Oshkosh Corporation has delivered steady revenue growth over recent years supported by its diversified product portfolio encompassing Access, Vocational, and Defense Transport segments. Despite a solid operating income base, profitability faced a 7% decline in 2025 amid increased costs and complexities in scaling the Next Generation Delivery Vehicle (NGDV) for the U.S. Postal Service. The company's performance remains tethered to cyclical market factors and government contracts, while it invests heavily in electrification, autonomy, and AI to maintain competitive differentiation. Cash flow generation supports disciplined capital allocation including dividends and share buybacks, although future growth may hinge on USPS order volume and defense contract stability.