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June 16, 2025
OSHKOSH – Over the last century-plus, Oshkosh Defense – a long-standing partner of the U.S. Department of Defense (DOD) – has delivered and sustained more than 190,000 combat-ready vehicles in more than 20 countries.
“Our commitment to the Department of Defense is strong,” Oshkosh Corporation President and CEO John Pfeifer said.
While the company continues to invest in advanced technologies – including autonomous systems, hybrid diesel solutions and digital integration, the company has made a change in the segment’s name that Oshkosh Defense® operates under.
The formerly named Defense segment is now the Transport segment to, according to Pfeifer, “better reflect its broader scope of business.”
He said the change is part of a broader corporate strategy to position overall business growth across both Oshkosh Corporation’s defense and commercial segments.
“The renaming of the segment more accurately reflects the breadth of our operations in this area of the business,” he said.
In addition to the segment’s continued delivery of tactical wheeled vehicles and mobility solutions to defense customers, Pfeifer said it also allows Oshkosh to expand into commercial markets – which is exemplified by its Next Generation Delivery Vehicle contract for the United States Postal Service.
“The parcel industry is a growing industry and we plan to be a strong player in that area,” he said.
The Full Rate Production milestone for the contract, Pfeifer said, is expected later this year.
Pfeifer said it’s important to point out that the segment name change is “transformation in name and scope – not in focus.”
“Nothing about the defense business – Oshkosh Defense – is changing,” he said. “Oshkosh Defense is remaining Oshkosh Defense.”
Pfeifer said only the segment name – of which the company has three: Access, Vocational and the now-known-as Transport – is changing to better represent the breadth of mobility solutions the company is building now and into the future.
“Oshkosh Defense is a business unit within the Transport segment, not unlike JLG® is one within Access and Pierce is one within Vocational®,” he said.
The newly dubbed Transport sector, Pfeifer said, positions Oshkosh Corporation to further “enhance innovation, streamline operations and better support both defense and commercial fleet customers.”
He said the name change is also designed to improve efficiency and growth.
“Our goal is to enhance our ability to serve our customers and that requires the collective expertise of our teams,” he said.
“We just concluded our Investor Day in New York and the investor community’s reaction was positive,” he said.
New segment leader
In conjunction with this transition, Pfeifer said Oshkosh Corporation has appointed Steve Nordlund as executive vice president and president of its Transport segment, effective July 14.
“Steve is a seasoned defense and aerospace executive with experience leading business units up to $6 billion in revenue,” he said.
Nordlund’s background includes more than 25 years of leadership experience in the aerospace, defense and mobility industries, including senior roles at Boeing, where he led the Air Dominance division and drove cutting-edge R&D initiatives supporting advanced military technologies.
“Steve brings a strong, people-focused leadership style and a proven ability to deliver growth and operational excellence through clear, strategic direction,” Pfeifer said. “His more than 15 years with Boeing helped him build a strong relationship with our industry. And in his last role, he led more than 8,000 team members – capturing major U.S. Air Force programs and deploying a long-term growth strategy to set his division up for success.”
Describing Oshkosh Corporation’s “enduring and storied organization,” Nordlund said he’s honored to be a part of “such a remarkable team.”
“The business is well positioned to deliver accelerated growth and margin expansion as we leverage our differentiated purpose, culture and capabilities,” he said.
Pfeifer, who has been serving as the now-Transport’s segment’s interim leader, said he will continue to do so until Nordlund assumes the role next month.
Poised for revenue growth, margin expansion
At the company’s previously mentioned Investor Day, the company announced that it is poised for solid revenue growth and margin expansion.
As part of its strategy for growth, the company announced four 2028 consolidated financial targets, including:
- $13 billion to $14 billion in revenue
- 12-14% adjusted operating income margin
- $18 to $22 adjusted earnings per share
- 90-plus% free cash flow conversion across the cycle
Pfeifer said with a “strong foundation and a clear vision,” the company is targeting strong revenue and adjusted EPS growth over the next three years.
“This reflects our confidence in the business, underpinned by a robust backlog and sustained demand across our end markets,” he said.
Pfeifer said the company is executing its Innovate. Serve. Advance. strategy to drive revenue growth and transform its margins.
Per the information presented at its Investor Day, after a period of elevated new product and capital spending, Oshkosh Corporation expects to generate significant free cash flow (the cash a company had left after covering all operating and capital expenses) and attractive cash flow (refers to how effectively a company converts its earnings into free cash flow) conversion.
Furthermore, the company shared that it is committed to returning cash to shareholders through dividends and share repurchases.
According to Oshkosh Corporation leadership, as of March 31, 2025, the company had 9.9 million shares available for repurchase under the current authorization.
During their Investor Day presentation, Oshkosh Leadership said actions the company has taken during the past few years are transforming its margins profile.
They said the company expects updated, sole-source contracts and new product launches in the Transport segment to support improved profitability.
Furthermore, company leadership said Oshkosh Corporation continues to invest in customer-centric product innovations to reinforce and grow its leading positions on the journey toward achieving its 2028 targets.
