OSK · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Oshkosh

34 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. government

earns from · approximately 20% of its net salesnamed as a risk

Approximately 20% of our net sales in 2025 were to the U.S. government.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

U.S. Postal Service (USPS) Next Generation Delivery Vehicle contract

earns from · approximately $135 millionnamed as a risk

We estimate that deferred contract costs exceed future profits on existing orders by approximately $135 million at December 31, 2025.Risk factors (Item 1A)

Equipment rental companies

concentrated in · approximately 27% of our consolidated gross receivablesnamed as a risk

We also face a concentration of credit risk as the Access segment’s ten largest debtors at December 31, 2025 represented approximately 27% of our consolidated gross receivables.Risk factors (Item 1A)

U.S. Department of Defense (DoD)

earns fromnamed as a risk

The Company maintains leading market shares across nearly all of its businesses and is the sole-source supplier for several key vehicle platforms to the DoD.Business (Item 1)

Also named by ACN, ALSN, AVAV, CLS, CRWD, FLR, HEI, JCI and 12 more

NATO

earns from

Oshkosh Defense has designed and sold products to the DoD for over 100 years and also exports its products to North Atlantic Treaty Organization (NATO) nations and other U.S.-approved partner nations.Business (Item 1)

Also named by CW

Suppliers

Engines, chassis, axles and batteries suppliers

depends onnamed as a risk

We are dependent on our suppliers of engines, chassis, axles, batteries and other components to continue to timely deliver such components that meet applicable emissions regulations and customer preferences.Risk factors (Item 1A)

Partners and platforms

Pierce Financial Solutions program

depends on

The Company offers two- to fifteen-year municipal lease financing programs to its Pierce customers in the U.S. through the Pierce Financial Solutions program, provided through a third-party bank.Business (Item 1)

Other companies

JLG

concentrated in · approximately 78%named as a risk

At December 31, 2025, approximately 78% of these intangibles were concentrated within JLG.Risk factors (Item 1A)

Also named by SUNB

Customer indebtedness guarantees

insures or lends to · $559 millionnamed as a risk

In addition, we were subject to obligations to guarantee customer indebtedness to third parties of $559 million, under which we estimate our maximum exposure to be $93 million.Risk factors (Item 1A)

United Auto Workers (UAW)

1,150 employees

The United Auto Workers (UAW) Union, whose agreement expires in September 2027, represented the majority of these employees (1,150 employees), with the remaining being represented by the United Steelworkers, the Boilermakers, Iron Shipbuilders, Blacksmiths and Forgers Union (Boilermakers), International Brotherhood of Teamsters Union (Teamsters), Eastern Millwright Regional Council and International Brotherhood of Electrical Workers.Business (Item 1)

Also named by BWA, DCH, DE, F, GM, HWM, LEA

Competitors

Terex Corporation

competes with

Within this global market, competition for sales of aerial work platform equipment includes Genie Industries, Inc. (a subsidiary of Terex Corporation), Skyjack Inc. (a subsidiary of Linamar Corporation), Haulotte Group, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Zhejiang Dingli Machinery Co., Ltd. and numerous other manufacturers.Business (Item 1)

Rosenbauer International AG

competes with

Competitors for Oshkosh Airport Product ARFF vehicles include Rosenbauer International AG and Albert Ziegler GmbH.Business (Item 1)

Miller Industries, Inc.

competes with

The principal competitor for Jerr-Dan-branded products is Miller Industries, Inc.Business (Item 1)

AM General LLC

competes with

Competition for Oshkosh Defense includes AM General LLC (a subsidiary of KPS Capital Partners, LP), American Rheinmetall Vehicles, BAE Systems plc, General Dynamics Corporation, GM Defense LLC, Mack Defense LLC and ND Defense LLC (a subsidiary of Cerberus Capital Management, LP).Business (Item 1)

Rivian Automotive Inc.

competes with

Competition for sales of delivery vehicles includes, among others, Utilimaster (a subsidiary of Aebi Schmidt Group), Morgan Olson (a subsidiary of JB Poindexter & Co., Inc.) and Rivian Automotive Inc.Business (Item 1)

Places

China

operates innamed as a risk

Local government policy and influence can also impact international competition, such as in China where a state-controlled economy favors local market participants.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Commodities and inputs

