insiderdeltaSEC filings, surfaced and scored

CoverageForm 410-K10-Q8-K13D13G13F

Oshkosh Corp

OSKCIK 0000775158 · Every Form 4 filed by insiders at this issuer. See financials →

Annual report (10-K)

Latest 10-K filed Feb 17, 2026. Sentiment + YoY language diff vs prior year. Read sections →

Signal:Neutral

Risk Factors:tone -0.0267Δ-0.001788% similar+57/-51 ¶

MD&A:tone -0.0044Δ+0.000487% similar+255/-270 ¶

Sentiment via Loughran-McDonald lexicon · YoY diff via Jaccard similarity + paragraph set difference.

Recent 8-K announcements

Per-item disclosure feed. Item 2.02 is the earnings release.

May 8, 2026no items parsed May 8, 2026no items parsed Mar 16, 2026no items parsed Jan 29, 2026no items parsed Oct 29, 20252.02 · Results9.01 · Financial Statements and Exhibits

YoY shift: Neutral

Year-over-year tone shift - average net-tone change across Risk Factors and MD&A vs the prior 10-K. This filing is -0.07pp more bearish than last year's.

Why YoY instead of absolute: the LM lexicon has ~6.6× more negative words than positive (legal/risk-disclosure language is heavy on hedging), so every 10-K reads bearish on raw tone. Year-over-year change strips that bias and surfaces the actual shift in management's framing.

Tone shift by section

The two components the gauge averages: how Risk Factors and MD&A each shifted in net tone versus last year's 10-K. The headline above is their average, so a green needle over a soft section just means the other section carried it.

Risk Factors

-0.17pp

Flat

Net-tone change vs last year's 10-K.

MD&A

+0.04pp

Flat

Net-tone change vs last year's 10-K.

Per-snippet highlights

Sentence-level sentiment highlighting with category and subcategory filters is coming once the snippet-scoring pipeline lands. For now, dig into the actual section text on the Sections tab.

Top insiders

Most active reporters at Oshkosh Corp

Name	Roles	Filings
Iyengar Jayanthi	Officer	23
Freeders James C	Officer	21
Verich John S	Officer	20
Bleck Timothy S	Officer	16
McTague Emma M	Officer	16

Showing 6-10 of 33

Per pagePrevPage 2 of 7Next

Top performers

Insiders ranked by realized 90-day signed return on their open-market trades at Oshkosh Corp. Minimum 3 scored trades. Returns are signed - a sale followed by a rally counts against the insider.

#	Insider	Trades	Win rate	Avg	Median	Best	Worst
1	Freeders James C	3	100%	+12.1%	+12.1%	+12.1%	+12.1%
2	Pack Michael E	3	100%	+7.1%	+7.1%	+7.1%	+7.1%
3	Khare Anupam	4	50%	+6.8%	+5.0%	+23.7%	-6.5%
4	Cortina Ignacio A	3	67%	-5.1%	+11.7%	+11.7%	-38.7%

All filings

357 Form 4 / 4-A filings, newest first

Filed	Insider	Top transaction	Shares	Price	Value
May 13, 2026	Palmer Duncan Director	SSale	505	$133.86	$67,599

Filed		Top transaction	Shares	Price	Value

YoY shift: Neutral

Year-over-year tone shift - average net-tone change across Risk Factors and MD&A vs the prior 10-K. This filing is -0.07pp more bearish than last year's.

Tone shift by section

Risk Factors

-0.17pp

Flat

Net-tone change vs last year's 10-K.

MD&A

+0.04pp

Flat

Net-tone change vs last year's 10-K.

Per-snippet highlights

Sentence-level sentiment highlighting with category and subcategory filters is coming once the snippet-scoring pipeline lands. For now, dig into the actual section text on the Sections tab.

ITEM 1A. RISK FACTORS

The Company's financial position, results of operations and cash flows are subject to various risks, many of which are not exclusively within the Company's control, which may cause actual performance to differ materially from historical or projected future performance. Investors should carefully consider information in this Annual Report on Form 10-K in light of the risk factors described below.

Business and Operational Risks

Our markets are highly cyclical. Declines in these markets could have a material adverse effect on our operating performance.

The access equipment market is highly cyclical and impacted (i) by the strength of economies and customers’ perceptions concerning the timing of economic cycles, (ii) by residential and non-residential construction spending, (iii) by the ability of rental companies to obtain third-party financing to purchase revenue generating assets, (iv) by capital expenditures of rental companies in general, including the rate at which they replace aged rental equipment, (v) by the timing of regulatory standard changes, and (vi) by other factors, including oil and gas related activity and government spending. Municipal fire apparatus markets are cyclical later in an economic cycle and are impacted by the economy generally and by municipal tax receipts. Refuse and recycling collection vehicle markets are also cyclical and impacted by the strength of economies in general, by municipal tax receipts and by the size and timing of capital expenditures, including replacement demand, by large waste haulers. Airport products markets are also cyclical and impacted by global demand for air transportation services. If demand for our products is lower than what we or the market expect, due to a recession or other factors, then there could be an adverse effect on our net sales, financial condition, profitability and/or cash flows. In addition, those impacts could be more than we anticipate.

Our performance under our United States Postal Service (USPS) contract may not be what we expect.

Our Next Generation Delivery Vehicle (NGDV) contract allows the USPS to purchase up to 165,000 units over 10 years. As of December 31, 2025, we have received orders for 51,500 vehicles. The USPS contract and our performance under the contract are subject to the following risks, among others, that could have a material adverse effect on our results of operations, financial condition, and/or cash flows:

The USPS ordering fewer units than we expect which could result in an impairment of our deferred contract asset. We estimate that deferred contract costs exceed future profits on existing orders by approximately $135 million at December 31, 2025.

The ramp-up of NGDV production has taken longer and cost more than we anticipated, which has resulted in lower revenues and higher costs than we anticipated. It is possible that production may continue to lag our expectations due to equipment design issues, supplier quality issues, supplier performance issues or other challenges associated with scaling production.

Throughout the product lifecycle, discontinuation of production parts by suppliers may result in unanticipated design costs.

Warranty costs may be higher than we anticipate.

If additional orders are received, the mix of internal combustion engine and battery electric vehicles could be different from our expectations.

The USPS may exercise its right to terminate the contract for convenience.

Changes in trade policies and other factors beyond our control may adversely impact our results.

The United States has announced changes to U.S. trade policies, including increasing tariffs on imports and potentially renegotiating or terminating existing trade agreements. The exact scope and duration of any such tariffs that have been or will ultimately be implemented, or retaliatory tariffs that have been or could be implemented by other countries on U.S. exports, is not known, and the impacts on our business are uncertain. Tariffs implemented by the U.S. during 2025 cost us approximately $35 million in 2025, and we estimate that will increase to approximately $200 million in 2026. Geopolitical tensions and trade wars can disrupt supply chains and increase the cost of our products, which could cause our products to be more expensive for customers. Countries have adopted restrictive trade measures such as tariffs, taxation, foreign exchange controls, capital controls and controls on imports or exports of goods, technology or data, any of which could adversely affect our operations and supply chain or limit our ability to offer our products and services as intended.

Countries may implement additional restrictive trade actions, including tariffs, export controls, sanctions, legislation favoring domestic investment and other actions impacting the import and export of goods in jurisdictions in which we or our suppliers operate. These kinds of restrictions could be adopted with little to no advance notice and could escalate in response to tariffs or restrictions imposed by the U.S. or other countries, and we may not be able to effectively mitigate any adverse impacts from such measures. Changes in laws or regulations governing foreign trade, particularly in countries where we manufacture products or from which we import products or raw materials, either directly or through our suppliers, including materials subject to China’s export control requirements such as rare earth minerals, could have a material adverse effect on our competitive position, results of operations, financial condition, and/or cash flows.

Uncertainty surrounding trade or other international disputes has adversely impacted, and could continue to adversely impact, customer confidence, inflation, interest rates and the level of investments by our customers and on the economy in general. Any of these events could increase the cost of our products, reduce demand for our products, create disruptions to supply chains or impair our ability to effectively operate and compete in countries where we do business.

Our capacity expansion plans may take longer or cost more than we expect or may not achieve the benefits we anticipate.

We are pursuing initiatives to expand and optimize our manufacturing capacity. Such initiatives may include facility expansions or reconfigurations, capital investments in equipment and automation, workforce hiring and training, supplier capacity development and the implementation of new processes or systems. The execution of these capacity expansion plans is subject to a variety of risks and uncertainties, including delays in construction or equipment delivery, challenges in recruiting and retaining skilled labor, supply chain constraints, cost inflation, permitting or regulatory requirements and difficulties integrating new capacity into existing operations. In addition, our assumptions regarding demand levels, timing and product mix may change over time, which could affect the timing, scale or economic returns of these investments. If our capacity expansion initiatives take longer or cost more than we anticipate or fail to deliver the operational efficiencies or throughput improvements we expect, we may be unable to meet forecasted sales, incur higher operating or capital costs or experience reduced margins. Any such delays or inefficiencies could affect our results of operations, cash flows or competitive position.

Fluctuations in prices of raw materials and other inputs may adversely impact our results.

We purchase, directly and indirectly through component purchases, significant amounts of steel, aluminum, copper and other commodities. Steel, aluminum, copper and other commodity prices have historically been highly volatile. Costs for these items may increase in the future due to a variety of factors, including: outbreaks of conflict in regions of the world that produce the commodities or the raw materials that go into the commodities or through which the commodities are transported; or a weakening U.S. dollar.

In addition, the cost of parts, materials, components or final assemblies has increased and may continue to increase for reasons other than changes in commodity prices. Factors such as the imposition of duties and tariffs and other trade barriers, supply and demand, the level of imports, freight costs, availability of transportation, the cost or availability of manufacturing labor, inventory levels and general economic conditions may affect the prices we pay for parts, materials, components or final assembly purchases. While the Company seeks to mitigate increases in the price of materials and other inputs through cost reduction initiatives, there can be no assurance that these efforts will be successful or sufficient to offset such cost increases.

Increases in parts, materials, components or final assemblies costs could reduce the profitability of orders in backlog as those sales prices have already been negotiated. If we are not able to recover cost increases through price increases to our customers, then such increases would have an adverse effect on our financial condition, profitability and/or cash flows. Furthermore, price increases may not be accepted by our customers and may result in them choosing to order from our competitors. Any significant decrease in orders could have an adverse effect on our net sales, financial condition, profitability and/or cash flows. Additionally, if costs decrease and we are unable to negotiate timely component cost decreases commensurate with any decrease in costs, then our higher component costs could put us at a disadvantage compared to our competition which could have a material adverse effect on our net sales, financial condition, profitability and/or cash flows.

We are dependent upon third-party suppliers, making us vulnerable to supply shortages and price increases.

We have experienced, and in the future are likely to experience, significant disruption of the supply of some of our parts, materials, components and final assemblies that we obtain from suppliers or subcontractors. Delays in obtaining parts, materials, components and final assemblies may result from a number of factors affecting our suppliers including shipping disruptions, capacity constraints, labor constraints, supplier product quality issues, decisions by suppliers to discontinue or modify components or parts, including to meet changing regulatory requirements, suppliers’ impaired financial condition, interruptions in suppliers' information technology systems and suppliers’ allocations to other purchasers. Such disruptions have resulted and could further result in higher manufacturing costs caused by an inefficient parts flow to our production lines or the need to procure parts from higher cost suppliers, could delay production and/or sales and could result in a material adverse effect on our results of operations, financial condition, and/or cash flows.

We are dependent on our suppliers of engines, chassis, axles, batteries and other components to continue to timely deliver such components that meet applicable emissions regulations and customer preferences. If we fail to have adequate relationships with suppliers that will supply appropriate engines, chassis, axles, batteries and other components to us or fail to timely receive appropriate components from our suppliers, that could result in us being placed in an uncompetitive position or without finished product when needed.

Labor issues may adversely impact our results.

Our production, or the production of our suppliers, could be disrupted by labor issues including availability of skilled workforce in locations in which we and our suppliers operate due to competition, absenteeism, public health issues, strikes or other factors. In addition, our production schedules assume the availability of a sufficient workforce in areas in which our facilities operate at anticipated labor rates. If a sufficient workforce is not available or rates are higher than we anticipate, it could have an adverse effect on our net sales, financial condition, profitability and/or cash flows.

Our dependency on contracts with U.S. and foreign government agencies subjects us to a variety of risks that could materially reduce our revenues or profits or impact our capital allocation strategy.

We are dependent on U.S. and foreign government contracts for a significant portion of our business. Approximately 20% of our net sales in 2025 were to the U.S. government. That business is subject to the following risks, among others, that could have a material adverse effect on our operating performance:

The Weapon Systems Acquisition Reform Act and the Competition in Contracting Act require competition for U.S. defense programs in most circumstances. Competition for U.S. Department of Defense (DoD) programs that we currently have has resulted and could in the future result in the U.S. government awarding future contracts to another manufacturer or could result in the U.S. government awarding the contracts to us at lower prices and operating margins than we experience under the current contracts.

Competitions for U.S. government contracts are intense, and we cannot provide any assurance that we will be successful in current or future procurement competitions in which we participate. In addition, the U.S. government has become more aggressive in seeking to acquire the design rights to our current and potential future programs to facilitate competition for manufacturing our vehicles.

Most of our contracts with the DoD are multi-year firm, fixed-price contracts. These contracts typically contain annual sales price increases. We attempt to limit the risk related to raw material price fluctuations for major defense components by

obtaining firm pricing from suppliers at the time a contract is awarded. However, if these suppliers do not honor their contracts, then we could face profit margin pressure. Furthermore, if our actual costs on any of these contracts exceed our projected costs, it could result in profits lower than historically realized or than we anticipate.

We must spend significant sums on product development and testing, bid and proposal activities, and pre-contract engineering, tooling and design activities in competitions to have the opportunity to be awarded these contracts. Despite our investments, we may not receive the contracts that we expect.

Our Transport segment results may fluctuate significantly from time to time as a result of the start and completion of existing and new domestic and international contract awards that we may receive. A majority of our contracts in the Transport segment are large in size and require significant personnel and production resources, and when our government customers allow such contracts to expire or significantly reduce their vehicle requirements under such contracts, we must make adjustments to personnel and production resources.

Our business is susceptible to changes in the annual U.S. defense budget. Such changes may reduce revenues that we expect, especially in light of federal budget pressures, lower levels of U.S. ground troops deployed in foreign conflicts and the level of defense funding that will be allocated to the DoD’s tactical wheeled vehicle strategy generally.

Certain of our U.S. government contracts could be delayed or terminated, and all such contracts expire in the future and may not be replaced, which could reduce revenues that we expect under the contracts and negatively affect margins.

The funding of DoD programs is subject to an annual congressional budget authorization and appropriations process. In years when the U.S. government has not completed its budget process before the end of its fiscal year, government operations are typically funded pursuant to a “continuing resolution,” which allows federal government agencies to operate at spending levels approved in the previous budget cycle but does not authorize new spending initiatives. When the U.S. government operates under a continuing resolution, delays can occur in the procurement of the products, services and solutions that we provide and may result in new initiatives being delayed or canceled, or funds could be reprogrammed away from our programs to pay for higher priority operational needs. Furthermore, in years when the U.S. government fails to complete its budget process or to provide for a continuing resolution, a federal government shutdown may result. A government shutdown could result in the delay or cancellation of key programs, which could have a negative effect on our cash flows and affect our future results. In addition, payments to contractors for services performed during a federal government may be , which would have a effect on our cash flows.

As a U.S. government contractor, our DoD contracts and systems are subject to audit and review by the Defense Contract Audit Agency and the Defense Contract Management Agency. These agencies review our performance under our U.S. government contracts, our cost structure and our compliance with laws and regulations applicable to U.S. government contractors. Systems that are subject to review include, but are not limited to, our accounting systems, estimating systems, material management systems, earned value management systems, purchasing systems and government property systems. If improper or illegal activities, errors or system inadequacies come to the attention of the U.S. government, as a result of an audit or otherwise, then we may be subject to civil and criminal penalties, contract adjustments and/or agreements to upgrade existing systems as well as administrative sanctions that may include the termination of our U.S. government contracts, forfeiture of profits, suspension of payments, fines and, under certain circumstances, or from future U.S. government contracts for a period of time. Whether or not activities are and regardless of materiality, the U.S. government also has the ability to decrease or withhold certain payments when it deems systems subject to its review to be . These laws and regulations affect how we do business with our customers and, in many instances, impose added costs on our business.

Defense contract awards that we receive may be subject to protests or lawsuits by competing bidders, which protests or lawsuits, if successful, could result in the U.S. government customer revoking part or all of any contracts it awards to us and our inability to recover amounts we have expended in anticipation of initiating production under any such contract.

Although we believe there is demand from international customers for our tactical wheeled vehicles, there is no assurance that additional orders will materialize.

In January 2026, the U.S. President issued an executive order directing the DoD and other defense-related agencies to prioritize the warfighter in procurement decisions, including increased emphasis on speed of delivery, affordability, domestic sourcing and operational readiness. While intended to enhance military effectiveness, this directive could result

in changes to acquisition strategies, contract structures, technical requirements, pricing expectations or supplier selection criteria. Such changes could increase competition, reduce margins, accelerate delivery schedules or require additional capital investments, which could in turn have a material adverse effect on our net sales, financial condition, results of operations and/or cash flows. Under the executive order, the DoD could also impose conditions or otherwise create disincentives that could limit our ability to repurchase shares of our Common Stock or to pay dividends to our shareholders.

Our results could be adversely affected by severe weather, natural disasters, and other events in the locations in which we or our customers or suppliers operate.

We have manufacturing and other operations in locations prone to severe weather and natural disasters, including tornados, earthquakes, floods, fires, hurricanes, tsunamis or severe snowstorms, that could disrupt our operations. Our suppliers and customers also have operations in such locations. Severe weather, a natural disaster or other conditions or events that result in a prolonged disruption to our operations, or the operations of our customers or suppliers, could delay delivery of parts, materials or components to us or sales to our customers and could have a material adverse effect on our net sales, financial condition, results of operations and/or cash flows.

Consolidation within our customer and dealer bases may impact our strategy, pricing and product margins.

Significant consolidation in our customer and dealer bases could enhance the influence of customers and dealers over our business strategy. Intensified consolidation in the industries we serve may provide our customers and dealers with additional leverage in negotiations around our product and service offerings. For example, the Access segment’s largest customers are rental companies that serve the end user equipment rental markets. Should access equipment customers consolidate through mergers and acquisitions, or should larger access equipment customers continue to grow through the acquisition of smaller rental companies, the buying influence of access equipment customers may grow and may impact the competitive environment within the industry. Similarly, the municipal fire apparatus market distribution channel is comprised of a relatively small number of dealers that, if they were to consolidate, may create additional pricing pressure, as well as concentrated credit exposures, as our reliance on a smaller group of larger individual dealerships increases. If that trend in customer and dealer consolidation continues, it could have an unfavorable impact on our pricing and product margins.

Disruptions within our dealer network could adversely affect our business.

Although we sell the majority of our products directly to the end user, we market, sell and service products through a network of independent dealers in the Vocational segment and in a limited number of markets in the Access segment. As a result, our business with respect to these products is influenced by our ability to establish and manage new and existing relationships with dealers. We or a dealer may choose to terminate the relationship as a result of difficulties that our independent dealers experience in operating their businesses due to economic conditions or other factors or as a result of an alleged failure by us or an independent dealer to comply with the terms of our dealer agreement. We do not believe our business is dependent on any single dealer, the loss of which would have a sustained material adverse effect upon our business. However, disruption of dealer coverage within a specific state or other geographic market could cause difficulties in marketing, selling or servicing our products and have an adverse effect on our net sales, financial condition, results of operations and/or cash flows.

In 2024, we transitioned our non-fleet refuse and recycling collection vehicle business from factory direct sales to a dealer network. There is no assurance that the dealers will be successful in selling refuse and recycling collection vehicles. If the transition of our refuse and recycling collection vehicle business is not as successful as we anticipate, it could have an adverse effect on our net sales, financial condition, results of operations and/or cash flows.

In addition, our ability to terminate our relationship with a dealer is limited due to state dealer laws, which generally provide that a manufacturer may not terminate or refuse to renew a dealer agreement unless it has first provided the dealer with required notices. Under many state laws, dealers may protest termination notices or petition for relief from termination actions. Responding to these protests and petitions may cause us to incur costs and, in some instances, could lead to litigation resulting in lost opportunities with other dealers or lost sales opportunities, which may have an adverse effect on our net sales, financial condition, results of operations and/or cash flows.

Competition and Strategy Risks

We face significant competition in the markets we serve.

The markets in which we operate are highly competitive. We compete worldwide with a number of other manufacturers that produce and sell similar products. Certain of our competitors have greater financial, marketing, manufacturing, distribution and governmental affairs resources than we do, which may put us at a competitive disadvantage. We also face pricing pressure from international competitors that attempt to gain domestic market share through importing and selling products at below market prices, particularly in the Access segment. If competition in our industries intensifies or if competitors lower their prices for competing products, we may lose sales or be required to lower the prices we charge for our products. We cannot provide any assurance that our products will continue to compete effectively with the products of competitors or that we will be able to retain our customer base or improve or maintain our profit margins on sales to our customers.

We may not realize all of the anticipated benefits of our acquisitions.

