Analysis OSK
Oshkosh has fire truck orders. Building them is the problem.
Oshkosh cut its 2026 profit forecast as fire truck production improvements lagged. Postal vehicle production and the timing of a new order add uncertainty.
Ticker Byline
Oshkosh Corporation
Oshkosh builds access equipment, fire and other specialized vehicles, and transport products. Its 2026 outlook was reduced as fire truck and postal vehicle production lagged.
- Ticker
- OSK
- Exchange
- XNYS
- SEC CIK
- 0000775158
Business
Oshkosh, listed on the NYSE as OSK, manufactures access equipment, fire apparatus and other specialized vehicles, and transport products. Its three reporting segments are Access, Vocational and Transport.
Quarterly performance
Quarter ended September 30, 2026. Adjusted figures exclude specified costs and gains included in reported earnings.
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Sales, rounded | $2.84 billion | $2.69 billion |
| Operating profit | $197.1 million | $260.4 million |
| Net income | $138.4 million | $196.2 million |
| Reported diluted EPS | $2.22 | $3.04 |
| Adjusted diluted EPS | $2.41 | $3.20 |
Q3 2025 earnings included a 30-cent-per-share benefit from resolution of a federal tax audit. That comparison effect is separate from the current factory production issues.
Vocational revenue fell 7%, with operating profit down 38.2%, as fire truck production improvements took longer than expected. Access revenue rose 20.7%, providing a partial offset. The divisions include several product lines, so segment figures are not pure fire truck results.
2026 outlook
Oshkosh now expects sales of approximately $11 billion, reported EPS of $8 to $9 and adjusted EPS of $8.50 to $9.50. In July it had forecast approximately $11.2 billion of sales, reported EPS of $10.50 and adjusted EPS of $11.
The reduction reflects lower fire apparatus and postal delivery vehicle production. The lower earnings endpoint also allows for no new next-generation postal vehicle order during 2026, with a potential impact of up to 50 cents a share. This is an order-timing uncertainty, not a statement that the wider program has been cancelled.
Cash and debt
For the nine months ended September 30, 2026, operating cash flow was $533.2 million, compared with $183.3 million a year earlier. Additions to property, plant and equipment were $100 million; this excludes separate rental equipment investment and disposal proceeds.
At September 30, cash and cash equivalents were $558 million. Current debt was $500.4 million, with a further $600.7 million of long-term debt excluding current maturities. These are balance-sheet amounts, not new borrowing announced with the earnings release.
Latest reporting