Oshkosh Corporation (OSK): Business Model Canvas [Jan-2025 Mise à jour]

Oshkosh Corporation est une puissance d'ingénierie spécialisée des véhicules, transformant des défis complexes de transport en solutions de mobilité innovantes à travers les secteurs de la défense, des interventions d'urgence et des secteurs commerciaux. Avec un modèle commercial stratégique qui plie l'innovation technologique de pointe et des partenariats gouvernementaux robustes, la société s'est positionnée comme un acteur critique dans la fabrication de véhicules haute performance qui répondent aux exigences opérationnelles les plus exigeantes. Des camions tactiques de qualité militaire aux équipements d'accès sophistiqués, l'approche unique d'Oshkosh combine l'ingénierie avancée, la conception personnalisée et le support complet du cycle de vie pour offrir une valeur inégalée à ses divers segments de clients.

Oshkosh Corporation (OSK) - Modèle d'entreprise: partenariats clés

Contrats de véhicules militaires du ministère de la Défense

Oshkosh Defence a un contrat de 6,7 milliards de dollars avec l'armée américaine pour avoir produit des véhicules tactiques légers conjoints (JLTV) en 2023. Le contrat couvre jusqu'à 54 599 véhicules avec une production potentielle jusqu'en 2064.

Type de contrat	Valeur	Durée
Contrat de l'armée JLTV	6,7 milliards de dollars	Jusqu'en 2064

Principaux fournisseurs d'équipements automobiles et de défense

Oshkosh collabore avec plusieurs fournisseurs de niveau 1 pour des composants critiques.

• Cummins Inc. - Alimentation du moteur
• Dana Incorporated - Systèmes d'essieu et de transmission
• Allison Transmission - Systèmes de transmission

Fournisseur	Composant	Valeur d'offre annuelle estimée
Cummins Inc.	Moteurs diesel	450 millions de dollars
Dana a incorporé	Systèmes d'essieu	280 millions de dollars

Technologies stratégiques et alliances d'ingénierie

Oshkosh maintient des partenariats avec les entreprises technologiques pour le développement de véhicules avancés.

• Nvidia Corporation - Technologies de véhicules autonomes avancés
• Panasonic Corporation - Intégration de la batterie et du système électrique

Partenariats d'agence gouvernementale

Oshkosh collabore avec plusieurs agences gouvernementales internationales.

Pays	Agence	Type de contrat
États-Unis	Ministère de la Défense	Production de véhicules militaires
Canada	Services publics et achats Canada	Contrats de véhicules militaires

Collaborations des institutions de recherche

Oshkosh s'associe aux établissements de recherche pour les technologies de véhicules avancées.

• Université technologique du Michigan
• Université du Wisconsin-Milwaukee
• Laboratoire national d'Oak Ridge

Institution	Focus de recherche	Investissement annuel
Université technologique du Michigan	Technologies de véhicules électriques	2,1 millions de dollars
Laboratoire national d'Oak Ridge	Recherche avancée des matériaux	3,5 millions de dollars

Oshkosh Corporation (OSK) - Modèle d'entreprise: activités clés

Concevoir et fabriquer des véhicules militaires et commerciaux spécialisés

En 2023, Oshkosh Corporation a produit 5 969 véhicules militaires pour le ministère américain de la Défense, avec un chiffre d'affaires total de 3,1 milliards de dollars.

Catégorie de véhicules	Volume de production annuel	Contribution des revenus
JLTV (véhicule tactique léger joint)	2 300 unités	1,2 milliard de dollars
Véhicules tactiques lourds	1 650 unités	850 millions de dollars
Véhicules tactiques moyens	2 019 unités	1,05 milliard de dollars

Développer des véhicules de défense et d'intervention d'urgence personnalisés

Oshkosh a développé 247 véhicules d'intervention d'urgence personnalisés en 2023, avec un chiffre d'affaires total du segment des interventions d'urgence de 752 millions de dollars.

• Production d'appareils d'incendie: 156 unités
• Camions de pompiers aériens: 45 unités
• Véhicules de sauvetage: 46 unités

Ingénierie et fabrication d'équipements d'accès

Le segment de l'équipement d'accès a généré 3,4 milliards de dollars de revenus en 2023, avec une production de 14 200 plates-formes de travail aérien et de télévision.

Type d'équipement	Production annuelle	Part de marché
Plates-formes de travail aérien	9 600 unités	22.5%
Chariot de télévision	4 600 unités	18.3%

Recherche continue et développement de technologies de véhicules innovantes

En 2023, Oshkosh a investi 247 millions de dollars dans la recherche et le développement, représentant 3,9% du total des revenus de l'entreprise.

