Oshkosh (OSK) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales were $2.32 billion, flat year-over-year, with adjusted EPS of $0.85 and net income of $43.1 million; adjusted operating income fell 49.8% to $96.3 million.

• Segment backlogs remain strong, especially in Access and Vocational, with year-over-year increases and robust order activity.

• Product innovation and strong event presence highlighted in Access and Vocational segments, including new equipment launches.

• Full-year 2026 adjusted EPS guidance is maintained at $11.50, with stronger performance expected in the second half due to improved price/cost, higher fire truck production, and NGDV ramp-up.

• $19.7 million IEEPA tariff refund receivable recorded, with $13.5 million recognized in operating income.

Financial highlights

• Adjusted operating income was $96.3 million, down from $192 million year-over-year, with margin declining to 4.2% from 8.3%.

• Free cash flow improved to -$189 million from -$435 million last year, reflecting better working capital management.

• Gross margin declined to 13.5% from 17.3% year-over-year, mainly due to mix, tariffs, and overhead.

• Net income was $43.1 million, down from $112.2 million year-over-year.

• 303,592 shares repurchased for $47 million in Q1 2026.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance remains at $11.50, with GAAP EPS expected at $10.90 and sales projected at ~$11.0 billion.

• Free cash flow guidance unchanged at $550 million–$650 million.

• About 30% of earnings expected in the first half, with a stronger back half anticipated due to improved pricing and higher production.

• Access segment may contribute modestly more than prior expectations; Vocational contribution slightly reduced due to delivery shortfalls.

• NGDV production to be at the low end of 16,000–20,000 units for the year, with ramp-up continuing.