history of innovation, research and development in consultation with firefighters has resulted in a broad product line that features a wide range of innovative, high-quality custom and commercial firefighting equipment with advanced fire suppression capabilities. In an effort to be a single-source supplier for its customers, Pierce offers a full line of custom and commercial fire apparatus and emergency vehicles, including pumpers, aerial platforms, ladder and tiller trucks, tankers, light-, medium- and heavy-duty rescue vehicles, wildland rough terrain response vehicles and other emergency response vehicles.

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Through Oshkosh AeroTech, the Company is a leading designer and manufacturer of aviation ground support products and gate equipment for commercial airlines, airports, air freight carriers, ground handling and military customers. Oshkosh AeroTech specializes in special purpose aviation ground support products such as cargo loaders, push-back tractors and deicer trucks for airlines and air cargo companies. Airport terminal facilities and commercial aviation services are supported by the Jetway passenger boarding bridge and related air and power products. Oshkosh AeroTech's Airport Services business specializes in the maintenance, servicing and operation of key airport facility systems such as HVAC, passenger boarding systems and baggage systems, as well as leveraging asset management technology, including its iOPS Intelligent Monitoring System, to support efficient airport operations. Oshkosh AeroTech Airport Services also provides contracting, project management, design and installation services for critical and complex baggage systems and other key airport facility operations.

Through Oshkosh Airport Products, the Company is a leader in the design and sale of internal combustion and electrified ARFF vehicles to domestic and international airports. These highly-specialized vehicles are required to be in service at most airports worldwide to support commercial airlines in the event of an emergency. Many of the largest airports in the U.S. are served by the Company’s ARFF vehicles. The U.S. government also maintains a fleet of ARFF vehicles that are used to support military operations throughout the world.

Through McNeilus, the Company is a leading designer and manufacturer of refuse and recycling collection vehicles for the waste services industry throughout North America. Its broad lineup includes front, rear, and side loaders, including electric vehicle solutions. McNeilus provides a comprehensive range of lifecycle support solutions, including parts and aftermarket support, helping customers maximize uptime and performance.

Through IMT, the Company is a leading North American designer and manufacturer of field service vehicles and truck-mounted cranes for the construction, equipment dealer, rental, building supply, utility, tire service, railroad and mining industries.

Through its Frontline Communications business, the Company is a leading manufacturer, system designer and integrator of command trucks and military simulator shelters and trailers. The Company’s vehicles have supported disaster relief efforts for the Federal Emergency Management Agency (FEMA) and everyday incident response for federal and local law enforcement, emergency management agencies and fire departments.

Through its Oshkosh S-Series business, the Company is a leading designer and manufacturer of front-discharge concrete mixers for the ready-mix concrete industry throughout North America.

The Company offers two- to fifteen-year municipal lease financing programs to its Pierce customers in the U.S. through the Pierce Financial Solutions program, provided through a third-party bank. Financing programs include competitive lease financing rates, flexible finance arrangements and the ease of one-stop shopping to meet the financing needs of Pierce customers. The Company typically provides credit support in connection with these financing and leasing arrangements. The Company also arranges equipment financing and leasing solutions for its other Vocational segment customers, primarily through third-party funding arrangements with independent financial companies, and occasionally provides credit support in connection with these financing and leasing arrangements.

Transport segment. Oshkosh Defense has designed and sold products to the DoD for over 100 years and also exports its products to North Atlantic Treaty Organization (NATO) nations and other U.S.-approved partner nations. By successfully responding to the DoD’s challenging vehicle requirements, Oshkosh Defense has become a leading manufacturer of heavy, medium and light tactical wheeled vehicles and related sustainment services. Oshkosh Defense designs and manufactures vehicles that perform a variety of demanding tasks such as hauling combat vehicles, missile systems, ammunition, fuel, troops and cargo for a broad range of missions. Oshkosh Defense’s proprietary product line of military heavy-payload tactical wheeled vehicles includes the Heavy Expanded Mobility Tactical Truck (HEMTT), Heavy Equipment Transporter (HET), the Palletized Load System (PLS) and the Logistic Vehicle System Replacement (LVSR). Oshkosh Defense also manufactures the L-ATV, light combat tactical all-terrain vehicle (domestically known as the JLTV), designed to protect, sustain and provide mobility for personnel and payloads across the full spectrum of military operations. In addition, Oshkosh Defense recently introduced its Family of Multi-Mission Autonomous Vehicles (FMAV). As the U.S. Army accelerates its transformation, Oshkosh Defense is demonstrating how the FMAV platforms directly support modernization priorities for long-range precision fires, resilient formations and scalable

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autonomy to deliver production-based solutions that reduce risk and increase capabilities for soldiers in contested environments.

