Oshkosh reported a 12% year-over-year decline in its defense and emergency vehicle backlog, which fell to $7.5 billion at the end of Q4 2025. Although the company has secured new U.S. and coalition contracts for its AI-driven vehicle architectures, softer demand in its Access segment led to an 8% drop in spare-parts sales. Management trimmed its full-year 2025 revenue outlook to $8.9 billion from $9.1 billion and narrowed its operating margin forecast to 10%, down from 12%. Investors remain cautious as the company balances near-term volume pressures against long-term technology investments.

At the International Armoured Vehicles Conference in Farnborough (January 20–22, 2026), Oshkosh Defense will exhibit its Joint Light Tactical Vehicle (JLTV) platform in Booth D8. The combat-proven JLTV has delivered over 24,000 units to the U.S. Armed Forces and 11 allied nations, including The Netherlands, Belgium and Israel. Oshkosh is the sole OEM authorized for Direct Commercial Sales of JLTVs, offering open-architecture integration for mission systems and sensors that can reduce fielding timelines by up to 30%. Chief Programs Officer Pat Williams emphasized the platform’s reliability record of over 99% mission availability during combined exercises.