10-Q · July 28, 2026
Oshkosh delivered Q2 revenue of $2.915 billion, up 6.7% year over year and above the prior quarter, while GAAP EPS of $2.92 rebounded from $0.68 in Q1 but trailed $3.16 a year ago. Profitability deteriorated sharply:…
Earnings analysis · 10-Q
OSK earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Oshkosh delivered third-quarter revenue of $2.842 billion and GAAP EPS of $2.22; revenue increased approximately 5.7% year over year, but EPS declined approximately 27.0% and operating margin fell to 6.9% from 9.7%.…
Read full summary
Oshkosh delivered third-quarter revenue of $2.842 billion and GAAP EPS of $2.22; revenue increased approximately 5.7% year over year, but EPS declined approximately 27.0% and operating margin fell to 6.9% from 9.7%. Access growth and a $15.1 billion backlog were positive, but weaker Vocational and Transport profitability weighed on results. Management lowered 2026 revenue guidance to approximately $11.0 billion and GAAP EPS guidance to $8.00-$9.00, reinforcing a bearish near-term outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.22
- Operating margin
- 6.9%
What stood out
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Revenue grew year over year
Third-quarter revenue was $2.842 billion, up approximately 5.7% from $2.69 billion in the prior-year quarter but down approximately 2.7% from $2.92 billion in Q2 2026.
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Backlog reached $15.1 billion
Backlog reached $15.1 billion, providing meaningful visibility despite the quarterly earnings shortfall.
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Access remained a relative bright spot
Access growth was positive and Access profitability improved, supporting consolidated results even as other businesses weakened.
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Share repurchases continued
The company repurchased 556,138 shares during the quarter and had 6,418,981 shares remaining under its authorization at September 30, 2026.
What to watch
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Quarter missed consensus estimates
GAAP EPS was $2.22 versus the $3.05 consensus estimate, while revenue was $2.842 billion versus the $2.934 billion estimate.
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Operating profitability deteriorated
Operating margin declined to 6.9% from 9.7% in the prior-year quarter and 8.3% in Q2 2026, a 280-basis-point year-over-year and 140-basis-point sequential decline.
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Full-year outlook was lowered
Management reduced 2026 revenue guidance to approximately $11.0 billion from $11.2 billion and GAAP EPS guidance to $8.00-$9.00 from approximately $10.50.
Management's outlook
Management lowered 2026 GAAP diluted EPS guidance to $8.00-$9.00 from approximately $10.50 and adjusted EPS guidance to $8.50-$9.50 from approximately $11.00. Revenue guidance was reduced to approximately $11.0 billion from $11.2 billion.
Earlier filings 4
10-Q · May 8, 2026
Oshkosh Corporation's Q1 2026 results reflect a significant drop in earnings and margins compared to the prior year, with revenue coming in at $2.32 billion, slightly above last year's $2.31 billion but below estimates.…
10-K · February 17, 2026
Oshkosh Corporation's 2025 10-K highlights a solid financial year amid challenging market conditions, reflecting careful management of resources and a focus on strategic growth through acquisitions and product…
10-Q · October 29, 2025
Oshkosh Corporation's Q3 2025 results showed a slight decline in revenue and a modest improvement in EPS compared to the prior year, driven by strong performance in the Vocational segment. However, Access segment sales…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.