Q4 2015 earnings slides final

MOVING THE WORLD AT WORK
Oshkosh Corporation Classification: Highly Restricted
Fourth Quarter Fiscal 2015
October 29, 2015
Charles L. Szews
Chief Executive Officer
Wilson R. Jones
President and Chief Operating Officer
David M. Sagehorn
Executive Vice President
and Chief Financial Officer
Patrick N. Davidson
Vice President, Investor Relations
Oshkosh Corporation
(NYSE:OSK)

Forward-Looking Statements
This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation,
statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital
expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking
statements. When used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,”
“should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify
forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks,
uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to
differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the
Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S.
and European economies; the Company’s estimates of access equipment demand; the strength of the U.S. dollar and its impact on
Company exports, translation of foreign sales and purchased materials; the expected level and timing of U.S. Department of Defense
(“DoD”) and international defense customer procurement of products and services and funding thereof; risks related to reductions in
government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle
strategy; risks related to the Company’s future defense segment sales as a result of the outcome of a competitor’s protest of the
JLTV production contract award to the Company; the Company’s ability to finalize an international contract for a significant quantity
of M-ATVs, with the majority of the units sold in fiscal 2016; the Company’s ability to increase prices to raise margins or offset higher
input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to
facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost
savings may not be achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the
Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or equity market
expectations; projected adoption rates of work at height machinery in emerging markets; the impact of severe weather or natural
disasters that may affect the Company, its suppliers or its customers; risks related to the collectability of receivables, particularly for
those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products;
risks related to production or shipment delays arising from quality or production issues; risks associated with international operations
and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and
regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding
to a data security breach; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its
long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the
Securities and Exchange Commission, including the Form 8-K filed today. All forward-looking statements speak only as of the date
of this presentation. The Company assumes no obligation, and disclaims any obligation, to update information contained in this
presentation. Investors should be aware that the Company may not update such information until the Company’s next quarterly
earnings conference call, if at all.
October 29, 2015OSK Fourth Quarter 2015 Earnings Call 2

Q4 FY15 Results
 Q4 adjusted EPS* of $0.67
- In line with revised expectations
 Taking actions to reduce costs
and inventory in Access
Equipment
 Defense recovery underway
− Restarted FHTV sales
− Awarded international contract for
273 M-ATVs
 JLTV win provides long-term
stability to Defense outlook
− Expect award to Oshkosh to be
upheld
 Repurchased 2.9 million shares
for $112 million
Net Sales
(billions)
Adjusted
EPS*
3
$1.6
$1.7
$0.67
$0.96
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
FY15 FY14
Net Sales Adjusted EPS*
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
OSK Fiscal Q4 Performance
October 29, 2015OSK Fourth Quarter 2015 Earnings Call

Full Year Results
 Full year results negatively
impacted by:
– Trough in Defense earnings
– Mid-cycle dip in Access
Equipment demand
 Set foundation for strong
Defense earnings growth
 Sustained margin enhancement
at Fire & Emergency and
Commercial
 Repurchased 4.9 million shares
or 6.1% of outstanding shares
 Announced 12% dividend
increase effective November
 FY16 EPS estimate range of
$3.00 to $3.40
NetSales
(billions)
AdjustedEPS*
OSK Full Year Performance
$6.1
$6.8
$3.02
$3.62
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
FY15 FY14
Net Sales Adjusted EPS*
4October 29, 2015OSK Fourth Quarter 2015 Earnings Call

Positive Long-Term Outlook for Oshkosh
 Leading brands with excellent long-term
prospects
 Growing Defense portfolio with increasing
global demand
 Continued global penetration of Access
Equipment and sustained North American
construction growth
 Commitment to smart capital allocation
 Disciples of “The Outsiders”
 Expected strong free cash flow provides
opportunity to enhance shareholder returns
 Strong, experienced leaders to execute
roadmap to deliver strong shareholder
returns

Defense
 Won DoD’s JLTV competition in August
− Contract for 17,000 vehicles over 8 years
− Program expected to yield 55,000 vehicles
domestically over 20+ years
− Expect strong interest from
international allies
− GAO decision on competitor protest in
December
 M-ATV continues to gain interest globally
 Introduced new 6x6 M-ATV Technology
Demonstrator
 Total of nine M-ATV variants to conduct a
wide variety of missions
JLTV
M-ATV 6x6