We are continuously evaluating potential acquisitions to support our business strategy. As part of this evaluation process, we perform due diligence to identify potential risks associated with the potential transaction. We also make assumptions regarding future performance of the acquired business. We cannot provide any assurance we will be able to successfully achieve the benefits of any business acquisition due to a variety of risks, including the following:

Our ability to identify acquisition targets and consummate transactions;

Our failure to achieve the acquisition’s expected future financial performance or realize assumed efficiencies or assumed cost reductions;

There may be a mismatch in workplace cultures between us and the acquired business;

We may experience delays or unexpected difficulties in integrating the acquired business;

We may incur unforeseen expenses or liabilities or may be subject to other unanticipated regulatory or government actions related to the acquired business; and

We may incur higher transaction costs than expected.

If we are unable to continue to enhance existing products and develop new products that respond to customer needs and preferences, we may experience a decrease in demand for our products and our business could suffer.

One of our growth strategies is emphasizing our new product development as we seek to expand sales and margins by leading our core markets in the introduction of new or improved products and technologies or expanding our product portfolio into adjacent markets. Our ability to match product improvements and new product offerings to diverse global customers’ anticipated needs for different types of products and various product features and functions, at acceptable prices, is critical to our success. We may not be able to compete as effectively, and ultimately satisfy the needs and preferences of our customers, unless we can continue to improve existing products and develop new innovative products in the global markets in which we compete. While we spent $174 million for research and development in 2025, we cannot provide any assurance that this level of investment in research and development will be sufficient to maintain our competitive strength in product innovation, which could cause our business to . Product and new product introductions also require significant planning, design, development and testing at the technological, product and manufacturing process levels, and we may not be to timely develop product or new products. Our competitors’ new products may arrive in the market before our products arrive and be more with more features and functions and/or lower prices than our products. If we are to provide continued technological in our products that meet our customers’ or the industry’s expectations, then demand for our products could be affected.

In response to legislative, regulatory, investment community and societal concerns regarding global climate change and related efforts to limit greenhouse gas emissions, including changes in customer preferences and changes in regulations, we face greater pressure to develop products that generate less greenhouse gas emissions. Many manufacturers foresee sales of electric-powered vehicles and mobile equipment becoming increasingly important to their businesses, and we may not have the expertise or resources to successfully address these pressures on a cost-effective basis. Continued development of enhanced

propulsion choices will require us to spend additional funds on research and development and subject us to the risk that our competitors may respond to these pressures in a manner that gives them a competitive advantage. If we do not accurately predict, prepare for and respond to new kinds of technological innovations with respect to electric-powered vehicles or mobile equipment and other technologies that minimize emissions, competition from others could make our specialty vehicles or mobile equipment less desirable in the marketplace.

We are subject to fluctuations in exchange rates associated with our non-U.S. operations that could adversely affect our results of operations and may significantly affect the comparability of our results between financial periods.

Approximately 18% of our net sales in 2025 were attributable to products sold outside of the United States, of which approximately 47% involved export sales from the United States. The majority of export sales are denominated in U.S. dollars. Sales that originate outside the United States are typically transacted in the local currencies of those countries. Fluctuations in foreign currency can have an adverse impact on our sales and profits as amounts that are measured in foreign currency are translated to U.S. dollars. We have sales of inventory denominated in U.S. dollars to certain of our subsidiaries that have functional currencies other than the U.S. dollar. The exchange rates between many of these currencies and the U.S. dollar have fluctuated significantly in recent years and may fluctuate significantly in the future. Such fluctuations, in particular those with respect to the Euro, the Chinese renminbi, the Canadian dollar, the Mexican peso, the Australian dollar and the British pound sterling may have a material effect on our net sales, financial condition, profitability and/or cash flows and may significantly affect the comparability of our results between financial periods. In addition, any further appreciation in the value of the U.S. dollar in relation to the value of the local currency of those countries where our products are sold will continue to increase our costs of goods in our foreign operations, to the extent such costs are payable in U.S. dollars, and impact the competitiveness of our product offerings in international markets.

We may not be able to expand international operations or increase sales and profitability consistent with our growth targets.

Expanding international operations and sales is a part of our growth strategy. International operations and sales are subject to various risks, including political, religious and economic instability, the imposition of foreign tariffs upon our products (which include tariffs in response to tariffs that the U.S. imposes) and other trade barriers, the impact of foreign government regulations and the effects of income and withholding taxes, sporadic order patterns, governmental expropriation, uncertainties or delays in collection of accounts receivable and differences in business practices. Among other things, there are additional logistical requirements associated with international sales, which increase the amount of time between the completion of production and our ability to recognize related revenue. In addition, expansion into foreign markets requires the establishment of distribution networks and may require modification of products to meet local requirements or preferences. Establishment of distribution networks or modification to the design of our products to meet local requirements and preferences may take longer or be more costly than we anticipate and could have a material adverse effect on our ability to achieve international sales growth. In addition, our entry into certain markets that we wish to enter may require us to establish a joint venture or face competition from foreign state-backed competitors. Identifying an appropriate joint venture partner and creating a joint venture could be more time consuming, more and more than we anticipate. Local government policy and influence can also impact international competition, such as in China where a state-controlled economy favors local market participants.

Our use of artificial intelligence and autonomy technologies may expose us to additional risks and may not deliver the benefits we anticipate.

We are developing, integrating and using artificial intelligence (AI) and autonomy in certain products, services and internal operations. These technologies are evolving and, in many cases, rely on third-party tools, data, software or infrastructure. Our ability to realize benefits from their use depends on factors such as data quality, system integration, workforce adoption, computing resources and the ongoing performance and availability of third-party technology providers. AI-enabled systems may not perform as intended under all operating conditions and may generate inaccurate, incomplete or biased outputs. As these technologies are introduced into products, services or operations, failures or perceived failures, whether due to design limitations, data constraints, integration challenges, cybersecurity incidents, operator misuse, inadequate training or other causes, could result in product performance issues, safety incidents, increased costs, reputational or reduced customer acceptance. In addition, the legal and regulatory framework governing AI and data use is rapidly evolving and remains uncertain. New or changing laws, regulations or standards could increase compliance costs, limit permissible uses, require changes to

product design or governance practices or expose us to litigation or enforcement actions. If we are unable to effectively develop, integrate, govern or manage AI-enabled technologies, or if these technologies fail to deliver benefits we expect, our results of operations, financial condition or competitive position could be adversely affected.

Financial Risks

We are subject to changes in contract estimates.

We account for substantially all long-term contracts in the Transport segment utilizing the cost-to-cost method of percentage-of-completion accounting. This accounting requires judgment relative to assessing risks, estimating revenues and costs and making assumptions regarding the timing of receipt of delivery orders from our government customers. Due to the size and nature of these contracts, the estimate of costs is complex and subject to many variables. We must make assumptions regarding expected increases in material costs, wages and employee benefits, engineering hours, productivity and availability of labor and allocated fixed costs. Changes to production costs, overhead rates, learning curves and/or supplier performance can also impact these estimates. For example, cumulative catch-up adjustments on contracts in the Transport segment negatively impacted operating income by approximately $35 million in 2025. Furthermore, under the revenue recognition accounting rules, we can only include units in our estimates of overall contract profitability after we have received a firm delivery order for those units. Because new orders have the potential to significantly change the overall profitability of cumulative orders received to date, the period in which we receive those orders will impact the estimated life-to-date contract profitability. Changes in underlying assumptions, circumstances or estimates could have a material adverse effect on our net sales, financial condition and/or .

We may experience losses in excess of our recorded reserves for doubtful accounts and guarantees of indebtedness of others.

As of December 31, 2025, we had consolidated gross receivables of $1.5 billion. In addition, we were subject to obligations to guarantee customer indebtedness to third parties of $559 million, under which we estimate our maximum exposure to be $93 million. We evaluate the collectability of receivables and our guarantees of indebtedness of others based on a combination of factors and establish reserves based on our estimates of potential current and future losses. In circumstances where we believe it is probable that a specific customer will have difficulty meeting its financial obligations, a specific reserve is recorded to reduce the net recognized receivable to the amount we expect to collect, and/or we recognize a liability for a guarantee we expect to pay, taking into account any amounts that we would anticipate realizing if we are forced to repossess the equipment that supports the customer’s financial obligations to us. We also establish additional reserves based upon our perception of the quality of the current receivables, the current financial position of our customers, past collections experience, and existing and expected future market conditions. Prolonged or more severe economic weakness may result in additional requirements for reserves. During periods of economic , the collateral underlying our guarantees of indebtedness of customers or receivables can , thereby increasing our exposure to . We also face a concentration of credit risk as the Access segment’s ten largest debtors at December 31, 2025 represented approximately 27% of our consolidated gross receivables. Some of these customers are highly leveraged. We may incur in excess of our recorded reserves if the financial condition of our customers were to or the full amount of any anticipated proceeds from the sale of the collateral supporting our customers’ financial obligations is not realized. Our cash flows and overall liquidity may be materially affected if any of the financial institutions that finance our customer receivables become or , due to economic conditions, a of our or their financial position or otherwise, to continue providing such credit.

An impairment in the carrying value of goodwill and other indefinite-lived intangible assets could negatively affect our operating results.

We have a substantial amount of goodwill and other indefinite-lived intangible assets on our balance sheet as a result of acquisitions we have completed. At December 31, 2025, approximately 78% of these intangibles were concentrated within JLG. We evaluate goodwill and indefinite-lived intangible assets for impairment annually, or more frequently if potential interim indicators exist that could result in impairment. Events and conditions that could result in impairment include a prolonged period of global economic weakness, a decline in economic conditions or a slow, weak economic recovery, a sustained decline in the price of our common stock, adverse changes in the regulatory environment, adverse changes in the market share of our products, adverse changes in interest rates, or other factors leading to reductions in the long-term net sales or that we expect. Determination of the fair value of a reporting unit includes developing estimates which are highly subjective and

incorporate calculations that are sensitive to minor changes in underlying assumptions. Management’s assumptions change as more information becomes available. Changes in these events and conditions or other assumptions could result in an impairment charge in the future, which could have a significant adverse impact on our reported earnings.

Financing costs and restrictive covenants in our current debt facilities could limit our flexibility in managing our business and increase our vulnerability to general adverse economic and industry conditions.

Our access to debt financing at competitive risk-based interest rates is partly a function of our credit ratings. A downgrade to our credit ratings could increase our interest rates, could limit our access to public debt markets, could limit the institutions willing to provide us credit facilities, and could make any future credit facilities or credit facility amendments more costly and/or difficult to obtain. In addition, our credit facilities are subject to variable interest rates. An increase in general interest rates would also increase our cost of borrowing under our credit agreements.

Our credit agreements contain financial and restrictive covenants which, among other things, require us to maintain a leverage ratio. Our ability to meet the leverage ratio may be affected by a number of risks or events, including the risks described in this Annual Report on Form 10-K and events beyond our control. The indentures governing our senior notes also contain restrictive covenants. Any failure by us to comply with these restrictive covenants or the financial and restrictive covenants in our credit agreements could have a material adverse effect on our financial condition, results of operations and debt service capability.

Additional liabilities relating to changes in tax rates or exposure to additional income tax liabilities could adversely impact our financial condition and cash flow.

We are subject to income taxes in the U.S. and various non-U.S. jurisdictions. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Changes in our effective tax rate as a result of changes in tax laws or regulations and judicial or regulatory interpretations of those laws or regulations, the mix of earnings in countries with differing statutory tax rates, changes in overall profitability, changes in U.S. generally accepted accounting principles, or changes in the valuation of deferred tax assets could adversely affect our future results of operations. In addition, certain tax policy efforts, including any tax law changes resulting from the Organization for Economic Cooperation and Development and the G20's inclusive framework on Base Erosion and Profit Sharing, could adversely impact our tax rate and subsequent tax expense. In addition, the amount of income taxes that we pay is subject to ongoing audits by U.S. federal, state and local tax authorities and by non-U.S. tax authorities. If these audits result in assessments different from amounts that we have reserved for potential tax liabilities, future financial results may include unfavorable adjustments to our tax liabilities, which could have a material effect on our results of operations.

Cybersecurity Risks

Increased cybersecurity threats and more sophisticated computer crime pose a risk to our systems, networks, operations, products and services.

We rely extensively on information technology systems and networks, some of which third parties manage, supporting a variety of business activities. Operating these information technology systems and networks and processing and maintaining related data in a secure manner is critical to our business operations and strategy. Information technology security threats, from user error to cybersecurity attacks designed to gain unauthorized access to our systems, networks and data, are increasing in frequency and sophistication. Cybersecurity attacks may range from random attempts to coordinated and targeted attacks, including sophisticated computer crime and advanced persistent threats. These threats pose a risk to the security of our systems and networks and the confidentiality, availability and integrity of our data. Cybersecurity attacks could also include attacks targeting the security, integrity and/or reliability of the hardware and software that we have installed in our products. It is possible that our information technology systems and networks, or those that third parties manage or provide, could have , which could go unnoticed for a period of time. Further, as a defense contractor, we face many cyber and security that can range from attacks common to most industries, which could have financial or reputational consequences, to advanced on our defense programs, which could involve information that is considered a matter of national security. While we have utilized and continue to utilize various procedures and controls to mitigate such risks, we cannot that the actions and controls we have implemented and are implementing, or that we cause or have caused third-party service

providers to implement, will be sufficient to protect our systems, information or other property. We have experienced cybersecurity threats and vulnerabilities in our systems and those of our third-party providers, and we have experienced viruses and attacks targeting our information technology systems and networks. Such prior events have not had a material impact on our financial condition, results of operations or liquidity. However, the potential consequences of a future material cybersecurity attack may include reputational damage, litigation with third parties, government enforcement actions, penalties, disruption to our systems or operations of our facilities, unauthorized release of confidential or otherwise protected information, corruption of data, diminution in the value of our investment in research, development and engineering, increased cybersecurity protection costs and unplanned investigation, remediation and other costs, which in turn could affect our competitiveness, results of operations and financial condition.

Legal and Regulatory Risks

Our international sales and operations subject us to risks that may have a material adverse effect on our business.

As a result of our international operations and sales, we are subject to the Foreign Corrupt Practices Act (FCPA) and other laws that prohibit improper payments or offers of payments to foreign governments and their officials for the purpose of obtaining or retaining business. Our international activities create the risk of unauthorized payments or offers of payments in violation of the FCPA by one of our employees, consultants, sales agents or distributors, because these parties are not always subject to our control. Any violations of the FCPA could result in significant fines, criminal sanctions against us or our employees, and prohibitions on the conduct of our business, including our business with the U.S. government. We are also increasingly subject to export control regulations, including, but not limited to, the United States Export Administration Regulations and the International Traffic in Arms Regulations. Unfavorable changes in the political, regulatory or business climate could have a material adverse effect on our net sales, financial condition, and/or cash flows.

We may be required to make material expenditures or incur additional liabilities to comply with changes in environmental laws or climate change regulations or to meet the increasing societal expectations on companies to address climate change.

Both our products and the operation of our manufacturing facilities are subject to statutory and regulatory requirements. These include environmental requirements applicable to manufacturing and vehicle emissions, government contracting regulations, regulations impacting our supply chain and domestic and international trade regulations. A significant change to these regulatory requirements could substantially increase manufacturing costs, which could make our business results more variable.

Climate change attributed to increased levels of greenhouse gases, including carbon dioxide, has led to significant legislative, regulatory, investment community and societal efforts to limit greenhouse gas emissions. These considerations may lead to new international, national, regional and/or local legislation or regulatory responses. The legislation or regulation of greenhouse gases could result in unfavorable financial impacts through various forms including taxation, emission allowances, fines, requirements for investments or facilities improvement, higher energy costs and higher compliance costs associated with complex and evolving federal, state and international public disclosures. The impact of any future greenhouse gas legislation, regulatory, or product standard requirements is unknown, and therefore, we are uncertain of the potential impact that future changes may have.

Our global facilities, operations and products are subject to increasingly stringent environmental laws and regulations, including laws and regulations governing air emissions, noise, releases to soil and discharges to water and the generation, handling, storage, transportation, treatment and disposal of non-hazardous and hazardous waste materials. Certain environmental laws impose strict, retroactive and joint and several liability for the release of hazardous substances, even for conduct that was lawful at the time it occurred, or for the conduct of, or conditions caused by, prior operators, predecessors or other third parties. We could be subject to fines, cleanup costs or other costs or damages under environmental laws if we are not in compliance with environmental regulations. We may be subject to other more stringent environmental laws in the future that could have a material adverse impact on our business, results of operations and financial condition.

ITEM 1B. UNRESOLVE D STAFF COMMENTS

The Company has no unresolved staff comments regarding its periodic or current reports from the staff of the SEC that were issued 180 days or more preceding December 31, 2025.

ITEM 1C. CYBE RSECURITY

Risk Management and Strategy — The Company maintains a cybersecurity risk management program, led by a Chief Information Security Officer (CISO), who is responsible for the Company’s overall cybersecurity strategy, policy, architecture and cyber threat detection and response. The CISO, who reports to the Company’s Chief Information Officer (CIO) , has a Bachelor's degree in Information Systems and Master of Business Administration degree and is a Certified Information Systems Security Professional with over a decade of professional cybersecurity experience. The Company's program is aligned to industry frameworks and controls from the National Institute of Standards and Technology that allow the Company to identify the fundamental security capabilities and controls necessary to maintain and enhance the program. The Company utilizes a wide range of capabilities to maintain cybersecurity, including threat intelligence, multi-factor authentication, endpoint detection and response and security automation.

As part of the cybersecurity risk management program, the Company has a set of Company-wide cybersecurity policies and procedures, including an Acceptable Use Policy as well as other policies covering subjects such as Access Control, Awareness and Training, Audit and Accountability, Configuration Management, Identification and Authentication, Media Protection, System and Communications Protection and Incident Response. These policies and procedures go through an internal review process and are approved by appropriate members of management. The Company requires all personnel, including contingent workers and business partners handling information on the Company’s behalf, to follow its cybersecurity policies and procedures. Regular training modules educate the Company’s team members on relevant cyber threats and trends and help prepare them for real-life phishing threats.

The Company implements processes to assess and manage risks associated with using third-party information system service providers. This risk assessment process assesses both the service provider's security posture as well as the security controls available from the third-party information system. The service provider’s security posture assessment includes reviewing any third-party attestations as well as third-party controls in the following areas: assets, data flows, authentication, access, monitoring, response and recovery. Depending on the type of system or data assessed, additional controls may be added to the service provider's security posture assessment.

The Company maintains an Incident Response Plan that includes processes for detecting, containing and responding to incidents including processes for reporting incidents to management and the Board of Directors. The Company periodically performs simulations and tabletop exercises at a management level and incorporates external advisors as needed. The Company engages third-party service providers to conduct evaluations of its security controls, whether through penetration testing, independent audits or consulting on best practices to address cybersecurity risks.

Assessing, identifying and managing cybersecurity-related risks is integrated into the Company's overall Enterprise Risk Management (ERM) program. Cybersecurity related risks are included in the risk universe that the ERM program evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion.

Governance — The Board of Directors is responsible for general oversight of the Company's risk management program, including cybersecurity risks. Annually, senior management updates the Board of Directors on the Company's ERM program, including identified material risks and corresponding mitigation strategies.

The Audit Committee of the Board of Directors oversees management's processes for identifying and mitigating risks, including cybersecurity risks, to help align the Company's risk exposure with its strategic objectives. The CIO provides periodic updates to the Audit Committee on the status of the Company’s cybersecurity risk management program; the Company’s information systems, cybersecurity and other risks; and the steps management has taken to identify, monitor and mitigate such risks. The Audit Committee is also briefed on cyber crisis contingency planning, incident recovery capabilities and matters related to any material cybersecurity incident the company may experience.

The Company's business strategy, results of operations and financial condition have not been materially affected by cybersecurity threats, including as a result of previously identified cybersecurity incidents, but the Company cannot provide assurance that it will not be materially affected in the future by cybersecurity risks, threats or incidents. See Item 1A under the caption "Increased cybersecurity threats and more sophisticated computer crime pose a risk to our systems, networks, operations, products and services." for additional information on cybersecurity risks applicable to the Company.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL

Oshkosh Corporation is a global industrial technology company that designs and deploys advanced technologies to empower everyday heroes who build, serve and protect communities around the world. Across construction, firefighting, aviation, refuse collection, defense and delivery industries, we create purpose-built vehicles, equipment and integrated ecosystems that are safe, intuitive and highly productive. As an innovator and integrator, we work directly with our customers to solve real-world challenges – developing and applying breakthrough technologies in autonomy, artificial intelligence, connectivity and electrification. Through these advancements, we make some of the world’s toughest jobs safe, efficient, sustainable and connected — delivering measurable impact for the people who depend on us every day.

Major products manufactured and marketed by each of the Company’s business segments are as follows:

Access — aerial work platforms and telehandlers used in a wide variety of construction, industrial, agricultural, vegetation management and maintenance applications to position workers and materials at elevated heights. Access customers include equipment rental companies, construction contractors and home improvement centers. The Access segment also manufactures carriers and wreckers sold to towing companies.

Vocational — custom and commercial firefighting vehicles and equipment sold to municipal fire departments; aviation ground support products, gate equipment and airport services sold to commercial airlines, airports, air-freight carriers, ground handling customers and the military; aircraft rescue and firefighting (ARFF) vehicles sold to airports and the U.S. military; refuse and recycling collection vehicles sold to commercial and municipal waste haulers; field service vehicles and truck-mounted cranes sold to mining, construction and equipment rental companies; simulators, mobile command vehicles and other emergency vehicles sold to fire departments and other governmental units; and front-discharge concrete mixers sold to ready-mix companies.

