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Business Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information

20. Business Segment Information

The Chief Executive Officer is the Company's Chief Operating Decision Maker (CODM). The CODM uses operating income to measure performance of the Company's segments, allocate resources and make operating decisions. Operating income is utilized during the Company’s budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The CODM regularly evaluates operating income compared to prior year and forecasted results. The Company’s reportable segments, which are organized on the basis of similar products, markets and operating factors, are as follows:

Access: This segment consists of the JLG and Jerr-Dan brands. JLG designs and manufactures mobile aerial work platforms and telehandlers and low-level access solutions that are sold worldwide for use in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JerrDan designs and manufactures towing and recovery vehicles. Access customers include equipment rental companies, construction contractors, home improvement centers and towing companies.

Vocational: This segment includes the Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Frontline and Oshkosh S-Series brands. Pierce and Maxi-Metal design and manufacture commercial and customer fire apparatus vehicles primarily for fire departments, airports and other governmental units. Oshkosh AeroTech and Oshkosh Airport Products design and manufacture aviation ground support products, gate equipment and aircraft rescue and firefighting vehicles and provide airport services to commercial airlines, airports, air-freight carriers, ground handling customers and militaries. McNeilus designs and manufactures refuse and recycling collection vehicles. IMT designs and manufactures field service vehicles and truck-mounted cranes for niche markets. Frontline designs and manufactures simulators, command vehicles and other communication vehicles. Oshkosh S-Series designs and manufactures front-discharge concrete mixer vehicles.

Transport: This segment includes Oshkosh Defense and delivery vehicles. Oshkosh Defense designs and manufactures tactical wheeled vehicles and supplies parts and services for the U.S. military and for other militaries around the world. The delivery business designs and manufactures vehicles for the USPS.

In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate and other” includes Pratt Miller, corporate office expenses, certain new product development costs, stock-based compensation and costs of certain business initiatives.

Selected financial information relating to the Company’s reportable segments and product lines is as follows (in millions):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

Access

 

 

 

 

 

 

 

 

 

 

 

 

Aerial work platforms

 

$

556.5

 

 

$

631.7

 

 

$

1,645.3

 

 

$

1,898.3

 

Telehandlers

 

 

260.8

 

 

 

445.0

 

 

 

830.4

 

 

 

1,247.0

 

Other

 

 

292.4

 

 

 

286.6

 

 

 

847.1

 

 

 

862.4

 

Total Access

 

 

1,109.7

 

 

 

1,363.3

 

 

 

3,322.8

 

 

 

4,007.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Vocational

 

 

 

 

 

 

 

 

 

 

 

 

Municipal fire apparatus(a)

 

 

405.5

 

 

 

320.3

 

 

 

1,133.3

 

 

 

957.2

 

Airport products(a)

 

 

251.2

 

 

 

214.5

 

 

 

722.6

 

 

 

628.1

 

Refuse and recycling vehicles

 

 

185.3

 

 

 

168.1

 

 

 

587.8

 

 

 

492.3

 

Other(a)

 

 

126.0

 

 

 

111.3

 

 

 

360.8

 

 

 

352.1

 

Total Vocational

 

 

968.0

 

 

 

814.2

 

 

 

2,804.5

 

 

 

2,429.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transport

 

 

 

 

 

 

 

 

 

 

 

 

Defense

 

 

441.6

 

 

 

508.0

 

 

 

1,226.3

 

 

 

1,552.7

 

Delivery vehicles

 

 

146.3

 

 

 

32.4

 

 

 

303.7

 

 

 

68.7

 

Total Transport

 

 

587.9

 

 

 

540.4

 

 

 

1,530.0

 

 

 

1,621.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

 

23.0

 

 

 

23.5

 

 

 

76.2

 

 

 

73.3

 

Consolidated

 

$

2,688.6

 

 

$

2,741.4

 

 

$

7,733.5

 

 

$

8,132.1

 
(a)
Results for 2024 have been reclassified to reflect the separate presentation of the airport products product line.

 

 

Three Months Ended September 30, 2025

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Consolidated

 

Net Sales

 

$

1,109.7

 

 

$

968.0

 

 

$

587.9

 

 

$

23.0

 

 

$

2,688.6

 

Cost of sales (excluding R&D)

 

 

895.4

 

 

 

741.4

 

 

 

522.7

 

 

 

19.2

 

 

 

2,178.7

 

Research and development

 

 

21.1

 

 

 

13.3

 

 

 

1.1

 

 

 

3.9

 

 

 

39.4

 

Gross income

 

 

193.2

 

 

 

213.3

 

 

 

64.1

 

 

 

(0.1

)

 

 

470.5

 

Employee compensation

 

 

