Oshkosh (OSK) JPMorgan Industrials Conference 2026 summary

Business overview and strategy

• Projects 2025 revenue at $10.4B and 2026 at $11B, with a vision to reach $13–$14B by 2028 and expand operating margins by 200–400 basis points.

• Focuses on heavy-duty vehicles and equipment for last-mile delivery, fire and emergency, environmental, and airport ground support.

• Emphasizes technology and engineering, integrating AI and autonomous features to improve safety and productivity.

• Sees strong purpose in supporting essential workers and aims to make their jobs safer and more efficient.

• Maintains confidence in long-term targets despite recent disruptions from tariffs and global conflicts.

Market outlook and macroeconomic factors

• Access equipment segment is most sensitive to interest rates, especially among independent operators.

• Labor shortages and uncertainty, not rates, are the main constraints for construction customers.

• Tariff landscape remains volatile; Section 232 tariffs have the largest impact, with Section 122 providing a temporary tailwind.

• USMCA renewal is important, with a preference for Section 232 tariff exemptions.

• Ongoing Middle East conflict poses supply chain risks, especially for aluminum and oil.

Segment performance and opportunities

• USPS contract covers replacement of 165,000 vehicles over 10 years, with strong driver feedback and production ahead of schedule.

• Aftermarket services are a significant opportunity due to the large, high-utilization fleet and long vehicle lifecycles.

• Vocational trucks, especially fire apparatus, have a three-year backlog and stable demand, with capacity increasing prudently by 10% annually.

• Access equipment market leadership is maintained through innovation, including autonomous and connected features.

• Dealer expansion into rentals is seen as positive, supporting customer preferences and potentially diversifying the customer base.