Transport — tactical vehicles, trailers and parts sold to the U.S. military and to other militaries around the world and delivery vehicles for the United States Postal Service (USPS).

All estimates referred to in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” refer to the Company’s estimates as of February 17, 2026.

OVERVIEW

The Company experienced a dynamic and unpredictable international trade environment throughout 2025. The continuously-changing environment contributed to economic uncertainty and the Company saw some customers being judicious with spending on new equipment. Tariffs enacted in the U.S. during the year cost the Company $35 million, or $0.42 per share. Despite all of this, the Company reported solid 2025 earnings per share of $10.02.

Driven by the dedication and hard work of its more than 18,000 team members, the Company made tremendous progress on its initiatives during the year. As a result of increased production rates, sales of delivery vehicles were up $365 million, or 352%, in 2025 compared to 2024. The Access segment reported an operating income margin of 11.2% in an environment where sales were down 13.0%. Continued production throughput in the Vocational segment contributed, in large part, to the 12.6% increase in Vocational segment sales over the prior year, while increasing margins to 14.7%, an increase of 270 basis points over 2024. Higher Vocational segment sales and higher sales in the delivery vehicle business as well as improved pricing nearly offset the decline in revenue in the access equipment and defense businesses.

Improved communications with customers led to strong customer advances, resulting in cash flows from operations in 2025 of $783 million, an increase of $233 million from 2024. In addition, the One Big Beautiful Bill Act (OBBBA), enacted in the U.S. in July 2025, lowered tax payments in 2025 by approximately $90 million as a result of the acceleration of deductions.

In March 2025, the Company entered into an unsecured term loan with various lenders to borrow $500 million. The Company used the proceeds from the term loan to reduce the borrowings outstanding under its Revolving Credit Facility (as defined in “Liquidity”). The term loan, which is fully prepayable, carries a slightly lower interest rate than the Revolving Credit Facility and matures in March 2027.

The Company continued to repurchase shares of its Common Stock throughout the year, repurchasing nearly 2.3 million shares for $278 million. Share repurchases during the previous twelve months benefited earnings per share by $0.19 compared to 2024.

The Company announced an increase in its quarterly dividend rate of 11.8%, to $0.57 per share, beginning in the first quarter of 2026. This was the Company's twelfth straight year of a double-digit percentage increase in its dividend rate.

2026 OUTLOOK

The Company estimates consolidated sales will be approximately $11.0 billion in 2026, compared to $10.4 billion in 2025. The Company expects consolidated operating income in 2026 will be approximately $1.06 billion, resulting in diluted earnings per share of approximately $10.90. Included in the Company's expectations is amortization of intangible assets of approximately $55 million, or $0.60 per share. Excluding amortization of intangible assets, the Company expects adjusted diluted earnings per share in 2026 to be approximately $11.50. The Company's estimates assume that present levels of tariff rates continue. The Company estimates tariffs will total approximately $200 million in 2026, which is an increase of approximately $165 million from 2025.

The Company expects Access segment sales will be approximately $4.2 billion in 2026, a decrease of approximately 7.0% compared to 2025 sales as non-residential construction activity is expected to be relatively consistent with 2025. The Company expects that Access segment sales in the first quarter of 2026 will be lower than the first quarter of 2025 due to its strong sales in the fourth quarter of 2025, which the Company believes were a result of strong customer purchases in advance of announced 2026 pricing actions. The Company expects operating income margin in the Access segment in 2026 will be approximately 9.7%, down from 11.2% in 2025 due to the impact of fixed costs relative to lower expected sales levels.

The Company expects Vocational segment sales of approximately $4.2 billion in 2026, an increase of approximately 13.0% compared to 2025 sales reflecting expected increases in production volume from improved throughput and improvements in pricing in municipal fire apparatus as the Vocational segment delivers its backlog. The Company expects Vocational segment operating income margin in 2026 will be approximately 16.1%, compared to 14.7% in 2025. The segment's operating income margin is expected to increase in 2026 as a result of expected continued favorable price/cost dynamics and improved production throughput.

The Company expects Transport segment sales will be approximately $2.5 billion in 2026, an increase of approximately 19% compared to 2025 sales. The Company's estimate reflects improved pricing under recent contracts and a progressive increase in production under the Company's Next Generation Delivery Vehicle (NGDV) contract. The Company expects Transport segment operating margin will be approximately 4.0% in 2026, compared to 3.7% in 2025, reflecting the elimination of adverse cumulative catch-up adjustments experienced in 2025 and the expected receipt of a follow-on delivery order from the USPS are expected to be offset in part by higher engineering spending and the non-recurrence in 2026 of the impact of a sale of a license of Joint Light Tactical Vehicles (JLTV)-related intellectual property to the U.S. government for $25 million. The Company's expectations contemplate a receipt of a follow-on NGDV delivery order from the USPS, which the Company expects would result in a favorable cumulative catch-up adjustment at the time the order is received.

The Company estimates corporate and other costs in 2026 will be approximately $185 million. The Company estimates net interest expense will be approximately $105 million in 2026, compared to $109 million in 2025. The Company estimates the tax rate for 2026 will be approximately 24.5% and average share count will be approximately 63 million shares.

The Company expects earnings per share in the first quarter of 2026 will be approximately $0.85, reflecting the impact of tariffs, expected continued softer market conditions and seasonality in access equipment markets and the Company's expectation that its strong Access segment sales in the fourth quarter of 2025 ahead of 2026 pricing actions will result in lower first quarter 2026 sales volume.

RESULTS OF OPERATIONS- 2025 COMPARED WITH 2024

CONSOLIDATED RESULTS

The following table presents consolidated results (in millions):

Year Ended December 31,

Change

% Change

Net sales

Cost of sales

Gross income

% of sales

-90 bps

Selling, general and administrative

Amortization of purchased intangibles

Intangible asset impairments

Operating income

% of sales

-40 bps

Consolidated net sales decreased primarily due to lower organic sales volume in the Access ($659 million) and Transport ($107 million) segments, offset in part by higher sales volume in the Vocational segment ($261 million), incremental sales related to the September 2024 acquisition of AUSACORP S.L. (AUSA) ($91 million) and improved pricing ($69 million).

The decrease in consolidated gross margin was primarily due to higher labor and overhead costs (100 basis points).

Consolidated selling, general and administrative expenses decreased primarily due to lower incentive compensation accruals ($30 million).

During 2024, the Company recorded impairment charges related to Pratt Miller goodwill and intangibles ($52 million) as a result of unfavorable performance compared to forecast and adverse market conditions related to mobility and motorsports. During 2025, the Company impaired the remaining Pratt Miller goodwill ($6 million) as a reduction in royalties expected on defense contracts led to a further decline in the Company's expectations of future performance of the reporting unit.

The decrease in consolidated operating income was primarily due to the impact of lower gross margin associated with lower sales volume ($107 million), higher labor and overhead costs ($90 million) and higher warranty expense ($37 million), offset in part by improved pricing ($69 million), lower intangible asset impairments ($46 million), lower selling, general and administrative expenses ($34 million) and lower adverse changes in cumulative catch-up adjustments on contracts ($12 million).

The following table presents consolidated non-operating changes (in millions):

Year Ended December 31,

Change

Interest expense, net of interest income

Miscellaneous, net

Provision for income taxes

Effective tax rate

Losses of unconsolidated affiliates

Miscellaneous, net includes gains and losses on investments, net foreign currency transaction gains and losses, and non-service costs of the Company’s pension plans. Results for 2025 included income related to the non-service portion of the Company's pension plans of $7 million and gains related to investments of $4 million.

The effective tax rate in 2025 included net discrete tax benefits of $17 million primarily related to the release of uncertain tax positions on the resolution of a multi-year federal income tax audit. The effective tax rate in 2024 included net discrete tax

benefits of $2 million. See Note 7 of the Notes to Consolidated Financial Statements for a reconciliation of the effective tax rate compared to the U.S. statutory tax rate.

Losses of unconsolidated affiliates primarily represented changes in the Company’s equity method investments. During 2024, the Company recorded an impairment of an equity method investment of $7 million.

SEGMENT RESULTS

Access

The following table presents the Access segment results (in millions):

Year Ended December 31,

Change

% Change

Net sales

Cost of sales

Gross income

% of sales

-370 bps

Selling, general and administrative

Amortization of purchased intangibles

Operating income

% of sales

-440 bps

Access segment net sales decreased primarily as a result of lower organic sales volume ($659 million) as a result of softer market conditions and the expiration in 2024 of an agreement to produce Caterpillar-branded telehandlers, as well as higher sales discounts ($118 million), offset in part by incremental sales in 2025 related to the September 2024 acquisition of AUSA ($91 million).

The decrease in gross margin in the Access segment was primarily due to higher sales discounts (190 basis points) and higher labor and overhead costs (140 basis points) due in part to lower absorption of fixed costs as a result of lower production.

The decrease in selling, general and administrative expenses in the Access segment was primarily due to lower incentive compensation accruals ($10 million).

The decrease in operating income in the Access segment was primarily due to the impact of lower gross margin associated with lower sales volume ($192 million), higher sales discounts ($118 million) and higher labor and overhead costs ($40 million), offset in part by lower incentive compensation accruals ($24 million).

Vocational

The following table presents the Vocational segment results (in millions):

Year Ended December 31,

Change

% Change

Net sales

Cost of sales

Gross income

% of sales

170 bps

Selling, general and administrative

Amortization of purchased intangibles

Operating income

% of sales

270 bps

Vocational segment net sales increased due to higher sales volume ($261 million), largely as a result of increased production rates, and improved pricing ($157 million).

The increase in gross margin in the Vocational segment was primarily attributable to improved pricing (300 basis points), offset in part by higher material costs (90 basis points) and higher labor and overhead costs (60 basis points).

The increase in operating income in the Vocational segment was largely a result of improved pricing ($157 million) and the impact of higher gross margin associated with higher sales volume ($76 million), offset in part by higher labor and overhead costs ($45 million), higher material costs ($25 million) and higher warranty expense ($16 million).

Transport

The following table presents the Transport segment results (in millions):

Year Ended December 31,

Change

% Change

Net sales

Cost of sales

Gross income

% of sales

120 bps

Selling, general and administrative

Operating income

% of sales

130 bps

Transport segment net sales decreased primarily due to lower sales volume of the JLTV to the Department of Defense ($687 million) due to completion of production under the Company's JLTV contract, offset in part by the ramp up of NGDV production ($365 million), higher international tactical wheeled vehicle sales volumes ($142 million), higher Family of Heavy Tactical Vehicles sales volume ($119 million) and the license of JLTV-related intellectual property to the U.S. government ($25 million).

The increase in gross margin in the Transport segment was primarily due to improved pricing (120 basis points), improved sales mix (80 basis points) and lower unfavorable cumulative catch-up adjustments (40 basis points), offset in part by higher warranty expense (110 basis points).

The decrease in selling, general and administrative expenses in the Transport segment was primarily due to lower incentive compensation accruals ($2 million).

The increase in operating income in the Transport segment was largely a result of improved pricing under recent contracts ($30 million), the license of intellectual property to the U.S. government ($25 million) and lower unfavorable cumulative catch-up adjustments ($9 million), offset in part by higher warranty expense ($22 million) and the impact of lower gross margin associated with lower sales volume ($18 million).

Corporate and other

The following table presents corporate and other results (in millions):

Year Ended December 31,

Change

% Change

Net sales

Cost of sales

Gross income

Selling, general and administrative

Amortization of purchased intangibles

Intangible asset impairments

Operating loss

Net operating costs for corporate and other decreased primarily due to lower intangible asset impairments ($46 million) at the Company's Pratt Miller business unit and lower incentive compensation accruals ($17 million).

2024 COMPARED WITH 2023

The comparison of the year ended December 31, 2024 results with the year ended December 31, 2023 results can be found in the “Management’s Discussion and Analysis” section in the Company’s 2024 Annual Report on Form 10-K.

LIQUIDITY AND CAPITAL RESOURCES

The Company generates significant capital resources from operating activities, which is the expected primary source of funding for the Company. The Company expects cash flow from operations to be between $750 million and $850 million in 2026. In addition to cash generated from operations, the Company had other sources of liquidity available at December 31, 2025, including $479.8 million of cash and cash equivalents and $1.51 billion of unused available capacity under the Revolving Credit Facility (as defined in “Liquidity”). Borrowings under the Revolving Credit Facility could, as discussed below, be limited by a financial covenant contained in the Credit Agreement (as defined in “Liquidity”). The Company was in compliance as of December 31, 2025 and expects to remain in compliance with the financial covenants contained in the Credit Agreement.

The Company continues to actively monitor its liquidity position and working capital needs and prioritizes capital expenditures related to capacity and strategic investments. The Company remains in a stable overall capital resources and liquidity position that the Company believes is adequate to meet its projected needs. In March 2025, to provide additional liquidity, the Company entered into a credit agreement with various lenders to borrow funds under a $500 million unsecured term loan, which matures in March 2027. The Company used the proceeds from the term loan to repay a portion of the borrowings that were outstanding under the Revolving Credit Facility.

Financial Condition at December 31, 2025

The Company’s cash and cash equivalents and capitalization were as follows (in millions):

December 31,

Cash and cash equivalents

Total debt

Total shareholders’ equity

Total capitalization (debt plus equity)

Debt to total capitalization

The Company’s ratio of debt to total capitalization of 19.5% at December 31, 2025 remained within its targeted range.

The Company’s goal is to maintain an investment-grade credit rating. The rating agencies periodically update the Company’s credit ratings as events or changes in economic conditions occur. At December 31, 2025, the long-term credit ratings assigned to the Company’s senior debt securities by the credit rating agencies engaged by the Company were as follows:

Rating Agency

Rating

Fitch Ratings

BBB

Moody’s Investor Services, Inc.

Baa3

Standards & Poor’s

BBB

Consolidated days sales outstanding (defined as “Trade Receivables” at quarter end divided by “Net Sales” for the most recent quarter multiplied by 90 days) was 43 days at December 31, 2025, up from 40 days at December 31, 2024. Days sales outstanding for segments other than the Transport segment was 51 days at December 31, 2025, up from 44 days at December 31, 2024, primarily due to the impact of sales mix on average payment terms in the Access segment. Consolidated inventory turns (defined as “Cost of Sales” on an annualized basis, divided by the average “Inventory” at the past five quarter end periods) decreased from 3.9 times at December 31, 2024 to 3.6 times at December 31, 2025, primarily due to increases in inventory levels in the Transport and Vocational segments. Consolidated days payables outstanding (defined as “Accounts Payable” at quarter end divided by material costs of sales for the most recent quarter multiplied by 90 days) was 65 days at December 31, 2025 and December 31, 2024.

Operating Cash Flows

Operating activities provided $783.4 million of cash in 2025 compared to $550.1 million in 2024. The increase in cash provided by operating activities was primarily due to lower tax payments, an increase in customer advances and investments in the NGDV program in 2024. Net cash tax payments for 2025 of $159.9 million were down $238.6 million compared to 2024 primarily due to higher taxable income in 2023 as a result of the timing of customer advances and lower tax payments following the enactment of the OBBBA.

Investing Cash Flows

Investing activities used cash of $204.9 million in 2025 compared to $388.8 million in 2024. During 2024, the Company used $113.5 million to fund the acquisition of AUSA. The Company used $165.4 million for capital expenditures in 2025, a decrease of $115.6 million compared to 2024 when the Company was investing in new facilities in South Carolina and Tennessee. The Company anticipates that it will spend $200 million on capital expenditures in 2026.

Financing Cash Flows

Financing activities used cash of $315.9 million in 2025 compared to $75.1 million in 2024, primarily due to increased share repurchases and lower net borrowings. In 2025, the Company repurchased 2,280,539 shares of its Common Stock at an aggregate cost of $278.0 million. The Company's Board of Directors authorized the repurchase of 12,000,000 shares in May 2022, of which 7,945,869 shares remained as of December 31, 2025. In 2024, the Company repurchased 1,058,474 shares of its Common Stock at an aggregate cost of $116.0 million.

Liquidity

Credit Agreements

In March 2022, the Company entered into a Third Amended and Restated Credit Agreement (as amended, the “Credit Agreement”). The Credit Agreement provides for an unsecured revolving credit facility (the “Revolving Credit Facility”) with a maximum aggregate availability of $1.55 billion that matures in March 2027. At December 31, 2025, specified outstanding letters of credit of $35.3 million reduced available capacity under the Revolving Credit Facility to $1.51 billion.

Under the Credit Agreement, the Company is obligated to pay (i) an unused commitment fee ranging from 0.080% to 0.225% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.438% to 1.500% per annum of the maximum amount available to be drawn for each letter of credit issued and outstanding under the Credit Agreement.

On March 31, 2025, the Company entered into a credit agreement with various lenders to borrow funds under a $500 million unsecured term loan (the “Term Loan”) that matures in March 2027. The Company used the proceeds from the Term Loan to repay a portion of the borrowings that were outstanding under the Revolving Credit Facility.

Covenant Compliance

The Term Loan and the Credit Agreement contain various restrictions and covenants, including a requirement that the Company maintain a leverage ratio at certain levels, subject to certain exceptions, restrictions on the ability of the Company and certain of its subsidiaries to consolidate or merge, create liens, incur additional subsidiary indebtedness and consummate acquisitions and a restriction on the disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole. The Company was in compliance with the financial covenants as of December 31, 2025 and expects to be able to meet the financial covenants contained in its credit agreements over the next twelve months.

Senior Notes

between the Company and a trustee. The Indenture contains customary affirmative and negative covenants. The Company has the option to redeem the 2028 and 2030 Senior Notes at any time for a premium.

Refer to Note 16 of the Notes to Consolidated Financial Statements for additional information regarding the Company’s debt as of December 31, 2025.

Contractual Obligations

The total amount of gross unrecognized tax benefits, including interest, for uncertain tax positions was $45.5 million as of December 31, 2025. Future settlements with tax authorities could result in payment of these obligations. Due to the difficulty in determining the timing of such settlements, these obligations are not included in the summary of the Company’s fixed contractual obligations. See Note 7 of the Notes to Consolidated Financial Statements for additional information regarding the Company’s unrecognized tax benefits as of December 31, 2025. Following is a summary of the Company’s contractual obligations and payments due by period following December 31, 2025 (in millions):

Payments Due by Period

Less Than

More Than

Total

1 Year

1-3 Years

3-5 Years

5 Years

Long-term debt (including interest) (1)

Lease obligations

Purchase obligations (2)

Other non-current liabilities (3)

Interest was calculated based upon the interest rate in effect on December 31, 2025.

The amounts for purchase obligations included above represent all obligations to purchase goods or services under agreements that are enforceable and legally binding and that specify all significant terms.

Represents other non-current liabilities on the Company’s Consolidated Balance Sheet, including the current portion of these liabilities. The projected timing of cash flows associated with these obligations is based on management’s estimates, which are based largely on historical experience. This amount also includes all liabilities under the Company’s pension and other post-employment benefit plans. See Note 6 of the Notes to Consolidated Financial Statements for information regarding these liabilities and the plan assets available to satisfy them.

CRITICAL ACCOUNTING ESTIMATES

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” is based on the Company’s Consolidated Financial Statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts and related disclosures. On an ongoing basis, management evaluates and updates its estimates. Management employs judgment in making its estimates, which are based on historical experience, currently available information and various other assumptions that the Company believes to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ from those estimates. Management believes that its judgment is applied consistently and produces financial information that fairly depicts the results of operations for all periods presented.

Estimate-at-Completion (EAC). The Company has concluded that control of substantially all of the Transport segment’s performance obligations transfers to the customer as the performance obligations are satisfied and therefore revenue is recognized over time. The Transport segment recognizes revenue on its performance obligations that are satisfied over time by measuring progress using the cost-to-cost method of percentage-of-completion because it best depicts the transfer of control to the customer. Under the cost-to-cost method of percentage-of-completion, the Transport segment measures progress based on the ratio of costs incurred to date to total estimated costs for the performance obligations. Due to the size and nature of these contracts, the estimation of total revenues and costs is complex and requires judgment by management. The Company must make assumptions regarding expected increases in wages and employee benefits, productivity and availability of labor, material costs and allocated fixed costs, as well as expected impacts on pricing related to certain economic price adjustment clauses. Each contract is evaluated at contract inception to identify risks and estimate revenue and costs. In performing this

evaluation, the Transport segment considers risks of contract performance such as technical requirements, schedule, duration and key contract dependencies. Occasionally, the Company incurs production costs not planned or budgeted, or in excess of its original budget. The Company reviews such costs to determine if they are contributing and proportionate to the Company's progress in satisfying the performance obligation. Costs that are contributing but not proportionate to the Company's progress are reviewed to determine if they represent inefficiencies, which requires significant judgment. Normal costs are included in the cost-to-cost method of percentage-of-completion while inefficiencies do not contribute to the Company's progress in satisfying the performance obligation and are expensed as incurred. The above considerations are then factored into the Company’s estimated revenue and costs. If a loss is expected on a performance obligation, the complete estimated loss is recorded in the period in which the loss is identified. Preliminary contract estimates are subject to change throughout the duration of the contract as additional information becomes available that impacts risks and estimated revenue and costs. Changes to production costs, overhead rates, schedule, learning curve and/or supplier performance can also impact these estimates. These estimates require significant judgment by management. The Company recognizes changes in estimated sales or costs and the resulting profit or on a cumulative basis. Changes in estimates on contracts accounted for under the cost-to-cost method resulted in cumulative catch-up adjustments on contract margins that decreased Transport segment operating income by $37.9 million and $46.9 million in 2025 and 2024, respectively.

