Caterpillar Outpaces Oshkosh in Revenue Growth

Caterpillar's revenue has consistently outpaced Oshkosh's in recent quarters. Caterpillar generated $19.1 billion in revenue for Q4 2025, while Oshkosh reported approximately $2.7 billion. This wide revenue gap between the two companies may be a concern for investors.

Oshkosh primarily generates revenue from designing and manufacturing purpose-built vehicles and equipment, including access platforms, tactical military transport, and commercial fire apparatus. The company recently received a $92 million delivery order from the U.S. Marine Corps but reported only 2% net income margin for Q1 2026.

Caterpillar, on the other hand, generates revenue by producing heavy machinery for construction and mining, alongside diesel engines, natural gas power units, and industrial gas turbines. The company's acquisition of spatial data capture provider Skycatch may provide a competitive edge in the market.