OSK NYSE Russell 1000 Earnings call
Oshkosh Corporation (OSK) · Q2 2026 results and valuation
Share price: $141.28 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 28 Jul 2026 and 8 May 2026
Net income up 325.1% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+325.1%
Net income vs Q1 2026
Outlook given
Net income 183.2M vs 43.1M
Revenue +25.8%
Against the same quarter last year (Q2 2025) it is −10.5%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Typical
Less upbeat than 54% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Key theme
Free cash flow increased to $348 million from $49 million last year due to improved sales volume and pricing.
Valuation
Is Oshkosh Corporation undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 8.0% growth a year (3-year revenue growth), the model's fair value is $187.52 a share — the stock trades 25% below it. Today's price assumes 4.4% growth a year.
Current price
$141.28
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+4.4% for 10 yrs
Fair value / share
$187.52
Buy below
$140.64
Price vs fair value
Undervalued 25%
Price vs buy-below price
Fairly valued
Read between the lines
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Guidance
Of its revised expectations for production this year, Oshkosh now expects full-year adjusted earnings per share in the range of $11.
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Guidance
OSK updated its guidance to expect full-year access segment revenue to grow compared to 2025, changing its previous expectation of a modest decline.
Source quote
“We now expect full-year access segment revenue to grow compared to 2025, an improvement from our original expectation for a modest decline.”
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Figure
OSK delivered consolidated sales of $2.9 billion and adjusted earnings per share of $2.87 in the second quarter.
Source quote
“In the second quarter, we delivered consolidated sales of $2.9 billion and adjusted earnings per share of $2.87.”
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Fading
Adjusted operating income fell to $96 million from $192 million last year due to an unfavorable mix, despite consolidated sales remaining flat at $2.3 billion.
Source quote
“Adjusted operating income was $96 million, down from $192 million from the prior year, primarily due to unfavorable mix which includes... Consolidated sales for the first quarter of $2.3 billion were flat compared to the same quarter last year as pricing, favorable currency and the impact of changes in cumulative catch-up adjustments in the transport segment offset lower sales volume.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Within our vocational segment, we are continuing actions to modernize our fire truck manufacturing and expand production to better serve strong customer demand and support long-term growth.”
“It's why we talk so much about moving to transformational high flow production lines that are much more efficient and allow us to sprint more, because we need more fire...”
“Additionally, we have robust backlogs at our transport and vocational segments, we're focused on increasing production, which is foundational to delivering our 2028 goals.”
Full figures
USD · ROIC.AI fundamentals (NYSE:OSK, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.92B | 2.32B | +25.8% | 2.73B | +6.7% |
| Gross profit | 480.3M | 311.9M | +54.0% | 524.5M | −8.4% |
| Operating income | 243.2M | 82.0M | +196.6% | 291.7M | −16.6% |
| Net income | 183.2M | 43.1M | +325.1% | 204.8M | −10.5% |
| EPS | 2.93 | — | — | ||
| P/E today 23.4 | — | — | — | — | — |
Topics
Most discussed now
- Oshkosh also feels really good about where it's headed, and there's kind of two things happening.
- New Across Oshkosh, Oshkosh continues to invest in technologies that make a difference to the everyday hero doing essential work in...
- New Whether through connected equipment, autonomy, artificial intelligence or electrification, Oshkosh believes its innovate serve advance…
- Within its vocational segment, Oshkosh is continuing actions to modernize its fire truck manufacturing and expand production to better…
- Oshkosh's strong free cash flow reflected continued discipline in managing working capital, particularly related to inventory, as well as…
Faded since Q1 2026
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- Dropped One, Oshkosh does see EPO fully largely offsetting the negative impact from that and to the team and access, which...
- Dropped Mig, so there are multiple moving pieces in that question, obviously.
- Fading Oshkosh has got great customers and it serves there to make this happen.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K