Oshkosh Corporation (OSK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Oshkosh Corporation se erige como una potencia de ingeniería especializada de vehículos, transformando complejos desafíos de transporte en soluciones de movilidad innovadoras en los sectores de defensa, respuesta de emergencia y comerciales. Con un modelo de negocio estratégico que une la innovación tecnológica de vanguardia y las sólidas asociaciones gubernamentales, la compañía se ha posicionado como un jugador crítico en la fabricación de vehículos de alto rendimiento que cumplan con los requisitos operativos más exigentes. Desde camiones tácticos de grado militar hasta equipos de acceso sofisticados, el enfoque único de Oshkosh combina ingeniería avanzada, diseño personalizado y soporte integral del ciclo de vida para ofrecer un valor incomparable a sus diversos segmentos de clientes.

Oshkosh Corporation (OSK) - Modelo de negocios: asociaciones clave

Contratos de vehículos militares del Departamento de Defensa

Oshkosh Defense tiene un contrato de $ 6.7 mil millones con el ejército de los EE. UU. Para producir vehículos tácticos de luz conjunta (JLTV) a partir de 2023. El contrato cubre hasta 54,599 vehículos con una producción potencial hasta 2064.

Tipo de contrato	Valor	Duración
Contrato del ejército JLTV	$ 6.7 mil millones	Hasta 2064

Principales proveedores de equipos automotrices y de defensa

Oshkosh colabora con múltiples proveedores de nivel 1 para componentes críticos.

• Cummins Inc. - Suministro del motor
• Dana Incorporated - Sistemas de eje y transmisión
• Transmisión Allison - Sistemas de transmisión

Proveedor	Componente	Valor de suministro anual estimado
Cummins Inc.	Motores diesel	$ 450 millones
Dana Incorporated	Sistemas de eje	$ 280 millones

Tecnología estratégica e alianzas de ingeniería

Oshkosh mantiene asociaciones con empresas de tecnología para el desarrollo avanzado de vehículos.

• Nvidia Corporation - Tecnologías avanzadas de vehículos autónomos
• Panasonic Corporation: integración de batería y sistema eléctrico

Asociaciones de agencia gubernamental

Oshkosh colabora con múltiples agencias gubernamentales internacionales.

País	Agencia	Tipo de contrato
Estados Unidos	Ministerio de defensa	Producción de vehículos militares
Canadá	Servicios públicos y adquisiciones de Canadá	Contratos de vehículos militares

Instituciones de investigación colaboraciones

Oshkosh se asocia con instituciones de investigación para tecnologías de vehículos avanzados.

• Universidad Tecnológica de Michigan
• Universidad de Wisconsin-Milwaukee
• Laboratorio Nacional de Oak Ridge

Institución	Enfoque de investigación	Inversión anual
Universidad Tecnológica de Michigan	Tecnologías de vehículos eléctricos	$ 2.1 millones
Laboratorio Nacional de Oak Ridge	Investigación de materiales avanzados	$ 3.5 millones

Oshkosh Corporation (OSK) - Modelo de negocio: actividades clave

Diseñar y fabricar vehículos militares y comerciales especializados

En 2023, Oshkosh Corporation produjo 5,969 vehículos militares para el Departamento de Defensa de los Estados Unidos, con un ingreso total del segmento de defensa de $ 3.1 mil millones.

Categoría de vehículos	Volumen de producción anual	Contribución de ingresos
JLTV (vehículo táctico de luz articular)	2.300 unidades	$ 1.2 mil millones
Vehículos tácticos pesados	1.650 unidades	$ 850 millones
Vehículos tácticos medianos	2.019 unidades	$ 1.05 mil millones

Desarrollar vehículos de defensa personalizada y respuesta a emergencias

Oshkosh desarrolló 247 vehículos personalizados de respuesta a emergencias en 2023, con un ingreso total del segmento de respuesta de emergencia de $ 752 millones.

• Producción del aparato de fuego: 156 unidades
• Camiones de bomberos aéreos: 45 unidades
• Vehículos de rescate: 46 unidades

Ingeniería y fabricación de equipos de acceso

El segmento de equipos de acceso generó $ 3.4 mil millones en ingresos en 2023, con una producción de 14,200 plataformas de trabajo aérea y manzadores telesconales.

Tipo de equipo	Producción anual	Cuota de mercado
Plataformas de trabajo aéreo	9,600 unidades	22.5%
Manisperadores	4.600 unidades	18.3%

Investigación y desarrollo continuos de tecnologías innovadoras de vehículos

En 2023, Oshkosh invirtió $ 247 millones en investigación y desarrollo, lo que representa el 3.9% de los ingresos totales de la compañía.

• Desarrollo de tecnología de vehículos eléctricos
• Sistemas avanzados de vehículos autónomos
• Investigación de materiales livianos

Servicios de soporte de mantenimiento y posventa

Los servicios de posventa generaron $ 612 millones en ingresos para 2023, con contratos de apoyo que cubren 18,500 vehículos en sectores militares y comerciales.

