Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenue of $10.4 billion, adjusted operating income of just over $1 billion, and adjusted earnings per share (EPS) of $10.79 [8][20] - In Q4 2025, consolidated sales were nearly $2.7 billion, an increase of $91 million, or 3.5% from the same quarter last year, with an adjusted operating income margin of 8.4% [19][24] - Adjusted EPS for Q4 was $2.26, contributing to a full-year adjusted EPS of $10.79, slightly above the midpoint of guidance [20][21] Business Line Data and Key Metrics Changes - The access segment achieved Q4 sales of $1.2 billion, roughly equal to last year, with an adjusted operating income margin of 8.8% [22][11] - The vocational segment reported Q4 sales of $922 million, with an adjusted operating income margin of 16.2%, reflecting improved pricing [23][14] - The transport segment saw sales increase to $567 million in Q4, with delivery vehicle revenue growing by 13% sequentially [23][16] Market Data and Key Metrics Changes - The company noted strong demand in the access segment driven by non-residential construction, although some sectors remain soft [12][11] - The vocational segment's backlog of over $6.6 billion provides visibility for future revenue, with expectations for continued growth in fire apparatus and airport products [16][14] - The transport segment is expected to grow with increased NGDV shipments and new defense contracts, although defense vehicle revenue is anticipated to be lower in 2026 [17][24] Company Strategy and Development Direction - The company is focusing on innovation, showcasing technologies at CES that include robotics, AI, and electrification to enhance safety and productivity [4][6] - Strategic investments are being made to improve production throughput and reduce lead times, with a capital investment of about $150 million planned [14][9] - The company aims to achieve an adjusted EPS range of $18-$22 per share by 2028, supported by strong long-term growth opportunities [29] Management's Comments on Operating Environment and Future Outlook - Management anticipates a continuation of recent economic conditions, with expected lower capital investments from industrial customers in 2026 [10][25] - The company expects Q1 2026 to be the lowest quarter of the year due to seasonal factors and the impact of pricing actions in the access segment [25][26] - Management remains optimistic about the second half of 2026, expecting improved performance across segments as economic conditions stabilize [26][29] Other Important Information - The company plans to invest approximately $200 million in capital expenditures and expects free cash flow of approximately $550-$650 million [27] - A quarterly dividend of $0.57 per share was announced, reflecting confidence in long-term cash flow generation [27] Q&A Session Summary Question: Access guidance and disconnect with competitors - Management acknowledged a balanced approach to 2026, noting strong demand from mega projects but pressure in private non-residential construction [33][36] Question: Transport margins and pricing dynamics - Management indicated that transport margins are expected to improve in the second half of 2026, with pricing for new contracts anticipated to enhance margins [40][41] Question: Telematics data and market health - Management reported healthy utilization rates in both U.S. and European markets, with a strong used equipment market [46][48] Question: First Quarter versus Fourth Quarter earnings acceleration - Management expects Q1 2026 earnings to be about half of last year due to lower sales in the access segment and adverse price costs [50][51] Question: Access segment ordering dynamics - Management noted that strong sales in Q4 were influenced by pricing pull forward, and they expect normalization in 2026 [70][71] Question: NGDV revenue expectations - Management confirmed that they are on track to meet production milestones for NGDV, with expectations for increased revenue in the second half of 2026 [62][64]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenue of $10.4 billion, adjusted operating income of just over $1 billion, and adjusted earnings per share (EPS) of $10.79 [7][20] - In Q4 2025, consolidated sales were nearly $2.7 billion, an increase of $91 million, or 3.5% from the same quarter last year [18] - Adjusted operating income for Q4 was $226 million, down about $20 million from the prior year, leading to an adjusted operating margin of 8.4%, down 100 basis points from last year [18][22] Business Line Data and Key Metrics Changes - The access segment delivered Q4 sales of $1.2 billion, roughly equal to last year, with an adjusted operating income margin of 8.8% [10][21] - The vocational segment achieved Q4 sales of $922 million, with an adjusted operating income margin of 16.2%, reflecting improved pricing partially offset by lower sales volume [22] - The transport segment saw sales increase to $567 million in Q4, with delivery vehicle revenue growing by 13% sequentially compared to Q3 2025 [22] Market Data and Key Metrics Changes - The company expects lower capital investments from industrial customers, particularly in the access equipment and refuse businesses, impacting revenue in the first half of 2026 [9][11] - The backlog for the access segment is $1.3 billion, while the vocational segment has a backlog of over $6.6 billion, providing visibility for future revenue [10][15] Company Strategy and Development Direction - The company showcased its vision for the future at CES, focusing on robotics, autonomy, AI, connectivity, and electrification, indicating a strategic shift towards autonomous equipment [4][5] - The company plans to continue investing in technology and innovation to support long-term profitable growth and improve production throughput [7][15] Management's Comments on Operating Environment and Future Outlook - Management anticipates a continuation of recent economic conditions, with