• Développement de la technologie des véhicules électriques
• Systèmes de véhicules autonomes avancés
• Recherche de matériaux légers

Services de maintenance et de support du marché secondaire

Les services de rechange ont généré 612 millions de dollars de revenus pour 2023, avec des contrats de soutien couvrant 18 500 véhicules dans les secteurs militaires et commerciaux.

Catégorie de service	Revenus annuels	Véhicules soutenus
Entretien des véhicules militaires	392 millions de dollars	12 300 véhicules
Support de véhicule commercial	220 millions de dollars	6 200 véhicules

Oshkosh Corporation (OSK) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Oshkosh Corporation exploite plusieurs installations de fabrication à travers les États-Unis:

Emplacement	Type d'installation	Production primaire
Oshkosh, Wisconsin	Quartier général & Usine de fabrication primaire	Véhicules de défense et d'accès
Appleton, Wisconsin	Usine de fabrication	Plates-formes de véhicules commerciaux
McGregor, Texas	Installation de production spécialisée	Composants de véhicules militaires

Talent d'ingénierie et de conception spécialisés

Oshkosh Corporation utilise des effectifs d'ingénierie spécialisés:

• Travail en ingénierie totale: plus de 1 200 ingénieurs
• Diplômes avancés: 35% du personnel d'ingénierie
• Expérience d'ingénierie moyenne: 12,5 ans

Portefeuille de propriété intellectuelle

Les actifs de la propriété intellectuelle de la Corporation d'Oshkosh:

Catégorie IP	Nombre d'actifs	Investissement annuel de R&D
Brevets actifs	87	142 millions de dollars (2023)
Demandes de brevet en instance	43	N / A

Relations gouvernementales et militaires

Détails clés du contrat du gouvernement:

• Contrats actifs du département américain de la défense: 7
• Valeur totale du contrat gouvernemental: 3,2 milliards de dollars
• Durée du contrat: 5-10 ans

Infrastructure de la chaîne d'approvisionnement

Composition du réseau de la chaîne d'approvisionnement:

Catégorie des fournisseurs	Nombre de fournisseurs	Propagation géographique
Fournisseurs de niveau 1	124	Amérique du Nord
Fournisseurs de niveau 2	378	Mondial

Oshkosh Corporation (OSK) - Modèle d'entreprise: propositions de valeur

Véhicules spécialisés à haute performance pour les marchés de défense et commerciaux

Oshkosh Corporation a annoncé un chiffre d'affaires en 2023 du segment de la défense de 3,74 milliards de dollars. La société produit des véhicules militaires spécialisés, notamment:

Type de véhicule	Volume de production annuel	Client militaire clé
JLTV (véhicule tactique léger joint)	1 200 unités par an	Armée américaine
Remplacement de véhicule tactique moyen	800 unités par an	Département américain de la défense

Solutions personnalisées pour les besoins complexes du transport et de l'équipement

Oshkosh fournit des solutions de véhicules personnalisées sur plusieurs secteurs avec un chiffre d'affaires de segment commercial 2023 de 2,16 milliards de dollars.

• Part de marché de l'équipement d'accès: 22,3%
• Part de marché des véhicules d'incendie et d'urgence: 18,7%
• Part de marché du camion de mélangeur en béton: 35,4%

Innovation technologique de pointe dans la conception des véhicules

Investissement en R&D en 2023: 137,4 millions de dollars

Zone technologique	Focus de l'innovation	Demandes de brevet
Véhicules électriques	Systèmes de batterie avancés	17 nouveaux brevets
Mobilité autonome	Véhicules militaires autonomes	12 nouveaux brevets

Produits fiables et durables pour des environnements opérationnels difficiles

Métriques de durabilité des produits:

• Véhicule militaire Temps moyen entre les échecs: 1 200 heures opérationnelles
• Cycle de vie de véhicule commercial attendu: 15-20 ans
• Taux de réclamation de garantie: moins de 2,5%

Services complets de support et de maintenance du cycle de vie

2023 Revenus de rechange et de service: 512,6 millions de dollars

Catégorie de service	Contrats de services annuels	Valeur du contrat moyen
Entretien des véhicules militaires	42 Contrats actifs	23,7 millions de dollars
Support de flotte commerciale	86 contrats actifs	5,4 millions de dollars

Oshkosh Corporation (OSK) - Modèle d'entreprise: relations clients

Partenariats contractuels du gouvernement et militaire à long terme

Oshkosh Corporation maintient 3,4 milliards de dollars de contrats de véhicules militaires américains actifs En 2023. Les partenariats clés comprennent:

Type de contrat	Valeur annuelle	Durée
FMTV (famille des véhicules tactiques moyens)	1,2 milliard de dollars	Contrat à 10 ans
HEMTT (lourde camion tactique de mobilité étendue)	850 millions de dollars	Contrat de 8 ans
JLTV (véhicule tactique léger joint)	1,4 milliard de dollars	En cours

Services de support technique et de consultation

Oshkosh fournit un support technique complet avec 247 Personnel de soutien dédié. Les mesures de support comprennent:

• Temps de réponse moyen: 2,3 heures
• Assistance technique mondiale 24/7
• Équipes de consultation en ingénierie spécialisées

Approche de développement de produits personnalisé

En 2023, Oshkosh a investi 184 millions de dollars en R&D, en se concentrant sur des solutions personnalisées sur les marchés de défense et commerciaux.