Categoría de servicio	Ingresos anuales	Vehículos compatibles
Mantenimiento del vehículo militar	$ 392 millones	12,300 vehículos
Soporte de vehículos comerciales	$ 220 millones	6.200 vehículos

Oshkosh Corporation (OSK) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

Oshkosh Corporation opera múltiples instalaciones de fabricación en los Estados Unidos:

Ubicación	Tipo de instalación	Producción primaria
Oshkosh, Wisconsin	Sede & Planta de fabricación primaria	Vehículos de defensa y acceso
Appleton, Wisconsin	Instalación de fabricación	Plataformas de vehículos comerciales
McGregor, Texas	Instalación de producción especializada	Componentes del vehículo militar

Talento especializado de ingeniería y diseño

Oshkosh Corporation emplea una fuerza laboral de ingeniería especializada:

• Fuerza laboral de ingeniería total: más de 1,200 ingenieros
• Títulos avanzados: 35% del personal de ingeniería
• Experiencia promedio de ingeniería: 12.5 años

Cartera de propiedades intelectuales

Activos de propiedad intelectual de Oshkosh Corporation:

Categoría de IP	Número de activos	Inversión anual de I + D
Patentes activas	87	$ 142 millones (2023)
Aplicaciones de patentes pendientes	43	N / A

Relaciones gubernamentales y militares

Detalles del contrato del gobierno clave:

• Contratos activos del Departamento de Defensa de los Estados Unidos: 7
• Valor total del contrato gubernamental: $ 3.2 mil millones
• Duración del contrato: 5-10 años

Infraestructura de la cadena de suministro

Composición de red de la cadena de suministro:

Categoría de proveedor	Número de proveedores	Extensión geográfica
Proveedores de nivel 1	124	América del norte
Proveedores de nivel 2	378	Global

Oshkosh Corporation (OSK) - Modelo de negocio: propuestas de valor

Vehículos especializados de alto rendimiento para los mercados de defensa y comerciales

Oshkosh Corporation reportó 2023 ingresos del segmento de defensa de $ 3.74 mil millones. La compañía produce vehículos militares especializados que incluyen:

Tipo de vehículo	Volumen de producción anual	Cliente militar clave
JLTV (vehículo táctico de luz articular)	1.200 unidades por año	Ejército de EE. UU.
Reemplazo de vehículo táctico medio	800 unidades por año	Departamento de Defensa de los Estados Unidos

Soluciones personalizadas para necesidades complejas de transporte y equipo

Oshkosh ofrece soluciones de vehículos personalizados en múltiples sectores con ingresos de segmento comercial 2023 de $ 2.16 mil millones.

• Access Equipment Actual de mercado: 22.3%
• Cuota de mercado de vehículos de incendio y emergencia: 18.7%
• Cuota de mercado de camiones mezcladores de concreto: 35.4%

Innovación tecnológica de vanguardia en el diseño de vehículos

Inversión en I + D en 2023: $ 137.4 millones

Área tecnológica	Enfoque de innovación	Solicitudes de patentes
Vehículos eléctricos	Sistemas de batería avanzados	17 nuevas patentes
Movilidad autónoma	Vehículos militares autónomos	12 nuevas patentes

Productos confiables y duraderos para entornos operativos desafiantes

Métricas de durabilidad del producto:

• Tiempo medio del vehículo militar entre fallas: 1,200 horas operativas
• Vehículo comercial El ciclo de vida esperado: 15-20 años
• Tasa de reclamo de garantía: menos del 2.5%

Servicios integrales de soporte y mantenimiento del ciclo de vida

2023 Ingresos del mercado de accesorios y servicios: $ 512.6 millones

Categoría de servicio	Contratos de servicio anuales	Valor de contrato promedio
Mantenimiento del vehículo militar	42 contratos activos	$ 23.7 millones
Soporte de flota comercial	86 contratos activos	$ 5.4 millones

Oshkosh Corporation (OSK) - Modelo de negocio: relaciones con los clientes

Asociaciones de contratos gubernamentales y militares a largo plazo

Oshkosh Corporation mantiene $ 3.4 mil millones en contratos activos de vehículos militares estadounidenses A partir de 2023. Las asociaciones clave incluyen:

Tipo de contrato	Valor anual	Duración
FMTV (familia de vehículos tácticos medios)	$ 1.2 mil millones	Contrato de 10 años
HEMTT (camión táctico de movilidad expandida pesada)	$ 850 millones	Contrato de 8 años
JLTV (vehículo táctico de luz articular)	$ 1.4 mil millones	En curso

Soporte técnico y servicios de consulta

Oshkosh proporciona soporte técnico integral con 247 personal de apoyo dedicado. Las métricas de apoyo incluyen:

• Tiempo de respuesta promedio: 2.3 horas
• Asistencia técnica global 24/7
• Equipos de consulta de ingeniería especializada

Enfoque de desarrollo de productos personalizado

En 2023, Oshkosh invirtió $ 184 millones en I + D, centrándose en soluciones personalizadas en los mercados de defensa y comerciales.