expectations for adjusted EPS in the range of $11.50 for 2026, reflecting strong performance in the vocational segment [9][24] - The company acknowledges challenges in the access segment due to soft market conditions but remains optimistic about long-term growth driven by infrastructure investments [11][14] Other Important Information - The company plans to invest approximately $200 million in capital expenditures and expects free cash flow of approximately $550-$650 million for 2026 [27] - A quarterly dividend of $0.57 per share was announced, reflecting confidence in long-term cash flow generation [27] Q&A Session Summary Question: Access guidance relative to competitors - Management noted a balanced approach to 2026, acknowledging strong demand from mega projects while recognizing pressure in private non-residential construction [36][37] Question: Transport margins and expectations - Management expressed confidence in the transport segment's outlook, citing pricing for new contracts and steady production increases for NGDVs as key factors [39][40] Question: Telematics data and market health - Management reported healthy utilization rates for equipment in both the U.S. and European markets, with positive insights from telematics data [46][47] Question: First Quarter versus Fourth Quarter earnings acceleration - Management expects the first quarter to be lower year-on-year, primarily due to strong sales in the fourth quarter and adverse price costs [49][50] Question: Access segment revenue decline and margin expectations - Management indicated that the first quarter would see a higher revenue decline year-over-year, with expectations for normalization throughout 2026 [56][58] Question: Vocational segment backlog and revenue expectations - Management confirmed a healthy backlog in the vocational segment, particularly in fire apparatus and airport products, despite some pressure in the refuse and recycling business [87][88]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenue of $10.4 billion, adjusted operating income of just over $1 billion, and adjusted earnings per share (EPS) of $10.79 [8][9] - In Q4 2025, consolidated sales were nearly $2.7 billion, an increase of $91 million, or 3.5% from the same quarter last year [18] - Adjusted operating income for Q4 was $226 million, down about $20 million from the prior year, leading to an adjusted operating margin of 8.4%, down 100 basis points from last year [18][19] Business Line Data and Key Metrics Changes - The access segment achieved Q4 revenue of $1.2 billion, roughly equal to last year, with a book-to-bill ratio of 1.5 [11] - The vocational segment delivered full-year revenue of more than $3.7 billion, up nearly 13%, with an adjusted operating income margin of 15.8% [13] - The transport segment saw sales increase to $567 million in Q4, with delivery vehicle revenue growing by 13% sequentially compared to Q3 2025 [21][22] Market Data and Key Metrics Changes - The company noted that while there is underlying strength in data centers and infrastructure, many other construction sectors remain soft, leading to expectations of revenue decline in the first half of 2026 compared to 2025 [12] - The backlog for the access segment is $1.3 billion, which is considered reasonable in the current environment [11] - The vocational segment backlog exceeds $6.6 billion, providing excellent visibility for future revenue [16] Company Strategy and Development Direction - The company showcased its vision for the future at CES, focusing on robotics, autonomy, AI, connectivity, and electrification [4][5] - The strategy includes shifting from providing equipment that enables jobs at height to offering equipment that executes jobs autonomously [5] - The company plans to continue investing in innovation and expanding U.S. manufacturing while maintaining a strong focus on long-term profitable growth [26] Management's Comments on Operating Environment and Future Outlook - Management anticipates a continuation of recent economic conditions, with expected lower capital investments from industrial customers, particularly in access equipment and refuse businesses [10] - The outlook for 2026 includes an estimated adjusted EPS in the range of $11.50, reflecting strong performance in the vocational segment but weaker market conditions in the access segment [10][24] - Management expressed confidence in long-term growth opportunities driven by innovative products and strong business fundamentals [27] Other Important Information - The company announced a quarterly dividend of $0.57 per share, reflecting confidence in long-term cash flow generation [26] - Share repurchases in 2025 totaled $278 million, more than double the prior year, benefiting adjusted EPS in Q4 by $0.06 compared to Q4 2024 [19] Q&A Session Summary Question: Access guidance and disconnect with competitors - Management acknowledged a balanced approach to 2026, noting strong demand from mega projects but pressure in private non-residential construction [31][32] Question: Transport margins and pricing - Management indicated that transport margins are expected to improve as new pricing contracts are implemented and production increases [33] Question: Telematics data and equipment health - Management reported healthy utilization rates for equipment in both the U.S. and European markets, with a strong used market [34] Question: First Quarter versus Fourth Quarter earnings - Management expects Q1 adjusted EPS to be about half of last year, primarily due to lower sales in the access segment [36] Question: Pricing and cost dynamics - Management discussed ongoing cost reduction initiatives and the impact of tariffs on pricing strategies for 2026 [48][49] Question: Vocational segment backlog and revenue expectations - Management confirmed a healthy backlog in the vocational segment, particularly in fire and airport products, despite some pressure in refuse and recycling [50][51]