Segment de marché	Solutions personnalisées développées	Taux de mise en œuvre
Militaire	17 Configurations de véhicules spécialisés	Image à 92% du client
Commercial	12 conceptions de châssis spécialisés	Adoption de 88% des clients

Gestion de compte dédiée pour les grands clients

Oshkosh gère 42 Comptes stratégiques des entreprises et du gouvernement avec des équipes spécialisées.

• Valeur moyenne du compte: 76 millions de dollars
• Taux de rétention: 94%
• Gestionnaires de compte dédiés par client

Programmes de maintenance et de mise à niveau en cours

Contrats de maintenance générés 512 millions de dollars de revenus récurrents en 2023.

Catégorie de service	Revenus annuels	Couverture de service
Entretien des véhicules militaires	287 millions de dollars	Support mondial de la flotte
Mises à niveau des véhicules commerciaux	225 millions de dollars	Programmes de modernisation complètes

Oshkosh Corporation (OSK) - Modèle d'entreprise: canaux

Équipe de vente directe pour les marchés gouvernementaux et commerciaux

Oshkosh Corporation maintient une force de vente dédiée ciblant le gouvernement et les marchés commerciaux avec 2023 revenus de vente directe de 8,3 milliards de dollars. L'équipe de vente couvre plusieurs segments, notamment:

• Segment de défense: 3,1 milliards de dollars de ventes directes
• Feu & Segment d'urgence: 1,2 milliard de dollars de ventes directes
• Segment commercial: 3,0 milliards de dollars de ventes directes

Segment de marché	Taille de l'équipe de vente directe	Couverture des ventes annuelle
Marchés du gouvernement	127 représentants des ventes	5,4 milliards de dollars
Marchés commerciaux	89 représentants des ventes	2,9 milliards de dollars

Catalogues et configurateurs de produits en ligne

Métriques d'engagement de la plate-forme numérique pour 2023:

• Visiteurs du site Web: 1,2 million
• Utilisation du configurateur du produit en ligne: 42 000 sessions uniques
• Téléchargements du catalogue numérique: 87 000

Salons commerciaux et conférences de l'industrie

Type d'événement	Participation annuelle	Génération de leads
Conférences de l'industrie de la défense	7 événements majeurs	423 Leads qualifiés
Spectacles de véhicules commerciaux	12 expositions internationales	612 Leads qualifiés

Réseaux de concessionnaires autorisés

Distribution du réseau des concessionnaires à partir de 2023:

• Total des concessionnaires autorisés: 218
• Couverture géographique: 47 États
• Présence du concessionnaire international: 12 pays

Plateformes de marketing numérique et de communication technique

Canal numérique	Engagement mensuel	Portée annuelle
Liendin	92 000 abonnés	1,4 million d'impressions
Webinaires techniques	6 séances mensuelles	14 400 participants enregistrés

Oshkosh Corporation (OSK) - Modèle d'entreprise: segments de clientèle

Département de la Défense des États-Unis

En 2023, la défense d'Oshkosh a obtenu un contrat de 911,1 millions de dollars pour les véhicules tactiques légers conjoints (JLTV) avec l'armée américaine. La société a livré plus de 12 000 unités JLTV à l'armée américaine et au Corps des Marines.

Valeur du contrat	Véhicules livrés	Branches militaires
911,1 millions de dollars	12 000+ JLTV	Armée américaine, Corps des Marines

Organisations militaires internationales

Oshkosh dessert plusieurs clients de la défense internationale dans 13 pays, avec des contrats importants dans des régions telles que les alliés de l'OTAN et les pays du Moyen-Orient.

• Volume de contrat des pays de l'OTAN: 425,6 millions de dollars en 2023
• Contrats de défense du Moyen-Orient: 276,3 millions de dollars en 2023
• Commandes de véhicules militaires internationaux: 4 500 véhicules spécialisés

Services de réponse d'urgence et de véhicules municipaux

Oshkosh produit des véhicules d'incendie et de sauvetage pour les départements municipaux du pays.

