Oshkosh Corporation Reports 2026 Third Quarter Results
OSHKOSH CORP (OSK) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 O S H K O S H C O R P O R A T I O N For more information, contact: Financial: Patrick Davidson Senior Vice President, Investor Relations 920.502.3266 Media: Bryan Brandt Senior Vice President, Chief Marketing Officer 920.502.3670 Oshkosh Corporation Reports 2026 Thir
How this was made
The 30-second read
Why it matters
The earnings miss and guidance cut are the primary market‑moving facts.
Market read
The earnings release and guidance cut are likely to drive short‑term price declines for OSK.
What to watch
Strong Access segment sales and solid cash flow may cushion earnings despite the guidance reduction.
Reports Third Quarter Sales of $2.84 billion, up 5.7 Percent; Reports Third Quarter Earnings per Share of $2.22 and Adjusted Earnings per Share of $2.41; Updates Outlook for 2026 to Reflect Lower Fire Truck Production
Third-quarter sales increased 5.7 percent, led by Access, but GAAP operating income decreased 24.3 percent and adjusted diluted EPS declined to $2.41 as fire apparatus production challenges reduced Vocational volume and pressured costs. The Company lowered its 2026 adjusted EPS expectation to $8.50 to $9.50.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, three months ended September 30GAAP | $2.84B | – | 5.7 percent |
| Operating income, three months ended September 30GAAP | $197.1M | – | decreased 24.3 percent |
| Operating income margin, three months ended September 30GAAP | 6.9 percent of sales | – | – |
| Adjusted consolidated operating income, three months ended September 30non-GAAP | $216.9M | – | decreased 20.9 percent |
| Adjusted consolidated operating income margin, three months ended September 30non-GAAP | 7.6 percent of sales | – | – |
| Net income, three months ended September 30GAAP | $138.4M | – | – |
| Diluted earnings per share, three months ended September 30GAAP | $2.22 | – | – |
| Adjusted net income, three months ended September 30non-GAAP | $150.1M | – | – |
| Adjusted diluted earnings per share, three months ended September 30non-GAAP | $2.41 | – | – |
| Selling, general and administrative expense, three months ended September 30GAAP | $228.9M | – | – |
| Amortization of purchased intangibles, three months ended September 30GAAP | $14.3M | – | – |
| Interest expense, three months ended September 30GAAP | −$30.9M | – | – |
| Interest income, three months ended September 30GAAP | $5.9M | – | – |
| Miscellaneous income, net, three months ended September 30GAAP | $5.8M | – | – |
| Provision for income taxes, three months ended September 30GAAP | $40.5M | – | – |
| Effective income tax rate, three months ended September 30GAAP | 22.8 percent of pre-tax income | – | – |
| Net sales, nine months ended September 30GAAP | $8.07B | – | – |
| Operating income, nine months ended September 30GAAP | $522.3M | – | – |
| Adjusted consolidated operating income, nine months ended September 30non-GAAP | $570.8M | – | – |
| Net income, nine months ended September 30GAAP | $364.7M | – | – |
| Diluted earnings per share, nine months ended September 30GAAP | $5.81 | – | – |
| Adjusted net income, nine months ended September 30non-GAAP | $384M | – | – |
| Adjusted diluted earnings per share, nine months ended September 30non-GAAP | $6.12 | – | – |
| Net cash provided by operating activities, nine months ended September 30GAAP | $533.2M | – | – |
| Additions to property, plant and equipment, nine months ended September 30GAAP | −$100M | – | – |
| Repurchases of Common Stock, nine months ended September 30GAAP | −$221.3M | – | – |
| Dividends paid, nine months ended September 30GAAP | −$106.2M | – | – |
| Cash and cash equivalents, September 30GAAP | $558M | – | – |
| Revolving credit facilities and current maturities of long-term debt, September 30GAAP | $500.4M | – | – |
| Long-term debt, September 30GAAP | $600.7M | – | – |
| Consolidated period-end backlog, September 30other | $15.15B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Access, third quarter net salesHigher sales volume in North America and improved pricing. | $1.34B | – | 20.7 percent |
| Vocational, third quarter net salesLower sales volume, offset in part by improved pricing. Lower fire apparatus production reflected challenges associated with initiatives to modernize fire apparatus manufacturing. | $899.9M | – | decreased 7.0 percent |
| Transport, third quarter net salesA license of JLTV-related intellectual property to the U.S. government in the third quarter of 2025. | $562M | – | decreased 4.4 percent |
| Corporate and other, third quarter net salesNot separately discussed in the release. | $40.1 | – | – |
| Access, nine-month net salesNot separately discussed in the release. | $3.66B | – | – |
| Vocational, nine-month net salesNot separately discussed in the release. | $2.69B | – | – |
| Transport, nine-month net salesNot separately discussed in the release. | $1.61B | – | – |
| Access period-end backlogNot separately discussed in the release. | $2.66B | – | – |
| Vocational period-end backlogThe Company said its backlog for fire trucks remains elevated. | $6.74B | – | – |
| Transport period-end backlogNot separately discussed in the release. | $5.64B | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- Revenueapproximately $11.0 billion
- NoteDiluted earnings per share: between $8.00 and $9.00
- NoteAdjusted earnings per share: between $8.50 and $9.50
- NoteThe bottom end of the earnings per share range also reflects the possibility that we do not receive an NGDV order in 2026, which could impact earnings by up to $0.50 per share.
