Oshkosh (OSK) Q3 2026 Earnings
Adjusted EPS excludes $14.3 million of amortization of purchased intangibles, a $5.5 million reserve on a prior divestiture-related note receivable, and a $3.3 million benefit from expiration of a foreign anti-hybrid tax matter. GAAP results also include a $5.4 million discrete tax charge related to recapture of a purchased federal income tax credit (subject to indemnification).
How Did OSK Stock React to Q3 2026 Earnings?
Did OSK Beat Earnings? Q3 2026 Results
No. Oshkosh reported Q3 2026 earnings of $2.41 a share on Oct 29, 2026, missing the $3.06 consensus estimate by 21.4%. Revenue was $2.8B against a $2.9B estimate.
Oshkosh Corporation delivered a sharp disappointment in its fiscal third quarter of 2026, posting adjusted EPS of $2.41 against a consensus estimate of $3.06, a miss of 21.36%, while revenue of $2.84 billion trailed expectations by 3.27% despite rising 5.7% year over year. The central culprit was the company's Vocational segment, where an ongoing modernization of fire truck manufacturing lines throttled production well below both year-ago levels and the prior quarter, dragging consolidated operating income down 24.3% to $197.10 million and compressing the operating margin to 6.9% from 9.7% a year earlier. CEO John Pfeifer acknowledged that throughput improvements are taking longer than anticipated but described the issue as near-term, pointing to an elevated consolidated backlog of $15.15 billion as evidence of durable demand. The production troubles prompted management to cut its 2026 adjusted EPS outlook to $8.50 to $9.50, a reduction of $1.50 to $2.50 from prior guidance, and trim its net sales forecast by $200 million to approximately $11.00 billion.
- Higher Access sales volume in North America and improved pricing drove Access sales up 20.7%
- Improved pricing in all three segments
- Lower fire apparatus production due to manufacturing modernization challenges reduced Vocational sales by 7.0%
- Unfavorable sales mix and higher SG&A reduced consolidated operating income 24.3%
- Higher manufacturing overhead, including fire apparatus initiative costs, pressured Vocational margins
- Transport operating income comparison hurt by a $25.0 million JLTV intellectual property license in Q3 2025
- Delivery vehicle sales rose to $260.8 million from $146.3 million
- Share repurchases benefited EPS by $0.08 versus Q3 2025
- $5.5 million reserve on prior divestiture-related note receivable
“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.”
Oshkosh CEO, on the earnings call
What Is Oshkosh's Outlook?
Oshkosh now expects 2026 GAAP diluted EPS of $8.00 to $9.00 and adjusted EPS of $8.50 to $9.50. The adjusted range is down $1.50 to $2.50 from its most recent guidance. Net sales are now expected at approximately $11.0 billion, down $0.2 billion from prior guidance. The revision reflects lower fire apparatus and NGDV production, partly offset by higher Access sales volume. The bottom end of the range reflects the possibility of no NGDV order in 2026, which could reduce earnings by up to $0.50 per share. Management expects fire truck production to increase over time as it moves to high-flow lines, supported by an elevated fire truck backlog.
OSK YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.8B | $2.7B | +5.7% |
| Gross Profit | $440.3M | $470.5M | −6.4% |
| Operating Income | $197.1M | $260.4M | −24.3% |
| Net Income | $138.4M | $196.2M | −29.5% |
OSK Revenue by Segment
When Does Oshkosh Report Next?
Figures from SEC filings and company reports. Not investment advice.