Oshkosh : Q1 (Q1 2026 Earnings Slides FINAL)

Published: 2026-05-08 07:05:11 ET OSK

Published on 05/08/2026 at 07:05 am EDT

Q1 2026

EARNINGS UPDATE | MAY 8, 2026

Q1 consolidated results

REVENUE

(in billions)

ADJ. OPERATING INCOME*

(in millions)

ADJ. OI MARGIN*

ADJ. EPS*

2025 2026

Compelling investment thesis

(Investor Day - June 2025)

TRANSFORMING MARGIN

Plans to deliver through-cycle margin expansion across segments

TOP-LINE GROWTH

Sizable backlogs and pricing provide clear revenue visibility

RESILIENT PORTFOLIO

Strong segments support balanced returns

CASH GENERATION AND CAPITAL MANAGEMENT

FIRST QUARTER 2026 EARNINGS CALL | 4

Expect significant free cash flow and disciplined capital allocation, anchored in shareholder value

FIRST QUARTER 2026 EARNINGS CALL | 4

Q1 highlights - Access

CONEXPO 2026

Record attendance and strong customer reaction to JLG presence at the March event

REDESIGNED 60' BOOM LIFT

Improves manufacturability, reduces weight, speeds operation and increases basket capacity

26' MICRO-SIZED SCISSOR LIFT

Delivers compact design and industry-leading work-at-height capability

Q1 highlights - Vocational

INDUSTRY-LEADING PRESENCE AT FDIC IN INDIANAPOLIS

Pierce showcased product breadth and technology advantages

STRONG DEMAND FOR RANGER AND COMMANDER CARGO LOADERS

Growth of air freight drives long-term demand for Oshkosh AeroTech commercial cargo loading machines in North America

Q1 highlights - Transport

DELIVERY

Next Generation Delivery Vehicles (NGDV) have accumulated more than 20 million miles across 48 states

DEFENSE

Production of FMTV LVAD variants from the recent contract extension has begun in Wisconsin

Q1 consolidated results

Dollars in millions, except per share amounts

Three months ended March 31

2026

2025

Net Sales

Ƹ2,317.8

Ƹ2,312.8

% Change

0.2%

(9.1)%

Adjusted operating income*

Ƹ96.3

Ƹ191.8

% Change

(49.8)%

(30.3)%

% Margin

4.2%

8.3%

Adjusted EPS* Ƹ0.85 Ƹ1.92

% Change (55.7)% (33.6)%

Q1 COMMENTS

Sales impacted by:

+ Pricing

+ Currency

+ Changes to CCA

Sales volume

Adjusted EPS* impacted by:

Sales mix

Mfg. overhead costs

Sales volume

* Non-GAAP results. See appendix for reconciliation to GAAP results.

Q1 segment financial results

Access Segment Vocational Segment Transport Segment

REVENUE

ADJUSTED OI MARGIN*

REVENUE

ADJUSTED OI MARGIN*

REVENUE

OI MARGIN

* Non-GAAP results. See appendix for reconciliation to GAAP results.

Updated 2026 outlook

MAINTAINING FULL YEAR

EXPECTATIONS IN THE RANGE OF:

Revenues of ~Ƹ11.0 billion

Adj. operating income* of ~Ƹ1.06 billion

Adjusted EPS* of ~Ƹ11.50

Free cash flow* of Ƹ550-Ƹ650 million

ADDITIONAL EXPECTATIONS:

First half adjusted EPS expected to be ~30% of full year earnings

* Non-GAAP results. See appendix for reconciliation to GAAP results.

Our strategy Enabling our

strategy

INNOVATE

Shaping tomorrow with leading technology

SERVE

Supporting throughout the product lifecycle

ADVANCE

Scaling our reach

DIVERSIFIED GROWTH

Clear revenue opportunities from three industry-leading verticals, adjacencies and strategic partnerships

HEALTHY MARGINS

Through-cycle profitability supported by pricing, operational excellence, cost discipline and customer-centric innovation

DISCIPLINED CAPITAL ALLOCATION

Value-accretive investments in strategic growth and operational efficiency, supplemented by return of capital to shareholders

We make a difference in the lives of those who build, serve and protect

FIRST QUARTER 2026 EARNINGS CALL | 11

communities with products that are safe, intuitive and productive. FIRST QUARTER 2026 EARNINGS CALL | 11

Contact info

Job site of the future

PATRICK N. DAVIDSON

Senior Vice President, Investor Relations [email protected]

920-502-3266

GREG SCHRIMPF

Senior Manager, Investor Relations [email protected]

920-502-3318

FIRST QUARTER 2026 EARNINGS CALL | 12

Appendix

Access

Dollars in millions

Three months ended March 31 2026 2025

Net Sales Ƹ943.4 Ƹ957.1

% Change (1.4)% (22.7)%

Adjusted operating income* Ƹ38.8 Ƹ107.8

% Change (64.0)% (48.8)%

% Margin 4.1% 11.3%

Q1 COMMENTS

Sales impacted by:

− Sales volume

+ Currency

Adjusted operating income* impacted by:

− Sales mix

− Price/cost dynamics

− Sales volume

Backlog Ƹ1.8 billion - up 1.9% vs. prior year

* Non-GAAP results. See appendix for reconciliation to GAAP results.

Vocational

Three months ended March 31

2026

2025

Net Sales

Ƹ825.0

Ƹ866.8

% Change

(4.8)%

12.2%

Adjusted operating income*

Ƹ94.1

Ƹ128.8

% Change

(26.9)%

39.8%

% Margin

11.4%

14.9%

Dollars in millions

Q1 COMMENTS

Sales impacted by:

− Sales volume

+ Pricing

Adjusted operating income* impacted by:

− Sales volume

− Mfg. overhead costs

− Sales mix

+ Price/cost dynamics

Backlog Ƹ6.6 billion - up 4.5% vs. prior year

* Non-GAAP results. See appendix for reconciliation to GAAP results.

