Oshkosh

Oshkosh designs and builds special vehicles and equipment. It reports three segments: Access, Vocational and Transport. Access sells JLG and SkyTrak aerial work platforms and telehandlers, mainly to equipment rental companies. Vocational sells fire trucks under the Pierce brand, airport vehicles, refuse and recycling trucks under the McNeilus brand, and concrete mixers.

Transport builds military trucks for the US Army and allies and the Next Generation Delivery Vehicle (NGDV) for the US Postal Service. Oshkosh makes money from the sale of vehicles, parts and service. Sales were $2.84 billion in Q3 2026, and its backlog was $15.1 billion on September 30, 2026.

The market prices Oshkosh for lower profits that will be slow to recover. Its operating margin fell to 6.9% in Q3 2026 from 9.7% a year earlier. Oshkosh is changing how its Pierce plants build fire trucks, and output fell instead of rising. Fire truck production in Q3 2026 was lower than a year earlier and than in Q2 2026.

In July 2026, Oshkosh cut its 2026 adjusted EPS outlook to about $11.00, and on October 29, 2026 it cut it again, to $8.50 to $9.50. The NGDV postal truck still earns a low margin, and the low end of the outlook assumes that the Postal Service gives no new NGDV order in 2026. Investors doubt that Oshkosh can turn its large backlog into profit. For the gap to close, three things must be true.

Fire truck output must rise each quarter from Q4 2026, as the new high-flow lines start to work. Management expects these lines to build 25% to 30% more fire trucks than in 2025 once they run fully. Access must turn its record backlog of $2.7 billion into sales with good margins. Transport margins must rise as NGDV output grows, and the Postal Service must keep ordering NGDV trucks.

The Q4 report and the 2027 outlook, expected in late January or early February 2027, are the next test. If fire truck output recovers in 2027, the gap can close over the next four to eight quarters. If the production problems last, the gap can stay longer.

1. Oct 29, 2026Failed

   Q3 2026 results: fire truck output and marginsHigher fire truck deliveries than in Q2 and a 2026 outlook kept near adjusted EPS of $11.00 pass; another cut to the outlook fails.Outcome: Fire truck production fell from Q2 2026, and Oshkosh cut its 2026 adjusted EPS outlook to $8.50 to $9.50 from about $11.00.
2. Jan 29, 2027 · est.Pending

   Q4 2026 results and 2027 outlookHigher fire truck output in Q4 than in Q3, 2026 adjusted EPS within $8.50 to $9.50 and a 2027 outlook with higher EPS pass; another cut, lower fire truck output or a 2027 outlook with lower margins fails.

Every passed and failed checkpoint across all picks

• October 29, 2026Oshkosh reported Q3 2026 results. Sales rose 5.7% to $2.84 billion, but operating income fell 24.3% to $197.1 million. EPS was $2.22, and adjusted EPS was $2.41, down from $3.20. Fire truck production fell from Q2 2026 because of problems with the new production process. Access sales rose 20.7%, and Access orders of $2.0 billion raised its backlog to $2.7 billion. Oshkosh cut its 2026 outlook to adjusted EPS of $8.50 to $9.50, from about $11.00, and to sales of about $11.0 billion. The low end assumes no new NGDV order in 2026.
• October 29, 2026Moody's raised the credit rating of Oshkosh to Baa2 from Baa3. Oshkosh said in its Q3 2026 10-Q, filed on October 29, 2026, that the upgrade came after September 30, 2026.
• October 15, 2026Oshkosh said that it will report its Q3 2026 results on October 29, 2026.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · osk-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · osk-20260630
• 8-KEarnings releaseFiled July 28, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 8, 2026 · osk-20260331
• 8-KShareholder vote resultsFiled May 8, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled May 8, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled March 16, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 17, 2026 · osk-20251231
• 8-KEarnings releaseFiled January 29, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 775158)

• Fire truck production fell in Q3 2026 because Oshkosh is changing its manufacturing process, and Oshkosh cut its 2026 outlook twice. The CEO calls it a near-term issue, but further delays can cut profits again and keep the large fire truck backlog from turning into sales.
• Tariffs raise material costs. In Q2 2026, higher material costs, mainly from tariffs, cut the Access gross margin by 230 basis points, and price increases did not cover all of it.
• Access sales depend on construction and on the spending of equipment rental companies. Data center and megaproject demand is strong now, but a slower construction market can reduce orders.
• The NGDV and defense contracts have fixed prices. Cost increases or slower production can keep Transport margins low, as in Q3 2026 at 1.5% of sales. Oshkosh needs a new NGDV order from the Postal Service, and without one in 2026 its EPS can be up to $0.50 lower.

Oshkosh has little debt for its size. At September 30, 2026, it had $558.0 million of cash. Read more

Yield at the current rate

1.6% (current annual rate, at today’s price)

Dividend yield

1.6% (last 12 months, at today’s price of $141.28)

Paid per share

$2.22 in the last 12 months (4 payments)

Current annual rate

$2.28 ($0.57 × 4 a year)

Latest ex-dividend date

August 13, 2026, $0.57 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 10.6% a year. From 2015 to 2025, the dividend grew by about 11.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.