Oshkosh is a manufacturer of specialty, purpose-built vehicles and equipment across defense, municipal, construction, and airport end markets. The company operates three segments: Access, Vocational, and Transport. The Access segment, led by the JLG brand, makes aerial work platforms (boom lifts and scissor lifts) and telehandlers sold primarily to equipment rental companies, with demand tied to nonresidential construction. The Vocational segment includes Pierce fire trucks, McNeilus refuse and recycling vehicles, and AeroTech airport ground support equipment and jet bridges — primarily sold to municipal governments and airports. The Transport segment makes tactical wheeled vehicles for the U.S. DoD and is ramping production of the Next Generation Delivery Vehicle (NGDV) for USPS under a contract for up to 165,000 vehicles over ten years. Oshkosh's products are highly customized, allowing the company to command premium pricing. The Vocational segment carries a backlog of over $6.6B, giving multi-year revenue visibility. Transport sells primarily under long-term government contracts, and margin recovery in that segment is expected as legacy fixed-price contracts wind down and new contracts with cost pass-through provisions ramp up. Across all segments, Oshkosh generates recurring revenue from parts and services. The company is investing in capacity expansion for fire truck production, electrification, telematics, and autonomy as both competitive differentiators and new revenue streams.