Segmento de mercado	Soluciones personalizadas desarrolladas	Tasa de implementación
Militar	17 configuraciones especializadas de vehículos	92% de aceptación del cliente
Comercial	12 diseños de chasis especializados	88% de adopción del cliente

Gestión de cuentas dedicada para grandes clientes

Oshkosh maneja 42 Cuentas estratégicas corporativas y gubernamentales con equipos especializados.

• Valor de cuenta promedio: $ 76 millones
• Tasa de retención: 94%
• Gerentes de cuentas dedicados por cliente

Programas continuos de mantenimiento y actualización

Contratos de mantenimiento generados $ 512 millones en ingresos recurrentes durante 2023.

Categoría de servicio	Ingresos anuales	Cobertura de servicio
Mantenimiento del vehículo militar	$ 287 millones	Soporte de flota global
Actualizaciones de vehículos comerciales	$ 225 millones	Programas de modificación integrales

Oshkosh Corporation (OSK) - Modelo de negocio: canales

Equipo de ventas directas para mercados gubernamentales y comerciales

Oshkosh Corporation mantiene una fuerza de ventas dedicada dirigida a mercados gubernamentales y comerciales con 2023 ingresos de ventas directas de $ 8.3 mil millones. El equipo de ventas cubre múltiples segmentos que incluyen:

• Segmento de defensa: $ 3.1 mil millones en ventas directas
• Fuego & Segmento de emergencia: $ 1.2 mil millones en ventas directas
• Segmento comercial: $ 3.0 mil millones en ventas directas

Segmento de mercado	Tamaño del equipo de ventas directas	Cobertura de ventas anual
Mercados gubernamentales	127 representantes de ventas	$ 5.4 mil millones
Mercados comerciales	89 representantes de ventas	$ 2.9 mil millones

Catálogos y configuradores de productos en línea

Métricas de participación de la plataforma digital para 2023:

• Visitantes del sitio web: 1.2 millones
• Uso del configurador de productos en línea: 42,000 sesiones únicas
• Descargas de catálogo digital: 87,000

Ferias comerciales y conferencias de la industria

Tipo de evento	Participación anual	Generación de leads
Conferencias de la industria de defensa	7 eventos importantes	423 clientes potenciales calificados
Espectáculos de vehículos comerciales	12 exposiciones internacionales	612 clientes potenciales calificados

Redes de distribuidores autorizadas

Distribución de la red de distribuidores a partir de 2023:

• Total de distribuidores autorizados: 218
• Cobertura geográfica: 47 estados
• Presencia del concesionario internacional: 12 países

Plataformas de marketing digital y comunicación técnica

Canal digital	Compromiso mensual	Alcance anual
LinkedIn	92,000 seguidores	1,4 millones de impresiones
Seminarios web técnicos	6 sesiones mensuales	14,400 participantes registrados

Oshkosh Corporation (OSK) - Modelo de negocios: segmentos de clientes

Departamento de Defensa de los Estados Unidos

A partir de 2023, Oshkosh Defense obtuvo un contrato de $ 911.1 millones para vehículos tácticos de luz conjunta (JLTV) con el ejército de los Estados Unidos. La compañía ha entregado más de 12,000 unidades JLTV al Ejército de EE. UU. Y al Cuerpo de Marines.

Valor de contrato	Vehículos entregados	Ramas militares
$ 911.1 millones	12,000+ JLTV	Ejército de EE. UU., Cuerpo de Marines

Organizaciones militares internacionales

Oshkosh atiende a múltiples clientes de defensa internacional en 13 países, con importantes contratos en regiones, incluidos los aliados de la OTAN y las naciones del Medio Oriente.

• Volumen del contrato de los países de la OTAN: $ 425.6 millones en 2023
• Contratos de defensa del Medio Oriente: $ 276.3 millones en 2023
• Órdenes internacionales de vehículos militares: 4.500 vehículos especializados

Respuesta de emergencia y departamentos de vehículos municipales

Oshkosh produce vehículos de fuego y rescate para los departamentos municipales en todo el país.

Tipo de vehículo	Producción anual	Cuota de mercado
Camiones de bomberos	1.200 unidades	47% del mercado estadounidense
Plataformas aéreas	350 unidades	52% del mercado estadounidense

Usuarios de construcción e equipos industriales

Oshkosh fabrica mezcladores de concreto y vehículos de construcción especializados.

• Venta de camiones de mezclador de concreto: 2.750 unidades en 2023
• Ingresos totales de vehículos de construcción: $ 1.2 mil millones
• Penetración del mercado en el sector de la construcción de América del Norte: 38%

Operadores de flota de vehículos comerciales y especializados

Oshkosh ofrece soluciones especializadas de vehículos comerciales en múltiples industrias.

