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 projected at $4.2B (Access, Vocational) and $2.5B (Transport) revenue for 2026, serving a global customer base.

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

• Transport segment, formerly Defense, is transforming with new government contracts and delivery vehicles, targeting a margin increase from 4% in 2024 to 10% by 2028.

• Access segment features smart fleet technology; vocational segment delivers optimized visibility for fire departments; transport segment supports major delivery contracts.

Technology and innovation strategy

• Technology focus shifting from hardware (e.g., TAK-4 suspension) to autonomy, robotics, AI, and connectivity across all segments.

• Common technology stacks (autonomy, sensing, connectivity) are leveraged across applications, from defense to airport robots and refuse vehicles.

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

• ClearSky Smart Fleet enables equipment connectivity, with future plans for user authentication and service integration.

• Focus on shaping the future with integrated, intelligent solutions for airports, neighborhoods, and job sites, emphasizing electrification, autonomy, and connectivity.

Financial performance and targets

• Reported $10.4 billion in revenue and $10.79 adjusted EPS for 2025, with over 18,000 employees worldwide.

• 2028 targets include $13–14 billion in revenue, 12–14% adjusted operating margin, $18–22 adjusted EPS, and 90%+ free cash flow conversion.

• Plans for 8–10% CAGR in revenue and 19–27% CAGR in adjusted EPS from 2025 to 2028.

• Margin improvement to 10% by 2028 driven by new defense contracts, NGDV ramp, and order backlog growth.

• Sizable backlogs and pricing provide revenue visibility, with plans for margin expansion across all segments.