Oshkosh Corporation reported fourth-quarter results that fell short of analysts’ consensus for earnings per share, while revenues climbed 3.5% year-over-year. Sales rose across its three core segments, led by a double-digit increase in Defense revenues and mid-single-digit growth in Fire & Emergency and Commercial segments. Gross margin contracted by roughly 120 basis points due to elevated material and logistics costs, but operating margin held steady as the company leveraged fixed-cost absorption. Management highlighted that the Defense backlog expanded by high single digits in the quarter, providing visibility into 2026 revenues, and reiterated full-year operating profit guidance for a mid-teens percent increase driven by ongoing supply-chain efficiencies and program ramp-ups.