Oshkosh (NYSE:OSK – Get Free Report) released its quarterly earnings results on Thursday. The company reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $3.06 by ($0.65), Zacks reports. Oshkosh had a return on equity of 12.95% and a net margin of 5.24%. The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the prior year, the company earned $3.20 EPS. The firm’s revenue was up 5.6% compared to the same quarter last year.
Here are the key takeaways from Oshkosh’s conference call:
- 2026 outlook was reduced, with adjusted EPS now expected at $8.50–$9.50, revenue at approximately $11 billion, and adjusted operating income at approximately $850 million. The revision primarily reflects slower-than-expected fire truck production and lower delivery-vehicle output.
- Pierce’s fire truck modernization has encountered significant material-flow and scheduling problems, reducing third-quarter production and shipments by roughly 20% year over year. Management expects sequential improvement in the fourth quarter and about 10% production growth in 2027, but acknowledged the transition has taken longer and been more disruptive than planned.
- Access demand strengthened materially, with $2 billion of quarterly orders, a $2.7 billion backlog, a 1.5 book-to-bill ratio, and an 11.2% adjusted operating margin. Management expects mega-project activity, particularly data-center construction, to support several years of growth and believes the segment can produce strong incremental margins as volumes recover.
- Cash generation remained strong, with third-quarter free cash flow of $275 million and full-year guidance raised to $600 million–$700 million; Oshkosh also repurchased $82 million of stock and received a Moody’s credit-rating upgrade. Management cited improving refuse and recycling orders, robust defense backlogs, and confidence in receiving another USPS NGDV order, although the order’s timing could shift up to $40 million of fourth-quarter earnings into 2027.
Oshkosh Stock Down 2.3%
OSK stock traded down $3.17 during mid-day trading on Thursday, hitting $134.76. 1,672,026 shares of the company were exchanged, compared to its average volume of 681,701. The company has a market capitalization of $8.32 billion, a PE ratio of 15.02, a price-to-earnings-growth ratio of 1.05 and a beta of 1.26. The company has a current ratio of 1.72, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. Oshkosh has a twelve month low of $116.77 and a twelve month high of $180.49. The firm has a fifty day simple moving average of $140.39 and a 200 day simple moving average of $146.53.
Oshkosh Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, November 16th. Oshkosh’s dividend payout ratio (DPR) is currently 26.09%.
Insider Activity
In other news, Director John Pfeifer sold 778 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $150.00, for a total value of $116,700.00. Following the sale, the director owned 150,669 shares in the company, valued at approximately $22,600,350. This represents a 0.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.64% of the company’s stock.
Analyst Ratings Changes
A number of research analysts have recently commented on OSK shares. Citigroup reduced their target price on shares of Oshkosh from $155.00 to $135.00 and set a “neutral” rating on the stock in a research report on Monday, October 12th. Zacks Research downgraded Oshkosh from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 13th. DA Davidson lifted their target price on Oshkosh from $168.00 to $176.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Wall Street Zen cut Oshkosh from a “buy” rating to a “hold” rating in a research note on Saturday, October 24th. Finally, Truist Financial reduced their price target on Oshkosh from $196.00 to $174.00 and set a “buy” rating for the company in a report on Monday, October 5th. Eleven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.79.
Read Our Latest Stock Report on Oshkosh
Key Stories Impacting Oshkosh
Here are the key news stories impacting Oshkosh this week:
- Positive Sentiment: Oshkosh reported third-quarter revenue of $2.84 billion, up 5.6% year over year, indicating continued top-line growth despite pressure on profitability. Oshkosh third-quarter earnings report
- Positive Sentiment: The company declared a quarterly dividend of $0.57 per share, or $2.28 annualized, providing an ongoing shareholder return with a reported yield of approximately 1.7%.
- Neutral Sentiment: A report argued that OSK could be undervalued following a defense-energy partnership, potentially highlighting longer-term growth opportunities, though the valuation case is not yet reflected in near-term results. Oshkosh defense-energy partnership article
- Neutral Sentiment: Bernstein maintained a Hold rating, suggesting analysts see a more balanced risk-reward profile following the earnings update. Bernstein Hold rating on Oshkosh
- Negative Sentiment: Third-quarter earnings were $2.41 per share, below analyst expectations of roughly $3.01–$3.06 and down from $3.20 a year earlier. Revenue also fell short of the approximately $2.94 billion consensus estimate. Oshkosh misses third-quarter estimates
- Negative Sentiment: Oshkosh lowered its 2026 financial outlook, increasing concerns about earnings momentum and near-term margins. The guidance reduction was the primary negative catalyst for the stock. Oshkosh updates fiscal 2026 outlook
About Oshkosh
Oshkosh Corporation (NYSE: OSK) is a manufacturer of specialty vehicles, vehicle bodies and related equipment for commercial, government and industrial customers. The company serves markets that require purpose-built vehicles designed for demanding operating conditions, including defense, emergency response, construction, aviation support and municipal services.
Oshkosh’s product portfolio includes military vehicles and systems, fire apparatus, airport rescue and firefighting vehicles, refuse collection vehicles, concrete mixers, snow and ice removal equipment, and other vocational trucks.
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