Goodwill. Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized; however, it is assessed for impairment annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test at the beginning of the fourth quarter. The Company evaluates the recoverability of goodwill by estimating the fair value of the businesses to which the goodwill relates. Estimated cash flows and related goodwill are grouped at the reporting unit level. A reporting unit is an operating segment or, under certain circumstances, a component of an operating segment. When a reporting unit's fair value is less than its carrying value, an impairment loss is recognized for the difference between the fair value and carrying value of the reporting unit. The Company had $1.4 billion of goodwill at December 31, 2025.

The Company estimates the fair value of the reporting units utilizing the income approach and the market approach. The income approach is weighted more heavily (75%) as the Company believes the income approach more accurately considers long-term fluctuations in the U.S. and European construction markets compared to the market approach. Under the income approach, the Company estimates fair values based on discounted estimated future cash flows. Future cash flows are estimated based on the Company’s internal projection models, industry projections, terminal growth rates and other assumptions, including the Company's estimates for revenue growth and operating income margins. The Company estimates discounts rates based on the Company’s estimated weighted-average cost of capital, adjusted based on risk, which reflects the overall level of inherent risk of a reporting unit and the rate of return a market participant would expect to earn. Under the market approach, the Company estimates the fair value of its reporting units based on revenue and earnings multiples of comparable publicly traded companies. There are inherent uncertainties related to the Company’s estimates and assumptions and management uses significant judgment in estimating them. In evaluating the fair values of its reporting units, the Company also reconciles its total estimated fair value to within a reasonable range of the Company’s market capitalization.

During 2024, the Company determined that a triggering event had occurred at Pratt Miller due to unfavorable performance compared to forecast and adverse market conditions related to mobility and motorsports and, therefore, assessed the reporting unit for impairment. As a result of the assessment, the Company recorded an impairment charge of $38.7 million in 2024. During 2025, the Company impaired the remaining Pratt Miller goodwill ($5.7 million) as changes to royalties expected on defense contracts led to a further decline in the Company's expectations of future performance of the reporting unit. A combination of the income and market approaches were used to calculate the fair values of the reporting unit, weighted consistently with the Company’s annual impairment test.

For the annual impairment test, the Company used discount rates, depending on reporting unit, of 11.5% to 15.0% (13.0% to 17.0% at October 1, 2024) and a terminal growth rate of 3.0% (3.0% at October 1, 2024). The Company’s annual impairment assessment indicated that no additional impairments to goodwill were required. The fair value of each reporting unit exceeded its carrying value by more than 10%. Changes in estimates or the application of alternative assumptions could have produced different results. See Note 12 of the Notes to Consolidated Financial Statements for information regarding the Company’s goodwill.

NEW ACCOUNTING STANDARDS

See Note 2 of the Notes to Consolidated Financial Statements regarding the impact or potential impact of recent accounting pronouncements on the Company’s consolidated financial statements.

CUSTOMERS AND BACKLOG

Sales to the U.S. government comprised approximately 20% of the Company’s net sales in 2025. No other single customer accounted for more than 10% of the Company’s net sales for this period. A substantial majority of the Company’s net sales are derived from the fulfillment of customer orders that are received prior to commencing production.

The Company’s backlog as of December 31, 2025 decreased 3.8% to $14.2 billion compared to $14.7 billion at December 31, 2024. Access segment backlog decreased 30.4% to $1.3 billion at December 31, 2025, compared to $1.8 billion at December 31, 2024. The Company believes the decrease in backlog was primarily the result of slowing demand in North America due to the uncertain macro environment and the normalization of orders in connection with improved product availability. Vocational segment backlog increased 4.7% to $6.6 billion at December 31, 2025, compared to $6.3 billion at December 31, 2024, due to higher pricing on future deliveries and continued strong demand for municipal fire apparatus. Unit backlog for municipal fire apparatus as of December 31, 2025 was up 1.5% compared to December 31, 2024. Unit backlog for refuse and recycling collection vehicles as of December 31, 2025 was down 46.7% compared to December 31, 2024 as the Company believes customers have been cautious in the uncertain macroeconomic environment. Transport segment backlog decreased 5.4% to $6.2 billion at December 31, 2025, compared to $6.5 billion at December 31, 2024, primarily reflecting NGDV production and completion of production under the Company's domestic JLTV contract in 2025.

Backlog represents the dollar amount of revenues that the Company anticipates from customer contracts that have been awarded and/or are in progress. Reported backlog includes the original contract amount and any contract modifications that have been agreed upon. Reported backlog excludes purchase options, orders for which definitive contracts have not been executed and any potential future contract modifications. Backlog is comprised of fixed and variable priced contracts that may be canceled, modified or otherwise changed in the future. As a result, backlog may not be indicative of future operating results. Backlog information and comparisons thereof as of different dates may not be accurate indicators of future sales. Approximately 53% of the Company’s December 31, 2025 backlog is not expected to be filled in 2026.

NON-GAAP FINANCIAL MEASURES

The Company is forecasting earnings per share excluding items that affect comparability. When the Company forecasts earnings per share, excluding items, this is considered a non-GAAP financial measure. The Company believes excluding the impact of these items is useful to investors to allow a more accurate comparison of the Company’s operating performance to prior year results. However, while forecasted adjusted earnings per share excludes amortization of purchased intangibles, revenue and earnings of acquired companies are reflected in forecasted adjusted earnings per share and intangible assets contribute to the generation of revenue and earnings. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s results or forecasts prepared in accordance with GAAP. The table below presents a reconciliation of the Company’s presented non-GAAP measure to the most directly comparable GAAP measure:

2026 Expectations

Earnings per share-diluted (GAAP)

Amortization of purchased intangibles, net of tax

Adjusted earnings per share-diluted (non-GAAP)

ITEM 7A. QUANTITATIVE AND QUALITA TIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to market risk from changes in interest rates, certain commodity prices and foreign currency exchange rates. To mitigate the risk from changes in foreign currency exchange and interest rates, the Company selectively uses financial instruments. All hedging transactions are authorized and executed pursuant to clearly defined policies and procedures, which strictly prohibit the use of financial instruments for speculative purposes.

Interest Rate Risk. The Company’s earnings exposure related to adverse movements in interest rates is primarily derived from outstanding floating rate debt instruments that are indexed to short-term market interest rates. In this regard, changes in U.S. and offshore interest rates affect interest payable on the Company’s borrowings under the Credit Agreement and Term Loan. At December 31, 2025, the Company had variable rate-based debt of $500 million outstanding under its Term Loan, which bore an interest rate of 4.6%. There were no borrowings outstanding under the Revolving Credit Facility as of December 31, 2025. As a result, the Company's exposure to interest rate risk was limited given the magnitude of the Term Loan.

Commodity Price Risk. The Company is a purchaser of certain commodities, including steel, aluminum and composites. In addition, the Company is a purchaser of components and parts containing various commodities, including steel, aluminum, copper, rubber and others which are integrated into the Company’s end products. The Company generally buys these commodities and components based upon market prices that are established with the vendor as part of the purchasing process. The Company does not use commodity financial instruments to hedge commodity prices.

Commodity costs may also be affected by changes in trade policies, including the imposition of tariffs, duties or other import-related charges. The Company generally obtains firm quotations from its significant components’ suppliers for its orders under firm, fixed-price contracts in its Transport segment when possible. In the Company’s Access and Vocational segments, the Company generally attempts to obtain firm pricing from most of its suppliers, consistent with backlog requirements and/or forecasted annual sales. To the extent that commodity prices increase, including from tariff-related impacts, and the Company does not have firm pricing from its suppliers, or its suppliers are not able to honor such prices, the Company may experience margin declines to the extent it is not able to increase selling prices of its products or otherwise mitigate these cost increases.

Foreign Currency Risk. The Company’s operations consist of manufacturing in the U.S., Mexico, Canada, France, Australia, the United Kingdom, Italy, Spain and China and sales and limited vehicle body mounting activities on five continents. International sales comprised approximately 18% of overall net sales in 2025, of which approximately 47% involved exports from the U.S. The majority of export sales in 2025 were denominated in U.S. dollars. As a result of the manufacture and sale of the Company’s products in foreign markets, the Company’s earnings are affected by fluctuations in the value of foreign currencies in which certain of the Company’s transactions are denominated as compared to the value of the U.S. dollar. The Company’s operating results are principally exposed to changes in exchange rates between the U.S. dollar and Euro, British pound sterling, Australian dollar, Mexican peso, Chinese renminbi and Canadian dollar.

ITEM 8. FINANCIAL STATEME NTS

REPORT OF INDEPENDENT REGIST ERED PU B LIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Oshkosh Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Oshkosh Corporation and subsidiaries (the "Company") as of December 31, 2025, and 2024, the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 17, 2026 expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Cost Estimates for the Next Generation Delivery Vehicle Contract – Refer to Notes 2 and 4 to the Financial Statements

Critical Audit Matter Description

As more fully described in Notes 2 and 4 to the consolidated financial statements, the Company’s Transport segment recognized revenue on long-term contracts primarily with the U.S. Government for the production of goods, the provision of services, or a combination of both. The Company utilizes the cost-to-cost method of percentage-of-completion to recognize revenue on the majority of its performance obligations that are satisfied over time because it best depicts the transfer of control to the customer. Under the cost-to-cost method of percentage-of-completion, the Company measures progress based on the ratio of costs incurred to date to total estimated costs for the performance obligation. The Company recognizes changes in estimated sales or costs and the resulting profit or loss on a cumulative basis. Contract adjustments represent the cumulative effect of the

changes on prior periods. If a loss is expected on a performance obligation, the estimated loss is recorded in the period in which the loss is identified.

There is significant judgment involved in estimating revenues and costs in the Transport segment, in particular on the indefinite delivery, indefinite quantity Next Generation Delivery Vehicle (NGDV) contract. The contract is fixed price with an economic price adjustment (EPA), where the price paid to the Company can be adjusted upward or downward based on cost indexes of material that are specifically identifiable in the contract. The contract is inherently uncertain in that revenue is fixed to an extent, while the estimates of costs required to complete the contract are subject to significant variability. The Company must make assumptions regarding scaling production, supply base cost and performance, and the expected impacts on pricing related to EPA clauses. The operational and technical complexities of the NGDV contract create financial risk, which could increase the estimates of costs and result in lower margins.

Given the complexities of this contract, the limited amount of historical data available, and significant judgments necessary to estimate future costs at completion, auditing the estimates of costs for this contract required extensive audit effort and a high degree of auditor judgment.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the key cost estimates for the NGDV contract included the following, among others:

We evaluated the appropriateness and consistency of management's methods and assumptions used in developing its cost estimates.

We evaluated the reasonableness of judgments made and significant assumptions used by management relating to key cost and schedule estimates. We also evaluated the range and probabilities of reasonably possible outcomes, and where management set its point estimate within the range.

We evaluated the appropriateness of the timing of the incorporation of changes to key cost estimates, including evaluating the timeline of key events and knowledge points that led to management's determination that a change in estimate was necessary.

We inquired of project management, engineers, supply chain leadership, and others directly involved with the execution of contracts to evaluate management's ability to achieve the key cost and schedule estimates, as well as evaluate project status and challenges which may affect total estimated costs to complete.

We observed the project work site to evaluate physical progress of the project against assumptions used by management in developing its cost and schedule estimates.

We tested the accuracy and completeness of the key data used in developing estimates. We developed independent expectations of reasonable outcomes using the program's data and compared our expectations to management's estimates.

We tested the effectiveness of internal controls including those over significant judgments made and assumptions used to develop key cost estimates, key data used in developing the cost estimates, and the mathematical extrapolation of such data.

Goodwill Valuation – Refer to Notes 2 and 12 to the Financial Statements

Critical Audit Matter Description

The Company performed an impairment evaluation of goodwill by comparing the estimated fair values of reporting units to their carrying values. In order to estimate the fair values of the reporting units, management is required to make estimates and assumptions related to the discount rates and forecasts of future operating income margins, which involve significant judgment. Changes in these assumptions could have a significant impact on either the fair value, the amount of any goodwill impairment charge, or both. As of October 1, 2025, the Company’s measurement date, the Company determined that the fair values of the reporting units exceeded their carrying values and therefore no impairment was recognized.

We identified the impairment evaluation of goodwill for one reporting unit in the Vocational Segment as a critical audit matter because of the inherent subjectivity involved in management’s estimates and assumptions related to the discount rate and forecasts of future revenue growth and operating income margins. The audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to the selection of the discount rates and forecast of future operating income

margins required a high degree of auditor judgment and an increased extent of effort, including the involvement of our fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the selection of the discount rate, and forecasts of future revenue and operating income margins for a reporting unit in the Vocational Segment included the following, among others:

We evaluated the design and effectiveness of the controls over management’s goodwill impairment evaluation, including those over the selection of the discount rates and management’s development of forecasts of future operating income margins and revenue .

We evaluated the reasonableness of management's forecasts by comparing the forecasts to (1) historical results, (2) internal communications to management and the Board of Directors, and (3) forecasted information included in analyst and industry reports for the Company and certain of its peer companies.

We assessed management's intent and/or ability to take specific actions included in management's forecasts.

With the assistance of our fair value specialists, we evaluated the reasonableness of the discount rates by:

— Testing the source information underlying management's determination of the discount rates.

— Testing the mathematical accuracy of management's calculations.

— Developing a range of independent estimates and comparing those to the discount rates selected by management.

/s/ Deloitte & Touche LLP

Milwaukee, Wisconsin

February 17, 2026

We have served as the Company’s auditor since 2002.

REPORT OF INDEPENDENT REGIS TERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Oshkosh Corporation

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Oshkosh Corporation and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 17, 2026, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

Milwaukee, Wisconsin

February 17, 2026

OSHKOSH CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in millions, except per share amounts)

Year Ended December 31,

Net sales

Cost of sales

Gross income

Operating expenses:

Selling, general and administrative

Amortization of purchased intangibles

Intangible asset impairments

Total operating expenses

Operating income

Other income (expense):

Interest expense

Interest income

Miscellaneous, net

Income before income taxes and losses of unconsolidated affiliates

Provision for income taxes

Income before losses of unconsolidated affiliates

Losses of unconsolidated affiliates

Net income

Earnings per share:

Basic

Diluted

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions)

Year Ended December 31,

Net income

Other comprehensive income (loss), net of tax:

Pension and post-employment benefits

Currency translation adjustments

Change in fair value of derivative instruments

Total other comprehensive income (loss), net of tax

Comprehensive income

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

CONSOLIDATED B ALANCE SHEETS

(Dollars in millions, except share and per share amounts)

December 31,

Assets

Current assets:

Cash and cash equivalents

Receivables, net

Unbilled receivables, net

Inventories

Income taxes receivable

Other current assets

Total current assets

Property, plant and equipment, net

Goodwill

Purchased intangible assets, net

Deferred income taxes

Deferred contract costs

Other non-current assets

Total assets

Liabilities and Shareholders’ Equity

Current liabilities:

Revolving credit facilities and current maturities of long-term debt

Accounts payable

Customer advances

Payroll-related obligations

Income taxes payable

Other current liabilities

Total current liabilities

Long-term debt, less current maturities

Non-current customer advances

Deferred income taxes

Other non-current liabilities

Commitments and contingencies

Shareholders’ equity:

Preferred Stock ($ 0.01 par value; 2,000,000 shares authorized;

none issued and outstanding)

Common Stock ($ 0.01 par value; 300,000,000 shares authorized; 75,101,465 shares issued)

Additional paid-in capital

Retained earnings

Accumulated other comprehensive income (loss)

Common Stock in treasury, at cost ( 12,511,995 and 10,499,458 shares, respectively)

Total shareholders’ equity

Total liabilities and shareholders’ equity

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS ’ EQUITY

(Dollars in millions, except per share amounts)

Common

Stock

Additional

Paid-In

Capital

Retained

Earnings

Accumulated

Other

Comprehensive

Income (Loss)

Common

Stock in

Treasury

at Cost

Total

Balance at December 31, 2022

Net income

Pension and post-employment benefits, net of

tax of $ 0.9

Currency translation adjustments

Derivative instruments, net of tax

Cash dividends ($ 1.64 per share)

Repurchases of Common Stock

Exercise of stock options

Stock-based compensation expense

Payment of stock-based restricted and performance shares

Shares tendered for taxes on stock-based compensation

Other

Balance at December 31, 2023

Net income

Pension and post-employment benefits, net of

tax of $ 11.0

Currency translation adjustments

Derivative instruments, net of tax

Cash dividends ($ 1.84 per share)

Repurchases of Common Stock

Exercise of stock options

Stock-based compensation expense

Payment of stock-based restricted and performance shares

Shares tendered for taxes on stock-based compensation

Other

Balance at December 31, 2024

Net income

Pension and post-employment benefits, net of

tax of $( 0.5 )

Currency translation adjustments

Derivative instruments, net of tax

Cash dividends ($ 2.04 per share)

Repurchases of Common Stock

Exercise of stock options

Stock-based compensation expense

Payment of stock-based restricted and performance shares

Shares tendered for taxes on stock-based compensation

Other

Balance at December 31, 2025

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

CONSOLIDATED STATEM ENTS OF CASH FLOWS

(Dollars in millions)

Year Ended December 31,

Operating activities:

Net income

Depreciation and amortization

Intangible asset impairments

Stock-based incentive compensation

Deferred income taxes

Other non-cash adjustments

Changes in operating assets and liabilities:

Receivables, net

Unbilled receivables, net

Inventories

Accounts payable

Customer advances

Payroll-related obligations

Income taxes payable

Deferred contract costs

Other operating assets and liabilities

Total changes in operating assets and liabilities

Net cash provided by operating activities

Investing activities:

Additions to property, plant and equipment

Additions to equipment held for rental

Acquisition of businesses, net of cash acquired

Proceeds from sale of businesses, net of cash sold

Other investing activities

Net cash used in investing activities

Financing activities:

Proceeds from revolving credit facilities

Repayments of revolving credit facilities

Proceeds from issuance of debt

Dividends paid

Repurchases of Common Stock

Other financing activities

Net cash provided by (used in) financing activities

Effect of exchange rate changes on cash and cash equivalents

Increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Supplemental disclosures:

Cash paid for interest

Sale of equipment held for rental - noncash

Property, plant and equipment additions - noncash

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

1. Na t ure of Operations

Oshkosh Corporation and its subsidiaries (the “Company”) is a global industrial technology company specializing in the design, development and manufacture of purpose-built vehicles and equipment for the access, fire, airport ground support, refuse collection, concrete placement, defense and delivery vehicle markets. “Oshkosh” refers to Oshkosh Corporation, not including its subsidiaries. The Company is organized into three reportable segments — Access, Vocational and Transport. The Access segment is conducted through a wholly-owned subsidiary, JLG Industries, Inc. and its wholly-owned subsidiaries (JLG). The Vocational segment is conducted through wholly-owned subsidiaries Pierce Manufacturing Inc. (Pierce), Maxi-Metal Inc. (Maxi-Metal), Kewaunee Fabrications, LLC (Kewaunee), Oshkosh AeroTech, LLC and its wholly-owned subsidiaries (Oshkosh AeroTech), McNeilus Companies, Inc. (McNeilus), Oshkosh Commercial Products, LLC (Oshkosh S-Series) and Iowa Mold Tooling Co., Inc. (IMT). The Transport segment is conducted through a wholly-owned subsidiary Oshkosh Defense, LLC and its wholly-owned subsidiaries (Oshkosh Defense).

2. Summary of Significant Accounting Policies

Principles of Consolidation and Presentation — The consolidated financial statements include the accounts of Oshkosh and all of its majority-owned or controlled subsidiaries and are prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP). All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition — The Company recognizes revenue when control of the goods or services promised under a contract are transferred to the customer either at a point in time (e.g., upon delivery) or over time (e.g., as the Company performs under the contract) in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for the goods or services. The Company accounts for a contract when it has approval and commitment from both parties, the rights and payment terms of the parties are identified, the contract has commercial substance and collectability of consideration is probable. If collectability is not probable, the sale is deferred until collection becomes probable or payment is received.

Contracts are reviewed to determine whether there is one or multiple performance obligations. A performance obligation is a promise to transfer a distinct good or service to a customer and represents the unit of accounting for revenue recognition. For contracts with multiple performance obligations, the expected consideration (e.g., the transaction price) is allocated to each performance obligation identified in the contract based on the relative standalone selling price of each performance obligation, which is determinable based on observable standalone selling prices or is estimated using an expected cost plus a margin approach. Revenue is then recognized for the transaction price allocated to the performance obligation when control of the promised goods or services underlying the performance obligation is transferred. When the amount of consideration allocated to a performance obligation through this process differs from the invoiced amount, it results in a contract asset or liability. The identification of performance obligations within a contract requires significant judgment.

The Company has elected to apply the following practical expedients and accounting policy elections when determining revenue from contracts with customers and capitalization of related costs:

Shipping and handling costs incurred after control of the related product has transferred to the customer are considered costs to fulfill the related promise and are included in “Cost of sales” in the Consolidated Statements of Income when incurred or when the related product revenue is recognized, whichever is earlier.

