Oshkosh (OSK) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 5.7% YoY to $2,841.6M; adjusted operating income fell 20.9% to $216.9M and adjusted diluted EPS declined to $2.41 from $3.20.

• Fire-apparatus production challenges, lower Vocational volume and unfavorable mix weighed on earnings; higher Access sales and pricing partly offset the pressure.

Financial highlights

• GAAP operating income was $197.1M vs. $260.4M; net income was $138.4M vs. $196.2M, and diluted EPS was $2.22 vs. $3.04.

• Q3 free cash flow was $274.7M; nine-month free cash flow was $433.2M.

• Q3 adjusted operating margin was 7.6% vs. 10.2%; GAAP operating margin was 6.9% vs. 9.7%.

Outlook and guidance

• FY2026 sales are expected at $11.0B; GAAP diluted EPS guidance is $8.00–$9.00 and adjusted EPS guidance is $8.50–$9.50.

• FY2026 adjusted operating income is expected at $850M; free cash flow guidance is $600M–$700M, with capital expenditures of $180M.

• Adjusted segment outlook: Access sales $4.8B and margin 9.75%; Vocational sales $3.7B and margin 12.5%; Transport sales $2.3B and margin 4.0%.

• Lower fire-apparatus and NGDV production drove the revised outlook; no additional 2026 NGDV order could reduce EPS by up to $0.50.

• High-flow lines are expected to support fire-truck production 25%–30% above 2025 levels; 2028 Vocational margin expectations are 16%–18%.