Segmento de la industria	Tipos de vehículos	Ingresos anuales
Gestión de residuos	RECHUSE VELUCHOS DE COLECCIÓN	$ 375.6 millones
Logística	Camiones comerciales	$ 512.4 millones
Servicios aeropuerto	Equipo de soporte de tierra especializado	$ 224.7 millones

Oshkosh Corporation (OSK) - Modelo de negocio: Estructura de costos

Altos gastos de investigación y desarrollo

En el año fiscal 2023, Oshkosh Corporation invirtió $ 170.3 millones en gastos de investigación y desarrollo, lo que representa el 2.8% de los ingresos totales de la compañía.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 170.3 millones	2.8%
2022	$ 156.7 millones	2.6%

Infraestructura de fabricación compleja

Oshkosh opera múltiples instalaciones de fabricación en los Estados Unidos con gastos de capital totales de $ 232.4 millones en 2023.

• Ubicaciones de fabricación primaria: Wisconsin, Pensilvania, Carolina del Sur
• Total de la instalación de fabricación Fultos cuadrados: aproximadamente 5.2 millones de pies cuadrados.
• Costos generales anuales de fabricación: $ 412.6 millones

Costos significativos de talento laboral e ingeniería

Los gastos totales de personal para Oshkosh Corporation en 2023 fueron de $ 1.2 mil millones, con una compensación promedio de empleados de $ 95,000 por año.

Categoría de empleado	Número de empleados	Compensación promedio
Ingeniería	1,850	$125,000
Fabricación	7,200	$82,000

Adquisición de cadena de suministro y materia prima

Los costos anuales de adquisición de materia prima para Oshkosh Corporation totalizaron $ 1.6 mil millones en 2023, con acero y aluminio que representan el 45% de los gastos totales de materiales.

• Adquisición de acero: $ 432 millones
• Adquisición de aluminio: $ 288 millones
• Otras materias primas: $ 880 millones

Inversión de cumplimiento y certificación

Los gastos de cumplimiento y certificación para Oshkosh Corporation alcanzaron los $ 47.2 millones en 2023, cubriendo los requisitos regulatorios de defensa, aeroespacial y vehículos comerciales.

Categoría de cumplimiento	Gastos
Cumplimiento de defensa	$ 22.6 millones
Certificaciones de vehículos comerciales	$ 15.4 millones
Cumplimiento regulatorio de seguridad	$ 9.2 millones

Oshkosh Corporation (OSK) - Modelo de negocios: flujos de ingresos

Ingresos por contrato de vehículos militares

En el año fiscal 2023, el segmento de defensa de Oshkosh generó $ 2.78 mil millones en ingresos. Los contratos clave incluyen:

Contrato	Valor	Duración
JLTV (vehículo táctico de luz articular)	$ 1.2 mil millones	2023-2024
Familia de vehículos tácticos medianos	$ 680 millones	2023-2024

Venta de vehículos comerciales

Los ingresos del segmento comercial para el año fiscal 2023 fueron de $ 1.97 mil millones.

• Ventas del aparato de fuego Pierce: $ 642 millones
• Ventas de camiones mezcladores de concreto: $ 512 millones
• Ventas de equipos de acceso: $ 816 millones

Piezas y contratos de servicio del mercado de accesorios

Los ingresos del mercado de accesorios en 2023 totalizaron $ 453 millones.

Categoría de servicio	Ganancia
Piezas de vehículos militares	$ 213 millones
Mantenimiento de vehículos comerciales	$ 240 millones

Servicios de arrendamiento y alquiler de equipos

Ingresos de alquiler de equipos para 2023: $ 287 millones.

• Alquiler de equipos militares: $ 112 millones
• Alquiler de equipos comerciales: $ 175 millones

Licencias de tecnología y tarifas de consultoría

Ingresos de licencia tecnológica en 2023: $ 42 millones.

Categoría de licencias	Ganancia
Licencias de tecnología de defensa	$ 24 millones
Licencias de tecnología de vehículos comerciales	$ 18 millones

Oshkosh Corporation (OSK) - Canvas Business Model: Value Propositions

You're looking at Oshkosh Corporation (OSK) as of late 2025, and the value they promise is deeply tied to their history of building things that simply must work when failure isn't an option. That's the core of it.

Mission-Critical Reliability

Oshkosh Corporation delivers vehicles that excel in the most demanding conditions, a value proposition built on a history stretching back to 1917. This reliability is what fleet managers in critical sectors expect, whether it's for defense, emergency response, or heavy-duty infrastructure work. You see this commitment in their product lines, which include the famous Heavy Expanded Mobility Tactical Truck (HEMTT), Pierce fire apparatus, and specialized airport rescue vehicles.

The strength of this reliability translates directly into customer commitment, evidenced by the substantial order books across their segments as of the first quarter of 2025:

• The Defense segment, recently renamed the Transport segment, held a backlog of $6.4 billion.
• The Vocational segment maintained a backlog of $6.3 billion.
• The Access segment had a backlog of $1.8 billion.