36.5

 

 

 

33.4

 

 

 

13.2

 

 

 

31.7

 

 

 

114.8

 

Amortization of purchased intangibles

 

 

3.8

 

 

 

9.4

 

 

 

—

 

 

 

0.7

 

 

 

13.9

 

Intangible asset impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other segment items(a)

 

 

34.9

 

 

 

28.8

 

 

 

14.3

 

 

 

3.4

 

 

 

81.4

 

Operating income

 

$

118.0

 

 

$

141.7

 

 

$

36.6

 

 

$

(35.9

)

 

 

260.4

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28.1

)

Miscellaneous, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.1

 

Income before income taxes and losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

$

238.4

 
(a)
Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

 

 

Three Months Ended September 30, 2024

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Consolidated

 

Net Sales

 

$

1,363.3

 

 

$

814.2

 

 

$

540.4

 

 

$

23.5

 

 

$

2,741.4

 

Cost of sales (excluding R&D)

 

 

1,045.0

 

 

 

631.6

 

 

 

498.9

 

 

 

19.7

 

 

 

2,195.2

 

Research and development

 

 

21.5

 

 

 

11.3

 

 

 

1.7

 

 

 

5.7

 

 

 

40.2

 

Gross income

 

 

296.8

 

 

 

171.3

 

 

 

39.8

 

 

 

(1.9

)

 

 

506.0

 

Employee compensation

 

 

40.7

 

 

 

32.0

 

 

 

13.7

 

 

 

43.7

 

 

 

130.1

 

Amortization of purchased intangibles

 

 

2.6

 

 

 

10.0

 

 

 

—

 

 

 

0.8

 

 

 

13.4

 

Intangible asset impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other segment items(a)

 

 

45.6

 

 

 

29.7

 

 

 

14.9

 

 

 

6.1

 

 

 

96.3

 

Operating income

 

$

207.9

 

 

$

99.6

 

 

$

11.2

 

 

$

(52.5

)

 

 

266.2

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31.7

)

Miscellaneous, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.6

 

Income before income taxes and losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

$

238.1

 
(a)
Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Consolidated

 

Net Sales

 

$

3,322.8

 

 

$

2,804.5

 

 

$

1,530.0

 

 

$

76.2

 

 

$

7,733.5

 

Cost of sales (excluding R&D)

 

 

2,617.3

 

 

 

2,132.5

 

 

 

1,391.5

 

 

 

64.1

 

 

 

6,205.4

 

Research and development

 

 

64.4

 

 

 

45.3

 

 

 

4.8

 

 

 

18.7

 

 

 

133.2

 

Gross income

 

 

641.1

 

 

 

626.7

 

 

 

133.7

 

 

 

(6.6

)

 

 

1,394.9

 

Employee compensation

 

 

118.2

 

 

 

102.7

 

 

 

40.1

 

 

 

107.0

 

 

 

368.0

 

Amortization of purchased intangibles

 

 

10.8

 

 

 

28.2

 

 

 

—

 

 

 

2.2

 

 

 

41.2

 

Intangible asset impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5.7

 

 

 

5.7

 

Other segment items(a)

 

 

109.4

 

 

 

89.0

 

 

 

38.6

 

 

 

15.5

 

 

 

252.5

 

Operating income

 

$

402.7

 

 

$

406.8

 

 

$

55.0

 

 

$

(137.0

)

 

 

727.5

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(81.2

)

Miscellaneous, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.9

 

Income before income taxes and losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

$

660.2

 
(a)
Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

 

 

Nine Months Ended September 30, 2024

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Consolidated

 

Net Sales

 

$

4,007.7

 

 

$

2,429.7

 

 

$

1,621.4

 

 

$

73.3

 

 

$

8,132.1

 

Cost of sales (excluding R&D)

 

 

3,045.9

 

 

 

1,892.5

 

 

 

1,487.2

 

 

 

60.8

 

 

 

6,486.4

 

Research and development

 

 

60.4

 

 

 

33.0

 

 

 

15.0

 

 

 

15.2

 

 

 

123.6

 

Gross income

 

 

901.4

 

 

 

504.2

 

 

 

119.2

 

 

 

(2.7

)

 

 

1,522.1

 

Employee compensation

 

 

120.4

 

 

 

95.9

 

 

 

41.6

 

 

 

121.5

 

 

 

379.4

 

Amortization of purchased intangibles

 

 

7.2

 

 

 

29.8

 

 

 

—

 

 

 

3.5

 

 

 

40.5

 

Intangible asset impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51.6

 

 

 

51.6

 

Other segment items(a)

 

 

111.3

 

 

 

92.3

 

 

 

41.2

 

 

 

19.0

 

 

 

