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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 1-31371

Oshkosh Corporation

(Exact name of registrant as specified in its charter)


Wisconsin		39-0520270
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

     1917 Four Wheel Drive
Oshkosh, Wisconsin

     54902

     (Address of principal executive offices)

     (Zip Code)

(920) 502-3400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $0.01 par value	OSK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

As of October 22, 2025, 63,254,319 shares of the registrant’s Common Stock were outstanding.

Table of Contents

OSHKOSH CORPORATION

FORM 10-Q INDEX


		Page
	PART I - FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS (UNAUDITED)	3

	Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2025 and 2024	3

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024	4

	Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024	5

	Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024	6

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	8

	Notes to Condensed Consolidated Financial Statements	9

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	31

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	42

ITEM 4.	CONTROLS AND PROCEDURES	42

	PART II - OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	43

ITEM 1A.	RISK FACTORS	43

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	43

ITEM 4.	MINE SAFETY DISCLOSURES	43

ITEM 5.	OTHER INFORMATION	43

ITEM 6.	EXHIBITS	44

SIGNATURES		45

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in millions, except per share amounts; unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net sales	$	2,688.6		$	2,741.4		$	7,733.5		$	8,132.1
Cost of sales		2,218.1			2,235.4			6,338.6			6,610.0
Gross income		470.5			506.0			1,394.9			1,522.1

Operating expenses:
Selling, general and administrative		196.2			226.4			620.5			643.2
Amortization of purchased intangibles		13.9			13.4			41.2			40.5
Intangible asset impairments		—			—			5.7			51.6
Total operating expenses		210.1			239.8			667.4			735.3
Operating income		260.4			266.2			727.5			786.8

Other income (expense):
Interest expense		(30.6	)		(33.6	)		(87.7	)		(88.0	)
Interest income		2.5			1.9			6.5			5.2
Miscellaneous, net		6.1			3.6			13.9			0.1
Income before income taxes and losses of unconsolidated affiliates		238.4			238.1			660.2			704.1
Provision for income taxes		41.7			56.6			143.7			164.8
Income before losses of unconsolidated affiliates		196.7			181.5			516.5			539.3
Losses of unconsolidated affiliates		(0.5	)		(1.2	)		(3.3	)		(11.0	)
Net income	$	196.2		$	180.3		$	513.2		$	528.3

Earnings per share:
Basic	$	3.06		$	2.76		$	7.96		$	8.06
Diluted		3.04			2.75			7.92			8.02

Cash dividends declared per share on Common Stock	$	0.51		$	0.46		$	1.53		$	1.38

The accompanying notes are an integral part of these financial statements.

Table of Contents

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions; unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income	$	196.2		$	180.3		$	513.2		$	528.3
Other comprehensive income (loss), net of tax:
Pension and post-employment benefits		(1.1	)		(0.4	)		(3.2	)		(1.3	)
Currency translation adjustments		(3.1	)		29.9			110.0			1.0
Change in fair value of derivative instruments		(0.3	)		(0.1	)		(0.7	)		—
Total other comprehensive income (loss), net of tax		(4.5	)		29.4			106.1			(0.3	)
Comprehensive income	$	191.7		$	209.7		$	619.3		$	528.0

The accompanying notes are an integral part of these financial statements.

Table of Contents

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share and per share amounts; unaudited)


	September 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	211.8		$	204.9
Receivables, net		1,451.0			1,254.7
Unbilled receivables, net		680.7			636.5
Inventories		2,457.8			2,265.7
Income taxes receivable		37.6			51.2
Other current assets		102.8			114.5
Total current assets		4,941.7			4,527.5
Property, plant and equipment, net		1,249.2			1,216.5
Goodwill		1,447.4			1,410.1
Purchased intangible assets, net		743.4			777.6
Deferred income taxes		200.4			259.0
Deferred contract costs		834.1			842.6
Other non-current assets		424.3			389.8
Total assets	$	9,840.5		$	9,423.1

Liabilities and Shareholders’ Equity
Current liabilities:
Revolving credit facilities and current maturities of long-term debt	$	106.7		$	362.3
Accounts payable		962.1			1,143.4
Customer advances		673.3			648.8
Payroll-related obligations		222.2			246.2
Income taxes payable		85.8			140.1
Other current liabilities		451.3			446.5
Total current liabilities		2,501.4			2,987.3
Long-term debt, less current maturities		1,099.7			599.5
Non-current customer advances		1,151.5			1,154.4
Deferred income taxes		25.9			26.9
Other non-current liabilities		524.7		502.9
Commitments and contingencies
Shareholders’ equity:
Preferred Stock ($0.01 par value; 2,000,000 shares authorized; none issued and outstanding)		—			—
Common Stock ($0.01 par value; 300,000,000 shares authorized; 75,101,465 shares issued)		0.7			0.7
Additional paid-in capital		860.1			847.8
Retained earnings		4,782.1			4,367.2
Accumulated other comprehensive income (loss)		2.9			(103.2	)
Common Stock in treasury, at cost (11,621,824 and 10,499,458 shares, respectively)		(1,108.5	)		(960.4	)
Total shareholders’ equity		4,537.3			4,152.1
Total liabilities and shareholders’ equity	$	9,840.5		$	9,423.1

The accompanying notes are an integral part of these financial statements.