Oshkosh Defense is also building the NGDV for the USPS under an indefinite delivery, indefinite quantity contract that allows the USPS to purchase up to 165,000 vehicles over ten years. Oshkosh Defense’s offering provides the USPS with both fuel efficient, low emission internal combustion engine and zero-emission battery electric vehicles. Oshkosh Defense began producing and shipping vehicles under this contract in the first half of 2024. Through December 2025, the USPS has ordered 51,500 NGDVs.

Marketing, Sales, Distribution and Service

The Company believes it differentiates itself from many of its competitors by tailoring its distribution to the needs of its purpose-built vehicle and equipment markets and with its national and global sales and service reach and capabilities. The Company’s flexible distribution model focuses on meeting customers on their terms with turnkey delivery, training and support over the life of the vehicle. The Company backs its products with rapid parts shipment, enabled by predictive tools that help ensure inventory availability, and service technicians who are available to domestic customers 365 days a year. The Company believes its dedication to keeping its products operational in demanding conditions worldwide has contributed to customer loyalty.

The Company provides its salespeople, representatives and distributors with product and sales training on the operation and specifications of its products. The Company’s engineers, along with its product managers, develop user-friendly operating manuals and virtual training tools and provide field support at vehicle delivery.

U.S. dealers and representatives enter into agreements with the Company that allow for termination by either party generally upon 90 days’ notice, subject to applicable laws. Dealers and representatives, except for those utilized by JLG and IMT, are generally not permitted to market and sell competitive products.

Access segment. JLG’s products are marketed across six continents through rental companies and distributors that purchase products and then rent or sell them, as well as provide service and support. JLG also provides service and support through Company-owned sales and service branches. JLG maintains a broad worldwide internal sales force. Sales employees are dedicated to specific major customers, channels or geographic regions. JLG’s international sales force is spread among international sales and service offices throughout the world.

The Company markets its Jerr-Dan-branded carriers, wreckers and rotators through its extensive network of independent distributors.

Vocational segment. The Company believes the geographic breadth, size and quality of its Pierce fire apparatus dealer network are competitive advantages in a market characterized by a few large manufacturers and numerous small, regional competitors. Pierce’s fire apparatus are sold through an extensive network of independent dealers with hundreds of sales representatives in the U.S. and Canada, which combine broad geographical reach with high frequency of contact with fire departments and municipal government officials. These dealers are supported by product and marketing support professionals and contract administrators at Pierce. The Company believes high frequency of contact, ability to customize products and local presence are important to cultivate major, and typically infrequent, purchases. After a sale, Pierce’s nationwide local parts and service capability is available to help municipalities maintain peak readiness for this vital municipal service. Pierce also sells fire apparatus to international municipal and industrial fire departments through a network of international dealers.

The Company markets its Maxi-Metal vehicles through a combination of direct sales representatives and a network of dealers in Canada. Some of these representatives and dealers also sell Pierce products.

Oshkosh AeroTech sales are conducted through a team of direct sales personnel strategically located across the globe and through an extensive network of sales agents.

The Company markets its Oshkosh-branded ARFF vehicles through a combination of direct sales representatives and dealerships domestically and an extensive network of representatives and distributors in international markets. Some of these international representatives and distributors also sell Pierce products.

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The Company markets its McNeilus-branded refuse and recycling collection vehicles through a network of dealers and sales representatives, some of whom also sell Pierce products. Following the implementation of a dealer distribution model for non-fleet refuse and recycling collection vehicle customers in 2024, McNeilus believes its market presence and customer support have strengthened. This sales and support structure has enabled the Company to better serve customers across North America, deepen relationships in previously underrepresented markets and reinforce its reputation for industry-leading service and responsiveness.

IMT distributes its products through a combination of direct sales representatives and a wide network of distributors in more than one hundred locations worldwide. International distributors are primarily located in Canada, Central and South America, Australia and Asia and are primarily focused on mining and construction markets.

