Oshkosh (OSK) Jefferies Global Industrials Conference 2026 summary

Access outlook and innovation

• Access outlook improved from flat at the start of 2026 as strength reached rental-company CapEx; growth is expected through 2027, even without a rate cut.

• Mega projects are driving national rental demand; independent rentals are supportive, with non-residential construction a potential broader upcycle driver.

• Cost reductions are underway, with pricing considered for costs that cannot be mitigated.

• Innovation includes ClearSky connectivity, robotics and autonomy, data-center micro scissors, and a lighter two-piece boom that increases basket capacity.

Postal and defense programs

• NGDV production is ramping; thousands have been delivered, the 5,000th was completed early in 2026, and vehicles have logged more than 35 million miles.

• Most NGDV ramp challenges have been addressed; teams are refining automation and report satisfaction with build quality.

• The postal contract covers 165,000 units, including an initial 51,500-unit order; another order is expected in 2026, likely in Q4, with additional orders expected to improve margins.

• Heavy-truck production under the 2024 contract began in late 2025; medium-truck production under the 2025 contract is due to start late in 2026, with new-contract production expected to predominate in 2027.

• Defense margin target is 10% in 2028 versus 3.7% in 2025; ROGUE-Fires received another Marine Corps award, and JLTV production could restart within 10 months of an order.

Vocational production and end markets

• A $150M Pierce investment targets 25%–30% higher throughput; production is targeted to rise 10% by year-end 2026, with material flow a focus after Q2 learnings.

• Custom fire-truck lead times remain extended, with current orders likely due in 2029; the goal is 12–18 months, alongside 16%–18% segment margins in 2028.

• Refuse demand is 20%–30% lower in 2026 than in 2025 as municipalities pause orders amid inflation and tariff uncertainty; market clearing is expected within 12–18 months.