Oshkosh (OSK) Citi's Global Industrial Tech & Mobility Conference 2026 summary

Portfolio evolution and segment overview

• Portfolio balanced across Access, Vocational, and Transport segments, each with significant 2026 revenue targets: Access and Vocational at $4.2B, Transport at $2.5B.

• Vocational segment strengthened by 2023 airport products acquisition and organic growth, now a solid second pillar.

• Transport segment, formerly Defense, is transforming with new contracts and expected margin improvement from 4% in 2024 to 10% by 2028.

• Operates globally with over 18,000 employees and serves diverse customer bases in all three segments.

Technology and innovation

• Technology focus includes electrification, connectivity, robotics, autonomy, and AI across all segments.

• Award-winning technology showcased at CES 2026, highlighting advancements in AI and smart fleet management.

• Unified autonomy and sensing stack being developed for use in multiple end markets, leveraging common architecture.

• Hardware innovations like TAK-4 suspension and lightweighting steel have transferred across applications.

• Airport robots and autonomous jet dock technology showcased, with roots in defense applications.

Segment highlights and outlook

• Access segment features smart fleet technology and maintains strong market position through quality, reliability, and pricing discipline.

• Vocational segment delivers optimized visibility for fire departments and benefits from AeroTech acquisition for North American and international growth.

• Transport segment supports major delivery contracts, with margin improvement driven by new truck contracts and NGDV ramp.

• Mega projects and data centers drive Access demand, while local markets remain muted; optimism for broader recovery by 2027.

• Fire apparatus backlog extends into 2028; $150M investment to boost capacity by 25-30%.