How Much Does Oshkosh Defense Earn? FY2024 Financial Analysis
Oshkosh Corporation closed fiscal year 2024 with $10.73 billion in total revenue — an 11.1 percent increase year-over-year. The defense segment holds a critical place in this picture, but as JLTV domestic production winds down, the company is pivoting to new revenue drivers: the NGDV postal vehicle program and the long-term FHTV V modernization contract.
FY2024 Financial Summary
| Metric | Value | YoY Change |
|---|---|---|
| FY2024 Total Revenue | $10.73B USD | +11.1% |
| Q2 2024 Sales | $2.85B USD | +18.0% |
| Q1 2025 Defense Segment | $463M USD | -9.1% |
| Market Cap (April 2025) | $5.55B USD | — |
| NYSE Ticker | OSK | — |
| Employees | ~18,000 | — |
Major Program Contracts (2024–2025)
| Program | Value | Year |
|---|---|---|
| FHTV V (HEMTT/HET/PLS modernization) | $1.54B USD | 2024 |
| FMTV A2 (4 contracts, Q1 2025) | $214.8M USD | 2025 |
| Netherlands DXPV (JLTV export) | $174–233M USD | 2025 |
| ROGUE-Fires Block 2 | $92M USD | 2024 |
| PLS A2 Modernization | $89M USD | 2025 |
| 5-Nation JLTV Export | $102M USD | 2023 |
Revenue Headwinds and Tailwinds
The 9.1 percent decline in Q1 2025 defense segment revenue reflects the anticipated JLTV production wind-down as domestic Army requirements are largely filled. International orders — particularly the Netherlands and Belgium contracts — partially offset this. The FHTV V program provides a five-year $1.54 billion anchor for the heavy tactical vehicle business. NGDV, with up to 165,000 vehicles for USPS, represents the most significant non-military revenue opportunity in the company’s history.
Sources
- Oshkosh Corporation SEC 8-K Filings, FY2024 and Q1 2025
- investors.oshkoshcorp.com
- Breaking Defense, Defense News, Reuters