The Company markets its Frontline Communications-branded command vehicles and shelters through both sales representatives and a network of dealers that are directed at commercial and government customers. Some of these representatives and dealers also sell Pierce products.

The Company markets its Oshkosh S-Series-branded front-discharge concrete mixers through a team of direct sales representatives strategically located throughout the U.S.

Transport segment. While Oshkosh Defense sells a substantial portion of its domestic defense products directly to the DoD, it also sells defense products to other prime contractors of the DoD, NATO nations and other U.S.-approved partner nations. Oshkosh Defense locates its business development, consultants and engineering professionals near its customers’ principal commands, both domestically and internationally. Oshkosh Defense sells and services defense products to approved international governments as Direct Commercial Sales or Foreign Military Sales via U.S. government channels. Oshkosh Defense supports international sales through international sales offices, as well as through dealers, distributors and representatives.

The Company believes that its proven worldwide logistics capabilities are critical in supporting its defense parts and service business. Oshkosh Defense maintains a parts distribution warehouse in Wisconsin to fulfill stringent parts delivery schedule requirements, as well as satellite facilities near DoD bases in the U.S. and abroad.

Manufacturing

The Company manufactures its products at 37 manufacturing facilities. To reduce production costs and increase throughput, the Company continually focuses on developing proprietary components, enhancing self-sufficiency in fabrication, implementing just-in-time inventory management, improving production flow and component interchangeability across product lines, creating jigs and fixtures to ensure consistent quality, leveraging robotics, and using performance metrics to track progress toward cost reduction goals. The Company encourages employee involvement to improve production processes and product quality.

The Company uses a quality management system to support the delivery of consistent, high-quality products and services to customers. The Company requires employees at all levels to understand customer and supplier requirements, measure performance, develop systems and procedures to prevent product nonconformance and continually improve all work processes. The Company educates and trains all employees at its facilities in quality principles. The Company utilizes quality gates in its manufacturing facilities to identify issues early in the process and to analyze root cause at the source, resulting in fewer defects and less rework. The Company’s quality management system is based on ISO 9001, a set of internationally-accepted requirements established by the International Organization for Standardization. ISO 9001 certification indicates that a company has established and follows a rigorous set of standards aimed at achieving customer satisfaction by following a process-based approach to identify and control the quality needs of suppliers, inputs, critical processes and outputs. The quality management system helps ensure that the Company is continually improving and sharing successful practices across the organization. The majority of Oshkosh AeroTech and Oshkosh Defense facilities and the following brands are ISO 9001 certified: JLG, Jerr-Dan, AUSA, Hinowa, Pierce, Maxi-Metal, Oshkosh Airport Products, McNeilus, Frontline Communications and Pratt Miller.

The Company has a team of employees dedicated to leading the implementation of the Company’s simplification initiatives. The team is comprised of members with diverse backgrounds in quality, lean, data analytics, product and process engineering, and culture change management. Simplification includes lean tools to eliminate waste and provide better value for customers.

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It also guides customer satisfaction assessments to help identify opportunities to improve the customer experience. Within the Company’s facilities, simplification projects have contributed to manufacturing efficiency gains, reduced cycle times, materials management improvements and quality enhancements. Simplification projects have also improved manufacturing capacity to support production increases.

Engineering, Research and Development

The Company is an industrial technology leader, designing and delivering purpose-built vehicles and equipment that empower everyday heroes – those who build, serve and protect communities around the world. The Company's global technology and product development teams include more than 1,850 engineers with deep expertise across vehicle design, simulation, software, electronics and emerging technologies. With extensive research and development capabilities, the Company is united by a relentless focus on creating safe, productive vehicles and equipment that redefine performance in the most demanding environments.

The Company leverages disruptive technologies — including autonomy, artificial intelligence, connectivity and electrification — to unlock step-change improvements in safety, productivity, sustainability and the total cost of ownership. Every innovation is rooted in a clear understanding of customer needs. By listening closely to operators and business partners, observing their environments and identifying both spoken and unspoken challenges, the Company engineers target purpose-built solutions that solve real-world problems. This customer-first mindset helps ensure that technology is not abstract; it is practical, intuitive and built for measurable value.

