Oshkosh reported a 14% year-over-year decline in its total order backlog, which fell to $9.7 billion at the end of Q4. This drop was driven primarily by an 11% reduction in the Access segment, where municipal and utility vehicle orders softened as public-sector budgets tightened. Management noted that despite ongoing defense awards, the company’s overall backlog fell by $1.6 billion compared with the prior year, signaling potential headwinds for revenue growth in the coming quarters.

In its January investor update, Oshkosh trimmed its 2025 revenue guidance to a range of $8.2 billion–$8.6 billion, down from prior expectations of $8.5 billion–$9.0 billion. Adjusted earnings per share (EPS) are now projected at $6.40–$6.80, reflecting higher material and logistic costs that offset margin contributions from recent defense contracts. While Oshkosh secured $1.2 billion in new U.S. Defense Department awards for medium tactical vehicles, management cautioned that near-term profitability will be pressured by softening demand in non-defense markets.

Oshkosh’s investment in autonomous and AI-enabled platforms has yielded pilot programs with the U.S. Army’s Next-Generation Combat Vehicle office, including a prototype that demonstrated a 25% reduction in fuel consumption and a 40% improvement in predictive maintenance uptime during field trials. However, these projects remain in low-rate initial production with no firm delivery schedule, limiting their ability to contribute meaningful revenue before 2027. Investors remain cautious until Oshkosh secures volume commitments or accelerated funding for these advanced technology vehicles.

At the International Armoured Vehicles Conference in Farnborough (January 20–22, 2026), Oshkosh Defense is promoting its combat-proven Joint Light Tactical Vehicle (JLTV) platform in Booth D8. With over 24,000 units produced for the U.S. Armed Forces and coalition partners, the JLTV is fielded by 13 allied nations—including The Netherlands, Slovenia, Israel and Brazil—through Direct Commercial Sales. The company emphasized the platform’s open architecture, which enables rapid integration of mission systems and sensors, and touted ongoing modernization agreements valued at more than $450 million over the next five years.