Oshkosh Corp

Latest Results (13.05.2026):

Oshkosh Corporation — first quarter of 2026: Oshkosh reported Q1 2026 net income of $43.1 million ($0.68 diluted EPS GAAP; $0.85 adjusted EPS) on consolidated sales of $2.32 billion, essentially flat year‑over‑year. Operating results declined materially versus Q1 2025, driven by adverse sales mix, higher manufacturing overhead and lower volume in key segments, while the company reaffirmed full‑year 2026 guidance (adjusted EPS $11.50, GAAP EPS $10.90; ~ $11.0 billion sales).

Bottom‑line and adjusted results

Q1 net income was $43.1M (GAAP) and adjusted net income was $53.8M. Diluted EPS was $0.68 GAAP and $0.85 on an adjusted basis (Q1 2025: $1.72 GAAP, $1.92 adjusted).

Sales and margins

Consolidated sales were $2.318B, up 0.2% vs. prior year. GAAP operating income fell 53.2% to $82.0M (3.5% margin); adjusted operating income was $96.3M (4.2% margin), down about 50% vs. Q1 2025.

Segment performance — Access

Access sales $943.4M (-1.4% YoY). Access operating income dropped 66.3% to $34.7M (3.7% of sales); management cited adverse sales mix and unfavorable price/cost dynamics despite strong order activity (mega projects, data center construction).

Segment performance — Vocational

Vocational sales $825.0M (-4.8% YoY). Operating income declined 28.1% to $84.7M (10.3% of sales), with lower volume, higher overhead and mix headwinds partially offset by improved pricing.

Segment performance — Transport

Transport sales rose 10.8% to $512.8M, helped by NGDV ramp for USPS and cumulative catch‑up contract adjustments. Transport operating income improved to $4.2M from $0.6M in Q1 2025, though margins remain thin (0.8%).

Liquidity, cash flow and balance sheet highlights

Cash and cash equivalents at quarter end were $250.3M. Operating cash used was $161.0M (better than Q1 2025’s $394.9M use). Inventories were $2.516B and receivables $1.503B. Reported backlog was $14.54B, roughly flat year‑over‑year.

Capital allocation & shareholder actions

Oshkosh repurchased 303,592 shares in Q1 for $47.3M and declared a quarterly dividend of $0.57 per share payable June 9, 2026.

Outlook and drivers

The company maintained 2026 guidance: adjusted EPS $11.50 (GAAP EPS $10.90) on ~ $11.0B sales. Management expects solid demand and good visibility for the rest of the year but flagged execution pressures from mix, manufacturing overhead and weather/travel disruptions that affected fire apparatus deliveries.