Table of Contents

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollars in millions, except per share amounts; unaudited)


	Three Months Ended September 30, 2025
	Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Common Stock in Treasury at Cost			Total
Balance at June 30, 2025	$	0.7	$	849.2		$	4,618.5		$	7.4		$	(1,021.4	)	$	4,454.4
Net income		—		—			196.2			—			—			196.2
Pension and post-employment benefits, net of tax of $0.4		—		—			—			(1.1	)		—			(1.1	)
Currency translation adjustments		—		—			—			(3.1	)		—			(3.1	)
Derivative instruments, net of tax		—		—			—			(0.3	)		—			(0.3	)
Cash dividends ($0.51 per share)		—		—			(32.6	)		—			—			(32.6	)
Repurchases of Common Stock		—		—			—			—			(90.6	)		(90.6	)
Exercise of stock options		—		0.7			—			—			3.5			4.2
Stock-based compensation expense		—		10.4			—			—			—			10.4
Payment of stock-based restricted and performance shares		—		(0.3	)		—			—			0.3			—
Shares tendered for taxes on stock-based compensation		—		—			—			—			(0.3	)		(0.3	)
Other		—		0.1			—			—			—			0.1
Balance at September 30, 2025	$	0.7	$	860.1		$	4,782.1		$	2.9		$	(1,108.5	)	$	4,537.3


	Three Months Ended September 30, 2024
	Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Common Stock in Treasury at Cost			Total
Balance at June 30, 2024	$	0.7	$	833.0		$	4,093.6		$	(101.7	)	$	(900.7	)	$	3,924.9
Net income		—		—			180.3			—			—			180.3
Pension and post-employment benefits, net of tax of $0.1		—		—			—			(0.4	)		—			(0.4	)
Currency translation adjustments		—		—			—			29.9			—			29.9
Derivative instruments, net of tax		—		—			—			(0.1	)		—			(0.1	)
Cash dividends ($0.46 per share)		—		—			(29.9	)		—			—			(29.9	)
Repurchases of Common Stock		—		—			—			—			(11.0	)		(11.0	)
Exercise of stock options		—		—			—			—			—			—
Stock-based compensation expense		—		9.0						—			—			9.0
Payment of stock-based restricted and performance shares		—		(1.1	)		—			—			1.1			—
Shares tendered for taxes on stock-based compensation		—		—			—			—			(0.8	)		(0.8	)
Other		—		0.1			—			—			—			0.1
Balance at September 30, 2024	$	0.7	$	841.0		$	4,244.0		$	(72.3	)	$	(911.4	)	$	4,102.0

The accompanying notes are an integral part of these financial statements.

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OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollars in millions, except per share amounts; unaudited)


	Nine Months Ended September 30, 2025
	Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Common Stock in Treasury at Cost			Total
Balance at December 31, 2024	$	0.7	$	847.8		$	4,367.2		$	(103.2	)	$	(960.4	)	$	4,152.1
Net income		—		—			513.2			—			—			513.2
Pension and post-employment benefits, net of tax of $1.1		—		—			—			(3.2	)		—			(3.2	)
Currency translation adjustments		—		—			—			110.0			—			110.0
Derivative instruments, net of tax		—		—			—			(0.7	)		—			(0.7	)
Cash dividends ($1.53 per share)		—		—			(98.3	)		—			—			(98.3	)
Repurchases of Common Stock		—		—			—			—			(159.3	)		(159.3	)
Exercise of stock options		—		1.4			—			—			5.9			7.3
Stock-based compensation expense		—		29.5			—			—			—			29.5
Payment of stock-based restricted and performance shares		—		(18.1	)		—			—			18.1			—
Shares tendered for taxes on stock-based compensation		—		—			—			—			(13.5	)		(13.5	)
Other		—		(0.5	)		—			—			0.7			0.2
Balance at September 30, 2025	$	0.7	$	860.1		$	4,782.1		$	2.9		$	(1,108.5	)	$	4,537.3