The Company advances innovation across airports, neighborhoods and job sites of the future through new product development, structured ideation and partnerships that accelerate breakthrough thinking. The Company’s open innovation ecosystem includes leading technology partners, startup accelerators, strategic acquisitions and top academic institutions. The acquisition of Pratt Miller — a leader in advanced mobility, autonomy and connected systems — further expanded the Company’s innovation capability and fueled early access to next-generation technologies.

Backed by more than a century of engineering excellence, the Company believes it is well-positioned to transition technologies at speed across its businesses, scaling proven architecture, components and software through harmonized technology stacks. These shared technology platforms — combined with enterprise Centers of Excellence — allow the Company to develop once, deploy broadly and create meaningful differentiation in the markets it serves.

Recent product launches demonstrate this capability in action. Highlights include the JLG AG619 agriculture telehandler, engineered to help farmers maneuver and lift with ease in tight spaces; the Oshkosh AeroTech Tempest-si Deicer, enabling compact, high-performance aircraft de-icing; the JLG Micro-Sized Scissor Lift, redefining mobility in congested work environments; the McNeilus Volterra ZSL and ZFL, North America’s first fully integrated electric refuse and recycling collection vehicles; the NGDV, built to enhance safety, sustainability and operational efficiency; the JLG ClearSky Smart Fleet connected technology, a two-way digital ecosystem delivering real-time intelligence; and the Pierce Volterra, the first electric fire truck in North America. Each of these launches showcases our ability to transform end markets through technologies that aid safety, unlock productivity and elevate the operator experience.

Intellectual Property

Patents, trademarks, copyrights, trade secrets and licenses are important to the operation of the Company's business. The Company expects to continue growing its intellectual property portfolio as it pursues advanced innovations in autonomy, artificial intelligence, connectivity and electrification. The Company believes its collection of patented and patent-pending technologies is important to the operation of its business and its competitive position. The Company leverages technology across its businesses and segments to bring innovative solutions to customers around the world. Certain Oshkosh Corporation trademarks including the Oshkosh name and logomark, along with each of its business unit brands contribute to the business’ identity. The Company does not believe that any existing patent, trademark, copyright, trade secret or license is of such importance that its loss or termination would have a material adverse effect on the Company's business taken as a whole.

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Competition

In all of the Company’s segments, competitors include smaller, specialized manufacturers as well as large, mass producers. The Company believes that, in its purpose-built vehicle and equipment markets, it has been able to effectively compete against large, mass producers due to its product quality, manufacturing flexibility and distribution networks. In addition, the Company believes it has competitive advantages over smaller vehicle and equipment manufacturers due to volumes that offer purchasing power and opportunities to share technology and manufacturing across product lines. The Company believes that its competitive cost structure, strategic global purchasing capabilities, engineering expertise, product quality and global distribution and service systems have enabled it to compete effectively. Certain of the Company’s competitors have greater financial, marketing, manufacturing, distribution and governmental affairs resources than the Company has, which may put the Company at a competitive disadvantage. The Company also faces pricing pressure from international competitors that attempt to gain domestic market share through importing and selling products at below market prices, particularly in the Access segment.

Access segment. JLG’s competitors range from some of the world’s largest multinational construction equipment manufacturers to small single-product niche manufacturers. Within this global market, competition for sales of aerial work platform equipment includes Genie Industries, Inc. (a subsidiary of Terex Corporation), Skyjack Inc. (a subsidiary of Linamar Corporation), Haulotte Group, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Zhejiang Dingli Machinery Co., Ltd. and numerous other manufacturers. Global competition for sales of telehandler equipment includes J C Bamford Excavators Ltd., the Manitou Group, Merlo SpA, Genie Industries, Inc., Skyjack Inc. and numerous other manufacturers. In addition, JLG faces competition from a number of manufacturers of other niche products such as boom vehicles, cherry pickers, skid steer loaders, mast climbers, straight mast and vehicle-mounted fork-lifts, rough-terrain and all-terrain cranes, vehicle-mounted cranes, portable material lifts, various types of material handling equipment, scaffolding and the common ladder that offer functionality that is similar to or overlaps that of JLG’s products. Principal methods of competition include brand awareness, product innovation and performance, price, quality, service and support, product availability and the extent to which a company offers single-source customer solutions. The Company believes its competitive strengths include: premium brand names; broad and single-source product offerings; product quality; product residual values that are generally higher than competitors’ units; worldwide distribution; safety record; service and support network; global procurement scale; and extensive manufacturing capabilities.