Capital returns
- The Company repurchased 556,138 shares of common stock in the third quarter of 2026 for $82.4 million.
- Share repurchases completed during the previous twelve months benefited earnings per share in the third quarter of 2026 by $0.08 compared to the third quarter of 2025.
- The Board of Directors declared a quarterly cash dividend of $0.57 per share of Common Stock, payable on November 30, 2026, to shareholders of record as of November 16, 2026.
- Share repurchases completed during the previous twelve months benefited earnings per share in the first nine months of 2026 by $0.18 compared to the first nine months of 2025.
What drove it
- Consolidated third-quarter sales increased primarily due to higher sales volume in Access and improved pricing in all three segments, offset by lower sales volume in Vocational.
- Access operating income increased primarily due to higher sales volume, offset in part by adverse sales mix and higher incentive compensation accruals.
- Vocational operating income decreased due to lower sales volume, higher selling, general and administrative expenses and higher manufacturing overhead including costs related to fire apparatus manufacturing initiatives.
- Transport operating income declined primarily due to the $25.0 million license of intellectual property in the third quarter of 2025.
- The revised 2026 expectations reflect lower fire apparatus and NGDV production, offset in part by higher sales volume in Access.
Concerns
- Improvements in fire truck production throughput are taking longer than previously expected.
- Lower fire apparatus production compared with last year and the second quarter of 2026 reflected manufacturing-modernization challenges.
- Consolidated GAAP operating income margin was 6.9 percent of sales, compared to 9.7 percent of sales in the third quarter of 2025.
- Vocational segment operating income was $87.6 million, compared to $141.7 million in the third quarter of 2025.
- The Company now expects 2026 net sales to be approximately $11.0 billion, down $0.2 billion from its previous guidance.
- The bottom end of the earnings per share range reflects the possibility that the Company does not receive an NGDV order in 2026.
What to watch
- Progress in material flow and production scheduling actions intended to improve fire apparatus throughput.
- Fire truck production levels as the Company moves to high-flow lines.
- NGDV production and whether the Company receives an NGDV order in 2026.
- Access customer demand, North American sales volume and pricing.
- Vocational manufacturing overhead, selling, general and administrative expenses and sales mix.
Balance sheet and cash flow
- Cash and cash equivalents were $558.0 at September 30, 2026, compared to $479.8 at December 31, 2025.
- Receivables, net were $1,639.0 at September 30, 2026, compared to $1,456.1 at December 31, 2025.
- Unbilled receivables, net were $807.6 at September 30, 2026, compared to $702.7 at December 31, 2025.
- Inventories were $2,280.2 at September 30, 2026, compared to $2,375.0 at December 31, 2025.
- Revolving credit facilities and current maturities of long-term debt were $500.4 at September 30, 2026, compared to $0.6 at December 31, 2025.
- Long-term debt was $600.7 at September 30, 2026, compared to $1,100.3 at December 31, 2025.
- Net cash provided by operating activities was $533.2 for the nine months ended September 30, 2026, compared to $183.3 for the nine months ended September 30, 2025.
- Net cash used in investing activities was $(80.0) for the nine months ended September 30, 2026, compared to $(136.3) for the nine months ended September 30, 2025.
- Net cash used in financing activities was $(371.9) for the nine months ended September 30, 2026, compared to $(51.6) for the nine months ended September 30, 2025.