Oshkosh Corporation's total consolidated backlog stood at $14.6 billion at the end of Q1 2025, showing deep customer commitment to their durable platforms.

Technological Innovation

Honestly, a company this old isn't resting on its laurels; they are actively pushing electrification and autonomy. They are showcasing these advancements, including autonomy, artificial intelligence, connectivity, and electrification, at CES 2026. This isn't just talk; they have purpose-built electric products already in the field or ready for deployment.

You can see this innovation in specific product lines:

• The Pierce® Volterra™ fire truck and the Oshkosh Striker® Volterra™ ARFF (Aircraft Rescue and Fire Fighting) vehicle.
• The JLG® DaVinci™ scissor lift, which is fully electric.
• Under the Aerotech brand, they offer fully electric airport tow tractors alongside their combustion versions.

The company's accelerating innovation in electric, hybrid, and autonomous vehicle technologies positions them to win incremental business and command higher margins as customers shift toward sustainability.

Lifecycle Support

A durable vehicle is only as good as the support behind it, so Oshkosh Corporation emphasizes its extensive global supply and service network. This network is designed to maximize customer uptime, which is a huge value driver for fleet operators. The company's commitment to long-term value is also reflected in its shareholder returns, having declared a quarterly cash dividend of $0.51 per share in Q3 2025, marking an 11 percent increase from the prior year's dividend.

NGDV Program

The Next Generation Delivery Vehicle (NGDV) program for the USPS is a major value driver, leveraging their defense-tested design for a civilian fleet upgrade. The contract, awarded in February 2021, is valued at $6 billion and allows for up to 165,000 vehicles over ten years. As of September 30, 2025, orders for 51,500 vehicles were on the books.

The financial reality of this program involves both opportunity and execution risk, which management quantifies:

Metric	Value as of September 30, 2025
Total Contract Ceiling (Units)	165,000
Units Ordered	51,500
Estimated Tariff Adverse Impact (2025)	$30-$40 million
Deferred Contract Costs Exceeding Future Profits	$165 million

The Transport segment's Q3 2025 sales growth of 8.8% was attributed, in part, to the production ramp-up of the NGDV. Still, the production ramp has taken longer and cost more than anticipated.

Diversified Portfolio

Oshkosh Corporation's structure across Access, Vocational, and Transport (formerly Defense) segments provides resilience against cyclical downturns in any single market. The company is actively managing this mix, targeting a future state where the Vocational segment's contribution to adjusted operating income is on par with the Access segment by 2028. This diversification helped cushion overall performance, even as consolidated sales for Q3 2025 were $2.69 billion, a slight 1.9% decrease year-over-year, driven by softness in Access.

Here's how the segments performed in Q3 2025 revenue growth:

Segment	Q3 2025 Revenue Growth (YoY)
Vocational	+19%
Transport (Defense)	+8.8%
Access	Decrease

The company expects full-year 2025 net sales to be approximately $10.6 billion, with adjusted earnings per share targeted around $11.00. That's a solid number to anchor your near-term view. Finance: draft 13-week cash view by Friday.

Oshkosh Corporation (OSK) - Canvas Business Model: Customer Relationships

You're looking at how Oshkosh Corporation manages its relationships with the entities that buy its purpose-built vehicles and equipment. It's a mix of deep government partnerships and supporting a broad independent dealer base.

Dedicated Contract Management: High-touch, long-term relationships with government agencies (USPS, DoD).

The relationship with the U.S. government is clearly a cornerstone, evidenced by significant, multi-year contract activity. For instance, Oshkosh Defense secured a three-year contract extension in Q2 2025 for its Family of Medium Tactical Vehicles (FMTV) program with the U.S. Army. This high-touch engagement is also seen in the Next Generation Delivery Vehicle (NGDV) program for the United States Postal Service (USPS), which saw a ramp-up in production in Q3 2025. The Defense segment continues to win large, specific orders; in early 2025, Oshkosh Defense was awarded a firm-fixed-price contract for $133,017,600 for M1093 Low Velocity Air Drop vehicles and M1081 vehicles. The Family of Heavy Tactical Vehicles (FHTV) contract, which supports the U.S. Army, has a five-year ordering period with a potential value of $1.5 billion. Oshkosh Corporation expects total net sales for 2025 to be between $10.3 billion and $10.4 billion, a significant portion of which is tied to these long-term government commitments.

Here's a snapshot of recent Defense contract activity:

Contract/Award Type	Award Date Reference	Value Amount
FMTV LVAD Vehicles (UCA)	February 2025 Payment	$133,017,596
Family of Medium Trucks	January 2025 Award	$43,659,610
M1093 Low Velocity Air Drop vehicles and M1081 vehicles	January 2025 Award	$133,017,600
FMTV Modification (W912CH-25-F-0018)	January 2025 Award	$23,307,394

The relationship is also supported by direct financial transactions related to these programs, such as the $25.0 million income recognized in Q3 2025 from a one-time license of JLTV-related intellectual property to the U.S. government.

