The severe earnings miss and operating income collapse in Access and Vocational segments overshadow the maintained guidance. Watch for potential guidance cuts on the next earnings call if Access weakness persists. The stock is likely to sell off sharply on the magnitude of the miss.
Price Chart
Executive Summary
Oshkosh Corp reported a weak Q1 2026 with GAAP EPS of $0.68 (adjusted $0.85), a steep decline from $1.72/$1.92 in the prior year, driven by a 53.2% drop in operating income due to unfavorable sales mix and higher costs. Revenue was flat at $2.32B, and while the company maintained its full-year adjusted EPS guidance of $11.50, the severe miss vs consensus ($1.04) and deteriorating margins signal significant near-term headwinds.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $0.68 vs $1.72 YoY, a 60.5% decline
- Adjusted diluted EPS of $0.85 vs $1.92 YoY, a 55.7% decline
- Consolidated operating income fell 53.2% to $82.0M (3.5% of sales) from $175.4M (7.6% of sales)
- Revenue was essentially flat at $2.32B (+0.2% YoY)
- Access segment operating income plunged 66.3% to $34.7M; Vocational fell 28.1% to $84.7M
- Full-year 2026 adjusted EPS guidance maintained at ~$11.50 on ~$11.0B revenue
- Company repurchased 303,592 shares for $47.3M in Q1
- Quarterly dividend maintained at $0.57/share
Financial Impact
EPS miss of ~18% vs consensus ($0.85 actual vs $1.04 estimate); operating income halved YoY
Risk Factors
- Further deterioration in Access segment margins from adverse mix and price-cost dynamics
- Guidance cut risk if non-residential construction weakness deepens
- Execution risk on NGDV ramp and fire truck production
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-213376 |
| Document: osk-20260508.htm | 0001193125-26-213376 |
| Document: 0001193125-26-213376-index-headers.html | 0001193125-26-213376 |
| Document: 0001193125-26-213376-index.html | 0001193125-26-213376 |
| Document: 0001193125-26-213376.txt | 0001193125-26-213376 |
| 8-K Data (Synthetic) | 0001193125-26-213376 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 28, 2026 9w ago | 8-K | $152.50 $155.23 | ▲ +1.79% | ▼ −1.59% | $133.91 (−12.19%) |
May 8, 2026 21w ago | 8-K | $137.97 $130.53 | ▲ +5.39% | ▲ +5.42% | $133.91 (+2.94%) |
US Market Status
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