The principal competitor for Jerr-Dan-branded products is Miller Industries, Inc. Principal methods of competition include product quality and innovation, product performance, price and service. The Company believes its competitive strengths in this market include its high-quality, innovative and high-performance product line and its cost competitive manufacturing capabilities.

Vocational segment. Competitors for Pierce and Maxi-Metal firefighting vehicles include Rosenbauer International AG, REV Group, Inc. (a subsidiary of Terex Corporation) and numerous smaller, regional manufacturers. Principal methods of competition include brand awareness, ability to meet or exceed customer specifications, price, lead times, the extent to which a company offers single-source customer solutions, product innovation, product quality, dealer distribution and service and support. The Company believes that its competitive strengths include: recognized, premium brand name; nationwide network of independent Pierce dealers; extensive, high-quality and innovative product offerings, which include single-source customer solutions for aerials, pumpers and rescue units; large-scale and high-efficiency custom manufacturing capabilities; and proprietary technologies such as the Pierce Ultimate Configuration (PUC), TAK-4 independent suspension system, Hercules and Husky foam systems, Command Zone electronics, Volterra parallel-electric drivetrain and the Ascendant family of aerial fire trucks.

Competitors for Oshkosh AeroTech passenger boarding bridges include China International Marine Containers (Group) Co., Ltd. and TK Elevator. Principal methods of competition include design, manufacturing capability, project management capabilities and technical product support. Competitors for Oshkosh AeroTech ground support equipment include TLD Group and ITW GSE Inc. as well as other regional competitors. Principal methods of competition include total cost of ownership, product support and technological capabilities.

Competitors for Oshkosh Airport Product ARFF vehicles include Rosenbauer International AG and Albert Ziegler GmbH.

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Competitors in the refuse and recycling collection vehicles market include Environmental Solutions Group (a subsidiary of Terex Corporation), New Way Trucks (a subsidiary of Federal Signal), Labrie Enviroquip Group (owned by Wynnchurch Capital) and other regional competitors. The principal methods of competition are product innovation, quality and performance, service and price. The Company competes for municipal business and large commercial business in the Americas. The Company believes its competitive strengths in the Americas refuse and recycling collection vehicle markets include: strong brand recognition; enhanced safety features; innovative and comprehensive product offerings; product lifecycle support; a reputation for high-quality products; ability to integrate refuse bodies with alternative fuel technology chassis; the offering of a fully integrated electric refuse and recycling collection vehicle; large-scale and high-efficiency manufacturing; and a nationwide network of independent dealers.

IMT’s principal field service vehicle competition is from Auto Crane Company (owned by Ramsey Industries, Inc.), Stellar Industries, Inc., Maintainer Corporation of Iowa, Inc., the Knapheide Manufacturing Company and other regional companies. Competition in truck-mounted cranes comes primarily from European companies including Palfinger AG, Cargotec Corporation and Fassi Group SpA. Principal methods of competition are product quality, price and service. The Company believes its competitive strengths include its high-quality products, global distribution network and low-cost manufacturing capabilities.

The principal competition for Frontline Communications command vehicles is LDV, Inc., MBF Industries, Inc., Nomad Global Communication Solutions, Incorporated, Farber Specialty Vehicles, Inc. and Matthews Specialty Vehicles, Inc.

Competition for Oshkosh S-Series front-discharge concrete mixers includes Terex Corporation. Principal methods of competition are price, service, product features, product quality and product availability. The Company believes its competitive strengths include: strong brand recognition; large-scale and high-efficiency manufacturing; product innovation; high product quality; innovative control systems; a leading service network and a significant installed base of front-discharge concrete mixers in use in the marketplace.