Access Equipment
 Mid-cycle dip accelerated into 2015
− Driven by weather and oil & gas impact
− Light replacement demand after low
purchases in 2009 - 2010
 Improving residential and non-residential
construction driving equipment usage and
long-term confidence
 Expect mid-cycle sales decline of
approximately 10% - 15% in FY16
 International markets 2016 outlook mixed
 Europe down (due to currency)
 Latin America expected to remain weak
 Asia and Australia steady
 Reducing production rate and workforce
− Will drive inventory reduction
− Margin pressure due to under-absorption

Fire & Emergency
 Strong quarter to finish the year
− Higher revenues, operating income &
margins
− Elevated backlog
 Pierce share gains at a time when
the market is still below historical
norms
 Driven by strong new product launches
 Improved results from operational
changes
− Still more work to do, but business
improvement roadmap is delivering
higher margins

Commercial
 RCV sales grew double
digits again in the quarter
 Replacement demand
recovering
 Share growing due to success of
new product launches
 Concrete mixer sales down
in the quarter
 Continuation of market
slowdown that began in
third quarter
 Positive view on longer-term
 North American
construction growth
 Aged fleets

Consolidated Results
 Sales impacted by:
 Lower Access Equipment
segment sales
 Higher Defense, Fire &
Emergency and Commercial
segment sales
 EPS impacted by:
 Lower Access Equipment
segment results
 Higher tax rate
 Higher Defense, Fire &
Emergency and Commercial
segment results
 Lower Corporate expenses
 Lower share count
Q4 Comments
(Dollars in millions, except per share amounts)
Fourth Quarter
Net Sales $1,578.3 $1,667.7
% Change (5.4)% (3.4)%
Adjusted Operating
Income* $89.5 $116.9
% Change (23.4)% 49.7%
% Margin 5.7% 7.0%
Adjusted EPS* $0.67 $0.96
% Change (30.2)% 95.9%
2015 2014

Expectations for FY16
Additional expectations
 Corporate expenses of $145 - $150 million
 Tax rate of ~ 34%
 CapEx of ~ $100 million
 Free Cash Flow* ~ $350 million
 Assumes share count of ~ 75 million
Segment information
 Revenues of ~ $6.2 - $6.5 billion
 Operating income of $400 million to $440 million
 EPS of $3.00 to $3.40
11
Quarterly commentary
 Earnings weighted to second half
 Increased international M-ATV sales
 Seasonality
 Cautious construction equipment customers
 First quarter slightly profitable
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
$2.9 to $3.05 ~ $1.55 ~ $0.9 ~ $1.0
Operating
Income Margin
~ 10.5% ~ 8.75% ~ 6.0% ~ 7.0%
October 29, 2015OSK Fourth Quarter 2015 Earnings Call

For information
contact:
Patrick N. Davidson
Vice President, Investor Relations
(920) 966-5939
pdavidson@oshkoshcorp.com
Jeffrey D. Watt
Director, Investor Relations
(920) 233-9406
jwatt@oshkoshcorp.com

Net Sales $769.5 $932.7
% Change (17.5)% 19.5%
Adjusted Operating
Income $59.0* $127.4
% Change (53.7)% 41.3%
% Margin 7.7% 13.7%
Fourth Quarter
(Dollars in millions)
2015 2014
Appendix: Access Equipment
 Lower North America demand
 Unfavorable foreign currency
 Higher European demand
 Operating income impacted by:
 Lower sales volume
 Unfavorable product mix
 Unfavorable absorption
 Used equipment valuation
reserves
 Lower incentive compensation
expense
 Backlog down 45% vs. prior
year to $210 million
Q4 Comments

Appendix: Defense
 M-ATV reset volume
 International M-ATV sales
 Lower FHTV and FMTV sales
 Higher sales volume
 Favorable absorption
 Lower SG&A
 Backlog up 81% vs. prior year
to $1.4 billion, including $0.1
billion related to JLTV contract
award
Q4 Comments
Net Sales $317.6 $288.1
% Change 10.3% (43.9)%
Adjusted Operating
Income $18.5 $1.8*
% Change 935.7% (88.1)%
% Margin 5.8% 0.6%
Fourth Quarter
2015 2014

Net Sales $245.4 $214.9
% Change 14.2% (7.4)%
Operating Income $23.7 $12.5
% Change 89.2% 35.3%
% Margin 9.6% 5.8%
Fourth Quarter
2015 2014
Appendix: Fire & Emergency
 Higher fire apparatus volume
 Favorable absorption
 Backlog up 39% vs. prior year
to $790.7 million
Q4 Comments