Analysis
Oshkosh delivered third-quarter consolidated sales of $2.84 billion, up 5.7 percent, but earnings fell materially. GAAP net income was $138.4 million, or $2.22 per diluted share, versus $196.2 million, or $3.04 per diluted share, a year earlier. Adjusted net income was $150.1 million, or $2.41 per diluted share, compared with $206.6 million, or $3.20 per diluted share. GAAP operating income decreased 24.3 percent to $197.1 million, and the operating-income margin declined to 6.9 percent of sales from 9.7 percent of sales.
Access was the principal growth contributor. Segment sales increased 20.7 percent to $1.34 billion on higher North American volume and improved pricing, while operating income increased to $145.7 million from $118.0 million. The segment's operating margin was 10.9 percent of sales, compared with 10.6 percent of sales. Management attributed the earnings increase to higher volume, partly offset by adverse mix and higher incentive compensation accruals.
Vocational drove the earnings pressure. Sales decreased 7.0 percent to $899.9 million as lower volume more than offset improved pricing, with lower fire apparatus production linked to efforts to modernize fire apparatus manufacturing. Vocational operating income fell to $87.6 million from $141.7 million, and margin was 9.7 percent of sales compared with 14.6 percent of sales. Transport sales decreased 4.4 percent to $562.0 million and operating income declined to $8.2 million from $36.6 million, primarily because the prior-year period included a $25.0 million intellectual-property license.
For the first nine months, net sales were $8.07 billion and net income was $364.7 million, or $5.81 per diluted share, compared with $7.73 billion and $513.2 million, or $7.92 per diluted share. Operating cash flow was $533.2 for the nine-month period, compared with $183.3 in the prior-year period. The Company repurchased 556,138 shares for $82.4 million during the quarter and declared a quarterly cash dividend of $0.57 per share.
Management reduced its 2026 outlook to approximately $11.0 billion of net sales, diluted EPS of between $8.00 and $9.00, and adjusted EPS of between $8.50 and $9.50. The revision reflects lower fire apparatus and NGDV production, partly offset by higher Access volume. The guide's low end also incorporates the possibility of no NGDV order in 2026, which could impact earnings by up to $0.50 per share. The central operating issue is execution on fire truck production, while the elevated Vocational backlog and continued Access demand are the principal supports cited by management.
Management, verbatim
Our results reflected challenges arising from our transformation of fire truck production. Improvements in throughput are taking longer than we previously expected, and we have identified the primary factors that affected production. We are taking focused actions to improve material flow and strengthen production scheduling, and we believe this is a near-term issue. We delivered solid performance in our Access segment during the third quarter, reflecting strong customer demand and improved execution.
John Pfeifer, president and chief executive officer of Oshkosh Corporation
Given our short-term challenges in fire truck production, we are lowering our full-year expectation for adjusted earnings per share to a range of $8.50 to $9.50. Our backlog for fire trucks remains elevated, and we remain confident that the actions we are taking as we move to high-flow lines will result in increased production levels over time, supporting a strong outlook for fire trucks and returns in the Vocational segment consistent with our long-term expectations.
John Pfeifer, president and chief executive officer of Oshkosh Corporation
Not in the filing
stated, not guessed- Prior outlook section was not provided; therefore, comparisons of actual reported results with prior guidance are unavailable.
- Gross margin was not reported.
- Quarterly operating cash flow was not reported.
- Free cash flow was not reported.
- 2026 guidance for gross margin, operating expenses and tax rate was not reported.
- Prior-year cash and debt balances at September 30, 2025 were not reported; balance-sheet comparisons provided are to December 31, 2025.
- Sequential consolidated financial comparisons were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
OSK reported Q3 2026 results, highlighting a 5.7% sales increase but a 24.3% drop in operating income and a lowered full‑year EPS outlook.
Ticker impact
OSK lowered its full-year adjusted EPS guidance to $8.50‑$9.50 due to short‑term fire‑truck production challenges.
likely pressure as the market prices in the lowered guidance
Guidance cut directly reduces future earnings expectations, prompting sell pressure.
Market effects
May weigh on the specialty‑vehicle and defense equipment sector.
US industrials could see modest downside.
Limited to investors tracking US industrial manufacturers.
Counterpoint
If fire‑truck production ramps up faster than expected, the guidance cut could be overly pessimistic.
Key entities
- companyOshkosh Corporation
US‑listed manufacturer of specialty vehicles (ticker OSK).
