OSK · Oshkosh Corporation

Oshkosh Corporation's Q1 2026 results showed sales relatively flat at $2.32 billion, with pricing, currency, and catch-up adjustments offsetting lower volume. GAAP operating income fell 53.2% to $82.0 million (3.5% margin) from $175.4 million (7.6% margin), driven by unfavorable sales mix, higher manufacturing overhead, and lower volume. Adjusted operating income declined 49.8% to $96.3 million (4.2% margin). Segment performance varied: Access sales down 1.4% to $943.4 million with operating income down 66.3% due to adverse mix and price/cost; Vocational sales down 4.8% to $825.0 million with income down 28.1% from lower volume and overhead; Transport sales up 10.8% to $512.8 million with income improving to $4.2 million on NGDV ramp-up. CEO John Pfeifer noted solid demand visibility, strong orders in Access from mega projects, and Transport execution, despite weather disruptions in fire trucks. The company repurchased $47.3 million in shares, benefiting EPS by $0.02, and declared a $0.57 dividend. Balance sheet reflects reduced cash to $250.3 million and lower long-term debt to $600.6 million. Full-year guidance unchanged at adjusted EPS $11.50 on $11.0 billion sales signals confidence amid segment challenges.