Transport

Dollars in millions

Three months ended March 31 2026 2025

Net Sales Ƹ512.8 Ƹ463.0

% Change 10.8% (9.1)%

Operating income Ƹ4.2 Ƹ0.6

% Change

600.0%

(95.5)%

% Margin

0.8%

0.1%

Q1 COMMENTS

Sales impacted by:

+ NGDV ramp-up

+ Changes to CCA

− TWV volume

Operating income impacted by:

+ Lower unfavorable CCA

+ Sales volume

− Mfg. overhead costs

− Sales mix

Backlog Ƹ6.0 billion - down 6.9% vs. prior year

GAAP to Non-GAAP reconciliation

The tables below present a reconciliation of the Company's presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions, except per share amounts):

Three Months Ended

March 31, 2026

Three Months Ended

March 31, 2025

Access segment operating income (GAAP)

34.7

3.7%

103.1

10.8%

Amortization of purchased intangibles

4.1

0.4%

4.7

0.5%

Adjusted Access segment operating income (non-GAAP)

38.8

4.1%

107.8

11.3%

Vocational segment operating income (GAAP)

84.7

10.3%

117.8

13.6%

Amortization of purchased intangibles

9.4

1.1%

11.0

1.3%

Adjusted Vocational segment operating income (non-GAAP)

94.1

11.4%

128.8

14.9%

Consolidated operating income (GAAP)

82.0

3.5%

175.4

7.6%

Amortization of purchased intangibles

14.3

0.7%

16.4

0.7%

Adjusted consolidated operating income (non-GAAP)

96.3

4.2%

191.8

8.3%

Three Months Ended March 31,

2026

2025

Earnings per share-diluted (GAAP)

0.68

1.72

Amortization of purchased intangibles

0.23

0.25

Income tax effects of adjustments

(0.06)

(0.05)

Adjusted earnings per share-diluted (non-GAAP)

0.85

1.92

Net cash provided by operating activities

(161.0)

(394.9)

Additions to property, plant and equipment

(28.1)

(40.3)

Free cash flow

(189.1)

(435.2)

GAAP to Non-GAAP reconciliation

The tables below present a reconciliation of the Company's presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions, except per share amounts):

2026

Consolidated operating income (GAAP) Ƹ 1,005

Expectations

2026 Expectations

Low High

Amortization of purchased intangibles

Net cash provided by operating activities

750

850

Adjusted consolidated operating income (non-GAAP)

1,060

Additions to property, plant and equipment

(200)

Free cash flow

550

650

Earnings per share-diluted (GAAP)

10.90

Amortization of purchased intangibles 0.60

Adjusted earnings per share-diluted (non-GAAP) Ƹ 11.50

2028 Targets

Low

High

Earnings per share-diluted (GAAP)

Ƹ 17.40

21.40

Amortization of purchased intangibles

0.60

Adjusted earnings per share-diluted (non-GAAP)

Ƹ 18.00

22.00

Commonly used acronyms

ARFF Aircraft Rescue and Firefighting AWP Aerial Work Platform

AMPS Aftermarket Parts & Service APAC Asia Pacific

ASC Accounting Standards Codification

B&P Bid & Proposal

BEV Battery Electric Vehicle

CapEx Capital Expenditures

CCA Cumulative Catch-up Adjustments

CNG Compressed Natural Gas

DJSI Dow Jones Sustainability Indices

DoD Department of Defense

DXPV Dutch Expeditionary Patrol Vehicle EMEA Europe, Middle East & Africa

E-HETS Enhanced Heavy Equipment Transporter System EMD Engineering & Manufacturing Development

EPA Economic Price Adjustment

EPS Diluted Earnings Per Share

eRCV Electric Refuse and Recycling Collection Vehicle ESG Environmental, Social, and Governance

EU European Union

EV Electric Vehicle

FDIC Fire Department Instructors Conference

FHTV Family of Heavy Tactical Vehicles

FMAV Family of Multi-Mission Autonomous Vehicles FMS Foreign Military Sales

FMTV Family of Medium Tactical Vehicles FRP Full Rate Production

GAAP U.S. Generally Accepted Accounting Principles GAO Government Accountability Office

HEMTT Heavy Expanded Mobility Tactical Truck HET Heavy Equipment Transporter

IATA International Air Transport Association ICE Internal Combustion Engine

IMT Iowa Mold Tooling Co., Inc.

IRC Independent Rental Company

JLTV Joint Light Tactical Vehicle

JPO Joint Program Office

LRIP Low Rate Initial Production

LVAD Low Velocity Airdrop

LVSR Logistic Vehicle System Replacement M-ATV MRAP All-Terrain Vehicle

MCWS Medium Caliber Weapons System NGDV Next Generation Delivery Vehicle NOL Net Operating Loss

NPD New Product Development

NRC National Rental Company

OH Overhead

OI Operating Income

OPEB Other Post-Employment Benefits PLS Palletized Load System

PPI Producer Price Index

R&D Research & Development

RCV Refuse and Recycling Collection Vehicle RDM Rear Discharge Mixer

RFP Request for Proposal

ROGUE Fires Remotely Operated Ground Unit for Expeditionary Fires ROW Rest of World

S-Series Oshkosh S-Series Front Discharge Mixer TACOM Tank-automotive and Armaments Command TDP Technical Data Package

TWV Tactical Wheeled Vehicle

UK United Kingdom

USMC United States Marine Corps USPS United States Postal Service ZR Zero Radius

ZSL Zero Radius Side Loader

Disclaimer

Oshkosh Corporation published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 11:04 UTC.