Transport segment. Competition for Oshkosh Defense includes AM General LLC (a subsidiary of KPS Capital Partners, LP), American Rheinmetall Vehicles, BAE Systems plc, General Dynamics Corporation, GM Defense LLC, Mack Defense LLC and ND Defense LLC (a subsidiary of Cerberus Capital Management, LP). Conditions in the defense marketplace are also currently highly favorable for the success of non-traditional competitors. The principal method of competition involves a competitive bid process that considers factors as determined by the customer, such as price, product performance, product lifecycle costs, small and disadvantaged business participation, product quality, adherence to bid specifications, production capability, project management capability, past performance and product support. Usually, the Company’s vehicle systems must also pass extensive testing. The Company believes that its competitive strengths include: strategic global purchasing capabilities; extensive pricing/costing and defense contracting expertise; a significant installed base of vehicles currently in use throughout the world; flexible and high-efficiency vertically-integrated manufacturing capabilities; patented and/or proprietary vehicle components such as the TAK-4 family of independent suspension systems, Oshkosh power transfer cases and Command Zone integrated vehicle diagnostics; weapons and communications integration; ability to develop new and improved product capabilities responsive to the needs of its customers; product quality; and aftermarket parts sales and service capabilities.

The Weapon Systems Acquisition Reform Act requires competition for defense programs in certain circumstances. Accordingly, it is possible that the U.S. Army and U.S. Marine Corps will conduct competitions for programs for which the Company currently has contracts upon the expiration of the existing contracts. Competition for these and other domestic programs could result in future contracts being awarded based upon different competitive factors than those described above and would primarily include price, production capability and past performance. The U.S. government has become more aggressive in seeking to acquire the design rights to the Company’s current and potential future programs to facilitate competition for manufacturing our vehicles. The willingness of the bidders to license their design rights to the DoD was an evaluation factor in the FMTV A2 contract competition. Certain of the Company’s contracts with the DoD, including the FMTV A2 contract, require that the Company effectively transfer the “technical know-how” necessary to produce and support the vehicles and/or other deliverables within the contract to the customer.

The Competition in Contracting Act requires competition for U.S. defense programs in most circumstances. Competition for DoD programs currently supplied by the Company could result in the U.S. government awarding future contracts to another manufacturer or the U.S. government awarding the contracts to the Company at lower prices and operating margins than the Company experiences under current contracts.

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The Transport segment also produces postal delivery vehicles for the USPS. Competition for sales of delivery vehicles includes, among others, Utilimaster (a subsidiary of Aebi Schmidt Group), Morgan Olson (a subsidiary of JB Poindexter & Co., Inc.) and Rivian Automotive Inc.

Government Contracts

Approximately 20% of the Company's sales for 2025 were made to the U.S. government, a substantial majority of which were under multi-year contracts and programs in the defense vehicle market. Accordingly, a significant portion of the Company’s sales are subject to risks specific to doing business with the U.S. government, including uncertainty of economic conditions, changes in government policies and requirements that may reflect rapidly changing military and political developments, the availability of funds and the ability to meet specified performance thresholds. Multi-year contracts may be conditioned upon continued availability of congressional appropriations and are impacted by uncertainty regarding federal budget pressures. Variances between anticipated budget and congressional appropriations may result in a delay, reduction or termination of these contracts.

Oshkosh Defense's sales are substantially dependent upon periodic awards of new contracts, the purchase of base vehicle quantities and the exercise of options under existing contracts. The funding of U.S. government programs is subject to an annual congressional budget authorization and appropriation process. In years when the U.S. government has not completed its budget process before the end of its fiscal year, government operations are typically funded pursuant to a “continuing resolution”, which allows federal government agencies to operate at spending levels approved in the previous budget cycle but does not authorize new spending initiatives. Refer to the discussion in “Risk Factors” in Part I, Item 1A for additional details on how a U.S. government continuing resolution may impact our business, results of operations, and financial condition.

Contract awards that Oshkosh Defense receives may be subject to protests by competing bidders. These protests, if successful, could result in the customer revoking part or all of any contract it awards to Oshkosh Defense and an inability on the part of Oshkosh Defense to recover amounts it has expended during the protest period in anticipation of initiating work under any such contract.

Under firm, fixed-price contracts with the U.S. government, the price paid to the Company is generally not subject to adjustment to reflect the Company’s actual costs, except costs incurred as a result of contract changes ordered by the U.S. government. The Company generally attempts to negotiate with the U.S. government the amount of increased compensation to which the Company is entitled for government-ordered changes that result in higher costs. If the Company is unable to negotiate a satisfactory agreement to provide such increased compensation, then the Company may file an appeal with the Armed Services Board of Contract Appeals or the U.S. Claims Court. The Company has no such appeals pending. The Company seeks to mitigate risks with respect to fixed-price contracts by executing firm, fixed-price contracts where possible with its suppliers of significant components for the duration of the Company’s contracts. The Company has also successfully negotiated certain contracts that include an economic price adjustment clause which provides for a price adjustment calculated on costs incurred or externally published indices.