Q4 2025 EARNINGS UPDATE | JANUARY 29, 2026 FOURTH QUARTER 2025 EARNINGS CALL | 2 CES highlights FOURTH QUARTER 2025 EARNINGS CALL | 1 Forward-looking statements This presentation contains statements that the Company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company's future financial position, business strategy, growth ...

分组1 - Oshkosh reported quarterly earnings of $2.26 per share, missing the Zacks Consensus Estimate of $2.33 per share, and down from $2.58 per share a year ago, representing an earnings surprise of -3.18% [1][2] - The company posted revenues of $2.69 billion for the quarter, surpassing the Zacks Consensus Estimate by 4.95%, and up from $2.62 billion year-over-year [3] - Oshkosh shares have increased approximately 16.3% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [4] 分组2 - The current consensus EPS estimate for the upcoming quarter is $2.36 on revenues of $2.4 billion, and for the current fiscal year, it is $12.30 on revenues of $10.87 billion [8] - The Zacks Industry Rank for Automotive - Domestic is in the top 37% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [9]

Core Viewpoint - Oshkosh (OSK) is expected to report a quarterly earnings per share (EPS) of $2.33, reflecting a decline of 9.7% year-over-year, with revenues forecasted at $2.56 billion, a decrease of 2.3% compared to the same period last year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 2% in the past 30 days, indicating a reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Forecasts - Analysts predict 'Net sales- Vocational- Total' to reach $1.00 billion, representing a year-over-year increase of 13.7% [5]. - The estimate for 'Net Sales- Access- Total' is $981.37 million, indicating a decline of 15.2% from the prior year [5]. - 'Net Sales- Corporate and other' is expected to be $24.77 million, reflecting a decrease of 7.2% year-over-year [5]. Segment Performance - 'Net Sales- Access- Aerial work platforms' is forecasted at $462.40 million, down 15.3% from the previous year [6]. - 'Net Sales- Access- Other' is estimated at $245.27 million, also down 15.3% year-over-year [6]. - 'Net Sales- Access- Telehandlers' is projected to reach $272.90 million, indicating a decline of 15.3% compared to the same quarter last year [6]. Operating Income Estimates - Analysts expect 'Adjusted Access segment operating income (non-GAAP)' to be $80.58 million, down from $151.60 million reported in the same quarter last year [7]. - 'Adjusted Vocational segment operating income (non-GAAP)' is anticipated to be $168.96 million, compared to $122.90 million in the same quarter of the previous year [7]. Stock Performance - Oshkosh shares have returned +19.1% over the past month, outperforming the Zacks S&P 500 composite, which saw a +0.4% change [7]. - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [7].

Core Viewpoint - The market anticipates a year-over-year decline in Oshkosh's earnings due to lower revenues, with a focus on how actual results compare to estimates [1][2]. Earnings Expectations - Oshkosh is expected to report quarterly earnings of $2.31 per share, reflecting a year-over-year decrease of 10.5% [3]. - Revenues are projected to be $2.55 billion, down 2.7% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 4.62% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Oshkosh is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.58% [12]. Earnings Surprise Prediction - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - Oshkosh currently holds a Zacks Rank of 4, making it challenging to predict an earnings beat [12]. Historical Performance - In the last reported quarter, Oshkosh exceeded earnings expectations with a surprise of +2.56% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Industry Context - In the Zacks Automotive - Domestic industry, Paccar is expected to report earnings of $1.24 per share, indicating a year-over-year decline of 25.3% [19]. - Paccar's revenue is projected to be $6.12 billion, down 16.9% from the previous year [19].