Appendix: Commercial
 Higher RCV volume
 Lower concrete mixer volume
 Stronger mix of RCV sales
 MOVE investments
 Backlog up 20.7% vs. prior
year to $193 million
Q4 Comments
Net Sales $252.9 $243.7
% Change 3.8% 16.4%
Operating Income $21.1 $18.4
% Change 14.6% 17.3%
% Margin 8.4% 7.6%
Fourth Quarter
2015 2014

Appendix: Commonly Used Acronyms
17October 29, 2015OSK Fourth Quarter 2015 Earnings Call
ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability Vehicle
AWP Aerial Work Platform MRAP Mine Resistant Ambush Protected
CapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)
CNG Compressed Natural Gas NOL Net Operating Loss
DGE Diesel Gallon Equivalent NPD New Product Development
DoD Department of Defense NRC National Rental Company
EAME Europe, Africa & Middle East OCO Overseas Contingency Operations
EMD Engineering & Manufacturing Development OH Overhead
EPS Diluted Earnings Per Share OI Operating Income
FHTV Family of Heavy Tactical Vehicles OOS Oshkosh Operating System
FMS Foreign Military Sales OPEB Other Post-Employment Benefits
FMTV Family of Medium Tactical Vehicles PLS Palletized Load System
GAAP U.S. Generally Accepted Accounting Principles PUC Pierce Ultimate Configuration
GAO Government Accountability Office R&D Research & Development
HEMTT Heavy Expanded Mobility Tactical Truck RCV Refuse Collection Vehicle
HET Heavy Equipment Transporter RFP Request for Proposal
HMMWV High Mobility Multi-Purpose Wheeled Vehicle ROW Rest of World
IRC Independent Rental Company SMP Standard Military Pattern (Canadian MSVS)
IT Information Technology TACOM Tank-automotive and Armaments Command
JLTV Joint Light Tactical Vehicle TDP Technical Data Package
JPO Joint Program Office TPV Tactical Protector Vehicle
JROC Joint Requirements Oversight Council TWV Tactical Wheeled Vehicle
JUONS Joint Urgent Operational Needs Statement UCA Undefinitized Contract Action
L-ATV Light Combat Tactical All-Terrain Vehicle UIK Underbody Improvement Kit (for M-ATV)
LVSR Logistic Vehicle System Replacement UK United Kingdom
M-ATV MRAP All-Terrain Vehicle ZR Zero Radius

Appendix:
Non-GAAP to GAAP Reconciliation
• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures (in millions):
2015 2014 2015 2014
Adjusted Access Equipment segment operating
income (non-GAAP) 59.0$ 127.4$ 7.7% 13.7%
Workforce reduction charges (2.5) - -0.4% -
Access Equipment segment operating income (GAAP) 56.5$ 127.4$ 7.3% 13.7%
Adjusted Defense segment operating income (non-GAAP) 18.5$ 1.8$ 5.8% 0.6%
Pension and OPEB curtailment/settlement - (3.8) - -1.3%
Defense segment operating income (loss) (GAAP) 18.5$ (2.0)$ 5.8% -0.7%
Adjusted consolidated operating income (non-GAAP) 89.5$ 116.9$ 5.7% 7.0%
Pension and OPEB curtailment/settlement - (3.8) - -0.2%
Workforce reduction charges (2.9) - -0.2% -
Consolidated operating income (GAAP) 86.6$ 113.1$ 5.5% 6.8%
Three Months Ended
September 30,
Three Months Ended
September 30,

Appendix:
Non-GAAP to GAAP Reconciliation
• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures (in millions, except per share amounts):
2015 2014 2015 2014
Adjusted earnings per share - diluted (non-GAAP) 0.67$ 0.96$ 3.02$ 3.62$
Reduction of valuation allowance on net operating
loss carryforward - - - 0.14
Pension and OPEB curtailment/settlement, net of tax - (0.03) 0.03 0.01
Contract pricing adjustment for OPEB costs, net of tax - - - (0.08)
Debt extinguishment costs, net of tax - - (0.12) (0.08)
Workforce reduction charges, net of tax (0.03) - (0.03) -
Earnings per share - diluted (GAAP) 0.64$ 0.93$ 2.90$ 3.61$
Fiscal 2015 Fiscal 2016
Actual Expectations
Net cash flows provided by operating activities 82.5$ 475.0$
Additions to property, plant and equipment (131.7) (100.0)
Net additions to equipment held for rental 0.5 (25.0)
Free cash flow (usage) (48.7)$ 350.0$
Three Months Ended Fiscal Year Ended,
September 30, September 30,

Q4 2015 earnings slides final

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Q4 2015 earnings slides final