	Nine Months Ended September 30, 2024
	Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Common Stock in Treasury at Cost			Total
Balance at December 31, 2023	$	0.7	$	823.0		$	3,805.8		$	(72.0	)	$	(852.2	)	$	3,705.3
Net income		—		—			528.3			—			—			528.3
Pension and post-employment benefits, net of tax of $0.4		—		—			—			(1.3	)		—			(1.3	)
Currency translation adjustments		—		—			—			1.0			—			1.0
Derivative instruments, net of tax		—		—			—			—			—			—
Cash dividends ($1.38 per share)		—		—			(90.1	)		—			—			(90.1	)
Repurchases of Common Stock		—		—			—			—			(65.6	)		(65.6	)
Exercise of stock options		—		0.9			—			—			3.2			4.1
Stock-based compensation expense		—		29.4			—			—			—			29.4
Payment of stock-based restricted and performance shares		—		(12.1	)		—			—			12.1			—
Shares tendered for taxes on stock-based compensation		—		—			—			—			(9.4	)		(9.4	)
Other		—		(0.2	)		—			—			0.5			0.3
Balance at September 30, 2024	$	0.7	$	841.0		$	4,244.0		$	(72.3	)	$	(911.4	)	$	4,102.0

The accompanying notes are an integral part of these financial statements.

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OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions; unaudited)


	Nine Months Ended September 30,
	2025			2024
Operating activities:
Net income	$	513.2		$	528.3
Depreciation and amortization		165.8			146.4
Intangible asset impairments		5.7			51.6
Stock-based incentive compensation		29.5			29.4
Deferred income taxes		55.0			9.8
Other non-cash adjustments		(2.2	)		12.9
Changes in operating assets and liabilities		(583.7	)		(1,019.1	)
Net cash provided by (used in) operating activities		183.3			(240.7	)

Investing activities:
Additions to property, plant and equipment		(105.6	)		(193.5	)
Additions to equipment held for rental		(32.3	)		(6.1	)
Acquisition of businesses, net of cash acquired		(0.9	)		(120.8	)
Proceeds from sale of business		—			7.0
Other investing activities		2.5			3.8
Net cash used in investing activities		(136.3	)		(309.6	)

Financing activities:
Proceeds from revolving credit facilities		3,136.5			3,588.0
Repayments of revolving credit facilities		(3,391.5	)		(2,828.5	)
Proceeds from issuance of debt		500.0			1.7
Dividends paid		(98.3	)		(90.1	)
Repurchases of Common Stock		(159.3	)		(65.6	)
Other financing activities		(39.0	)		(19.8	)
Net cash provided by (used in) financing activities		(51.6	)		585.7
Effect of exchange rate changes on cash and cash equivalents		11.5			0.1
Increase in cash and cash equivalents		6.9			35.5
Cash and cash equivalents at beginning of period		204.9			125.4
Cash and cash equivalents at end of period	$	211.8		$	160.9

Supplemental disclosures:
Cash paid for interest	$	74.9		$	80.0
Cash paid for income taxes, net of refunds		151.8			364.9
Operating right-of-use assets obtained		30.8			29.6
Finance right-of-use assets obtained		30.0			16.1
Property, plant and equipment additions - noncash		10.6			15.5

The accompanying notes are an integral part of these financial statements.

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OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments, unless otherwise noted) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Oshkosh Corporation (the Company) for the year ended December 31, 2024. The interim results are not necessarily indicative of results for any other interim period or for 2025. Certain reclassifications have been made to the prior period financial statements to conform to the presentation as of and for the three and nine months ended September 30, 2025.

2. New Accounting Pronouncements

Standards not yet adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The standard requires that public business entities (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate. The standard also requires additional disclosures about income taxes paid, the allocation of income or loss from continuing operations disaggregated between domestic and foreign and income tax expense disaggregated by federal, state and foreign. The Company will be required to adopt ASU 2023-09 for its Annual Report on Form 10-K for the year ended December 31, 2025. The Company does not expect the adoption of ASU 2023-09 to have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The Company will be required to adopt ASU 2024-03 for its Annual Report on Form 10-K for the year ended December 31, 2027. The ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The Company will be required to adopt ASU 2025-06 for its Quarterly Report on Form 10-Q for the quarter ended March 31, 2028. The ASU may be applied prospectively, retrospectively or using a modified transition approach. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

3. Acquisition

On September 3, 2024, the Company acquired 100% of AUSACORP S.L. (AUSA), a privately held Spanish manufacturer of wheeled dumpers, rough terrain forklifts and telehandlers, for €103.6 million ($114.5 million), net of cash acquired. AUSA is part of the Access segment. The results of AUSA have been included in the Company’s Condensed Consolidated Statements of Income from the date of acquisition. AUSA had sales of $23.8 million and $99.1 million during the three and nine months ended September 30, 2025, respectively, and $11.3 million from the acquisition date to September 30, 2024. Pro forma results of operations have not been presented as the effect of the acquisition is not material to any periods presented.

