Oshkosh reported a 15% year-over-year drop in its total backlog, which fell to $10.2 billion at the end of Q4. Revenue in its Access segment declined by 8% compared with the prior quarter, driven by softer demand for aerial work platforms in North America and Europe. Management cited slowing end-market activity in construction and industrial maintenance, which has pressured equipment rental rates and delayed customer orders throughout late 2025.

Despite overall headwinds, Oshkosh Defense secured $1.2 billion in new Joint Light Tactical Vehicle (JLTV) awards from both U.S. and allied partners during the quarter. The company has now produced over 24,000 JLTVs for global forces. Its newly launched AI-driven logistics vehicle platform saw revenue rise 42% in Q4 versus a year ago, reflecting early adoption by three NATO members evaluating autonomous resupply convoys in field exercises.

Oshkosh narrowed its 2025 guidance to $8.5–9.0 billion in revenue and adjusted EPS of $6.50–6.80, down from prior targets of $9.2–9.4 billion and $6.80–7.10. The company now expects margin pressure in its Access segment to persist through mid-year before stabilizing in H2. Investors should weigh the resiliency of defense bookings and AI revenue growth against the reduced visibility in core markets and the more conservative financial targets.