Oshkosh (OSK) Citi's Global Industrial Tech and Mobility Conference 2025 summary

Company overview and strategy

• Operates a global business with nearly $11B in revenue and 18,000 employees, with 80% of transactions in North America.

• Focuses on serving essential workers in over a dozen end markets, emphasizing productivity and safety.

• Technology, including autonomy, analytics, and electrification, is central to product development and differentiation.

• Showcased advanced technologies at CES, highlighting autonomous and electric vehicles for various applications.

Access segment performance and outlook

• Maintains leadership in telehandlers and aerial work platforms, expanding into agricultural markets with new products and acquisitions.

• 2025 guidance projects a 15% revenue decline due to weaker private construction and the loss of a major CAT contract, with the impact more pronounced in the second half.

• Despite the downturn, expects to maintain double-digit margins through cost control and flexible capacity.

• Long-term demand supported by infrastructure and data center projects, with 2025 seen as a trough year.

Defense segment developments

• JLTV production for the Army ends in Q1, with smaller quantities continuing; NGDV postal vehicle ramps up through the year.

• NGDV production expected to reach 10,000 units in 2025, with full-rate annualized production of 16,000–20,000 units by Q4.

• Postal vehicle mix currently targeted at 75% battery electric, 25% internal combustion, with flexibility to adjust.

• Defense margins expected to improve as contracts are repriced to reflect input costs and NGDV ramps up, targeting double-digit margins.