Oshkosh Stock Earnings Reports

Oshkosh reported Q1 2026 consolidated sales of ~$2.3 billion and adjusted EPS of $0.85, modestly below prior expectations but in line with management's updated cadence. The company is maintaining full-year adjusted EPS guidance of $11.50 and free cash flow guidance of $550–$650 million. Segment highlights: Access posted strong order intake (> $1.5 billion in the quarter) with a book-to-bill of 1.6 and a $1.8 billion backlog, though demand remains uneven across end markets; Vocational has a healthy $6.6 billion backlog but Q1 shipments (notably municipal fire apparatus) were below expectations due to weather/travel pickup disruptions and some facility timing delays — management is investing to improve throughput and expects sequential production improvements through the year; Transport is ramping NGDV production (fleet >20 million miles, operating in 48 states) with the full-year NGDV production expected at the low end of 16,000–20,000 units and an assumed additional USPS order in the back half, while defense FMTV production ramps in H2. Financial details: adjusted operating income was $96 million (down vs. prior year), Q1 included a ~$13M IEEPA refund benefit (management estimates ~$23M for the year), free cash flow was negative $189M (improved vs. prior year), and the company repurchased ~300k shares for $47M and refinanced its $1.6B revolver at a slightly lower rate. Management emphasized the back-half weighting of results (roughly 30% of earnings in H1) driven by price/cost improvement, NGDV and FMTV ramps, and increased vocational throughput. Risks noted include tariff dynamics, inflationary pressures, and geopolitical uncertainty, which management says are being managed through pricing, supply chain actions and targeted capital investments.