Oshkosh Corp OSK
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 20, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
12 paragraphs in Risk Factors of the 10-K filed Feb 17, 2026 with nothing like them in the 10-K filed Feb 20, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
•Throughout the product lifecycle, discontinuation of production parts by suppliers may result in unanticipated design costs.
The United States has announced changes to U.S. trade policies, including increasing tariffs on imports and potentially renegotiating or terminating existing trade agreements. The exact scope and duration of any such tariffs that have been or will ultimately be implemented, or retaliatory tariffs that have been or could be implemented by other countries on U.S. exports, is not known, and the impacts on our business are uncertain. 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. Geopolitical tensions and trade wars can disrupt supply chains and increase the cost of our products, which could cause our products to be more expensive for customers. Countries have adopted restrictive trade measures such as tariffs, taxation, foreign exchange controls, capital controls and controls on imports or exports of goods, technology or data, any of which could adversely affect our operations and supply chain or limit our ability to offer our products and services as intended.
Uncertainty surrounding trade or other international disputes has adversely impacted, and could continue to adversely impact, customer confidence, inflation, interest rates and the level of investments by our customers and on the economy in general. Any of these events could increase the cost of our products, reduce demand for our products, create disruptions to supply chains or impair our ability to effectively operate and compete in countries where we do business.
Our capacity expansion plans may take longer or cost more than we expect or may not achieve the benefits we anticipate.
We are pursuing initiatives to expand and optimize our manufacturing capacity. Such initiatives may include facility expansions or reconfigurations, capital investments in equipment and automation, workforce hiring and training, supplier capacity development and the implementation of new processes or systems. The execution of these capacity expansion plans is subject to a variety of risks and uncertainties, including delays in construction or equipment delivery, challenges in recruiting and retaining skilled labor, supply chain constraints, cost inflation, permitting or regulatory requirements and difficulties integrating new capacity into existing operations. In addition, our assumptions regarding demand levels, timing and product mix may change over time, which could affect the timing, scale or economic returns of these investments. If our capacity expansion initiatives take longer or cost more than we anticipate or fail to deliver the operational efficiencies or throughput improvements we expect, we may be unable to meet forecasted sales, incur higher operating or capital costs or experience reduced margins. Any such delays or inefficiencies could adversely affect our results of operations, cash flows or competitive position.
•Although we believe there is demand from international customers for our tactical wheeled vehicles, there is no assurance that additional orders will materialize.
•In January 2026, the U.S. President issued an executive order directing the DoD and other defense-related agencies to prioritize the warfighter in procurement decisions, including increased emphasis on speed of delivery, affordability, domestic sourcing and operational readiness. While intended to enhance military effectiveness, this directive could result
in changes to acquisition strategies, contract structures, technical requirements, pricing expectations or supplier selection criteria. Such changes could increase competition, reduce margins, accelerate delivery schedules or require additional capital investments, which could in turn have a material adverse effect on our net sales, financial condition, results of operations and/or cash flows. 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.
Our use of artificial intelligence and autonomy technologies may expose us to additional risks and may not deliver the benefits we anticipate.
We are developing, integrating and using artificial intelligence (AI) and autonomy in certain products, services and internal operations. These technologies are evolving and, in many cases, rely on third-party tools, data, software or infrastructure. Our ability to realize benefits from their use depends on factors such as data quality, system integration, workforce adoption, computing resources and the ongoing performance and availability of third-party technology providers. AI-enabled systems may not perform as intended under all operating conditions and may generate inaccurate, incomplete or biased outputs. As these technologies are introduced into products, services or operations, failures or perceived failures, whether due to design limitations, data constraints, integration challenges, cybersecurity incidents, operator misuse, inadequate training or other causes, could result in product performance issues, safety incidents, increased costs, reputational harm or reduced customer acceptance. In addition, the legal and regulatory framework governing AI and data use is rapidly evolving and remains uncertain. New or changing laws, regulations or standards could increase compliance costs, limit permissible uses, require changes to
product design or governance practices or expose us to litigation or enforcement actions. If we are unable to effectively develop, integrate, govern or manage AI-enabled technologies, or if these technologies fail to deliver benefits we expect, our results of operations, financial condition or competitive position could be adversely affected.
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incorporate calculations that are sensitive to minor changes in underlying assumptions. Management’s assumptions change as more information becomes available. Changes in these events and conditions or other assumptions could result in an impairment charge in the future, which could have a significant adverse impact on our reported earnings.