U.S. government contracts generally permit the government to terminate a contract, in whole or part, at the government’s convenience. If the U.S. government exercises its rights under this clause, the contractor is entitled to payment for the allowable costs incurred and a reasonable profit on the work performed to date. The U.S. government can also terminate a contract for default. If a contract is terminated for default, the contractor is generally entitled to payment for work that has been accepted by the U.S. government. Termination for default may expose the Company to loss on work not yet accepted by the government and have a negative impact on the Company’s ability to obtain future orders and contracts. The U.S. government’s right to terminate its contracts has not had a material effect on the operations or financial condition of the Company.

The Company, as a U.S. government contractor, is subject to financial audits and other reviews by the U.S. government relating to the performance of, and the accounting and general practices relating to, U.S. government contracts. Like most large government contractors, the Company is audited and reviewed by the government on a continual basis. Costs and prices under such contracts may be subject to adjustment based upon the results of such audits and reviews. Additionally, such audits and reviews can lead to civil, criminal or administrative proceedings. Such proceedings could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under government regulations, a company

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or one or more of its subsidiaries can also be suspended or debarred from government contracts or lose its export privileges based on the results of such proceedings. The Company believes that the outcome of all such audits and reviews that are now pending will not have a material effect on its financial condition, results of operations or cash flows.

Suppliers

The Company sources raw materials and components domestically and internationally to meet commitments to its customers. Components for the Company’s products are generally available from numerous suppliers, although some sole sourced components would require additional time to transition. The Company also purchases complete vehicle chassis from truck chassis suppliers in its Access and Vocational segments.

The Company has developed global sourcing strategies to meet its production needs while building upon long-term supplier relationships and leveraging the scale of its enterprise. The supply base is expected to maintain or continuously improve levels of quality, delivery time, cost and the agility to meet changes in market demands. The Company also maintains an extensive qualification, on-site inspection, assistance and performance measurement system to help control risks associated with reliance on suppliers. Risks are monitored by the Company to minimize the likelihood of a supply disruption, including supplier capacity, financial health, cybersecurity, geopolitical events and adverse weather conditions that would affect production and logistics.

Tariff and trade policy changes during 2025 created cost and sourcing pressures within the Company’s global supply chain. The Company worked closely with suppliers to mitigate these impacts through sourcing diversification and cost-containment initiatives. The Company remains focused on evaluating supply chain strategies and pricing actions to offset potential future tariff volatility.

The Company also invests in advanced technologies to provide visibility and improved orchestration of its supply chain. The Company believes these investments have improved and will continue to improve the overall efficiency and performance of the business’ global supply chain.

Environmental Matters

The Company is subject to a wide variety of local, state, and federal environmental laws in the U.S., as well as in other countries where the Company conducts business. Our facilities, operations and products are subject to increasingly stringent environmental laws and regulations globally, including laws and regulations governing air emissions, noise, releases to soil and discharges to water and the generation, handling, storage, transportation, treatment, and disposal of non-hazardous and hazardous waste materials. Some environmental laws impose strict, retroactive, and joint and several liability for the release of hazardous substances, even for conduct that was lawful at the time it occurred, or for the conduct of, or conditions caused by prior operators, predecessors or other third parties. With respect to acquired properties and businesses, the Company conducts due diligence into potential exposure to environmental liabilities but cannot be certain that it has identified or will identify all adverse environmental conditions.

The Company believes that its policies, practices, and procedures are properly designed to prevent unreasonable risk of environmental damage and the consequent financial liability to the Company. Nevertheless, the Company could incur substantial costs as a result of non-compliance with or liability for cleanup or other costs or damages under environmental laws.

The Company has established emissions reduction targets that were approved by the Science Based Targets Initiative (SBTi). The Company may also be subject to other more stringent environmental laws in the future. If more stringent environmental laws are enacted in the future, these laws could have a material adverse impact on our business, results of operations and financial condition.

