Oshkosh Corporation reported a 12% year-over-year decline in total backlog during the fourth quarter, driven largely by postponed orders in its Access Equipment segment. Access revenue growth slowed to 3% in the period, compared with 15% in the prior year, as rental customers delayed capital expenditures. The company’s defense order book, while still robust, could not fully offset the reduced demand for aerial work platforms and telehandlers, resulting in overall backlog falling to $8.7 billion at year end.

Management lowered its full-year 2025 revenue outlook by 4 percentage points, now forecasting top-line growth of 2%–5% versus prior guidance of 6%–9%. Adjusted operating margin is projected at 10.5%–11.5%, down from an earlier 11%–12%. The trimmed outlook reflects continued supply-chain pressure on component costs and ongoing Access segment softness. Investors may see valuation multiples contract until Oshkosh demonstrates a sustainable recovery in its civilian equipment business.

At the International Armoured Vehicles Conference in Farnborough, England, Oshkosh Defense highlighted its combat-proven Joint Light Tactical Vehicle (JLTV) platform. With over 24,000 vehicles produced for the U.S. Armed Forces and coalition partners, JLTV is supplied directly to 12 allied nations through Direct Commercial Sales. Pat Williams, Chief Programs Officer, emphasized the vehicle’s open architecture and accelerated fielding timelines, noting that current operators include The Netherlands, Slovenia and Israel among others. The showcase reinforces Oshkosh’s leadership in light tactical mobility solutions.