Except for certain customer advances in the Vocational segment, the Company has elected to not adjust revenue for the effects of a significant financing component when the timing difference between receipt of payment and recognition of revenue is less than one year.

Sales and similar taxes that are collected from customers are excluded from the transaction price.

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Incremental costs to obtain a contract are expensed when the amortization period of the related asset is expected to be less than one year.

Unsatisfied performance obligations with an original contract duration of one year or less have been omitted from disclosure of unperformed performance obligations.

The following is a description of the primary activities from which the Company generates revenue.

Access and Vocational segments revenue

The Company derives revenue in the Access and Vocational segments through the sale of machinery, vehicles and related aftermarket parts and services. Customers include distributors, equipment rental providers and end-users. Contracts with customers generally exist upon the approval of a quote and/or purchase order by the Company and customer. Each contract is also assessed at inception to determine whether it is necessary to combine the contract with other existing contracts.

The Access and Vocational segments offer various customer incentives within contracts, such as sales and marketing rebates, volume discounts and interest subsidies, some of which are variable and therefore must be estimated by the Company. Transaction prices may also be impacted by rights of return, primarily within the aftermarket parts business, which requires the Company to record a liability and asset representing its rights and obligations in the event a return occurs. The estimated return liability is based on historical experience rates.

Revenue for performance obligations consisting of machinery, vehicle and aftermarket parts (together, “product”) is recognized when the customer obtains control of the product, which typically occurs at a point in time, based on the shipping terms within the contract. Refuse collection vehicles are sold on both Company owned chassis and customer owned chassis. When performing work on a customer owned chassis, revenue is recognized over time based on the cost-to-cost method of percentage-of-completion, as the Company is enhancing a customer owned asset. Passenger boarding bridges are designed to customer specification. Revenue related to passenger boarding bridges is generally recognized over time based on the cost-to-cost method of percentage-of-completion as the Company's performance does not create an asset with an alternative use and the Company has an enforceable right to payment for its performance completed to date.

The Access and Vocational segments offer aftermarket services related to their respective products such as repair, refurbishment and maintenance (together, “services”). The Company generally recognizes revenue on service performance obligations over time using the method that results in the most faithful depiction of transfer of control to the customer. The Access and Vocational segments also offer extended warranty coverage as an option on most products. The Company considers extended warranties to be service-type warranties and therefore a separate performance obligation. Service-type warranties differ from the Company’s standard, assurance-type warranties, as they are generally separately priced and negotiated as part of the contract and/or provide additional coverage beyond what the customer or customer group that purchases the product would receive under an assurance-type warranty. The Company has concluded that its extended warranties are stand-ready obligations to perform and therefore recognizes revenue ratably over the coverage period. The Company also provides a standard warranty on its products and services at no additional cost to its customers in most instances.

Transport segment revenue

The majority of the Company’s Transport segment sales are derived through long-term contracts with the U.S. government to design, develop, manufacture or modify defense, delivery and other specialty vehicles. These contracts, which also include those under the U.S. Government-sponsored Foreign Military Sales program, accounted for 92 % of Transport segment revenue in 2025. Contracts with Transport segment customers are generally fixed-price, fixed-price with an economic price adjustment or cost-reimbursement type contracts. Under fixed-price contracts, the price paid to the Company is generally not adjusted to reflect the Company’s actual costs except for costs incurred as a result of contract modifications. Under fixed-price contracts with an economic price adjustment, the price paid to the Company can be adjusted upward or downward from the stated contract price based on cost indexes of labor or material that are specifically identified in the contract. Under cost-reimbursement contracts, the price paid to the Company is determined based on the allowable costs incurred to perform plus a fee. The fee component of cost-reimbursement contracts can be fixed based on negotiations at contract inception or can vary

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based on performance against target costs established at the time of contract inception. The Company also designs, develops and manufactures defense products for international customers through Direct Commercial Sale contracts. The Transport segment supports its products through the sale of aftermarket parts and services. Aftermarket contracts can range from long-term supply agreements to ad hoc purchase orders for replacement parts.

The Company evaluates Transport segment contracts at inception to identify performance obligations. The goods and services in Transport segment contracts are typically not distinct from one another as they are generally customized and have complex inter-relationships and the Company is responsible for overall management of the contract. As a result, Transport segment contracts are typically accounted for as a single performance obligation. The Transport segment provides standard warranties for its products for periods that typically range from one to three years. These assurance-type warranties typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation.

The Company determines the transaction price for each contract at inception based on the consideration that it expects to receive for the goods and services promised under the contract. This determination is made based on the Company’s current rights, excluding the impact of any subsequent contract modifications (including unexercised options) until they become legally enforceable. Contract modifications frequently occur within the Transport segment. The Company evaluates each modification to identify changes that impact price or scope of its contracts, which are then assessed to determine if the modification should be accounted for as an adjustment to an existing contract or as a separate contract. Contract modifications within the Transport segment are generally accounted for as a cumulative catch-up adjustment to existing contracts as they are not distinct from the goods and services within the existing contract.

For Transport segment contracts that include a variable component in the sale price, the Company estimates variable consideration. Variable consideration is included within the contract’s transaction price to the extent it is probable that a significant reversal of revenue will not occur. The Company evaluates its estimates of variable consideration on an ongoing basis and any adjustments are accounted for as changes in estimates in the period identified. Common forms of variable consideration within Transport segment contracts include cost reimbursement contracts that contain incentives, economic price adjustment clauses, customer reimbursement rights and regulatory or customer negotiated penalties tied to contract performance.

The Company recognizes revenue on Transport segment contracts as performance obligations are satisfied and control of the underlying goods and services is transferred to the customer. In making this evaluation, the Transport segment considers contractual terms and whether there is an alternative use for the good or service. Through this process the Company has concluded that substantially all of the Transport segment’s performance obligations, including a majority of performance obligations for aftermarket goods and services, transfer control to the customer over time. For U.S. government and Foreign Military Sale contracts, this determination is supported by the inclusion of clauses within contracts that allow the customer to terminate a contract at the customer's convenience. When these clauses are present, the Company is entitled to compensation for the work performed through the date of notification at a price that reflects actual costs plus a reasonable margin in exchange for transferring its work in process to the customer. For contracts that do not contain termination for convenience provisions, the Company generally transfers control over time as a result of enforceable payment rights and the customized nature of its goods and services, which create assets without an alternative use.

The Transport segment recognizes revenue on its performance obligations that are satisfied over time by measuring progress using the cost-to-cost method of percentage-of-completion because it best depicts the transfer of control to the customer. Under the cost-to-cost method of percentage-of-completion, the Transport segment measures progress based on the ratio of costs incurred to date to total estimated costs for the performance obligations. Due to the size and nature of these contracts, the estimation of total revenues and costs is highly complicated and judgmental. The Company must make assumptions regarding expected increases in wages and employee benefits, productivity and availability of labor, material costs and allocated fixed costs. Each contract is evaluated at contract inception to identify risks and estimate revenue and costs. In performing this evaluation, the Transport segment considers risks of contract performance such as technical requirements, schedule, duration and key contract dependencies. Occasionally, the Company incurs production costs not planned or budgeted, or in excess of its original budget. The Company reviews such costs to determine if they are contributing and/or proportionate to the Company's progress in satisfying the performance obligation. Costs that are contributing but not proportionate to the Company's are reviewed to determine if they represent , which requires significant judgment. Normal

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costs are included in the cost-to-cost method of percentage-of-completion while inefficiencies do not contribute to the Company's progress in satisfying the performance obligation and are expensed as incurred. The above considerations are then factored into the Company’s estimated revenue and costs. If a loss is expected on a performance obligation, the complete estimated loss is recorded in the period in which the loss is identified. The Company recognizes changes in estimated sales or costs and the resulting profit or loss on a cumulative basis.

The Company capitalizes costs of pre-production activities as costs to fulfill a contract are incurred, if such costs generate or enhance resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. The Company has on occasion capitalized costs to fulfill a contract after the performance obligation has begun being satisfied if the fulfillment costs relate to future performance under the performance obligation, and not performance completed to date. The Company amortizes the deferred contract costs over the anticipated production volume of the contract.

Next Generation Delivery Vehicles (NGDV) contract with the United States Postal Service (USPS)

Under the NGDV contract with the USPS, the USPS made advance payments to the Company for pre-production activities, including product engineering, factory setup and development. The Company determined that these activities do not result in the transfer of distinct goods or services to the customer. There is an implicit assumption that without the customer making such advance payments to the Company, the Company would have charged the customer a higher selling price for future sales of goods or services; therefore, these advance payments create a "material right", providing an option for the customer to acquire those future goods or services, at a discount, that are dependent upon the pre-production activities. Revenue allocated to performance obligations that represent a material right for a customer to acquire goods or services at a discount in the future is recognized as those future goods or services are transferred or when the material right expires. Revenue related to material rights is recognized based on a percentage of actual units produced relative to the total number of units for which orders can be placed under the contract.

Assurance Warranty — Provisions for estimated assurance warranties are recorded in cost of sales at the time of sale and are periodically adjusted to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring Company obligations under the warranty plans. Historically, the cost of fulfilling the Company’s warranty obligations has principally involved replacement parts, labor and sometimes travel for any field retrofit campaigns. The Company’s estimates are based on historical experience, the extent of pre-production testing, the number of units involved and the extent of features/components included in product models. Actual warranty claims experience is reviewed quarterly to determine if there are systemic defects that would require a field campaign.

Research and Development and Similar Costs — Except for customer sponsored research and development costs incurred pursuant to contracts (generally with the U.S. Department of Defense (DoD)) or engineering costs incurred pursuant to the NGDV contract with the USPS, research and development costs are expensed as incurred and included in cost of sales. Research and development costs charged to expense totaled $ 173.7 million , $ 169.1 million and $ 133.6 million in 2025, 2024 and 2023 , respectively. Customer sponsored research and development costs incurred pursuant to contracts are accounted for as contract costs.

Advertising — Advertising costs are included in selling, general and administrative expense and are expensed as incurred. These expenses totaled $ 27.9 million , $ 25.7 million and $ 25.8 million in 2025, 2024 and 2023 , respectively.

Debt Financing Costs — Debt issuance costs on term debt are amortized using the effective interest method over the term of the debt. Deferred financing costs on lines of credit are amortized on a straight-line basis over the term of the related line of credit. Amortization expense was $ 1.9 million , $ 1.6 million and $ 1.4 million in 2025, 2024 and 2023 , respectively.

Stock-Based Compensation — The Company recognizes stock-based compensation using the fair value provisions prescribed by Accounting Standards Codification (ASC) Topic 718, Compensation — Stock Compensation . Accordingly, compensation costs for awards of stock-based compensation settled in shares are determined based on the fair value of the share-based instrument at the time of grant and are recognized as expense over the vesting period of the share-based instrument, net of estimated forfeitures. See Note 5 for information regarding the Company’s stock-based incentive plans.

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Income Taxes — Deferred income taxes are provided to recognize temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities using currently enacted tax rates and laws. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred taxes, projected future taxable income and tax planning strategies in making this assessment.

The Company evaluates uncertain income tax positions in a two -step process. The first step is recognition, where the Company evaluates whether an individual tax position has a likelihood of greater than 50 % of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50 % likelihood of being sustained, a tax benefit is not recorded. For tax positions that have met the recognition threshold, the Company performs the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from the Company’s estimates. In future periods, changes in facts and circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur.

Earnings Per Share — Earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. The calculation of diluted earnings per share reflects the effect of stock-based compensation awards, unless the effect of doing so would be antidilutive. The Company uses the treasury stock method to calculate the effect of outstanding stock-based compensation awards.

Fair Value of Financial Instruments — Based on Company estimates, the carrying amounts of cash equivalents, receivables, unbilled receivables, accounts payable and accrued liabilities approximated fair value as of December 31, 2025 and 2024 . See Notes 6, 14, 16, 22 and 23 for additional fair value information.

Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents at December 31, 2025 and December 31, 2024 consisted principally of bank deposits and money market instruments.

Receivables — Receivables consist of amounts billed and currently due from customers. The Company extends credit to customers in the normal course of business and maintains an allowance for estimated losses resulting from the inability or unwillingness of customers to make required payments. The allowance for expected credit losses is based on an estimate of the losses inherent in amounts billed, pools of receivables with similar risk characteristics, existing and future economic conditions, reasonable supportable forecasts that affect the collectability of the related receivable and any specific customer collection issues the Company has identified. Account balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered.

Finance Receivables — Finance receivables represent sales-type leases resulting from the sale of the Company’s products and receivables purchased from lenders pursuant to customer defaults under program agreements with finance companies. Finance receivables originated by the Company generally include a residual value component. Residual values are determined based on the expectation that the underlying equipment will have a minimum fair market value at the end of the lease term. This residual value represents the Company's estimated interest in the underlying equipment at the end of the lease term. The Company uses its experience and knowledge as an original equipment manufacturer and participant in end markets for the related products along with third-party studies to estimate residual values. The Company monitors residual values on a continuous basis and reflects any resulting reductions in value in current earnings.

Unbilled Receivables — Unbilled receivables represent costs incurred and accrued profits for which revenue has been recognized, but for which amounts have not yet been billed to customers. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones (e.g. acceptance of the vehicle) or at periodic intervals. Generally, billing occurs subsequent to revenue recognition, resulting in unbilled receivables. Unbilled

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receivables are classified as current assets and include amounts that may be billed and collected beyond one year due to the long-cycle nature of many of our contracts.

Inventories — Inventories are stated at the lower of cost or net realizable value. Cost has been determined using primarily the first-in, first-out (FIFO) method.

Property, Plant and Equipment — Property, plant and equipment is recorded at cost. Depreciation expense is recognized over the estimated useful lives of the respective assets using straight-line and accelerated methods. The units-of-production depreciation method is also used for certain assets related to the production of delivery vehicles.

The Company's estimated useful lives are as follows:

Years

Land improvements

Buildings

Machinery and equipment

Software and related costs

The Company capitalizes interest on borrowings during the active construction period of major capital projects. All capitalized interest has been added to the cost of the underlying assets and is amortized over the useful lives of the assets.

Goodwill — Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized; however, it is assessed for impairment annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test at the beginning of the fourth quarter of each year. The Company assesses goodwill for impairment by estimating the fair value of the businesses to which the goodwill relates. Estimated cash flows and related goodwill are grouped at the reporting unit level. A reporting unit is an operating segment or, under certain circumstances, a component of an operating segment. When a reporting unit's fair value is less than its carrying value, an impairment loss is recognized for the difference between the fair value of the reporting unit and its carrying value, limited to the carrying value of goodwill.

In assessing goodwill for impairment, it is necessary to estimate the fair value of the reporting units. The Company estimates the fair value of reporting units utilizing the income approach and the market approach. The Company weights the income approach more heavily ( 75 % ) as the Company believes the income approach more accurately considers long-term fluctuations in its markets than the market approach. Under the income approach, the Company determines fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return a market participant would expect to earn. Estimated future cash flows are based on the Company’s internal projection models, industry projections and other assumptions deemed reasonable by management. Rates used to discount estimated cash flows correspond to the Company’s cost of capital, adjusted for risk where appropriate, and are dependent upon interest rates at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Under the market approach, the Company derives the fair value of its reporting units based on revenue and earnings multiples of comparable publicly traded companies. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment may occur in the future. See Note 12 for information regarding the Company’s testing.

Purchased Intangible Assets — At acquisition, the Company estimates and records the fair values of purchased intangible assets, which primarily consist of trade names, customer relationships and technology. The fair values of purchased intangible assets are estimated principally based on projections of cash flows that will arise from identifiable intangible assets of acquired businesses, which include estimates of discount rates, revenue growth rates, EBITDA, royalty rates, customer attrition rates and technology obsolescence rates. Amortizable purchased intangible assets are amortized on a straight-line basis over their estimated useful lives.

Certain of the Company's trade names are considered to be indefinite-lived and therefore are not amortized. Non-amortizable trade names are assessed for impairment annually and as triggering events or “indicators of potential impairment”

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occur. The Company performs its annual impairment test at the beginning of the fourth quarter of each year. The Company assesses the non-amortizable trade names for impairment by estimating their fair values using the “relief-from-royalty” method. When the fair value of the non-amortizable trade name is less than the carrying value of the trade name, an impairment is recognized for the difference between the fair value and the carrying value of the trade name, limited to its carrying value.

Impairment of Other Long-Lived Assets — Property, plant and equipment, right-of-use lease assets and amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, an impairment is recognized for the difference between the fair value and carrying value of the asset or group of assets.

Leases — The Company leases certain real estate, information technology equipment, warehouse equipment, vehicles and other equipment through leases. The Company determines whether an arrangement contains a lease at inception. A lease liability and corresponding right-of-use asset are recognized for qualifying leased assets based on the present value of fixed and certain index-based lease payments at lease commencement. Variable payments, which are generally determined based on the usage rate of the underlying asset, are excluded from the present value of lease payments and are recognized in the period in which the payment is made. To determine the present value of lease payments, the Company uses the stated interest rate in the lease, when available, or more commonly a secured incremental borrowing rate that reflects risk, term and economic environment in which the lease is denominated. The incremental borrowing rate is determined using a portfolio approach based on the current rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company has elected not to separate payments for lease components from payments for non-lease components in contracts that contain both components. Lease agreements may include options to extend or terminate the lease. Those options that are reasonably certain of exercise at lease commencement have been included in the term of the lease used to recognize the right-of-use assets and lease liabilities. The lease terms of the Company’s real estate and equipment leases each extend up to 21 years. The Company has elected not to recognize right-of-use assets or lease liabilities for leases wi th a term of twelve months or less. Expense is recognized on a straight-line basis over the lease term for operating leases and the interest method for finance leases.

Customer Advances — Customer advances include amounts received in advance of the completion of goods or services. Certain advances in the Vocational segment bear interest at fixed rates determined at the time of the advance.

Other Non-current Liabilities — Other non-current liabilities are comprised principally of the portions of the Company’s lease liabilities, unrecognized tax benefits, pension and other post-employment benefit liabilities, accrued warranty and accrued product liability that are not expected to be settled in the subsequent twelve-month period.

Foreign Currency Translation — All balance sheet accounts have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Income statement amounts have been translated using the average exchange rate during the period in which the transactions occurred. Resulting translation adjustments are included in “Other comprehensive income (loss).” Foreign currency transaction gains or losses are included in “Miscellaneous, net” in the Consolidated Statements of Income. The Company recorded a net foreign currency transaction loss of $ 1.9 million and $ 2.8 million in 2025 and 2024, respectively, and a net foreign currency transaction gain of $ 4.7 million in 2023 .

Derivative Financial Instruments — The Company recognizes all derivative financial instruments, such as foreign exchange contracts, in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in equity as a component of comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are initially recorded in other comprehensive income, net of deferred income taxes. Changes in fair value of derivatives not qualifying as hedges are reported in income each period. Cash flows from derivatives that are accounted for

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as cash flow or fair value hedges are included in the Consolidated Statements of Cash Flows in the same category as the item being hedged.

Concentration of Credit Risk — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, trade accounts receivable, unbilled receivables and guarantees of certain customers’ obligations under deferred payment contracts and lease purchase agreements.

The Company maintains cash and cash equivalents, and other financial instruments, with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution.

Concentration of credit risk with respect to trade accounts and finance receivables is limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade accounts receivable and unbilled receivables are with the U.S. government, rental companies globally, municipalities and several large waste haulers in the United States. The Company continues to monitor credit risk associated with its trade receivables.

Concentration of Supply of Labor — At December 31, 2025, approximately 20 % of the Company’s workforce was covered under collective bargaining agreements.

Reclassifications — Certain reclassifications have been made to the prior period financial statements to conform with the 2025 presentation and improve comparability between periods. "Unrealized (gain) loss on investments", which was previously presented as a separate line item within the Consolidated Statements of Cash Flows, is now presented within "Other non-cash adjustments". "Additions to equipment held for rental", which was previously presented within "Other investing activities" within the Consolidated Statements of Cash Flows, is now presented as a separate line item. "Repayments of debt", which was previously presented as a separate line item within the Consolidated Statements of Cash Flows, is now presented within "Other financing activities". "Proceeds from issuance of debt", which was previously presented within "Other financing activities" within the Consolidated Statements of Cash Flows, is now presented as a separate line item.

Recent Accounting Pronouncements — In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The standard requires that public business entities (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items if the effect of those reconciling items is equal to or greater than 5 % of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate. The standard also requires additional disclosures about income taxes paid, the allocation of income or loss from continuing operations disaggregated between domestic and foreign and income tax expense disaggregated by federal, state and foreign. The Company adopted ASU 2023-09 retrospectively for its Annual Report on Form 10-K for the year ended December 31, 2025. The adoption did not have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The Company will be required to adopt ASU 2024-03 for its Annual Report on Form 10-K for the year ended December 31, 2027. The ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The Company will be required to adopt ASU 2025-06 in the first quarter of 2028. The ASU may be applied prospectively, retrospectively or using a modified transition approach. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated financial statements.

