Oshkosh (NYSE:OSK) Releases Earnings Results, Misses Expectations By $0.65 EPS

Key Points

• Oshkosh missed third-quarter expectations: EPS was $2.41 versus the $3.06 consensus, while revenue reached $2.84 billion, below estimates of $2.94 billion but up 5.6% year over year.
• Fiscal 2026 guidance was reduced to adjusted EPS of $8.50–$9.50, approximately $11 billion in revenue and about $850 million in adjusted operating income, primarily because of slower fire-truck production and lower delivery-vehicle output.
• Several areas remained positive: Access posted strong orders and backlog, while free cash flow guidance increased to $600 million–$700 million. However, production disruptions at Pierce and the earnings miss weighed on the stock, which traded near $134.

Oshkosh (NYSE:OSK - Get Free Report) released its quarterly earnings results on Thursday. The company reported $2.41 EPS for the quarter, missing the consensus estimate of $3.06 by ($0.65), Zacks reports. Oshkosh had a net margin of 5.24% and a return on equity of 12.95%. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.94 billion. During the same quarter last year, the company posted $3.20 earnings per share. The company's revenue was up 5.6% on a year-over-year basis.

Here are the key takeaways from Oshkosh's conference call:

• 2026 outlook was reduced, with adjusted EPS now expected at $8.50–$9.50, revenue at approximately $11 billion, and adjusted operating income at approximately $850 million. The revision primarily reflects slower-than-expected fire truck production and lower delivery-vehicle output.
• Pierce’s fire truck modernization has encountered significant material-flow and scheduling problems, reducing third-quarter production and shipments by roughly 20% year over year. Management expects sequential improvement in the fourth quarter and about 10% production growth in 2027, but acknowledged the transition has taken longer and been more disruptive than planned.
• Access demand strengthened materially, with $2 billion of quarterly orders, a $2.7 billion backlog, a 1.5 book-to-bill ratio, and an 11.2% adjusted operating margin. Management expects mega-project activity, particularly data-center construction, to support several years of growth and believes the segment can produce strong incremental margins as volumes recover.
• Cash generation remained strong, with third-quarter free cash flow of $275 million and full-year guidance raised to $600 million–$700 million; Oshkosh also repurchased $82 million of stock and received a Moody’s credit-rating upgrade. Management cited improving refuse and recycling orders, robust defense backlogs, and confidence in receiving another USPS NGDV order, although the order’s timing could shift up to $40 million of fourth-quarter earnings into 2027.

Oshkosh Price Performance

Oshkosh stock traded down $3.81 during mid-day trading on Thursday, reaching $134.12. The company had a trading volume of 1,163,189 shares, compared to its average volume of 741,100. The business has a fifty day simple moving average of $140.39 and a 200 day simple moving average of $146.53. The company has a market cap of $8.28 billion, a P/E ratio of 15.31, a P/E/G ratio of 1.00 and a beta of 1.26. The company has a current ratio of 1.72, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. Oshkosh has a fifty-two week low of $116.77 and a fifty-two week high of $180.49.

Key Oshkosh News

Here are the key news stories impacting Oshkosh this week:

• Positive Sentiment: Third-quarter revenue increased 5.6% year over year to $2.84 billion, indicating continued growth despite falling short of analysts’ $2.94 billion forecast. Reports also highlighted a potential defense-energy partnership and argued that Oshkosh may be undervalued, which could support the longer-term investment case. Oshkosh Corporation Reports 2026 Third Quarter Results Oshkosh Stock May Be 44% Undervalued After Defense Energy Partnership
• Neutral Sentiment: Bernstein maintained a Hold rating, suggesting the firm sees a balanced risk-reward profile rather than a clear near-term catalyst. Bernstein Sticks to Their Hold Rating for Oshkosh
• Negative Sentiment: Oshkosh reported third-quarter adjusted earnings of $2.41 per share, below consensus estimates ranging from $3.01 to $3.06 and down from $3.20 a year earlier. The earnings shortfall signals weaker profitability than expected. Oshkosh Misses Q3 Earnings and Revenue Estimates
• Negative Sentiment: Revenue also missed expectations by roughly $100 million, while the company revised its fiscal 2026 financial outlook. The guidance change adds uncertainty about full-year earnings and likely reinforced selling pressure. Oshkosh Updates FY26 Financial Outlook Oshkosh Revises Earnings Guidance for 2026

Wall Street Analysts Forecast Growth

OSK has been the topic of a number of analyst reports. Zacks Research downgraded Oshkosh from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 13th. DA Davidson boosted their price target on Oshkosh from $168.00 to $176.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Truist Financial cut their price objective on shares of Oshkosh from $196.00 to $174.00 and set a "buy" rating for the company in a research report on Monday, October 5th. JPMorgan Chase & Co. reduced their price objective on shares of Oshkosh from $150.00 to $132.00 and set a "neutral" rating on the stock in a research note on Thursday, October 8th. Finally, Robert W. Baird raised their target price on shares of Oshkosh from $172.00 to $180.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Eleven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $165.79.

Insider Buying and Selling at Oshkosh

In other Oshkosh news, Director John Pfeifer sold 778 shares of the company's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $150.00, for a total value of $116,700.00. Following the completion of the transaction, the director owned 150,669 shares of the company's stock, valued at $22,600,350. This represents a 0.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.64% of the stock is currently owned by company insiders.

Oshkosh Company Profile

Oshkosh Corporation NYSE: OSK is a manufacturer of specialty vehicles, vehicle bodies and related equipment for commercial, government and industrial customers. The company serves markets that require purpose-built vehicles designed for demanding operating conditions, including defense, emergency response, construction, aviation support and municipal services.

Oshkosh's product portfolio includes military vehicles and systems, fire apparatus, airport rescue and firefighting vehicles, refuse collection vehicles, concrete mixers, snow and ice removal equipment, and other vocational trucks.

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