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OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):


Assets Acquired:
Cash and cash equivalents	$	11.1

Current assets, excluding cash and cash equivalents	$	64.2
Property, plant and equipment		18.7
Goodwill		53.5
Purchased intangible assets		32.0
Other non-current assets		1.2
Total assets, excluding cash and cash equivalents	$	169.6

Liabilities Assumed:
Current liabilities	$	44.3
Deferred income taxes		7.2
Non-current liabilities		3.6
Total liabilities	$	55.1
Net assets acquired	$	114.5

The purchase price, net of cash acquired, was allocated based on the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition with the excess purchase price recorded as goodwill, all of which was allocated to the Access segment. The goodwill is primarily the result of expected synergies, including leveraging JLG's brand, channel, e-commerce platform and parts distribution capabilities to increase both sales in North America and aftermarket part sales globally. Goodwill and purchased intangible assets are not deductible for income tax purposes. Amortization expense of purchased intangible assets is primarily recognized on a straight-line basis. The purchase price allocations were finalized in the first quarter of 2025.

4. Revenue Recognition

The Company utilizes the cost-to-cost method of percentage-of-completion to recognize revenue on the majority of its performance obligations that are satisfied over time because it best depicts the transfer of control to the customer. Under the cost-to-cost method of percentage-of-completion, the Company measures progress based on the ratio of costs incurred to date to total estimated costs for the performance obligation. The Company recognizes changes in estimated sales or costs and the resulting profit or loss on a cumulative basis. Contract adjustments represent the cumulative effect of the changes on prior periods. If a loss is expected on a performance obligation, the complete estimated loss is recorded in the period in which the loss is identified.

There is significant judgment involved in estimating revenues and costs, particularly in the Transport segment. The Transport segment considers risks of contract performance such as technical requirements, schedule, duration and key contract dependencies. Contract estimates are subject to change throughout the duration of the contract as additional information becomes available that impacts risks and estimated revenue and costs. In addition, as contract modifications such as new orders are received, the additional units are factored into the overall contract estimate of costs and transaction price.

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OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Net contract adjustments impacted the Company’s results as follows (in millions, except per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net sales	$	(3.2	)	$	(1.1	)	$	(7.7	)	$	(14.3	)
Operating income		(7.0	)		(7.6	)		(20.7	)		(30.4	)
Net income		(5.4	)		(5.8	)		(15.8	)		(23.2	)
Diluted earnings per share	$	(0.08	)	$	(0.09	)	$	(0.24	)	$	(0.35	)

The Transport segment incurs pre-production engineering, factory setup and other contract fulfillment costs related to products produced for its customers under long-term contracts. A deferred contract cost asset is recognized for costs incurred to fulfill an existing contract or highly-probable anticipated contract if such costs generate or enhance resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. Costs related to customer-owned tooling that will be used in production and for which the customer has provided a non-cancelable right to use the tooling to perform during the contract term are also recognized as a deferred contract cost asset. Deferred contract costs related to the Next Generation Delivery Vehicles (NGDV) contract with the United States Postal Service (USPS) are amortized over the anticipated production volume of the NGDV contract. The Company periodically assesses its deferred contract costs for impairment. Impairments of deferred contract costs in the three or nine months ended September 30, 2025 or 2024 were not material.

Deferred contract costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):


	September 30,		December 31,
	2025		2024
Engineering costs	$	502.9	$	506.1
Customer-owned tooling		277.2		277.3
Factory setup costs		52.9		52.5
Costs for anticipated contracts		1.1		6.7
Deferred contract costs	$	834.1	$	842.6

The Company estimates that approximately $165 million of deferred contract costs would not be absorbed based on existing orders at September 30, 2025.

Changes in the Company’s deferred contract costs were as follows (in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Balance at beginning of period	$	841.0		$	809.5		$	842.6		$	710.7
Additions to deferred contract costs		3.8			19.8			11.8			120.2
Amortization of deferred contract costs		(10.7	)		(1.2	)		(20.3	)		(2.8	)
Balance at end of period	$	834.1		$	828.1		$	834.1		$	828.1

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OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Disaggregation of Revenue

Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):


	Three Months Ended September 30, 2025
	Access		Vocational		Transport		Corporate and Other		Total
Point in time	$	1,089.9	$	730.7	$	37.5	$	2.7	$	1,860.8
Over time		19.8		237.3		550.4		20.3		827.8
	$	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
Point in time	$	1,347.0	$	597.2	$	6.5	$	(0.9	)	$	1,949.8
Over time		16.3		217.0		533.9		24.4			791.6
	$	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
Point in time	$	3,268.1	$	2,089.2	$	60.9	$	12.8	$	5,431.0
Over time		54.7		715.3		1,469.1		63.4		2,302.5
	$	3,322.8	$	2,804.5	$	1,530.0

OSHKOSH CORP 10-Q