263.8

 

Operating income

 

$

662.5

 

 

$

286.2

 

 

$

36.4

 

 

$

(198.3

)

 

 

786.8

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(82.8

)

Miscellaneous, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Income before income taxes and losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

$

704.1

 
(a)
Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Access

 

$

20.4

 

 

$

17.7

 

 

$

59.3

 

 

$

47.1

 

Vocational

 

 

20.1

 

 

 

21.1

 

 

 

62.6

 

 

 

61.3

 

Transport

 

 

9.4

 

 

 

7.1

 

 

 

24.8

 

 

 

18.8

 

Corporate and Other

 

 

6.4

 

 

 

6.0

 

 

 

19.1

 

 

 

19.2

 

Consolidated

 

$

56.3

 

 

$

51.9

 

 

$

165.8

 

 

$

146.4

 

Capital expenditures(a):

 

 

 

 

 

 

 

 

 

 

 

 

Access

 

$

25.0

 

 

$

28.2

 

 

$

88.6

 

 

$

80.3

 

Vocational

 

 

9.3

 

 

 

10.5

 

 

 

34.8

 

 

 

49.0

 

Transport

 

 

4.0

 

 

 

15.1

 

 

 

12.6

 

 

 

65.3

 

Corporate and Other

 

 

0.6

 

 

 

1.4

 

 

 

1.9

 

 

 

5.0

 

Consolidated

 

$

38.9

 

 

$

55.2

 

 

$

137.9

 

 

$

199.6

 
(a)
Capital expenditures include the purchase of both property, plant and equipment and equipment held for rental.

 

Total assets by segment are not disclosed as the Company's CODM does not use total assets by segment to evaluate segment performance or allocate resources and capital.

The following tables present net sales by geographic region based on product shipment destination (in millions):

 

 

Three Months Ended September 30, 2025

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

861.3

 

 

$

891.1

 

 

$

465.5

 

 

$

20.2

 

 

$

2,238.1

 

Other North America

 

 

45.6

 

 

 

45.7

 

 

 

—

 

 

 

0.3

 

 

 

91.6

 

Europe, Africa and Middle East

 

 

151.2

 

 

 

17.2

 

 

 

105.1

 

 

 

2.3

 

 

 

275.8

 

Rest of the World

 

 

51.6

 

 

 

14.0

 

 

 

17.3

 

 

 

0.2

 

 

 

83.1

 

Consolidated

 

$

1,109.7

 

 

$

968.0

 

 

$

587.9

 

 

$

23.0

 

 

$

2,688.6

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,069.7

 

 

$

716.8

 

 

$

495.9

 

 

$

22.6

 

 

$

2,305.0

 

Other North America

 

 

60.6

 

 

 

51.5

 

 

 

—

 

 

 

0.2

 

 

 

112.3

 

Europe, Africa and Middle East

 

 

138.2

 

 

 

20.8

 

 

 

44.3

 

 

 

0.7

 

 

 

204.0

 

Rest of the World

 

 

94.8

 

 

 

25.1

 

 

 

0.2

 

 

 

—

 

 

 

120.1

 

Consolidated

 

$

1,363.3

 

 

$

814.2

 

 

$

540.4

 

 

$

23.5

 

 

$

2,741.4

 

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

2,567.3

 

 

$

2,580.2

 

 

$

1,142.2

 

 

$

65.3

 

 

$

6,355.0

 

Other North America

 

 

153.2

 

 

 

132.7

 

 

 

—

 

 

 

1.4

 

 

 

287.3

 

Europe, Africa and Middle East

 

 

434.6

 

 

 

48.2

 

 

 

349.7

 

 

 

7.3

 

 

 

839.8

 

Rest of the World

 

 

167.7

 

 

 

43.4

 

 

 

38.1

 

 

 

2.2

 

 

 

251.4

 

Consolidated

 

$

3,322.8

 

 

$

2,804.5

 

 

$

1,530.0

 

 

$

76.2

 

 

$

7,733.5

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

3,168.1

 

 

$

2,175.0

 

 

$

1,447.4

 

 

$

69.0

 

 

$

6,859.5

 

Other North America

 

 

163.8

 

 

 

159.3

 

 

 

—

 

 

 

0.6

 

 

 

323.7

 

Europe, Africa and Middle East

 

 

382.8

 

 

 

50.0

 

 

 

173.5

 

 

 

3.7

 

 

 

610.0

 

Rest of the World

 

 

293.0

 

 

 

45.4

 

 

 

0.5

 

 

 

—

 

 

 

338.9

 

Consolidated

 

$

4,007.7

 

 

$

2,429.7

 

 

$

1,621.4

 

 

$

73.3

 

 

$

8,132.1