Dealer Support Programs: Training, financing, and technical support for independent dealers.

Oshkosh Corporation supports its reach through an extensive network of sales and service centers. While specific dealer program financial metrics aren't public, the company's overall structure relies on this network to serve markets outside of direct government sales. The company employs approximately 18,500 team members worldwide to support its operations and customer base.

Key elements of the dealer/customer support focus include:

• Strong brand recognition across markets.
• Nationwide network of sales and service centers.
• Focus on product support throughout the lifecycle.

Aftermarket Service: Direct and dealer-supported maintenance and parts sales.

The commitment to serving and supporting customers throughout the product lifecycle is a stated strategy. This implies a significant aftermarket and parts business, which is critical for the long-term serviceability of specialized equipment like fire apparatus and vocational trucks. The company's 2023 consolidated backlog stood at a record $16.8 billion, indicating a large installed base requiring ongoing service and parts.

Customer-Centric Innovation: Collaborative R&D to meet specific end-user needs (e.g., fire apparatus customization).

Oshkosh Corporation innovates by combining leading technology and operational strength to empower and protect the everyday hero. This is exemplified by the focus on purpose-built vehicles, where customization is inherent, such as in the Fire & Emergency segment (which includes Pierce brand apparatus). The company's strategy involves continuous investment in research and development. The Vocational segment's success in 2024 was partly driven by acquisitions that enhanced critical technological capabilities.

Digital Engagement: Use of advanced analytics and connectivity for fleet management solutions.

The company is advancing electrification, autonomy, and AI. Early feedback on the NGDV for the USPS noted carriers using the new vehicles for daily deliveries, suggesting integrated digital fleet management is part of the offering. The company is focused on delivering technologies that support a clean, connected world. The 2028 financial targets include achieving a 12%-14% adjusted operating income margin, which suggests a focus on profitable, technology-enabled solutions.

The expected 2025 adjusted earnings per share is approximately $11.00.

Finance: draft 13-week cash view by Friday.

Oshkosh Corporation (OSK) - Canvas Business Model: Channels

Oshkosh Corporation deploys a multi-faceted channel strategy tailored to the distinct requirements of its operating segments: Defense, Access, and Vocational, plus the aftermarket business.

Direct sales to government and military customers (Oshkosh Defense, Transport segment).

Oshkosh Defense primarily utilizes direct channels for securing large, long-term contracts with the U.S. military (Army, Navy, Air Force, Marines) and international defense customers. This segment's sales performance is tied to direct government procurement cycles. For instance, in the first quarter of 2024, Oshkosh Defense sales rose by $23.8 million, or 4.6%, driven by sales of the Family of Medium Tactical Vehicles and aftermarket parts. However, in the first quarter of 2025, Defense segment sales decreased by 9.1%, largely due to lower sales of military vehicles to the U.S. Defense Department, though this was partly offset by 'next-generation vehicle' production for the Post Office. The Transport segment, which includes the Next Generation Delivery Vehicle (NGDV) program for the U.S. Postal Service, also relies heavily on direct, large-volume government fleet sales.

Independent, authorized dealer networks for JLG (Access) and Pierce (Vocational).

The Access segment, largely comprising JLG, and the Vocational segment, including Pierce, rely significantly on independent, authorized dealer networks for distribution, sales, and local support. For the Access segment, the dealer channel is critical for reaching rental companies and end-users globally. The company forecasts Access segment revenues of $4.4 billion for the full year 2025, representing a fall of 14.5% on 2024 levels. The Vocational segment, which saw sales increase by $153.8 million, or 18.9%, in the third quarter of 2025, also uses a dealer network for distributing products like fire trucks and refuse collection vehicles.

Direct sales force for large commercial fleet customers (e.g., refuse, concrete mixers).

Oshkosh Corporation maintains a direct sales force to manage relationships with very large commercial fleet customers, particularly within the Vocational segment for high-volume purchases of refuse and concrete mixer trucks. This direct approach ensures tailored solutions and contract management for major municipal or corporate accounts. The Vocational segment's sales performance in the third quarter of 2025 showed strength, with sales increasing by 18.9%.

Aftermarket parts and service distribution centers globally.

A global network of aftermarket parts and service distribution centers supports the installed base across all segments. This channel is vital for recurring revenue and customer retention. For example, higher aftermarket parts sales contributed to the revenue increase in the Oshkosh Defense segment in the first quarter of 2024. The company's acquisition of AUSA, which operates in 90 countries and has subsidiaries in locations including France, the United Kingdom, Germany, China, and the US, bolsters this global service and parts distribution footprint.

Online and digital platforms for parts ordering and technical information.

Oshkosh Corporation supports its channel partners and end-users through online and digital platforms. These systems facilitate the ordering of aftermarket parts and provide necessary technical documentation and support information. While specific revenue figures for digital parts sales are not publicly itemized, this digital infrastructure is a necessary component for efficient service and parts fulfillment across the global dealer and service network.