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In December 2025, the FASB issued ASU 2025-10, Government Grants – Accounting for Government Grants Received by Business Entities, which establishes guidance for the recognition, measurement and presentation of government grants received by business entities. The standard requires that government grants be recognized when it is probable that the Company will comply with the conditions of the grant and that the grant will be received, and provides models for presenting grants related to assets or income. The ASU also requires enhanced disclosures about the nature and terms of government grants and the financial statement line items affected. The Company will be required to adopt the accounting related to ASU 2025-10 in the first quarter of 2029 and the enhanced disclosure requirements for its Annual Report on Form 10-K for the year ending December 31, 2029. The ASU may be applied prospectively, retrospectively or using a modified retrospective transition approach. The Company is currently evaluating the impact of ASU 2025-10 on its consolidated financial statements .

3. Acquisitions and Divestitures

Acquisition of AUSA

On September 3, 2024, the Company acquired 100 % of AUSACORP S.L. (AUSA), a privately held Spanish manufacturer of wheeled dumpers, rough terrain fo rklifts and telehandlers, for € 103.6 million ($ 114.5 million), net of cash acquired. AUSA is part of the Access segment. The results of AUSA have been included in the Company’s Consolidated Statements of Income from the date of acquisition.

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):

Assets Acquired:

Cash and cash equivalents

Current assets, excluding cash and cash equivalents

Property, plant and equipment

Goodwill

Purchased intangible assets

Other non-current assets

Total assets, excluding cash and cash equivalents

Liabilities Assumed:

Current liabilities

Deferred income taxes

Non-current liabilities

Total liabilities

Net assets acquired

The purchase price, net of cash acquired, was allocated based on the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition with the excess purchase price recorded as goodwill, all of which was allocated to the Access segment. The goodwill is primarily the result of expected synergies, including leveraging JLG's brand, channel, e-commerce platform and parts distribution capabilities to increase both sales in North America and aftermarket part sales globally. Goodwill and purchased intangible assets are not deductible for income tax purposes. Amortization expense of purchased intangible assets is primarily recognized on a straight-line basis. The purchase price allocations were considered final as of March 31, 2025.

Acquisition of AeroTech

On August 1, 2023, the Company acquired 100 % of AeroTech from JBT Corpor ation for $ 804.6 million . AeroTech, a leading provider of aviation ground support products, gate equipment and airport services provided to commercial airlines, airports, air-freight carriers, ground handling customers and the military, is included in the Vocational segment. The results of AeroTech have been included in the Company’s Consolidated Statements of Income from the date of acquisition.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the supplemental consolidated results of the Company for 2023 on an unaudited pro forma basis as if the acquisition of AeroTech had been completed on January 1, 2022 (in millions). The primary adjustments reflected in the unaudited pro forma information related to (1) increase in interest expense for debt used to fund the acquisition and lower interest income due to less cash on hand available to be invested, (2) changes related to purchase accounting primarily related to amortization of purchased intangible assets recorded in conjunction with the acquisition and amortization of the inventory fair value step-up recorded as of the acquisition date, and (3) removal of transaction costs related to the acquisition from 2023. Adjustments to net income have been reflected net of income tax effects. The unaudited pro forma information does not include any anticipated cost savings or other effects of future integration efforts and does not purport to be indicative of results that actually would have been achieved if the operations were combined during the periods presented and is not intended to be a projection. The unaudited pro forma financial information does not reflect any potential cost savings, operating efficiencies, debt pay down, financial synergies or other strategic benefits as a result of the acquisition or any restructuring costs to achieve those benefits.

Year Ended

December 31, 2023

Net sales

Net income

Acquisition of Hinowa

In January 2023, the Company acquired Hinowa S.p.A. (Hinowa), an Italian manufacturer of compact crawler booms and tracked equipment, for € 171.8 million ($ 186.8 million), net of cash acquired. Hinowa is part of the Access segment. The results of Hinowa have been included in the Company’s Consolidated Statements of Income from the date of acquisition.

Divestitures

In March 2023, the Company completed the sale of its rear-discharge concrete mixer business for $ 32.9 million. As the sale price was below the carrying value of the business, a pre-tax loss of $ 13.3 million was recognized in selling, general and administrative expense. The rear-discharge concrete mixer business, which was included in the Vocational segment, had sales of $ 179.5 million in 2022.

In July 2023, the Company completed the sale of its snow removal apparatus business for $ 17.1 million and a pre-tax gain of $ 8.0 million was recognized in selling, general and administrative expense. The snow removal apparatus business, which was included in the Transport segment, had sales of $ 15.3 million in 2022.

4. Revenue Recognition

The Company utilizes the cost-to-cost method of percentage-of-completion to recognize revenue on the majority of its performance obligations that are satisfied over time because it best depicts the transfer of control to the customer. Under the cost-to-cost method of percentage-of-completion, the Company measures progress based on the ratio of costs incurred to date to total estimated costs for the performance obligation. The Company recognizes changes in estimated sales or costs and the resulting profit or loss on a cumulative basis. Contract adjustments represent the cumulative effect of the changes on prior periods. If a loss is expected on a performance obligation, the complete estimated loss is recorded in the period in which the loss is identified.

There is significant judgment involved in estimating costs, particularly in the Transport segment. The Transport segment considers risks of contract performance such as technical requirements, schedule, duration and key contract dependencies. Contract estimates are subject to change throughout the duration of the contract as additional information becomes available that impacts risks and estimated revenue and costs. In addition, as contract modifications such as new orders are received, the additional units are factored into the overall contract estimate of costs and transaction price.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Net contract adjustments impacted the Company’s results as follows (in millions, except per share amounts):

Year Ended December 31,

Net sales

Operating income

Net income

Diluted earnings per share

The Transport segment incurs pre-production engineering, factory setup and other contract fulfillment costs related to products produced for its customers under long-term contracts. A deferred contract cost asset is recognized for costs incurred to fulfill an existing contract or highly-probable anticipated contract if such costs generate or enhance resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. Costs related to customer-owned tooling that will be used in production and for which the customer has provided a non-cancelable right to use the tooling to perform during the contract term are also recognized as a deferred contract cost asset. Deferred contract costs related to the NGDV contract with the USPS are amortized over the anticipated production volume of the NGDV contract. The Company periodically assesses its deferred contract costs for impairment.

Deferred contract costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):

December 31,

Engineering costs

Customer-owned tooling

Factory setup costs

Costs for anticipated contracts

Deferred contract costs

The Company estimates that deferred contract costs exceed future profits on existing orders by approxima tely $ 135 million at December 31, 2025.

Changes in the Company’s deferred contract costs were as follows (in millions):

Year Ended December 31,

Balance at beginning of period

Additions to deferred contract costs

Amortization of deferred contract costs

Impairment of deferred contract costs

Balance at end of period

Disaggregation of Revenue

Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):

Year Ended December 31, 2025

Access

Vocational

Transport

Corporate and Other

Total

Point in time

Over time

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2024

Access

Vocational

Transport

Corporate and Other

Total

Point in time

Over time

Year Ended December 31, 2023

Access

Vocational

Transport

Corporate and Other

Total

Point in time

Over time

See Note 24 for further disaggregated sales information.

Contract Assets and Contract Liabilities

The timing of billing does not always match the timing of revenue recognition. In instances where the Company recognizes revenue prior to billing, the Company records a contract asset (i.e., unbilled receivables). The Company reduces contract assets when the Company has an unconditional right to payment. The Company establishes allowances for expected credit losses. The Company did no t record any losses on unbilled receivables in 2025, 2024 or 2023.

The Company is generally entitled to bill its customers upon satisfaction of its performance obligations, except for its long-term contracts in the Transport segment which typically allow for billing upon acceptance of the finished goods, payments received from customers in advance of performance, payments for rights to purchase future goods and extended warranties that are billed in advance of the warranty coverage period. Customer payment terms generally do not exceed one year. See Note 9 for additional information on the Company’s receivables balances.

With the exception of Pierce in the Vocational segment, the Company’s contracts typically do not contain a significant financing component. Pierce customers earn interest on customer advances at a rate determined in a separate financing transaction between Pierce and the customer at the time of receipt. Interest on customer advances is recorded in “Interest expense” and was $ 51.0 million , $ 39.2 million and $ 25.9 million in 2025, 2024 and 2023, respectively.

In instances where a customer pays consideration in advance or when the Company is entitled to bill a customer in advance of recognizing the related revenue, the Company records a contract liability. The Company reduces contract liabilities when the Company transfers control of the promised goods and services. Contract assets and liabilities are determined on a net basis for each contract.

Contract liabilities consisted of the following (in millions):

December 31,

Customer advances

Other current liabilities

Non-current customer advances

Other non-current liabilities

Total contract liabilities

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Revenue recognized during the period from beginning of the year contract liabilities was as follows (in millions):

Year Ended December 31,

Beginning liabilities recognized in revenue

The Company offers a variety of service-type warranties, including optionally priced extended warranty programs. Outstanding balances related to service-type warranties are included within contract liabilities. Revenue related to service-type warranties is deferred until after the expiration of the standard warranty period. The revenue is then recognized ratably over the term of the service-type warranty period. Changes in the Company’s service-type warranties were as follows (in millions):

Year Ended December 31,

Balance at beginning of period

Deferred revenue for new service warranties

Amortization of service warranty revenue

Foreign currency translation

Balance at end of period

Classification of service-type warranties in the Consolidated Balance Sheets consisted of the following (in millions):

December 31,

Other current liabilities

Other non-current liabilities

Remaining Performance Obligations

As of December 31, 2025, the Company had unsatisfied performance obligations for contracts with an original duration greater than one year totaling $ 12.4 billion , of which $ 4.8 billion is expected to be satisfied and recognized in revenue in 2026, $ 4.6 billion is expected to be satisfied and recognized in revenue in 2027 and $ 3.0 billion is expected to be satisfied and recognized in revenue beyond 2027.

5. Stock-Based Compensation

In May 2024, the Company's shareholders approved the 2024 Incentive Stock and Awards Plan (the "2024 Stock Plan"). The 2024 Stock Plan replaced the 2017 Incentive Stock Awards Plan (as amended, the "2017 Stock Plan"). While no new awards will be granted under the 2017 Stock Plan, awards previously made under that plan that were outstanding as of the approval date of the 2024 Stock Plan will remain outstanding and continue to be governed by the provisions of that plan. At December 31, 2025, the Company had reserved 3,236,667 shares of Common Stock available for issuance to provide for the issuance of Common Stock under incentive compensation awards and the exercise of outstanding stock options, with 2,225,518 shares remaining available for issuance.

Under the 2024 Stock Plan, officers, directors, including non-employee directors, and employees of the Company may be granted stock options, stock appreciation rights, performance shares, performance units, shares of Common Stock, restricted stock, restricted stock units (RSU) or other stock-based awards. The 2024 Stock Plan provides for the granting of options to purchase shares of Common Stock at not less than the fair market value of such shares on the date of grant. The market value of restricted stock unit awards are determined based on the closing market price of Common Stock on the date of grant. Except to the extent vesting is accelerated upon early retirement and except for performance shares and performance units, vesting is based solely on continued service as an employee of the Company. The Company recognizes stock-based compensation expense over the requisite service period for vesting of an award, or to an employee’s eligible retirement date, if earlier and applicable.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Total stock-based compensation expense was as follows (in millions):

Year Ended December 31,

Stock awards

Performance share awards

Other stock-based compensation

Total stock-based compensation expense

Income tax benefit recognized for stock-based compensation

Stock-based compensation expense, net of tax

Stock Awards — A summary of the Company’s stock award activity (including shares and units) is as follows:

Year Ended December 31,

Number of Shares

Weighted-

Average

Grant Date

Fair Value

Number of Shares

Weighted-

Average

Grant Date

Fair Value

Number of Shares

Weighted-

Average

Grant Date

Fair Value

Nonvested, beginning of period

Granted

Forfeited

Vested

Nonvested, end of period

Stock awards generally vest ratably over a three-year service period following the grant date. The total fair value of shares vested was $ 30.2 million , $ 24.9 million and $ 18.4 million in 2025, 2024 and 2023, respectively. The actual income tax benefit realized totaled $ 4.8 million , $ 3.7 million and $ 2.8 million in 2025, 2024 and 2023, respectively.

As of December 31, 2025, total unrecognized compensation cost related to stock awards was $ 17.8 million , net of estimated forfeitures, which the Company expects to be recognized over a weighted-average period of 2.1 years.

Performance Share Awards — A summary of the Company’s performance share awards activity is as follows.

Year Ended December 31,

Number of Shares

Weighted-

Average

Grant Date

Fair Value

Number of Shares

Weighted-

Average

Grant Date

Fair Value

Number of Shares

Weighted-

Average

Grant Date

Fair Value

Nonvested, beginning of period

Granted

Forfeited

Performance adjustments

Vested

Nonvested, end of period

Performance share awards generally vest after a three-year service period following the grant date. Performance shares vest under three separate sets of measurement criteria. The first type vest only if the Company’s total shareholder return (TSR) over the three-year term of the awards compares favorably to that of a comparator group of companies. The second type vest only if the Company’s return on invested capital (ROIC) over the vesting period compares favorably to that of a comparator group of companies. The third type vest only if the Company’s actual results for Diversity, Equity and Inclusion and Environmental, Social and Governance (DEI/ESG) measures compare favorably to the targets set by the Company.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Potential payouts range from zero to 200 % of the target awards and changes from target amounts are reflected as performance adjustments. Actual payouts for TSR performance shar e awards vesting were 163 % , 65 % and 108 % of target levels in 2025, 2024 and 2023, respectively. Actual payout for ROIC performance share awards vesting were 168 % , 138 % and 129 % of target levels in 2025, 2024 and 2023 , respectively. The first vesting of DEI/ESG awards occurred in 2024. No DEI/ESG awards were earned in 2025. DEI/ESG awards vested at 67 % of target in 2024.

The total fair value of performance shares vested was $ 8.9 million , $ 5.1 million and $ 5.1 million in 2025, 2024 and 2023, respectively. The actual income tax benefit realized totaled $ 0.2 million , $ 0.1 million and $ 0.3 million in 2025, 2024 and 2023, respectively.

As of December 31, 2025, the Company had $ 10.2 million of unrecognized compensation expense related to performance share awards, which will be recognized over a weighted-average period of 1.7 years.

The grant date fair values of the TSR performance share awards were estimate d using a Monte Carlo simulation model utilizing the following weighted-average assumptions:

Year Ended December 31,

Total Shareholder Return Performance Shares Granted During

Weighted-average fair value

Assumptions:

Expected term (in years)

Expected volatility

Risk-free interest rate

The Company used its historical stock prices as the basis for the Company’s volatility assumption. The assumed risk-free interest rates were based on U.S. Treasury rates at the time of grant. The expected term was based on the vesting period.

The grant date fair values of the ROIC and DEI/ESG awards were determined based on the Company’s stock price at the time of the grant and the anticipated awards expected to vest. Compensation expense is recorded ratably over the vesting period based on the amount of award that is expected to be earned under the plan formula, adjusted each reporting period based on current information.

Stock Options — No stock options were granted during 2025, 2024 or 2023. A summary of the Company’s stock option activity is as follows:

Year Ended December 31, 2025

Options

Weighted-Average

Exercise Price

Weighted Average Remaining Contractual Life

Aggregate Intrinsic Value (a)

(in millions)

Outstanding and exercisable, beginning of period

Exercised

Outstanding and exercisable, end of period

3.3 years

A ggregate intrinsic value represents the total pre-tax intrinsic value (difference between the Company’s closing stock price on the last trading day of 2025 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2025 .

The total intrinsic value of options exercised was $ 4.0 million , $ 2.0 million and $ 3.1 million in 2025, 2024 and 2023, respectively. The actual income tax benefit realized totaled $ 0.7 million , $ 0.3 million and $ 0.6 million in 2025, 2024 and 2023, respectively.

Other Stock-based Compensation — Other stock-based compensation primarily consists of cash-settled RSUs. The Company granted a total of 7,942 , 7,333 and 8,860 cash-settled RSUs in 2025, 2024 and 2023, respectively. Each RSU award provides recipients the right to receive cash equal to the value of a share of Common Stock at predetermined vesting dates.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Compensation expense for cash-settled RSUs is remeasured at each reporting period and is recognized as an expense over the requisite service period. The total value of cash-settled RSUs vested was $ 0.8 million , $ 0.5 million and $ 0.9 million in 2025, 2024 and 2023, respectively .

6. Employee Benefit Plans

Defined Benefit Plans — Oshkosh Defense and Pierce sponsor defined benefit pension plans for certain employees. Benefits are based primarily on years of service and a benefit dollar multiplier. The Company periodically amends the plans, including changing the benefit dollar multipliers. As of December 2012, salaried participants in the Pierce pension plan no longer receive service credit other than for vesting purposes. In December 2013, the Pierce pension plan was amended to close participation in the plan for new production employees. In October 2016, the Oshkosh Defense hourly defined benefit pension plan was closed to new production employees.

JLG sponsors a defined benefit pension plan for certain employees in the United Kingdom. The Company entered into an insurance contract with a third-party insurer, under which the plan retains full legal responsibility for paying benefits to participants. The related benefit obligation has not been transferred to the insurer and the insurance contract is recognized as a plan asset.

Supplemental Executive Retirement Plans (SERP) — The Company maintains nonqualified defined benefit and defined contribution SERPs for certain executive officers of Oshkosh and its subsidiaries. A trust has been established to fund the obligations under the Oshkosh SERP. As of December 31, 2025, the trust held assets of $ 11.0 million , which are included in “Other current assets” and “Other non-current assets” in the Consolidated Balance Sheets. The trust assets are subject to claims of the Company’s creditors. The Company made contributions to the Oshkosh SERP of $ 0.6 million , $ 1.0 million and $ 0.4 million in 2025, 2024 and 2023, respectively.

Post-employment Benefit Plans — Oshkosh and certain of its subsidiaries sponsor multiple post-employment benefit plans for Oshkosh Defense, JLG, and Kewaunee hourly employees, retirees and their spouses. The plans generally provide health benefits based on years of service and date of birth. These plans are unfunded.

Determination of defined benefit pension and post-employment benefit plan obligations and their associated expenses requires the use of actuarial valuations to estimate the benefits that employees earn while working, as well as the present value of those benefits. The Company uses the services of independent actuaries to assist with these calculations. The Company determines the discount rate used each year based on the rate of return currently available on a portfolio of high-quality fixed-income investments with a maturity that is consistent with the projected benefit payout period. The Company’s long-term rate of return on assets is based on consideration of historical and forward-looking returns and the current asset allocation strategy. The plans’ expected returns on assets are based on the plans’ historical returns and expected returns for the asset classes in which the plans are invested.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Changes in benefit obligations and plan assets, as well as the funded status of the Company’s defined benefit pension plans were as follows (in millions):

Year Ended December 31,

Accumulated benefit obligation at end of period

Change in projected benefit obligation:

Benefit obligation at beginning of period

Service cost

Interest cost

Actuarial loss (gain)

Benefits paid

Currency translation adjustments

Benefit obligation at end of period

Change in plan assets:

Fair value of plan assets at beginning of period

Actual return on plan assets

Company contributions

Expenses paid

Benefits paid

Currency translation adjustments

Fair value of plan assets at end of period

Funded status of plans - at end of period

December 31,

Recognized in consolidated balance sheet at end of period:

Prepaid benefit cost (non-current asset)

Accrued benefit liability (current liability)

Accrued benefit liability (non-current liability)

December 31,

Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes):

Net actuarial loss

Prior service cost

December 31,

Weighted-average assumptions as of end of period:

Discount rate

Expected return on plan assets

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Pension benefit plans with accumulated benefit obligations in excess of plan assets consisted of the following (in millions):

December 31,

Projected benefit obligation

Accumulated benefit obligation

Fair value of plan assets

Changes in benefit obligations and plan assets, as well as the funded status of the Company’s post-employment benefit plans were as follows (in millions):

Year Ended December 31,

Accumulated benefit obligation at end of period

Change in projected benefit obligation:

Benefit obligation at beginning of period

Service cost

Interest cost

Actuarial loss (gain)

Benefits paid

Benefit obligation at end of period

Change in plan assets:

Company contributions

Benefits paid

Fair value of plan assets at end of period

Funded status of plans - at end of period

December 31,

Recognized in consolidated balance sheet at end of period:

Accrued benefit liability (current liability)

Accrued benefit liability (non-current liability)

December 31,

Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes):

Net actuarial loss (gain)

Prior service benefit

December 31,

Weighted-average assumptions as of end of period:

Discount rate

Expected return on plan assets

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

The components of net periodic pension benefit cost and net periodic post-employment benefit cost were as follows (in millions):

Pension Benefits

Year Ended December 31,

Components of net periodic pension benefit cost:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net actuarial gain

Expenses paid

Net periodic pension benefit cost

Other changes in plan assets and benefit obligations recognized in other comprehensive income:

Net actuarial gain

Amortization of prior service cost

Amortization of net actuarial gain

Weighted-average assumptions:

Discount rate

Expected return on plan assets

Post-Employment Benefits

Year Ended December 31,

Components of net periodic post-employment benefit cost:

Service cost

Interest cost

Amortization of prior service cost

Amortization of net actuarial gain

Net periodic post-employment benefit cost

Other changes in plan assets and benefit obligations recognized in other comprehensive income:

Net actuarial (gain) loss

Amortization of prior service cost

Amortization of net actuarial gain

Weighted-average assumptions:

Discount rate

Expected return on plan assets

Components of net periodic benefit cost other than “Service cost” and “Expenses paid” are included in “Miscellaneous, net” in the Consolidated Statements of Income.

