Oshkosh (OSK) Q3 2026 Earnings Report
MX:OSK Q3 2026 EPS Results
- Actual EPS
- MXN 45.29
- Consensus EPS
- MXN 57.58
- Beat/Miss
- Missed by -MXN 12.29
- One Year Ago EPS
- MXN 60.13
MX:OSK Q3 2026 Revenue Results
- Actual Revenue
- MXN 53.40B
- Expected Revenue
- MXN 55.20B
- Beat/Miss
- Missed by -MXN 1.80B
- YoY Revenue Growth
- +5.69%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Oshkosh's next earnings date is estimated for February 2, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call had a mixed tone. Strong Access demand, robust backlog levels, solid free cash flow, defense activity, and long-term growth initiatives were offset by quarterly results below expectations, a reduced 2026 outlook, and ongoing fire truck and NGDV production challenges. Management remained confident in the longer-term targets, but near-term execution issues were significant.
For 2026, Oshkosh expects adjusted earnings per share in the range of $8.50-$9.50, consolidated revenues of approximately $11 billion, adjusted operating income of approximately $850 million, Access revenue of $4.8 billion with an adjusted operating income margin of approximately 9.75%, Vocational revenue of approximately $3.7 billion with an adjusted operating income margin of 12.5%, Transport revenue of approximately $2.3 billion with an operating income margin of approximately 4%, and free cash flow of $600 million-$700 million, up $50 million from prior guidance; the follow-on USPS order could impact fourth-quarter earnings by up to about $40 million or $0.50 per share, while fire truck production is expected to stabilize at about 10% above last year, support 25%-30% growth through 2028, and reach a 10% increase in 2027, NGDV production is expected to reach the normative range of 16,000-20,000 units annualized in the fourth quarter and the upper end of that range by middle of 2027, Vocational margins are expected to return to the 16%-18% range in 2028, and NGDV operating margin is expected to be in that 10% range in 2028.
- Access Segment Sales and Orders StrengthenedThird-quarter Access sales increased 21% to $1.3 billion, driven by higher North American volume and improved pricing. The segment achieved a 1.5 book-to-bill ratio, received $2 billion of orders during the quarter, and ended with a $2.7 billion backlog.
- Access Operating Margin ImprovedAccess adjusted operating income margin was 11.2%, up 20 basis points from the prior year, reflecting improved manufacturing efficiencies on higher volume. Improved pricing largely offset higher tariff costs, resulting in roughly neutral price cost.
- Strong Access Demand VisibilityDemand for access equipment is being supported by large infrastructure investments and mega projects related to data centers and power generation. Management said the order activity should underpin market growth for the next several years and expects healthy incrementals as the business recovers.
- Robust Free Cash Flow and Improved GuidanceThird-quarter free cash flow was $275 million, bringing year-to-date free cash flow to $433 million. Full-year free cash flow guidance was increased by $50 million to a range of $600 million-$700 million, supported by working-capital discipline, higher customer advances, and improved inventory management.
- Share Repurchases and Credit Rating UpgradeThe company repurchased approximately 556,000 shares for $82 million during the quarter. Moody's upgraded Oshkosh's credit rating to Baa2, citing the resilience of the company and the strength of its balance sheet.
- Long-Term Fire Truck Production OpportunityPierce has strong demand and a multi-year backlog. Management expects stabilized high-flow production to reach approximately 10% above last year and continues to target 25%-30% fire truck production growth through 2028.
- Refuse and Recycling Demand Shows Early RecoveryOrders for refuse and recycling vehicles recovered during the quarter, with several key fleet customers placing solid orders. Management said fleets are generally returning to normal order timing and expects demand to strengthen heading into 2027, although it described the recovery as not yet 'off to the races.'
- New Electric Refuse Vehicle DeliveryThe company delivered a fully integrated electric McNeilus Volterra front loader to the University of Tennessee and said the quality and performance of its products are contributing to 2027 orders.
- U.S. Air Force Striker OrderOshkosh Airport Products received an order from the U.S. Air Force for 34 Striker 6x6 Aircraft Rescue and Fire Fighting vehicles, with initial deliveries expected later in the year.
- Airport Products Demand and Capacity ExpansionDemand at Oshkosh AeroTech remains strong as airports invest in infrastructure and modernization. Investments in Jetway passenger boarding bridge production are expected to increase output in 2027.
- Defense Backlog and International Follow-On OrderThe defense business continues to benefit from multi-year contracts, commercial manufacturing capabilities, and mature supply chains. The Royal Moroccan Armed Forces placed a follow-on order for HET A1 tractors and trailers, building on deliveries that began in 2025.
- NGDV Fleet Deployment ProgressOshkosh continues to ship Next Generation Delivery Vehicles to the U.S. Postal Service, and fielded units have accumulated more than 60 million miles on the road. Production improved modestly sequentially from the second quarter to the third quarter.
- Additional NGDV Order ExpectedManagement said it is confident that another NGDV order from the U.S. Postal Service will be received, describing the timing as a question of when rather than if. The order is expected either before year-end or in 2027.
- Strategic Investment in Construction TechnologyOshkosh announced a strategic investment in Nextera Robotics, whose visual artificial intelligence, autonomous robotics, and digital mapping capabilities are intended to complement JLG connected equipment and ClearSky Smart Fleet technologies.
- Defense Contract Inflation ProtectionThe FMTV and FHTV defense contracts are progressing, with the heavy vehicle program already underway and medium vehicle production ramping progressively. Management said the contracts include economic price adjustment clauses that provide protection in an inflationary environment and run through 2029 in terms of production.
- 2028 Targets MaintainedManagement said it is not pushing out its 2028 targets. It expects Access growth and margin improvement, higher NGDV production, stronger fire truck throughput, and defense contract pricing to support the previously discussed outlook.
MX:OSK Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 02, 2027 | 2026 (Q4) | 56.98- | 42.47 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 57.5845.29 | 60.13 | -24.69% (-14.85) | |
| Jul 28, 2026 | 2026 (Q2) | 49.3553.93 | 64.08 | -15.84% (-10.15) | |
| May 08, 2026 | 2026 (Q1) | 19.5415.97 | 36.08 | -55.73% (-20.11) | |
| Jan 28, 2026 | 2025 (Q4) | 43.4542.47 | 48.48 | -12.40% (-6.01) | |
| Oct 29, 2025 | 2025 (Q3) | 58.2060.13 | 55.06 | 9.22% (+5.07) | |
| Aug 01, 2025 | 2025 (Q2) | 55.3864.08 | 62.77 | 2.10% (+1.32) | |
| Apr 30, 2025 | 2025 (Q1) | 38.4736.08 | 54.31 | -33.56% (-18.23) | |
| Jan 30, 2025 | 2024 (Q4) | 40.7248.48 | 48.11 | 0.78% (+0.38) | |
| Oct 30, 2024 | 2024 (Q3) | 54.8055.06 | 57.13 | -3.62% (-2.07) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