Paragraphs in the 10-Q filed Oct 29, 2026 that were not in the one before
New in the latest 10-Q
10 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like them in the 10-Q filed Jul 28, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
2026 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────── Trade receivables - U.S. government $ 92.5 $ 127.7 Trade receivables - other 1,432.7 1,226.5 Finance receivables 45.6 42.3 Other receivables 118.8 103.4 Total receivables, gross 1,689.6 1,499.9 Less allowance for doubtful accounts (16.2) (5.1) Total receivables, net $ 1,673.4 $ 1,494.8 During the three months ended September 30, 2026, the Company recorded an allowance for doubtful accounts of $7.9 million on a note receivable related to a prior divestiture. Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions): September 30, December 31,
Read in the 10-Q
Depreciation expense was $41.6 million and $36.6 million for the three months ended September 30, 2026 and 2025, respectively, and $121.9 million and $102.4 million for the nine months ended September 30, 2026 and 2025, respectively.
Read in the 10-Q
The Vocational segment continued initiatives to modernize municipal fire apparatus manufacturing processes and increase production capacity to better serve customer demand and address elevated backlog. However, these initiatives resulted in manufacturing challenges during the quarter and lower production and shipment volume. The Company is actively addressing these issues by improving material tracking for internally fabricated parts and "point-of-use" delivery, stabilizing the processes that support its manufacturing improvements and adding experienced manufacturing leadership to support the transformation. Once fully implemented, the Company expects the high-flow production lines to support production volumes that are 25% to 30% higher than they were in 2025.
Read in the 10-Q
The Company now expects its 2026 earnings per share to be between $8.00 and $9.00, down between $1.50 and $2.50 from the Company's previous guidance. The Company expects net sales to be approximately $11.0 billion, compared to the Company's most recent estimate of $11.2 billion. The revised expectations reflect lower municipal fire apparatus and delivery vehicle production, offset in part by higher sales volume in the Access segment. The low-end of the range reflects the possibility that the Company does not receive an additional NGDV order in 2026, which could impact earnings by up to $0.50 per share.
Read in the 10-Q
The Company now expects Access segment 2026 sales to be approximately $4.8 billion and operating income margin to be approximately 9.4% compared to the Company's initial estimate of $4.2 billion and 9.7%, respectively.
Read in the 10-Q
Show the other 5
The Company now expects Vocational segment 2026 sales to be approximately $3.7 billion and operating income margin to be approximately 11.4% compared to the Company's initial estimate of $4.2 billion and 16.1%, respectively.
Read in the 10-Q
The Company now expects Transport segment 2026 sales to be approximately $2.3 billion compared to the Company's initial estimate of $2.5 billion. The Company continues to expect Transport segment 2026 operating income margin of approximately 4.0%.
Read in the 10-Q
Net operating costs for Corporate and other are expected to be approximately $178 million in 2026, including approximately $3 million of intangible asset amortization.
Read in the 10-Q
Transport segment net sales decreased primarily due to the absence of a license of Joint Light Tactical Vehicle (JLTV) intellectual property to the U.S. government that occurred in the third quarter of 2025 ($25 million).
Read in the 10-Q
Subsequent to September 30, 2026, Moody's Investors Service, Inc. upgraded the Company's credit rating to Baa2.
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 17, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 17, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 20, 2025
Where each one is used
- transport segment: •Our Transport segment results may fluctuate significantly from time to time as a result of the start and completion of existing and new domestic and international contract awards that we may receive. A majority of our contracts in the Transport segment are large in size and require significant personnel and...
- capacity expansion: Our capacity expansion plans may take longer or cost more than we expect or may not achieve the benefits we anticipate.
- credit agreements: Our access to debt financing at competitive risk-based interest rates is partly a function of our credit ratings. A downgrade to our credit ratings could increase our interest rates, could limit our access to public debt markets, could limit the institutions willing to provide us credit facilities, and could make...
- issues supplier: •The ramp-up of NGDV production has taken longer and cost more than we anticipated, which has resulted in lower revenues and higher costs than we anticipated. It is possible that production may continue to lag our expectations due to equipment design issues, supplier quality issues, supplier performance issues or...
- performance issues: •The ramp-up of NGDV production has taken longer and cost more than we anticipated, which has resulted in lower revenues and higher costs than we anticipated. It is possible that production may continue to lag our expectations due to equipment design issues, supplier quality issues, supplier performance issues or...
- expansion plans: Our capacity expansion plans may take longer or cost more than we expect or may not achieve the benefits we anticipate.
- capital investments: We are pursuing initiatives to expand and optimize our manufacturing capacity. Such initiatives may include facility expansions or reconfigurations, capital investments in equipment and automation, workforce hiring and training, supplier capacity development and the implementation of new processes or systems. The...
- aluminum copper: We purchase, directly and indirectly through component purchases, significant amounts of steel, aluminum, copper and other commodities. Steel, aluminum, copper and other commodity prices have historically been highly volatile. Costs for these items may increase in the future due to a variety of factors, including:...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
3 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/OSK/export.csv") into a cell.