Oshkosh Corporation reported a 5% year-over-year decline in total backlog during the fourth quarter, bringing the order book down to $11.2 billion as of December 31. The Access segment saw a notable slowdown, with order intake falling 8% compared with the prior year quarter, driven largely by softer municipal and utility equipment demand in North America and Europe. In response, management trimmed its full-year 2025 guidance: revenue is now expected in a range of $8.4 billion to $8.8 billion, down from prior guidance of $8.6 billion to $9.0 billion, and adjusted earnings per share have been narrowed to a new range of $6.10 to $6.30, versus the previous $6.20 to $6.45 estimate. This revision reflects anticipated lower production volumes and continued market headwinds in the Access business through mid-year.

Oshkosh Defense will present its combat-proven Joint Light Tactical Vehicle (JLTV) at the International Armoured Vehicles Conference in Farnborough, England, January 20–22, highlighting more than 24,000 units produced for the U.S. Armed Forces and coalition partners. As the only OEM authorized to supply JLTVs via Direct Commercial Sales, Oshkosh Defense has secured contracts with 12 allied nations—including The Netherlands, Belgium, Israel and Brazil—providing a stable revenue base that now represents approximately 40% of the company’s total order book. Pat Williams, Chief Programs Officer, emphasized the platform’s open architecture and rapid integration capabilities, pointing to recent DCS agreements totaling $350 million signed in the past six months. Investors should note that Defense revenue grew 12% in the latest quarter, offsetting some weakness in other segments and underpinning the company’s expansion into new markets.