Core Viewpoint - Oshkosh Defense has been awarded a contract by the U.S. Army for 97 additional FMTV A2 Low-Velocity Airdrop (LVAD) vehicles, enhancing the Army's modernization efforts and operational readiness for Arctic conditions [1][5]. Group 1: Contract Details - The contract includes both 6x6 and 4x4 Cargo vehicles, along with Arctic Kits, emphasizing the vehicles' capability to operate in extreme cold environments [1]. - This award is part of the Army's strategy to upgrade its existing LVAD fleet with modernized capabilities based on continuous Soldier feedback [5]. Group 2: Vehicle Capabilities - The FMTV A2 LVAD is designed for rapid airdrop deployment, ensuring that Mobile Brigade Combat Teams (MBCTs) remain supplied and mission-ready in austere environments, thereby reducing reliance on fixed infrastructure [2]. - The vehicle's rugged design and advanced performance allow MBCTs to operate effectively across various operational scenarios, enhancing their mobility and sustainment capabilities [2]. Group 3: Testing and Development - The 6x6 Cargo variant began testing in 2023 and successfully completed airdrop testing in 2024, marking significant progress in its airborne capabilities [3][4]. - The 4x4 Cargo variant started testing in mid-2024 and achieved three consecutive successful airdrops in early 2025, demonstrating reliability under Low-Velocity Airdrop operations [4]. Group 4: Company Overview - Oshkosh Defense is recognized as a global leader in military vehicle design, production, and sustainment, focusing on emerging technologies to enhance safety and mission success [6]. - The company is committed to maintaining fleet readiness and providing support throughout the entire lifecycle of its solutions [6].

Core Insights - Oshkosh Corporation is enhancing its Defense unit with new contracts from the U.S. Department of Defense, including a $53 million order for Common Bridge Transporters and an $89 million order for Palletized Load System A2 vehicles [1] Group 1: Defense Unit Performance - The Defense unit is experiencing growth through significant contract wins, which are crucial for the company's overall performance [1] - The company is integrating advanced technologies such as artificial intelligence to improve operational efficiency and decision-making [2][3] Group 2: Financial Outlook and Backlog - Oshkosh's consolidated backlog decreased to $13.7 billion at the end of September 2025 from $14.3 billion a year earlier, indicating a decline in future sales commitments [4][10] - The Access unit is showing signs of moderation, with a book-to-bill ratio of 0.6 and a 19% year-over-year revenue decline, as customers become cautious with capital expenditures [5][10] - The company has revised its 2025 revenue outlook to between $10.3 billion and $10.4 billion, down from a previous estimate of $10.6 billion to $10.75 billion, reflecting softer demand [6][10] Group 3: Strategic Challenges - Despite advancements in the Defense unit and AI technologies, these strengths are insufficient to counterbalance operational and macroeconomic challenges [7][9] - The decline in backlog and softer orders in the Access Equipment segment highlight the impact of tariff uncertainties and a mixed macro environment on customer spending [8][9]

Core Insights - Oshkosh Defense will showcase its Joint Light Tactical Vehicle (JLTV) platform at the International Armoured Vehicles Conference in January 2026, emphasizing its adaptability to evolving operational demands and modernization requirements [1] - The JLTV has produced over 24,000 vehicles for the U.S. Armed Forces and coalition partners, making it the only fully fielded, combat-tested light tactical vehicle available to international customers [2] - Oshkosh is the only original equipment manufacturer authorized to supply JLTVs directly to allied nations through Direct Commercial Sales, ensuring proven protection, mobility, and reliability [2] - The JLTV platform offers adaptability and interoperability for allied forces, with an open architecture that reduces integration burdens and enables rapid fielding of mission systems [3] - Current allied operators of the JLTV include the United States, The Netherlands, and several other nations, enhancing interoperability during joint operations [3] - Oshkosh Defense is committed to supporting allied modernization and delivering the most capable light tactical vehicle available today [4] Company Overview - Oshkosh Defense is a global leader in military vehicle design, production, and sustainment, focusing on best-in-class military vehicles and technology solutions [5] - The company develops and applies emerging technologies to advance safety and mission success, ensuring fleet readiness throughout the vehicle life cycle [5] - Oshkosh Corporation employs over 18,000 team members worldwide, with products available in more than 150 countries under various brands [7]