Oshkosh posts $138.4 million in net income, cuts 2026 earnings outlook
Key Facts
Oshkosh said on October 29 that net income was $138.4 million in the third quarter of 2026, with diluted earnings per share of $2.22, compared with $196.2 million and $3.04 in the same period of 2025, according to the company’s statement. Earnings fell despite a 5.7% increase in consolidated sales to $2.84 billion. Consolidated operating income declined 24.3% to $197.1 million, and its margin fell to 6.9% of sales from 9.7% a year earlier. The company attributed the operating decline mainly to an unfavorable sales mix and higher selling, general and administrative expenses. The results show revenue growth alongside weaker profitability, with performance varying across the company’s segments.
Adjusted net income was $150.1 million, or $2.41 per diluted share, compared with $206.6 million and $3.20 in the third quarter of 2025. On the revenue side, higher sales volume in the Access segment and improved pricing across all three segments supported consolidated sales growth. This was partly offset by lower sales volume in Vocational. Access sales rose 20.7% to $1.34 billion, driven by higher sales volume in North America and improved pricing. This performance highlights the widening gap between a segment that benefited from volume and pricing growth and another facing declines in sales and production.
Vocational sales fell 7.0% to $899.9 million, while operating income dropped 38.2% to $87.6 million. The company cited lower fire apparatus production due to manufacturing modernization challenges. Chief Executive John Pfeifer said, "Production flow improvements are taking longer than we expected." The company added that it is working to improve material flow and strengthen production scheduling, and Pfeifer described the issue as short term. These difficulties are weighing on the segment as lower Vocational sales volume also curbed overall revenue growth.
Oshkosh cut its 2026 adjusted earnings-per-share outlook to a range of $8.50–$9.50, $1.50–$2.50 below its latest prior guidance. It also lowered its full-year sales outlook to about $11.0 billion, a reduction of $0.2 billion from its previous guidance. The company attributed the outlook revisions to lower production of fire apparatus and NGDV vehicles, partly offset by higher sales volume in Access. It said not receiving an NGDV order in 2026 could affect earnings by up to $0.50 per share, weighing on the low end of its earnings-per-share outlook. Production levels in the segments concerned remain a factor affecting the company’s full-year outlook.
The consolidated backlog was $15,146.8 million on September 30, 2026, compared with $13,690.0 million on September 30, 2025. The backlog provides context on the company’s recorded orders, alongside diverging sales trends in Access and Vocational. Oshkosh also declared a quarterly cash dividend of $0.57 per share. The dividend is payable on November 30, 2026, to shareholders of record on November 16, 2026. The company has set out the upcoming dividend dates alongside its revised outlook for the remainder of 2026.