A maker of purpose-built vehicles for firefighting, construction, aviation, waste collection, and defense, Oshkosh builds well-known brands like Pierce fire apparatus, JLG aerial work platforms, McNeilus refuse trucks, and the USPS's electric delivery trucks. Founded in 1917 as the Wisconsin Duplex Auto Company and named after its Wisconsin hometown, the firm's first four-wheel-drive prototype, nicknamed "Old Betsy," is still kept on hand and rolled out for parades today.
Q2 FY2026 revenue rose 0.2% to $2,317.8M but EPS fell 60.5% to $0.68 year over year
Quarterly profit fell sharply from a year ago. was nearly flat at $2,317.8M, up 0.2%, but dropped 3.8 points to 13.5% and fell 60.5% to $0.68 as costs and mix weighed. The company carries lower earnings into a year of rising tariff exposure.
Key takeaways
rose 0.2% to $2,317.8M in Q2 FY2026 while fell 60.5% to $0.68 versus Q2 FY2025, with down 61.6% to $43.1M.
contracted 3.8 points to 13.5% and fell 4.0 points to 3.5% as unfavorable sales mix, tariff-driven material costs, and higher manufacturing overhead pressured results.
dropped 53.2% to $82.0M, continuing the decline seen in Q1 FY2026 when operating income also fell 53.2% to $82.0M.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 sales rose 6.7% to $2.92B on Access volume and pricing, but operating income fell 16.6% to $243M on unfavorable mix and higher costs.
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Consolidated increased $183M (6.7%) to $2.92B, driven by higher volume ($87M) and improved pricing ($68M).
was a $161.0M use in Q1 FY2026, swinging from $89.2M generated in Q2 FY2025, with a $189.1M use versus $34.9M generated a year earlier.
fell 45.4% to $600.6M from $1,099.6M in Q1 FY2026 as the prior-year term loan load eased, while cash and equivalents rose 19.0% to $250.3M.
Full-year 2026 was lowered to $10.50 from $10.90 on the prior annual report's $11.0B sales plan, now ~$11.2B, on slower municipal fire apparatus production.
What changed
Q1 FY2026 flagged the Access of $35M and tariff realization; Q2 figures were not broken out in the table but consolidated of $0.68 shows the pressure persisted into the half.
The $200M 2026 tariff estimate from the FY2025 report remains unquantified this quarter beyond the Q1 $33M hit and $13.5M IEEPA recovery; exposure is still ahead versus $35M in 2025.
Transport NGDV deferred cost overage of $135M from FY2025 was not addressed as impaired this filing; Q1 Transport was $4.2M and Q2 consolidated Transport data was not segmented in the table.
Full-year guide of $750M–$850M from Q1 FY2026 follows a $161.0M Q1 use; Q2 standalone cash flow was not reported in the table beyond the quarterly use.
Risk factors restated the FY2025 annual risks with no material change, so no new company-specific risk was added this quarter.
What to watch
Q3 FY2026 Access against the $35M Q1 level as mix and tariff costs develop
Realization of the $200M 2026 tariff estimate against the $33M Q1 hit and $13.5M IEEPA recovery
Transport NGDV production scaling and whether the $135M deferred cost overage leads to
Full-year toward the $750M–$850M guide after the $161.0M Q1 use
Consolidated decreased $48.5M (16.6%) to $243M, with margin contracting 240 to 8.3%, due to unfavorable sales mix, higher material costs (including tariffs), and increased manufacturing overhead.
Access sales grew 9.4% to $1.37B on volume and pricing, but fell 16.5% to $152M as higher material costs and adverse mix more than offset volume gains.
Vocational sales were nearly flat at $967M, but dropped 17.8% to $121M, pressured by lower refuse vehicle shipments, adverse mix, and higher overhead.
Transport sales rose 11.9% to $536M, driven by NGDV volume, but declined 11.2% to $16M due to adverse mix and higher warranty costs.
Full-year 2026 was lowered to $10.50 (from $10.90) on sales of ~$11.2B, reflecting a slower ramp in municipal fire apparatus production.
Quantitative and Qualitative Disclosures About Market Risk
The Company’s quantitative and qualitative disclosures about market risk for changes in interest rates, commodity prices and foreign currency, which are incorporated by reference to Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, have no…
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The Company’s quantitative and qualitative disclosures about market risk for changes in interest rates, commodity prices and foreign currency, which are incorporated by reference to Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, have not materially changed since that report was filed.
The Company’s financial position, results of operations and cash flows are subject to various risks, many of which are not exclusively within the Company’s control, which may cause actual performance to differ materially from historical or projected future performance. In additi…
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The Company’s financial position, results of operations and cash flows are subject to various risks, many of which are not exclusively within the Company’s control, which may cause actual performance to differ materially from historical or projected future performance. In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2025, which have not materially changed.