The following table summarizes key segment revenue context relevant to channel activity as of the latest available data:

Segment	Latest Reported Period Revenue	Year-over-Year Change (Approximate)	Primary Channel Context
Access (JLG)	$1.11 billion (Q3 2025)	Down 18.6%	Independent, Authorized Dealer Networks
Vocational	Sales increased by $153.8 million (Q3 2025)	Up 18.9%	Dealer Networks and Direct Fleet Sales
Transport (Defense NGDV)	Part of Defense segment, which saw sales decrease 9.1% (Q1 2025)	Varies by contract	Direct Government Sales
Total Consolidated	$2.69 billion (Q3 2025)	Down 1.9%	Mix of Direct, Dealer, and Aftermarket

The company's overall expected net sales for the full 2025 fiscal year are approximately $10.6 billion, with an expected adjusted earnings per share guidance of approximately $11.00.

Oshkosh Corporation (OSK) - Canvas Business Model: Customer Segments

Oshkosh Corporation serves distinct customer groups across its specialized vehicle and equipment manufacturing portfolio. You're looking at the core markets that drive the company's revenue streams as of late 2025.

Government/Defense Agencies

This group includes the U.S. military and international defense forces, primarily served through what was historically the Defense segment, which was rebranded as the Transport segment in June 2025. Sales to the U.S. government represented approximately 17% of Oshkosh Corporation's net sales in the first half of 2025. For the first quarter of 2025, Defense segment sales were $463.0 million, marking a decrease of 9.1%. Operating income for that segment in Q1 2025 plummeted 95.5% to just $0.6 million. This Q1 decline was largely due to the wind-down of the Joint Light Tactical Vehicle program. The segment's backlog, however, is supported by international Tactical Wheeled Vehicle sales.

• U.S. military and international defense forces.
• Q1 2025 Defense Sales: $463.0 million.
• Q1 2025 Defense Operating Income: $0.6 million.

United States Postal Service (USPS)

The USPS is a critical customer for the Transport segment via the Next Generation Delivery Vehicle (NGDV) program. The original Indefinite Delivery, Indefinite Quantity (IDIQ) contract allows for up to 165,000 vehicles over 10 years, initially valued at $482 million for engineering and tooling. The first order, placed in March 2022, was for 50,000 NGDVs valued at $2.98 Billion. The average per-unit cost for these NGDVs is about $59,600. By November 2025, only 2,500 vehicles had been delivered, reflecting repeated delays in the ramp-up. The NGDV production ramp-up partially offset the decline in other defense vehicle sales in Q1 2025.

• NGDV Contract Range: 50,000 to 165,000 vehicles.
• Initial Order Value: $2.98 Billion for 50,000 units.
• Deliveries by November 2025: 2,500 vehicles.

Equipment Rental Companies

These companies are the primary buyers in the Access segment, which encompasses JLG aerial work platforms and telehandlers. The Access segment faced headwinds, with Q2 2025 revenue declining 10.7% to $1.26 billion. For the first half of 2025 (six months ending June), Access segment revenues dropped around 16% to $2.21 billion. The order book, or backlog, for the Access segment was $1.2 billion at the end of Q2 2025, representing a 64% decrease year-over-year. JLG's Q3 2025 sales specifically were $1.11 billion, down 18.6%, due to lower North American sales volume and higher discounts.

Access Segment Metric	Value (Late 2025 Data)	Period/Context
Q2 2025 Revenue	$1.26 billion	Second Quarter 2025
H1 2025 Revenue	$2.21 billion	Six Months Ended June 2025
2025 Forecast Revenue	$4.4 billion	Full Year 2025 Estimate
Backlog	$1.2 billion	As of Q2 2025

Municipalities and Fire Departments

Purchasers of Pierce fire and emergency vehicles fall into the Vocational segment. This segment showed strength, with Q2 2025 revenue increasing 15.0% to $969.7 million. The segment's backlog remains robust at $6.3 billion, which is up 10% compared to the prior year. In Q1 2025, the Vocational segment saw improved pricing, which helped offset lower overall consolidated sales.

• Vocational Segment Q2 2025 Revenue: $969.7 million.
• Vocational Segment Backlog: $6.3 billion.

Commercial Fleets

Operators in refuse collection, concrete, and airport ground support are also key customers within the Vocational segment. In the first quarter of 2025, operating income for the Vocational segment increased by 47.1%, primarily driven by better sales of garbage and recycling trucks. The segment's Q2 2025 adjusted operating income margin reached 16.3%, up from 14.1% in the prior year. Overall, Oshkosh Corporation's total expected net sales for the full 2025 year were projected to be between $10.3 billion and $10.4 billion.

• Q1 2025 Vocational Operating Income Growth: 47.1%.
• Q2 2025 Vocational Margin: 16.3%.

Finance: draft 13-week cash view by Friday.

Oshkosh Corporation (OSK) - Canvas Business Model: Cost Structure

You're looking at the major drains on Oshkosh Corporation's cash flow for 2025, which is key to understanding their profitability, especially with ongoing production ramps and market headwinds.