Amounts expected to be recognized in pension benefit costs during 2026 included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheet at December 31, 2025 are prior service costs of $ 1.6 million ( $ 1.2 million net of tax) and unrecognized net actuarial gains of $ 5.7 million ( $ 4.4 million net of tax).

The Company’s policy is to fund the pension plans in amounts that comply with contribution limits imposed by law. The Company expects to make contributions to its pension plans of approximately $ 5 million in 2026.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

The Company’s Board of Directors has appointed an Investment Committee (Committee), which consists of members of management, to manage the investment of the Company’s pension plan assets. The Committee has established and operates under an Investment Policy. The Committee determines the asset allocation and target ranges based upon periodic asset/liability studies and capital market projections. The Committee retains external investment managers to invest the assets and an adviser to monitor the performance of the investment managers. The Investment Policy prohibits certain investment transactions, such as commodity contracts, margin transactions, short selling and investments in Company securities, unless the Committee gives prior approval.

The weighted average of the Company’s pension plan asset allocations and target allocations at December 31, 2025 by asset category for the Company's pension plans managed by the Committee, were as follows:

Target %

Actual

Asset Category:

Fixed income

Large-cap equity

Mid-cap equity

Small-cap equity

Other

The Company’s pension plan investment strategy is based on an expectation that, over time, equity securities will provide higher returns than debt securities. The plans primarily minimize the risk of larger losses under this strategy through diversification of investments by asset class, by investing in different styles of investment management within the classes and using several investment managers.

The fair value of plan assets by major category and level within the fair value hierarchy was as follows (in millions):

Quoted Prices for Identical

Assets

(Level 1)

Significant

Other

Observable

Inputs

(Level 2)

Significant

Unobservable

Inputs

(Level 3)

Total

December 31, 2025

Common stocks

U.S. companies (a)

International companies (b)

Mutual funds (a)

Money market funds (c)

Insurance contract (d)

Investments measured at net asset value (NAV) (e)

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Quoted Prices for Identical

Assets

(Level 1)

Significant

Other

Observable

Inputs

(Level 2)

Significant

Unobservable

Inputs

(Level 3)

Total

December 31, 2024

Common stocks

U.S. companies (a)

International companies (b)

Mutual funds (a)

Government and agency bonds (f)

Corporate bonds and notes (g)

Money market funds (c)

Other

Investments measured at net asset value (NAV) (e)

Primarily valued using a market approach based on the quoted market prices of identical instruments that are actively traded on public exchanges.

Valuation model looks at underlying security “best” price, exchange rate for underlying security’s currency against the U.S. dollar and ratio of underlying security to American depository receipt.

These investments largely consist of short-term investment funds and are valued using a market approach based on the quoted market prices of identical instruments.

This investment consisted of an insurance contract with a third-party insurer valued on an insurer pricing basis updated for changes in market rates.

These investments consist of common collective trusts that are valued based on NAV. NAV is based on the fair value of each fund's underlying investments. In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

These investments consist of debt securities issued by the U.S. Treasury, U.S. government agencies and U.S. government-sponsored enterprises and have a variety of structures, coupon rates and maturities. These investments are considered to have low default risk as they are guaranteed by the U.S. government. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.

These investments consist of debt obligations issued by a variety of private and public corporations. These are investment grade securities which historically have provided a steady stream of income. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.

Changes in Level 3 plan assets were as follows (in millions):

Year Ended December 31,

Fair value at beginning of year

Net realized and unrealized losses

Assets purchased

Foreign currency translation

Fair value at end of year

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

The Company’s estimated future benefit payments under Company sponsored plans were as follows (in millions):

Pension Benefits

Post-Employment

Year Ending December 31,

Qualified

Non-Qualified

Benefits

Multi-Employer Pension Plans — The Company participates in the Boilermaker-Blacksmith National Pension Trust (Employer Identification Number 48-6168020 ) and Eastern Atlantic States Carpenters Pension Fund (Employer Identification Number 23-1613018 ) multi-employer defined benefit pension plans related to certain collective bargaining employees. The Company’s contributions and pension benefits payable under these plans and the administration of the plans are determined by the terms of the related collective-bargaining agreements, which expire in May 2027 and November 2031 , respectively.

Multi-employer plans pose different risks to the Company than single-employer plans in the following respects:

1. The Company’s contributions to multi-employer plans may be used to provide benefits to all participating employees of the program, including employees of other employers.

2. In the event that another participating employer ceases contributions to a multi-employer plan, the Company may be responsible for any unfunded obligations along with the remaining participating employers.

3. If the Company chooses to withdraw from a multi-employer plan, the Company may be required to pay a withdrawal liability based on the underfunded status of the plan at that time.

The plan-certified zone status (as defined by the Pension Protection Act of 2006) for the Boilermaker-Blacksmith National Pension Trust has been Red since January 2023 . Accordingly, the plan has implemented a financial improvement plan. The zone status for the Eastern Atlantic States Carpenters Pension Fund was Green as of December 31, 2024 . The Company’s contributions to either of the multi-employer plans did not exceed 5% of the total plan contributions . The Company made contributions to these plans of $ 3.1 million , $ 2.4 million and $ 1.6 million in 2025, 2024 and 2023, respectively.

401(k) and Defined Contribution Pension Replacement Plans — The Company has defined contribution 401(k) plans for substantially all domestic employees. The plans allow employees to defer 2 % to 100 % of their income on a pre-tax basis. Each employee who elects to participate is eligible to receive Company matching contributions, which are based on employee contributions to the plans, subject to certain limitations. For certain businesses, in addition to matching contributions, the company also contributes between 2 % and 6 % of an employee’s base pay, depending on age. Amounts expensed for Company matching and non-elective contributions were $ 68.1 million , $ 61.2 million and $ 58.7 million in 2025, 2024 and 2023 , respectively.

7. Income Taxes

Pre-tax income was taxed in the following jurisdictions (in millions):

Year Ended December 31,

Domestic

Foreign

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Significant components of the provision for income taxes were as follows (in millions):

Year Ended December 31,

Allocated to Income Before Losses of Unconsolidated Affiliates

Current:

Federal

Foreign

State

Total current

Deferred:

Federal

Foreign

State

Total deferred

Allocated to Other Comprehensive Income (Loss)

Deferred federal, state and foreign

The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense was:

Year Ended December 31,

Effective Rate Reconciliation:

U.S. federal tax rate

State income taxes, net

Foreign tax effects

Effects of current-period tax law changes

Effects of cross-border tax laws

Tax credits

Changes in valuation allowances

Nontaxable or nondeductible items

Changes in unrecognized tax benefits

Other adjustments

In 2025, state taxes in California, Florida, Maryland, New Jersey, New York and Pennsylvania made up the majority of the state income tax. In 2024, state taxes in California, Florida, Georgia, Michigan, New York, Pennsylvania and Texas made up the majority of the state income tax. In 2023, state taxes in California, Colorado, Michigan, New Jersey, Pennsylvania and Wisconsin made up the majority of the state income tax.

Cash paid for income taxes, net of refunds was as follows (in millions):

Year Ended December 31,

Federal

State

Foreign

Cash paid for income taxes, net of refunds

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Cash paid for income taxes, net of refunds includes cash paid for the purchase of transferable tax credits of $ 10.2 million , $ 68.3 million and $ 6.8 million in 2025, 2024 and 2023, respectively. No state or foreign jurisdictions exceeded 5% of total income taxes paid, net of refunds.

Deferred income tax assets and liabilities were comprised of the following (in millions):

December 31,

Deferred tax assets:

Customer advances

Research and development

Losses and credits

Inventories

Employee benefit plans

Payroll-related obligations

Accrued warranties

Other

Gross deferred tax assets

Less valuation allowance

Deferred tax assets, net

Deferred tax liabilities:

Property, plant and equipment

Intangible assets

Other

Deferred tax liabilities

Net deferred tax asset

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States. The OBBBA includes provisions to expense previously deferred domestic research and development costs, increase bonus depreciation and modify the international tax framework. The changes to the deferred taxes for "research and development" and "property, plant, and equipment" reflect the impacts resulting from OBBBA.

The net deferred tax asset is classified in the Consolidated Balance Sheets as follows (in millions):

December 31,

Non-current net deferred tax asset

Non-current net deferred tax liability

Net deferred tax asset

As of December 31, 2025, the Company had $ 26.4 million of net operating loss carryforwards available to reduce future taxable income of certain foreign subsidiaries in countries which allow such losses to be carried forward anywhere from five years to an unlimited period. In addition, the Company had $ 156.0 million of state net operating loss carryforwards, which can be carried forward anywhere from fifteen years to an unlimited period and state credit carryforwards of $ 35.0 million , which are subject to expiration in 2029 to 2039 . Deferred tax assets for foreign net operating loss carryforwards, state net operating loss carryforwards, state tax credit carryforwards and foreign tax credit carryforwards were $ 6.7 million , $ 7.9 million , $ 22.5 million and $ 15.1 million , respectively, as of December 31, 2025. Amounts are reviewed for recoverability based on historical taxable income, the expected reversals of existing temporary differences, tax-planning strategies and projections of future taxable income. The Company maintains valuation allowances against domestic deferred tax assets, state tax credit carryforwards, foreign net deferred tax assets, including net operating losses, and foreign tax credit deferred tax assets of $ 2.4 million , $ 0.2 million , $ 7.1 million and $ 11.7 million , respectively, as of December 31, 2025.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

At December 31, 2025, the Company had undistributed earnings of $ 523.4 million from its investment in non-U.S. subsidiaries. The Company has not recognized deferred tax liabilities for temporary differences related to certain of the Company’s foreign operations as the Company considers that a portion of its undistributed earnings in those subsidiaries are intended to be indefinitely reinvested. Should the Company’s undistributed earnings from its investment in those non-U.S. subsidiaries be distributed in the future in the form of dividends or otherwise, the Company may be subject to foreign and domestic income taxes and withholding taxes estimated at $ 27.4 million, including the impact of the regulations discussed below.

On August 21, 2020, the U.S. Treasury Department and the U.S. Internal Revenue Service (IRS) released final regulations related to the Tax Reform Act (the “tax regulations”) and the foreign dividends received deduction and global intangible low-taxed income. The tax regulations contained language that modified certain provisions of the Tax Reform Act and previously issued guidance and are effective retroactively to the Company’s fiscal 2018 tax year and purport to cause certain intercompany transactions the Company engaged in during 2018 to produce U.S. taxable income upon a subsequent distribution from a controlled foreign corporation. The Company has analyzed the tax regulations and concluded that the U.S. Treasury Department exceeded regulatory authority and that the tax regulations are contrary to the congressional intent of the underlying statute. The Company believes it has strong arguments in favor of its position and that it has met the more likely than not recognition threshold that its position will be sustained. The Company intends to vigorously defend its position, however, due to the uncertainty involved in challenging the validity of regulations as well as a potential process, there can be no assurances that the tax regulations will be , modified or that a court of law will rule in favor of the Company. An resolution of this issue would result in $ 19.2 million of tax liability if the Company were to distribute the earnings to the United States, which is included in the $ 27.4 million withholding tax above.

A reconciliation of gross unrecognized tax benefits, excluding interest and penalties, was as follows (in millions):

Year Ended December 31,

Balance at beginning of period

Additions for tax positions related to current year

Additions for tax positions related to prior years

Reductions for tax positions related to prior years

Settlements with taxing authority

Foreign currency translation

Lapse of statutes of limitations

Balance at end of period

Settlement with taxing authorities in 2025 related to the resolution of a multi-year federal income tax audit. As of December 31, 2025, net unrecognized tax benefits, excluding interest and penalties, of $ 34.2 million would affect the Company’s effective tax rate if recognized. The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Consolidated Statements of Income. The Company recognized income of $ 3.3 million , expense of $ 4.0 million and income of $ 0.3 million in 2025, 2024 and 2023, respectively, related to interest and penalties on unrecognized tax benefits. The Company had accruals for the payment of interest and penalties of $ 8.6 million and $ 11.8 million at December 31, 2025 and 2024, respectively.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

The Company files federal income tax returns, as well as multiple state, local and non-U.S. jurisdiction tax returns. The Company is regularly audited by federal, state and foreign tax authorities. As of December 31, 2025, tax years open for examination under applicable statutes were as follows:

Tax Jurisdiction:

Open Tax Years

Australia

Belgium

Brazil

Canada

China

Mexico

Netherlands

United Kingdom

Other Non-U.S. Countries

United States (federal general)

United States (state and local)

8. Earnings Per Sh are

The following are the computations for basic and diluted earnings per share (in millions, except share and per share amounts):

Year Ended December 31,

Net income

Weighted-average common shares outstanding:

Basic

Dilutive equity-based compensation awards

Diluted

Earnings per common share:

Basic

Diluted

Shares not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive w ere 98,767 , 23,798 and 50,337 in 2025, 2024 and 2023 , respectively.

9. Receivables

Receivables consisted of the following (in millions):

December 31,

Trade receivables - U.S. government

Trade receivables - other

Finance receivables

Other receivables

Total receivables, gross

Less allowance for doubtful accounts

Total receivables, net

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Classification of receivables in the Consolidated Balance Sheets consisted of the following (in millions):

December 31,

Current receivables

Non-current receivables

Total receivables, net

Changes in the Company’s allowance for doubtful accounts were as follows (in millions):

Year Ended December 31,

Allowance at beginning of period

Provision for doubtful accounts, net of recoveries

Charge-off of accounts

Foreign currency translation

Allowance at end of period

10. Inventories

Inventories consisted of the following (in millions):

December 31,

Raw materials

Work in process

Finished products

Total inventories

11. Property, Plant and Equipment

Property, plant and equipment consisted of the following (in millions):

December 31,

Land and land improvements

Buildings

Machinery and equipment

Software and related costs

Construction in progress

Property, plant and equipment, gross

Less accumulated depreciation

Property, plant and equipment, net

Depreciation expense was $ 140.7 million , $ 115.0 million and $ 103.2 million in 2025, 2024 and 2023 , respectively.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

12. Goodwill and Purchased Intangible Assets

The following table presents changes in goodwill by segment (in millions):

Access

Vocational

Corporate and Other

Total

Net goodwill at December 31, 2023

Acquisitions

Impairment

Foreign currency translation

Net goodwill at December 31, 2024

Impairment

Foreign currency translation

Net goodwill at December 31, 2025

See Note 3 for additional information regarding goodwill related to acquisitions.

The following table presents details of the Company’s goodwill by segment (in millions):

December 31, 2025

December 31, 2024

Gross

Accumulated

Impairment

Net

Gross

Accumulated

Impairment

Net

Access

Vocational

Corporate and other

The Company recorded goodwill impairment charges of $ 5.7 million and $ 38.7 million in 2025 and 2024, respectively. Impairment charges are recorded within "Intangible asset impairments" in the Consolidated Statements of Income. In 2024, the Company recorded an impairment charge related to Pratt Miller goodwill as a result of unfavorable performance compared to forecast and adverse market conditions related to mobility and motorsports. During the second quarter of 2025, the Company impaired the remaining Pratt Miller goodwill as changes to royalties expected on defense contracts led to a further decline in the Company's expectations of future performance. A combination of the income and market approaches were used to calculate the fair values of the reporting unit, weighted consistently with the Company’s annual impairment test.

The Company performed its annual impairment review relative to goodwill and indefinite-lived intangible assets (non-amortizable trade names) as of October 1, 2025. To derive the fair value of its reporting units, the Company utilized both the income and market approaches. For the annual impairment testing, the Company used a discount rate, depending on the reporting unit, of 11.5 % to 15.0 % ( 13.0 % to 17.0 % at October 1, 2024) and a terminal growth rate of 3.0 % ( 3.0 % at October 1, 2024). Under the market approach, the Company derived the fair value of its reporting units based on revenue and earnings multiples of comparable publicly traded companies. As a corroborative source of information, the Company reconciles its estimated fair value to within a reasonable range of its market capitalization, which includes an assumed control premium (an adjustment reflecting an estimated fair value on a controlling basis), to verify the reasonableness of the fair value of its reporting units obtained through the aforementioned methods. The control premium is estimated based upon control premiums observed in comparable market transactions. To derive the fair value of its trade names, the Company utilized the “relief-from-royalty” ap proach. The Company’s annual impairment assessment indicated that no further impairments to goodwill or indefinite-lived intangible assets were required. The estimated fair value exceeded the carrying value by more than 10 % for all of the Company's reporting units. Changes in estimates or the application of alternative assumptions could have produced significantly different results.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

At December 31, 2025, approximately 78 % of the Company’s goodwill and indefinite-lived intangible assets were concentrated within JLG. Assumptions utilized in the impairment analysis are highly judgmental. While the Company currently believes that an impairment of intangible assets within JLG is unlikely, events and conditions that could result in the impairment of these intangibles include a sharp prolonged decline in economic conditions, significantly increased pricing pressure on related margins or other factors leading to reductions in expected long-term sales or profitability.

Details of the Company’s purchased intangible assets are as follows (in millions):

December 31, 2025

December 31, 2024

Weighted-

Average

Life

Gross

Accumulated

Amortization

Net

Gross

Accumulated

Amortization

Net

Amortizable intangible assets:

Customer relationships

Trade names

Technology-related

Distribution network

Other

Non-amortizable trade names

In 2024, t he Company recorded impairment charges for Pratt Miller's trade name and customer relationship intangible assets of $ 8.8 million and $ 4.1 million, respectively. These charges were recorded within "Intangible asset impairments" in the Consolidated Statements of Income.

Amortization of purchased intangible assets was $ 59.7 million (including $ 4.6 million recognized in "Cost of sales" in the Consolidated Statements of Income), $ 64.9 million (including $ 10.2 million that was recognized in "Cost of sales" in the Consolidated Statements of Income) and $ 41.7 million (including $ 8.9 million that was recognized in "Cost of sales" in the Consolidated Statements of Income) in 2025, 2024 and 2023, respectively.

Estimated future amortization expense for purchased intangible assets for the next five years is as follows (in millions):

Years:

13. Leases

The components of lease costs were as follows (in millions):

Year Ended December 31,

Operating lease cost

Finance lease cost - amortization

Finance lease cost - interest

Variable lease cost

Short-term lease cost

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Supplemental information related to leases was as follows (in millions, except term and rate amounts):

December 31, 2025

December 31, 2024

Balance Sheet Classification

Operating leases

Finance leases

Total

Operating leases

Finance leases

Total

Lease right of use assets

Other non-current assets

Current lease liabilities

Other current liabilities

Non-current lease liabilities

Other non-current liabilities

Weighted average remaining lease term

6.1 years

4.8 years

6.4 years

5.2 years

Weighted average discount rates

The supplemental cash flow information related to leases is as follows (in millions):

Year Ended December 31,

Cash paid for amounts included in the measurement of lease liabilities:

Cash paid for operating lease liabilities

Cash paid for finance lease liabilities

Right of use assets obtained in exchange for lease liabilities:

Operating leases

Finance leases

The table below presents the right-of-use asset balance for leases disaggregated by type of lease (in millions):

December 31,

Operating leases:

Real estate leases

Equipment leases

Finance leases:

Real estate leases

Equipment leases

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Maturities of lease liabilities at December 31, 2025 and minimum payments for leases having initial non-cancelable terms in excess of one year were as follows (in millions):

Amounts due in:

Operating leases

Finance leases

Total

Thereafter

Total lease payments

Less: imputed interest

Present value of lease liability

14. Investments in Unconsolidated Affiliates

Equity method investments — Investments in equity securities where the Company’s ownership interest exceeds 20 % and the Company does not have a controlling interest or where the ownership is less than 20 % and for which the Company has significant influence are accounted for using the equity method. Investments in limited partnerships or limited liability companies that maintain separate ownership accounts are also accounted for using the equity method unless the Company's interest is so minor that it has virtually no influence over the investee's operating and financial policies.

Investments in unconsolidated affiliates accounted for under the equity method consisted of the following (in millions):

December 31,

Ownership %

AutoTech Fund II, L.P.

AutoTech Fund III, L.P.

BME Fire Trucks LLC

Carnegie Foundry LLC

Construction Robotics, LLC

Eatron Technologies

Forterra

Lixo SAS

Westly Capital Partners Fund IV, L.P.

Recorded investments generally represent the Company’s maximum exposure to loss as a result of the Company’s ownership interest. Earnings or losses are reflected in “Losses of unconsolidated affiliates” in the Consolidated Statements of Income. Due to the timing and availability of information, earnings or losses from unconsolidated affiliates accounted for using the equity method are recorded on a three-month lag.

I n 2024, the Company recorded an impairment related to its investment in Forterra of $ 6.6 million . In 2025, following a financing transaction in which the Company did not participate, the Company determined it no longer had significant influence over the investee and changed the accounting method from the equity method to the cost method. During 2023, the Company sold its interest in a joint venture in Mexico which resulted in a charge of $ 7.8 million.

