v3.26.1
Business Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segment Information

19. Business Segment Information

The Chief Executive Officer is the Company's Chief Operating Decision Maker. The Chief Operating Decision Maker 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 Chief Operating Decision Maker 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, Oshkosh S-Series and Frontline brands. Pierce and Maxi-Metal design and manufacture commercial and custom 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. Oshkosh S-Series designs and manufactures front-discharge concrete mixer vehicles. Frontline designs and manufactures simulators, command vehicles and other communication vehicles.

Transport: This segment consists of the Oshkosh Defense and Oshkosh Delivery brands. The segment designs and manufactures tactical wheeled vehicles and supplies parts and services for the U.S. military and for other militaries around the world and designs and manufactures delivery 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 and shared services.

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

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Net sales:

 

 

 

 

 

 

Access

 

 

 

 

 

 

Aerial work platforms

 

$

431.0

 

 

$

450.8

 

Telehandlers

 

 

208.2

 

 

 

244.5

 

Other

 

 

304.2

 

 

 

261.8

 

Total Access

 

 

943.4

 

 

 

957.1

 

 

 

 

 

 

 

Vocational

 

 

 

 

 

 

Municipal fire apparatus

 

 

331.5

 

 

 

329.8

 

Airport products

 

 

226.6

 

 

 

225.3

 

Refuse and recycling vehicles

 

 

153.7

 

 

 

205.5

 

Other

 

 

113.2

 

 

 

106.2

 

Total Vocational

 

 

825.0

 

 

 

866.8

 

 

 

 

 

 

 

 

Transport

 

 

 

 

 

 

Defense

 

 

296.2

 

 

 

412.7

 

Delivery vehicles

 

 

216.6

 

 

 

50.3

 

Total Transport

 

 

512.8

 

 

 

463.0

 

 

 

 

 

 

 

 

Corporate and Other

 

 

36.6

 

 

 

25.9

 

Consolidated

 

$

2,317.8

 

 

$

2,312.8

 

 

 

 

Three Months Ended March 31, 2026

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Total Segment

 

 

Corporate
and Other

 

 

Consolidated

 

Net Sales

 

$

943.4

 

 

$

825.0

 

 

$

512.8

 

 

$

2,281.2

 

 

$

36.6

 

 

$

2,317.8

 

Cost of sales (excluding R&D)

 

 

800.3

 

 

 

652.8

 

 

 

482.5

 

 

 

1,935.6

 

 

 

31.2

 

 

 

1,966.8

 

Research and development

 

 

23.3

 

 

 

9.3

 

 

 

3.3

 

 

 

35.9

 

 

 

3.2

 

 

 

39.1

 

Gross income

 

 

119.8

 

 

 

162.9

 

 

 

27.0

 

 

 

309.7

 

 

 

2.2

 

 

 

311.9

 

Employee compensation

 

 

43.3

 

 

 

35.1

 

 

 

14.2

 

 

 

92.6

 

 

 

39.2

 

 

 

131.8

 

Amortization of purchased intangibles

 

 

4.1

 

 

 

9.4

 

 

 

—

 

 

 

13.5

 

 

 

0.8

 

 

 

14.3

 

Other items(a)

 

 

37.7

 

 

 

33.7

 

 

 

8.6

 

 

 

80.0

 

 

 

3.8

 

 

 

83.8

 

Operating income

 

$

34.7

 

 

$

84.7

 

 

$

4.2

 

 

$

123.6

 

 

$

(41.6

)

 

 

82.0

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25.3

)

Miscellaneous, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.0

)

Income before income taxes and losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

54.7

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

 

 

Three Months Ended March 31, 2025

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Total Segment

 

 

Corporate
and Other

 

 

Consolidated

 

Net Sales

 

$

957.1

 

 

$

866.8

 

 

$

463.0

 

 

$

2,286.9

 

 

$

25.9

 

 

$

2,312.8

 

Cost of sales (excluding R&D)

 

 

749.7

 

 

 

655.6

 

 

 

434.8

 

 

 

1,840.1

 

 

 

24.0

 

 

 

1,864.1

 

Research and development

 

 

21.3

 

 

 

18.2

 

 

 

2.5

 

 

 

42.0

 

 

 

6.8

 

 

 

48.8

 

Gross income

 

 

186.1

 

 

 

193.0

 

 

 

25.7

 

 

 

404.8

 

 

 

(4.9

)

 

 

399.9

 

Employee compensation

 

 

41.0

 

 

 

34.3

 

 

 

12.9

 

 

 

88.2

 

 

 

34.3

 

 

 

122.5

 

Amortization of purchased intangibles

 

 

3.4

 

 

 

9.4

 

 

 

—

 

 

 

12.8

 

 

 

0.7

 

 

 

13.5

 

Other items(a)

 

 

38.6

 

 

 

31.5

 

 

 

12.2

 

 

 

82.3

 

 

 

6.2

 

 

 

88.5

 

Operating income

 

$

103.1

 

 

$

117.8

 

 

$

0.6

 

 

$

221.5

 

 

$

(46.1

)

 

 

175.4

 

Interest expense, net of interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25.0

)

Miscellaneous, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

Income before income taxes and losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

150.9

 
(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
March 31,

 

 

 

2026

 

 

2025

 

Depreciation and amortization:

 

 

 

 

 

 

Access

 

$

22.4

 

 

$

18.7

 

Vocational

 

 

20.5

 

 

 

21.2

 

Transport

 

 

11.1

 

 

 

7.6

 

Corporate and Other

 

 

6.6

 

 

 

6.1

 

Consolidated

 

$

60.6

 

 

$

53.6

 

Capital expenditures(a):

 

 

 

 

 

 

Access

 

$

10.4

 

 

$

25.2

 

Vocational

 

 

15.0

 

 

 

13.5

 

Transport

 

 

3.1

 

 

 

5.2

 

Corporate and Other

 

 

1.1

 

 

 

0.8

 

Consolidated

 

$

29.6

 

 

$

44.7

 
(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 Chief Operating Decision Maker 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 March 31, 2026

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

707.2

 

 

$

746.3

 

 

$

430.9

 

 

$

31.9

 

 

$

1,916.3

 

Other North America

 

 

28.3

 

 

 

42.8

 

 

 

—

 

 

 

0.3

 

 

 

71.4

 

Europe, Africa and Middle East

 

 

163.8

 

 

 

21.9

 

 

 

42.2

 

 

 

0.4

 

 

 

228.3

 

Rest of the World

 

 

44.1

 

 

 

14.0

 

 

 

39.7

 

 

 

4.0

 

 

 

101.8

 

Consolidated

 

$

943.4

 

 

$

825.0

 

 

$

512.8

 

 

$

36.6

 

 

$

2,317.8

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

Access

 

 

Vocational

 

 

Transport

 

 

Corporate
and Other

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

703.0

 

 

$

797.1

 

 

$

304.9

 

 

$

23.0

 

 

$

1,828.0

 

Other North America

 

 

51.4

 

 

 

42.3

 

 

 

—

 

 

 

—

 

 

 

93.7

 

Europe, Africa and Middle East

 

 

144.6

 

 

 

16.1

 

 

 

138.2

 

 

 

2.8

 

 

 

301.7

 

Rest of the World

 

 

58.1

 

 

 

11.3

 

 

 

19.9

 

 

 

0.1

 

 

 

89.4

 

Consolidated

 

$

957.1

 

 

$

866.8

 

 

$

463.0

 

 

$

25.9

 

 

$

2,312.8