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Oshkosh

Oshkosh (OSK) Q2 2026 Earnings

Reported Jul 28, 2026 at 7:59 AM ET · SEC Source

Q2 26 EPS

$2.87

BEAT +10.06%

Est. $2.61

Q2 26 Revenue

$2.92B

BEAT +4.58%

Est. $2.79B

vs S&P Since Q2 26

-7.1%

TRAILING MARKET

OSK -2.3% vs S&P +4.8%

Market Reaction

Did OSK Beat Earnings? Q2 2026 Results

Oshkosh Corporation delivered a stronger-than-expected second quarter for fiscal 2026, with adjusted EPS of $2.87 beating the Wall Street consensus of $2.61 by 10.06% and revenue of $2.92 billion topping estimates by 4.58% on 6.7% year-over-year grow… Read more Oshkosh Corporation delivered a stronger-than-expected second quarter for fiscal 2026, with adjusted EPS of $2.87 beating the Wall Street consensus of $2.61 by 10.06% and revenue of $2.92 billion topping estimates by 4.58% on 6.7% year-over-year growth. The topline strength was broad-based, led by a 9.4% jump in Access segment sales to $1.37 billion and an 11.9% surge in Transport to $536.10 million as the Next Generation Delivery Vehicle production ramp gathered momentum. Yet profitability told a more complicated story, with GAAP operating income falling 16.6% to $243.20 million as unfavorable sales mix and higher manufacturing overhead weighed on margins. The quarter's bottom line also received a boost from a $16.70 million discrete tax benefit that pulled the effective tax rate down to 16.9% from 24.1% a year earlier. Looking ahead, Oshkosh raised its full-year revenue outlook to approximately $11.20 billion while trimming adjusted EPS guidance by roughly $0.50 to approximately $11.00, citing slower-than-expected progress in fire truck manufacturing transformation as the key constraint on near-term earnings improvement.

Key Takeaways

  • • Higher sales volume and improved pricing drove 6.7% revenue growth
  • • Unfavorable sales mix and higher manufacturing overhead costs pressured operating margins
  • • Strong access equipment orders of $1.5 billion
  • • NGDV production ramp-up offset by lower defense sales volume in Transport segment
  • • Discrete tax benefit of $16.7 million from expiration of foreign anti-hybrid tax statute of limitations
  • • One-time $16.6 million NGDV performance obligation recognition in Transport

OSK Forward Guidance & Outlook

Oshkosh updated its 2026 full-year outlook, now expecting GAAP diluted EPS of approximately $10.50 and adjusted EPS of approximately $11.00, down approximately $0.50 from prior guidance due to a more gradual improvement in fire truck throughput than previously expected. Full-year net sales expectations were raised to approximately $11.2 billion, up $200 million from prior guidance. The company continues to ramp up NGDV production and transform fire truck manufacturing operations.

24/7 Wall St

OSK YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

OSK Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 24 Q2 26

“Our second quarter earnings per share reflects the dedication of our team members and the strength of our innovative, purpose-built products. We are seeing strong demand for access equipment highlighted by robust orders of $1.5 billion. We remain focused on ramping-up Next Generation Delivery Vehicle (NGDV) production and modernizing legacy manufacturing processes in our Vocational segment.”

— John Pfeifer, Q2 2026 Earnings Press Release

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