Euro

exposed to its price · approximately 18% of our net salesnamed as a risk

Such fluctuations, in particular those with respect to the Euro, the Chinese renminbi, the Canadian dollar, the Mexican peso, the Australian dollar and the British pound sterling may have a material effect on our net sales, financial condition, profitability and/or cash flows and may significantly affect the comparability of our results between financial periods.Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Steel

exposed to its pricenamed as a risk

We purchase, directly and indirectly through component purchases, significant amounts of steel, aluminum, copper and other commodities.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Aluminum

exposed to its pricenamed as a risk

Steel, aluminum, copper and other commodity prices have historically been highly volatile.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Copper

exposed to its pricenamed as a risk

Steel, aluminum, copper and other commodity prices have historically been highly volatile.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Regulators

Defense Contract Audit Agency

subject tonamed as a risk

As a U.S. government contractor, our DoD contracts and systems are subject to audit and review by the Defense Contract Audit Agency and the Defense Contract Management Agency.Risk factors (Item 1A)

Also named by ACN, BA, CACI, CDRE, FLR, HII, KTOS, LDOS and 6 more

Defense Contract Management Agency

subject tonamed as a risk

As a U.S. government contractor, our DoD contracts and systems are subject to audit and review by the Defense Contract Audit Agency and the Defense Contract Management Agency.Risk factors (Item 1A)

Also named by CACI, FLR, HII, LDOS, TTEK, TXT

Laws and programs

U.S. tariffs

subject to · approximately $35 million in 2025named as a risk

Tariffs implemented by the U.S. during 2025 cost us approximately $35 million in 2025, and we estimate that will increase to approximately $200 million in 2026.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

Any violations of the FCPA could result in significant fines, criminal sanctions against us or our employees, and prohibitions on the conduct of our business, including our business with the U.S. government.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

International Traffic in Arms Regulations

subject tonamed as a risk

We are also increasingly subject to export control regulations, including, but not limited to, the United States Export Administration Regulations and the International Traffic in Arms Regulations.Risk factors (Item 1A)

Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more

China rare earth export controls

subject tonamed as a risk

Changes in laws or regulations governing foreign trade, particularly in countries where we manufacture products or from which we import products or raw materials, either directly or through our suppliers, including materials subject to China’s export control requirements such as rare earth minerals, could have a material adverse effect on our competitive position, results of operations, financial condition, and/or cash flows.Risk factors (Item 1A)

Also named by CDNS, KLAC, MTSI, RMD

Family of Medium Tactical Vehicles (FMTV)

earns fromnamed as a risk

Certain of the Company’s contracts with the DoD, including the FMTV A2 contract, require that the Company effectively transfer the “technical know-how” necessary to produce and support the vehicles and/or other deliverables within the contract to the customer.Business (Item 1)

Weapon Systems Acquisition Reform Act

subject tonamed as a risk

The Weapon Systems Acquisition Reform Act and the Competition in Contracting Act require competition for U.S. defense programs in most circumstances.Risk factors (Item 1A)

Competition in Contracting Act

subject tonamed as a risk

Competition for DoD programs currently supplied by the Company could result in the U.S. government awarding future contracts to another manufacturer or the U.S. government awarding the contracts to the Company at lower prices and operating margins than the Company experiences under current contracts.Business (Item 1)

U.S. defense budget appropriations

subject tonamed as a risk

Our business is susceptible to changes in the annual U.S. defense budget.Risk factors (Item 1A)

January 2026 U.S. executive order on defense procurement

subject tonamed as a risk

Under the executive order, the DoD could also impose conditions or otherwise create disincentives that could limit our ability to repurchase shares of our Common Stock or to pay dividends to our shareholders.Risk factors (Item 1A)

State dealer laws

subject tonamed as a risk

In addition, our ability to terminate our relationship with a dealer is limited due to state dealer laws, which generally provide that a manufacturer may not terminate or refuse to renew a dealer agreement unless it has first provided the dealer with required notices.Risk factors (Item 1A)

Family of Heavy Tactical Vehicles (FHTV)

earns from

Family of Heavy Tactical Vehicles (FHTV) DoD 2015 - 2029 2026 - 2027Business (Item 1)

Medium Caliber Weapons System (MCWS)

earns from

Medium Caliber Weapons System (MCWS) DoD 2021 - 2027 2026 - 2027Business (Item 1)