Investments in equity securities — Investments in equity securities where the Company does not have a controlling interest or significant influence are recorded at fair value to the extent it is readily determinable. Investments in equity securities without a readily determinable fair value are recorded at cost and adjusted for any impairments and any observable price changes in orderly transactions for the identical or a similar investment of the same issuer should they occur. Gains or losses are reflected in “Miscellaneous, net” in the Consolidated Statements of Income.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Investments in unconsolidated affiliates not accounted for under the equity method with a readily determinable fair value consisted of the following (in millions):

December 31,

Cost basis

Unrealized loss

Fair value

Investments in unconsolidated affiliates not accounted for under the equity method without a readily determinable fair value consisted of the following (in millions):

December 31,

Cost basis

Accumulated impairments and adjustments

Carrying value

15. Other Non-Current Assets

Other non-current assets consisted of the following (in millions):

December 31,

Lease right of use assets (See Note 13)

Prepaid benefit cost (See Note 6)

Investments in affiliates (See Note 14)

Non-current finance receivables, net

Rabbi trust, less current portion

Other

Other non-current assets

The rabbi trust holds investments to fund certain of the Company's obligations under its supplemental executive retirement plan. Rabbi trust assets include investments in money market and mutual funds and are subject to claims of the Company's creditors.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

16. Debt

The Company was obligated under the following debt instruments (in millions):

December 31,

4.600 % Senior notes due May 2028

3.100 % Senior notes due March 2030

Term loan due March 2027

Other long-term debt

Total long-term debt

Current maturities of long-term debt

Debt issuance costs

Total long-term debt, less current maturities (net of debt issuance costs)

Revolving credit facilities

Current maturities of long-term debt

Total revolving credit facilities and current maturities of long-term debt

In March 2022, the Company entered into a Third Amended and Restated Credit Agreement with various lenders (as amended, the “Credit Agreement”). The Credit Agreement provides for an unsecured revolving credit facility (the “Revolving Credit Facility”) with a maximum aggregate availability of $ 1.55 billion that matures in March 2027 . At December 31, 2025, specified outstanding letters of credit of $ 35.3 million reduced available capacity under the Revolving Credit Facility to $ 1.51 billion .

Under the Credit Agreement, the Company is obligated to pay (i) an unused commitment fee ranging from 0.080 % to 0.225 % per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.438 % to 1.500 % per annum of the maximum amount available to be drawn for each letter of credit issued and outstanding under the Credit Agreement.

Borrowings under the Credit Agreement bear interest for dollar-denominated loans at a variable rate equal to (i) Term SOFR (the forward-looking secured overnight financing rate) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied, or (ii) the base rate (which is the highest of (x) Bank of America, N.A.’s prime rate, (y) the federal funds rate plus 0.50 % or (z) the sum of 1.00 % plus one-month Term SOFR) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied. At December 31, 2025, the applicable interest spread was 112.5 basis points.

On March 31, 2025, the Company entered into a credit agreement with various lenders to borrow funds under a $ 500 million unsecured term loan (the “Term Loan”) that matures in March 2027 . The Term Loan bears interest at a variable rate pe r annum equal to, at the Company’s election, (i) Term SOFR (the forward-looking secured overnight financing rate) plus 0.90 %, or (ii) the base rate (which is the highest of (x) PNC Bank, N.A.’s prime rate, (y) the overnight bank funding rate plus 0.50 % or (z) the sum of 1.00 % plus one-month Term SOFR). At December 31, 2025, the interest spread on the Term Loan was 90.0 basis points, resulting in an interest rate of 4.62 % .

The Credit Agreement and the Term Loan contain various restrictions and covenants, including a requirement that the Company maintain a leverage ratio at certain levels, subject to certain exceptions, restrictions on the ability of the Company and certain of its subsidiaries to consolidate or merge, create liens, incur additional subsidiary indebtedness and consummate acquisitions and a restriction on the disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

The Credit Agreement and the Term Loan require the Company to maintain a maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to the Company’s consolidated net income for the previous four quarters before interest, taxes, depreciation, amortization, non-cash charges and certain other items (EBITDA)) as of the last day of any quarter of 3.75 to 1.00, subject to the Company’s right to temporarily increase the maximum leverage ratio to 4.25 to 1.00 in connection with certain material acquisitions. The Company was in compliance with the financial covenants contained in the Credit Agreement and the Term Loan as of December 31, 2025.

In May 2018, the Company issued $ 300 million of 4.60 % unsecured senior notes due May 15, 2028 (the “2028 Senior Notes”). In February 2020, the Company issued $ 300 million of 3.10 % unsecured senior notes due March 1, 2030 (the “2030 Senior Notes”). The 2028 Senior Notes and the 2030 Senior Notes were issued pursuant to an indenture (the “Indenture”) between the Company and a trustee. The Indenture contains customary affirmative and negative covenants. The Company has the option to redeem the 2028 Senior Notes and the 2030 Senior Notes at any time for a premium.

The fair value of the long-term debt is estimated based upon Level 2 inputs to reflect the market rate of the Company’s debt. At December 31, 2025, the fair value of the 2028 Senior Notes and the 2030 Senior Notes was estimated to be $ 303 million ( $ 296 million at December 31, 2024) and $ 285 million ( $ 273 million at December 31, 2024), respectively. The carrying amount of the Term Loan approximated fair value as of December 31, 2025. Se e Note 23 for the definition of a Level 2 input.

17. Warranties

The Company’s products generally carry standard warranties that extend f rom six months to five years , based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, batteries, tires, etc.) included in the Company’s end products may include manufacturers’ warranties. These manufacturers’ warranties are generally passed on to the end customer of the Company’s products, and the customer would generally deal directly with the component manufacturer.

Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company’s historical experience. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters in excess of amounts accrued; however, the Company does not expect that any such amounts, while not determinable, would have a material effect on the Company's consolidated financial condition, results of operations or cash flows.

Changes in the Company’s assurance-type warranty liabilities were as follows (in millions):

Year Ended December 31,

Balance at beginning of period

Warranty provisions

Settlements made

Changes in liability for pre-existing warranties, net

Acquisition of businesses

Foreign currency translation

Balance at end of period

The liabilities associated with service-type warranties are disclosed in Note 4 .

18. Guarantees

Customers of the Company, from time to time, may fund purchases from the Company through third-party finance companies. In certain instances, the Company may be requested to provide support for these arrangements through credit or residual value guarantees, by which the Company agrees to make payments to the finance companies in certain circumstances as further described below.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Credit Guarantees: The Company is party to multiple agreements whereby at December 31, 2025, the Company guaranteed an aggregate of $ 559.0 million in indebtedness of customers. At December 31, 2025, the Company estimated that its maximum loss exposure under these contracts was $ 93.4 million . Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. Under the terms of these agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. If the financial condition of the customers were to deteriorate and result in their inability to make payments, then loss provisions in excess of amounts provided for at inception may be required. Given the Company’s position as original equipment manufacturer and its knowledge of end markets, the Company, when called upon to fulfill a guarantee, generally has been able to liquidate the financed equipment at a minimal loss, if any, to the Company. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the third parties will not resulting in the third parties’ to meet their obligations. In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid materially in excess of the amounts reserved. Any under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment. During periods of economic , collateral values generally and can contribute to higher exposure to .

Residual Value Guarantees: The Company is party to multiple agreements whereby at December 31, 2025, the Company guaranteed to support an aggregate of $ 83.2 million of customer equipment value. At December 31, 2025, the Company estimated that its maximum loss exposure under these contracts was $ 9.6 million . Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. Under the terms of these agreements, the Company guarantees that a piece of equipment will have a minimum residual value at a future date. If the counterparty is not able to recover the agreed upon residual value through sale, or alternative disposition, the Company is responsible for a portion of the shortfall. The Company is generally able to mitigate a portion of the risk associated with these guarantees by staggering the maturity terms of the guarantees, diversification of the portfolio and leveraging knowledge gained through the Company’s own experience in the used equipment markets. There can be no assurance the Company’s historical experience in used equipment markets will be indicative of future results. The Company’s ability to recover losses experienced from its guarantees may be affected by economic conditions in used equipment markets at the time of . During periods of economic , residual values generally and can contribute to higher exposure to .

The Company’s stand-ready obligations (non-contingent) to perform under guarantees were $ 12.0 million and $ 12.1 million at December 31, 2025 and 2024, respectively. The Company’s credit loss exposure (contingent) related to its guarantees was $ 5.0 million and $ 5.3 million at December 31, 2025 and 2024, respe ctively.

19. Commitments and Contingencies

Personal Injury Actions and Other — Product and general liability claims are made against the Company from time to time in the ordinary course of business. The Company is generally self-insured for claims up to $ 10.0 million per claim ($ 5.0 million per claim prior to April 1, 2024) and a reserve is maintained for the estimated costs of such claims. At December 31, 2025 and 2024, the estimated net liabilities for product and general liability claims totaled $ 53.0 million and $ 45.2 million , respectively. There is inherent uncertainty as to the eventual resolution of unsettled claims. Management, however, believes that any losses in excess of established reserves will not have a material effect on the Company’s financial condition, results of operations or cash flows.

Market Risks — The Company was contingently liable under bid, performance and specialty bonds totaling $ 3.38 billion and $ 2.86 billion at December 31, 2025 and 2024, respectively. Outstanding letters of credit issued by the Company’s banks in favor of third parties totaled $ 40.8 million and $ 46.5 million at December 31, 2025 and 2024, respectively.

Other Matters — The Company is subject to environmental matters and legal proceedings and claims, including patent, antitrust, product liability, warranty and state dealership regulation compliance proceedings that arise in the ordinary course of business. Although the final results of such matters and claims cannot be predicted with certainty, management believes that the ultimate resolution will not have a material effect on the Company’s financial condition, results of operations or cash flows. Actual results could vary, among other things, due to the uncertainties involved in litigation.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Certain risks are inherent in doing business with the DoD, including technological changes and changes in levels of defense spending. The USPS and all DoD contracts contain a provision that they may be terminated at any time at the convenience of the customer. In such an event, the Company is entitled to recover allowable costs plus a reasonable profit earned to the date of termination. Major contracts for defense and delivery vehicles are performed over extended periods of time and are subject to changes in scope of work and delivery schedules. Pricing negotiations on changes and settlement of claims often extend over prolonged periods of time. The Company’s ultimate profitability on such contracts may depend on the eventual outcome of an equitable settlement of contractual issues with the Company’s customers.

Because the Company is a relatively large defense contractor, the Company’s U.S. government contract operations are subject to extensive annual audit processes and to U.S. government investigations of business practices and cost classifications from which legal or administrative proceedings can result. Based on U.S. government procurement regulations, under certain circumstances the Company could be fined, as well as suspended or debarred from U.S. government contracting. During a suspension or debarment, the Company would also be prohibited from selling equipment or services to customers that depend on loans or financial commitments from the Export-Import Bank, Overseas Private Investment Corporation and similar U.S. government agencies.

20. Shareholders’ Equity

Changes to the Company's common shares outstanding were as follows (in shares):

Year Ended December 31,

Outstanding at beginning of period

Repurchases of Common Stock

Exercise of stock options

Payment of stock-based restricted and performance shares

Shares tendered for taxes on stock-based compensation

Other

Outstanding at end of period

In May 2022, the Board of Directors authorized the Company to repurchase 12,000,000 shares of Common Stock. As of December 31, 2025 , 7,945,869 shares of Common Stock remained under this authority.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

21. Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows (in millions):

Pension and

Post-Employment

Benefits

Cumulative

Translation

Adjustments

Derivative Instruments

Accumulated Other

Comprehensive

Income (Loss)

Balance at December 31, 2022

Other comprehensive income (loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income (loss)

Net current period other comprehensive income (loss)

Balance at December 31, 2023

Other comprehensive income (loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income (loss)

Net current period other comprehensive income (loss)

Balance at December 31, 2024

Other comprehensive income (loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income (loss)

Net current period other comprehensive income (loss)

Balance at December 31, 2025

22. Derivative Financial Instruments and Hedging Activities

The Company uses forward foreign currency exchange contracts (derivatives) to reduce the exchange rate risk of specific foreign currency denominated transactions. These derivatives typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date. At times, the Company has designated these hedges as either cash flow hedges or fair value hedges under FASB ASC Topic 815, Derivatives and Hedging , as follows:

Fair Value Hedging Strategy: The Company enters into forward foreign exchange contracts to hedge firm commitments denominated in foreign currencies. The purpose of the Company’s foreign currency hedging activities is to protect the Company from risk that the eventual U.S. dollar-equivalent cash flows from the sale of products to international customers will be adversely affected by changes in exchange rates.

Cash Flow Hedging Strategy: To protect against the impact of movements in foreign exchange rates on forecasted purchases or sales transactions denominated in foreign currency, the Company has a foreign currency cash flow hedging program. The Company hedges portions of its forecasted transactions denominated in foreign currency with forward contracts.

At December 31, 2025, the total notional U.S. dollar equivalent of outstanding forward foreign exchange contracts designated as hedges in accordance with ASC Topic 815 was $ 23.3 million . Net gains or losses related to these contracts are recorded within the same line item in the Consolidated Statements of Income impacted by the hedged item. The maximum length of time the Company is hedging its exposure to the variability in future cash flows is two years.

The Company enters into forward foreign currency exchange contracts to create economic hedges to manage foreign exchange risk exposure associated with non-functional currency denominated receivables and payables resulting from global sales and sourcing activities. The Company has not designated these derivative contracts as hedge transactions under FASB ASC Topic 815, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings within “Miscellaneous, net” in the Consolidated Statements of Income. The fair value of foreign currency related derivatives is included in the Consolidated Balance Sheets in “Other current assets” and “Other current liabilities.” At December 31, 2025, the U.S.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

dollar equivalent of these outstanding forward foreign exchange contracts totaled $ 147.5 million in notional amounts covering a variety of foreign currency exposures.

The fair values of all open derivative instruments were as follows (in millions):

December 31, 2025

December 31, 2024

Other

Current Assets

Other Current Liabilities

Other

Current Assets

Other Current Liabilities

Cash flow hedges:

Foreign exchange contracts

Not designated as hedging instruments:

Foreign exchange contracts

The pre-tax effects of derivative instruments consisted of the following (in millions):

Classification of

Year Ended December 31,

Gains (Losses)

Cash flow hedges:

Foreign exchange contracts

Net Sales

Foreign exchange contracts

Cost of sales

Not designated as hedging instruments:

Foreign exchange contracts

Miscellaneous, net

23. Fair Value Measurement

FASB ASC Topic 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. FASB ASC Topic 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment.

The three levels are defined as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

The fair values of the Company’s financial assets and liabilities were as follows (in millions):

Level 1

Level 2

Level 3

Total

December 31, 2025

Assets:

Rabbi trust (a)

Investments in equity securities (b)

Foreign currency exchange derivatives (c)

Liabilities:

Foreign currency exchange derivatives (c)

Level 1

Level 2

Level 3

Total

December 31, 2024

Assets:

Rabbi trust (a)

Investments in equity securities (b)

Foreign currency exchange derivatives (c)

Liabilities:

Foreign currency exchange derivatives (c)

Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan. The fair values of these investments are determined using a market approach. Investments include money market and mutual funds for which quoted prices in active markets are available. Rabbi trust assets are subject to claims of the Company's creditors. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Consolidated Statements of Income.

Represents investments in equity securities for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Consolidated Statements of Income.

Based on observable market transactions of forward currency prices.

See Notes 6, 14 and 16 for fair value information related to pension assets, investments and debt.

Items Measured at Fair Value on a Nonrecurring Basis — In addition to items that are measured at fair value on a recurring basis, the Company also has assets and liabilities that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets (See Note 3 for fair value of assets acquired and liabilities assumed through acquisitions and Note 12 for impairment valuation analysis of intangible assets ). The Company has determined that the fair value measurements related to each of these assets rely primarily on Company-specific inputs and the Company’s assumptions about the use of the assets, as observable inputs are not available. As such, the Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy.

24. Business Segment Information

The Chief Executive Officer is the Company's Chief Operating Decision Maker. The Chief Operating Decision Maker uses operating income to measure performance of the Company's segments, allocate resources and make operating decisions. Operating income is utilized during the Company’s budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The Chief Operating Decision Maker regularly evaluates operating income compared to prior year and forecasted results. The Company’s reportable segments, which are organized on the basis of similar products, markets and operating factors, are as follows:

Access: This segment consists of the JLG and Jerr-Dan brands. JLG designs and manufactures mobile aerial work platforms and telehandlers and low-level access solutions that are sold worldwide for use in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JerrDan designs and manufactures towing and recovery vehicles. Access customers include equipment rental companies, construction contractors, home improvement centers and towing companies.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Vocational: This segment includes the Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Oshkosh S-Series and Frontline brands. Pierce and Maxi-Metal design and manufacture commercial and custom fire apparatus vehicles primarily for fire departments, airports and other governmental units. Oshkosh AeroTech and Oshkosh Airport Products design and manufacture aviation ground support products, gate equipment and aircraft rescue and firefighting vehicles and provide airport services to commercial airlines, airports, air-freight carriers, ground handling customers and militaries. McNeilus designs and manufactures refuse and recycling collection vehicles. IMT designs and manufactures field service vehicles and truck-mounted cranes for niche markets. Oshkosh S-Series designs and manufactures front-discharge concrete mixer vehicles. Frontline designs and manufactures simulators, command vehicles and other communication vehicles.

Transport: This segment consists of the Oshkosh Defense and Oshkosh Delivery brands. The segment designs and manufactures tactical wheeled vehicles and supplies parts and services for the U.S. military and for other militaries around the world and designs and manufactures delivery vehicles for the USPS. Sales to the U.S. Government accounted for 92 % , 96 % and 84 % of the segment's sales in 2025, 2024 and 2023, respectively.

In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate and other” includes Pratt Miller, corporate office expenses, certain new product development costs, stock-based compensation and costs of certain business initiatives and shared services.

The accounting policies of the reportable segments are the same as those described in Note 2.

Selected financial information relating to the Company’s reportable segments and product lines is as follows (in millions):

Year Ended December 31,

Net sales:

Access

Aerial work platforms

Telehandlers

Other

Total Access

Vocational

Municipal fire apparatus

Airport products

Refuse and recycling vehicles

Other

Total Vocational

Transport

Defense

Delivery vehicles

Total Transport

Corporate and Other

Consolidated

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2025

Access

Vocational

Transport

Total

Segment

Corporate and

Other

Consolidated

Net Sales

Cost of sales (excluding R&D)

Research and development

Gross income

Employee compensation

Amortization of purchased intangibles

Intangible asset impairment

Other items (a)

Operating income

Interest expense, net of interest income

Miscellaneous, net

Income before income taxes and losses of unconsolidated affiliates

Includes software and information technology, outside services and consulting, travel, depreciation, lease expense, advertising and other miscellaneous SG&A expenses.

Year Ended December 31, 2024

Access

Vocational

Transport

Total

Segment

Corporate and

Other

Consolidated

Net Sales

Cost of sales (excluding R&D)

Research and development

Gross income

Employee compensation

Amortization of purchased intangibles

Intangible asset impairment

Other items (a)

Operating income (b)

Interest expense, net of interest income

Miscellaneous, net

Income before income taxes and losses of unconsolidated affiliates

Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

Access results include $ 4.2 million of amortization of inventory fair value step-up.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2023

Access

Vocational

Transport

Total

Segment

Corporate and

Other

Consolidated

Net Sales

Cost of sales (excluding R&D)

Research and development

Gross income

Employee compensation

Amortization of purchased intangibles

Intangible asset impairment

Other items (a)

Operating income (b)

Interest expense, net of interest income

Miscellaneous, net (c)

Income before income taxes and losses of unconsolidated affiliates

Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

Vocational r esults include a loss of $ 13.3 million on the sale of the rear-discharge mixer business, acquisition costs of $ 12.9 million related to the acquisition of AeroTech, $ 7.1 million of amortization of inventory fair value step-up and restructuring costs of $ 3.0 million. Transport results include a gain of $ 8.0 million on the sale of the snow removal apparatus business.

Includes a gain of $ 4.7 million on the settlement of a claim with the Company's pension advisor.

Year Ended December 31,

Depreciation and amortization:

Access

Vocational

Transport

Corporate and Other

Consolidated

Capital expenditures (a) :

Access

Vocational

Transport

Corporate and Other

Consolidated

Capital expenditures include the purchase of both property, plant and equipment and equipment held for rental.

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

The following tables provide long-lived asset by country in which the Company operates. Long-lived assets include property, plant and equipment, deferred contract costs and right-of-use assets.

December 31, 2025

Access

Vocational

Transport

Corporate and Other

Total

Identifiable assets:

United States

China

Italy

Mexico

Netherlands

Spain

Other

Total

December 31, 2024

Access

Vocational

Transport

Corporate and Other

Total

Identifiable assets:

United States

China

Italy

Mexico

Netherlands

Spain

Other

Total

Total assets by segment are not disclosed as the Company's Chief Operating Decision Maker does not use total assets by segment to evaluate segment performance or allocate resources and capital.

The following tables present net sales by geographic region based on product shipment destination (in millions):

Year Ended December 31, 2025

Access

Vocational

Transport

Corporate and Other

Total

Net sales:

United States

Other North America

Europe, Africa and Middle East

Rest of the World

Consolidated

OSHKOSH CORPORATION

NOTES OF CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2024

Access

Vocational

Transport

Corporate and Other

Total

Net sales:

United States

Other North America

Europe, Africa and Middle East

Rest of the World

Consolidated

Year Ended December 31, 2023

Access

Vocational

Transport

Corporate and Other

Total

Net sales:

United States

Other North America

Europe, Africa and Middle East

Rest of the World

Consolidated

The Compan y derived a significant portion of its revenue from the U.S. Government, as follows (in millions):

Year Ended December 31,

DoD

USPS

Foreign military sales

Total U.S. Government

No other customer represented more than 10% of sales.

Oshkosh Corp

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