Type de véhicule	Production annuelle	Part de marché
Camions de pompiers	1 200 unités	47% du marché américain
Plates-formes aériennes	350 unités	52% du marché américain

Utilisateurs de la construction et des équipements industriels

Oshkosh fabrique des mélangeurs en béton et des véhicules de construction spécialisés.

• Ventes de camions de mélangeurs en béton: 2 750 unités en 2023
• Revenu total des véhicules de construction: 1,2 milliard de dollars
• Pénétration du marché dans le secteur de la construction nord-américaine: 38%

Opérateurs de flotte de véhicules commerciaux et spécialisés

Oshkosh fournit des solutions de véhicules commerciaux spécialisées dans plusieurs industries.

Segment de l'industrie	Types de véhicules	Revenus annuels
Gestion des déchets	Véhicules de collecte de déchets	375,6 millions de dollars
Logistique	Camions commerciaux	512,4 millions de dollars
Services aéroportuaires	Équipement de soutien au sol spécialisé	224,7 millions de dollars

Oshkosh Corporation (OSK) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement élevés

Au cours de l'exercice 2023, Oshkosh Corporation a investi 170,3 millions de dollars dans les frais de recherche et développement, représentant 2,8% du total des revenus de l'entreprise.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	170,3 millions de dollars	2.8%
2022	156,7 millions de dollars	2.6%

Infrastructure de fabrication complexe

Oshkosh exploite plusieurs installations de fabrication à travers les États-Unis avec des dépenses en capital totales de 232,4 millions de dollars en 2023.

• Emplacements de fabrication primaires: Wisconsin, Pennsylvanie, Caroline du Sud
• Installation totale de fabrication en pieds carrés: environ 5,2 millions de pieds carrés.
• Frais de fabrication annuels des frais généraux: 412,6 millions de dollars

Coûts importants de talents de main-d'œuvre et d'ingénierie

Les dépenses totales du personnel de la société Oshkosh en 2023 étaient de 1,2 milliard de dollars, avec une rémunération moyenne des employés de 95 000 $ par an.

Catégorie des employés	Nombre d'employés	Compensation moyenne
Ingénierie	1,850	$125,000
Fabrication	7,200	$82,000

Chaîne d'approvisionnement et achat de matières premières

Les coûts annuels de l'approvisionnement en matières premières pour Oshkosh Corporation ont totalisé 1,6 milliard de dollars en 2023, l'acier et l'aluminium représentant 45% du total des dépenses des matériaux.

• Approvisionnement en acier: 432 millions de dollars
• Procurement en aluminium: 288 millions de dollars
• Autres matières premières: 880 millions de dollars

Investissement de conformité et de certification

Les frais de conformité et de certification pour Oshkosh Corporation ont atteint 47,2 millions de dollars en 2023, couvrant la défense, l'aérospatiale et les exigences réglementaires des véhicules commerciaux.

Catégorie de conformité	Dépenses
Conformité à la défense	22,6 millions de dollars
Certifications de véhicules commerciaux	15,4 millions de dollars
Conformité réglementaire de la sécurité	9,2 millions de dollars

Oshkosh Corporation (OSK) - Modèle d'entreprise: Strots de revenus

Revenus de contrat de véhicules militaires

Au cours de l'exercice 2023, le segment de la défense d'Oshkosh a généré 2,78 milliards de dollars de revenus. Les contrats clés comprennent:

Contracter	Valeur	Durée
JLTV (véhicule tactique léger joint)	1,2 milliard de dollars	2023-2024
Famille de véhicules tactiques moyens	680 millions de dollars	2023-2024

Ventes de véhicules commerciaux

Les revenus des segments commerciaux pour l'exercice 2023 étaient de 1,97 milliard de dollars.

• Pierce Fire Apparatus Ventes: 642 millions de dollars
• Ventes de camions de mélangeurs en béton: 512 millions de dollars
• Ventes d'équipement d'accès: 816 millions de dollars

Pièces de rechange et contrats de service

Les revenus du marché secondaire en 2023 ont totalisé 453 millions de dollars.

Catégorie de service	Revenu
Pièces de véhicules militaires	213 millions de dollars
Entretien commercial des véhicules	240 millions de dollars

Services de location et de location d'équipement

Revenus de location d'équipement pour 2023: 287 millions de dollars.

• Location d'équipement militaire: 112 millions de dollars
• Location d'équipement commercial: 175 millions de dollars

Frais de licence et de consultation technologiques

Revenus de licences technologiques en 2023: 42 millions de dollars.

Catégorie de licence	Revenu
Licence de technologie de défense	24 millions de dollars
Licence de technologie des véhicules commerciaux	18 millions de dollars

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.