30.01.2026
Slower year for JLG
JLG’s parent company Oshkosh, has reported its full year results, which show declines in both revenues and profit, with JLG showing a slight improvement in the fourth quarter.
Full year results
The Access division - largely made up of JLG, Hinowa and Ausa - saw full year revenues decline by almost 13 percent to $4.49 billion. This was broken down as follows:
Aerial lifts - $2.19 billion - 10.3%
Telehandlers - $1.14 billion - 27%
Other - $1.16 billion +03%
Total - $4.49 billion – 13%
Operating profit for the Access division fell 37.5 percent to $502 million, mainly due “primarily due to adverse price/cost dynamics and adverse product mix,”
Backlog/Order book
The order book at the end of December dropped just over 30 percent to $1.28 billion following an even steeper decline this time last year.
Fourth Quarter
The fourth quarter was more positive with revenues edging up 1.2 percent to $1.17 billion. The results are broken down as follows:
Aerial lifts - $548.6 million +0.5%
Telehandlers - $311.2 million -3.2%
Other - $311.8 million +7.8%
Total - $1.17 billion +1.2%
Operating profit for the division declined by just over 30 percent to $99.3 million, “primarily due to adverse price/cost dynamics and adverse product mix, offset in part by higher sales volume."
Oshkosh as a whole posted full year revenues of $10.42.billion, almost three percent lower than 2024, while pre-tax profit declined 6.7 percent to $842 million.
Oshkosh chief executive John Pfeifer said: “Oshkosh delivered a strong close to 2025 with fourth quarter results that were within our expectations, driven by our people and innovative products, capping another year of solid execution across our portfolio. We achieved adjusted earnings per share of $2.26 due to robust performance in our Vocational segment, strong sales in our Access segment and an improved margin in our Transport segment. We are continuing to ramp up our NGDV production and to invest in additional U.S. fire truck production into 2026 to meet customer demand for these products. Cash from our operations of $783 million for the year reflected strong performance across the company.”
“Looking ahead, we are expecting improved results in our Vocational and Transport segments, supported by a solid backlog and momentum in innovation across the business, partly offset by continued weakness in non-residential construction affecting our Access segment. We believe our People First culture and strategic investments position us to create long-term value for our customers, shareholders and team members.”
While this is not a result that JLG will be totally happy with, it is not as bad as it might have been, given the current economic climate and the nervousness in the rental industry.
The fact that sales, or rather invoicing, perked up a little in the fourth quarter is encouraging and is similar in some ways to what Manitou reported earlier this week. Is it a trend or just a year end spike? Time will tell. JLG has landed some big deals in the past month or so, such as 3,000 units to Boels. You can, though, be certain that Boels extracted an incredibly keen price, they always do, and I am sure others have done the same, all of which is bound to have an impact on the bottom line going forward.
It would be interesting to see how its acquired businesses of Hinowa and Ausa are performing, looking from the outside, they have both been more low profile than when they were independent family run businesses. Perhaps the annual presentation and conference call will shed some light?
In summary, some small signs of encouragement.
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