The Cost of Goods Sold (COGS) remains inherently high because Oshkosh Corporation builds complex, purpose-built vehicles. This means significant outlay for raw materials, specialized components, and skilled labor across the Vocational, Access, and Transport segments. Honestly, managing that input cost pressure is a constant battle.

Here's a look at some key financial figures that frame the cost environment Oshkosh Corporation is operating in through the third quarter of 2025:

Metric	Value (Q3 2025 or FY 2025 Guidance)	Context
Consolidated Revenue (Q3 2025)	$2.7 billion	Q3 2025 Sales
Adjusted Operating Margin (Q3 2025)	10.2%	Consolidated Margin
Vocational Segment Operating Margin (Q3 2025)	15.6%	Strongest segment margin
Anticipated FY 2025 CapEx	~200 million	Raised cash flow outlook reflects lower CapEx
Long-Term Debt (Sept 30, 2025)	$1.09 billion	Up from $599.5 million at end of 2024

Capital Expenditures (CapEx) are disciplined but necessary for future capacity. For fiscal 2025, Oshkosh Corporation expected CapEx to be around $200 million. Management cited this reduction as a factor in raising the free cash flow outlook to $450 million-$550 million for the year, showing a clear focus on spending control.

Research and Development (R&D) spending is directed heavily toward future-proofing the product line. You see this investment clearly in the push for new technologies:

• Showcasing autonomous solutions for the 'Airport of the Future' at the International Airport Ground Service Equipment Expo.
• Introducing the Family of Multi-Mission Autonomous Vehicles at the AUSA Defense Conference.
• Developing zero-emission electric refuse collection vehicles, like the McNeilus Volterra ZSL, winning industry awards.

Costs associated with ramping up Next Generation Delivery Vehicle (NGDV) production are a major factor in the Transport segment. The facility in Spartanburg, South Carolina, required an estimated $155 million to retool for this production. By the third quarter of 2025, NGDV delivery revenue hit $146 million, which was about one quarter of the entire Transport segment's sales, showing the scale of the ongoing ramp. Management indicated they were ramping production throughout 2025, aiming for full production.

Tariffs and trade-related costs are definitely biting into the bottom line. Oshkosh Corporation anticipated the total cost impact from tariffs to be between $30 million and $40 million for the full year 2025. If you use the Q3 average share count of approximately 64.5 million shares, that translates to an estimated negative impact on EPS in the range of $0.47 to $0.62 per share, rather than the $\$1.00$ figure you mentioned, but it's a real, quantifiable cost headwind they are managing.

Finance: draft 13-week cash view by Friday.

Oshkosh Corporation (OSK) - Canvas Business Model: Revenue Streams

Revenue streams for Oshkosh Corporation are primarily driven by vehicle and equipment sales across its three main operating segments: Access, Vocational, and Transport. These sales represent the bulk of the top line.

The full-year 2025 net sales projection has been revised to fall between $10.3 billion and $10.4 billion. This contrasts with an earlier projection of approximately $10.6 billion. The trailing twelve months revenue, as of the quarter ending September 30, 2025, was $10.33B.

The company relies on substantial, long-term government contracts, a key component of the Transport segment's revenue stability. The Next Generation Delivery Vehicle (NGDV) contract with the U.S. Postal Service (USPS) is valued at $6 billion over 10 years, allowing for up to 165,000 units. As of September 30, 2025, orders for 51,500 vehicles were secured under this program, with the initial order being for 50,000 NGDVs valued at $2.98 Billion. Government exposure generally represented approximately 20% of 2024 net sales.

The company also generates revenue from high-margin, recurring sources, specifically aftermarket parts, service, and maintenance for its extensive installed base of equipment.

The 2025 forecast by segment, based on mid-year guidance, provides a clearer picture of the expected sales mix:

Segment	2025 Revenue Forecast	Q2 2025 Revenue
Access	Approximately $4.4 billion	$1.26 billion
Vocational	Approximately $3.8 billion	$969.7 million
Transport	Approximately $2.3 billion	$479.1 million

The Access segment, which includes aerial work platforms, experienced headwinds, with Q3 2025 revenue dropping 19% to $1.11 billion. Conversely, the Vocational segment showed strength, with Q3 2025 revenue rising 19% to $968 million. The Transport segment grew 9% to $588 million in Q3 2025, aided by the NGDV ramp-up.

The financial structure of the government business carries specific sensitivities, for instance, deferred contract costs exceeded future profits on existing USPS orders by approximately $165 million as of September 30, 2025. Furthermore, management estimated tariffs would have a direct adverse impact of $30-$40 million in 2025.

The streams are diversified across these product categories:

• Vehicle sales across Access, Vocational, and Transport segments.
• Revenue from the NGDV program, with 51,500 units ordered as of late Q3 2025.
• Sales of military vehicles and sustainment contracts.
• Recurring revenue from parts, service, and maintenance.