Human Capital Management

People First Culture. The Company maintains an inclusive People First culture that prioritizes team members’ safety, engagement, wellbeing, and personal and professional development. The Company believes its People First culture is a strength, and the Company intends to continue building upon that culture to foster innovation and drive long-term, sustainable performance across the business. In 2025, 62% (60% in 2024) of global production and office team members participated in the Company’s Global Engagement Survey. Engagement across the enterprise was 7.3 out of 10 in 2025 (7.5 in 2024).

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The Company expects all team members to adhere to the highest ethical standards every day and was recognized by Ethisphere as one of the World's Most Ethical Companies for the 10th consecutive year in 2025. The Company requires all team members to complete training on its Code of Conduct referred to as “The Oshkosh Way”. The Oshkosh Way provides specific guidance to team members, outlining how they are expected to act with the integrity that has defined Oshkosh since the Company was founded over 100 years ago. In addition, the Company maintains a global ethics and compliance helpline to allow for concerns of potential violations of the Code, global policies, or the law to be reported anonymously.

The Company’s connections to its communities through charitable giving, leadership and volunteering efforts have long been an important part of the Company’s culture and team member engagement. The Company’s teams creatively identified opportunities to volunteer in 2025, donating over 20,800 hours to the communities in which they live and work.

For the last 12 years, the Company has held the Oshkosh Excellence Awards (OEAs), an annual competition and recognition event that invites team members to submit innovative ideas to foster improvements for its culture, operations, products and customers. Over 950 OEA nominations were submitted in 2025.

Workforce Composition. As of December 31, 2025, the Company had approximately 18,400 employees, approximately 11,750 of whom are production employees. Approximately 1,950 (13%) of the Company's U.S. employees were represented by unions. The United Auto Workers (UAW) Union, whose agreement expires in September 2027, represented the majority of these employees (1,150 employees), with the remaining being represented by the United Steelworkers, the Boilermakers, Iron Shipbuilders, Blacksmiths and Forgers Union (Boilermakers), International Brotherhood of Teamsters Union (Teamsters), Eastern Millwright Regional Council and International Brotherhood of Electrical Workers. In addition, approximately 65% of the Company’s 2,700 employees located outside of the U.S. are represented by separate works councils or unions.

Talent and Learning. The Company’s business strategy is enabled by its ability to attract, develop and retain world-class talent. The Company offers multiple programs of Lens of Leadership, its signature in-person development program for team members at the director level and above. The Company continued a series of executive leadership development events and expanded virtual learning opportunities to all managers on topics of leadership, fostering engagement and an inclusive culture and cultivating innovation and performance. Team members of the Company logged 246,000 learning hours in 2025. The Company leverages its enterprise Learning Management System to enable all team members to access learning content on its technology platform.

Strategic succession planning, future leader pipelines and critical role depth are regularly reviewed and updated by management. All leaders are expected to complete regular check-ins to provide feedback, review annual goal progress and hold career development conversations with team members to help ensure alignment, drive engagement and facilitate strong business outcomes.

Health and Safety. The Company focuses on protecting the health and safety of its team members. The Company takes a proactive, collaborative approach to managing safety to ensure its workforce returns home safely every day. Safety Management System maturity, OSHA VPP Star progression, ergonomic advancements and active team member involvement have led to improved risk reduction within the Company's operations.

The Company offers a competitive benefit platform to help ensure that, no matter where team members are in their well-being journeys, they are supported in their physical, financial and emotional goals. In 2025, the Company cared for over 26,000 people, including team members and their families, on its medical plan. The Company expanded paid parental leave benefits to support team members as they grow their families. In addition, the Company supported team members’ investment in their health by providing a financial incentive to complete an annual preventive exam.

Seasonal Nature of Business

The Company’s Access segment tends to be seasonal with an increase in sales occurring in the spring and summer months that constitute the traditional construction season in the northern hemisphere. Sales are generally lower in the three months ended December 31 in all segments due to the relatively high number of holidays in the U.S., which reduce available production and shipping days.

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Available Information

The Company maintains a website with the address www.oshkoshcorp.com. The Company is not including the information contained on the Company’s website as a part of, or incorporating it by reference into, this Annual Report on Form 10-K. The Company makes available free of charge through its website its Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to these reports, as soon as reasonably practicable after the Company electronically files such materials with, or furnishes such materials to, the Securities and Exchange Commission (SEC).