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OSK · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Oshkosh Corporation (OSK) stock moving?
Oshkosh reported weak Q3 2026 results on Oct 29: adjusted EPS of $2.41 and sales of $2.84B both missed estimates, operating income fell 24.3%, and management cut full-year adjusted EPS guidance to $8.50-$9.50 from $11.00 because fire truck production throughput is taking longer to fix. The stock fell intraday to 120 on Oct 29 on heavy volume of about 1.67M shares, closed at 135.27, then rallied to a 147.28 high on Nov 2 before drifting to 134.36 on Nov 6. It has since recovered to 140.10 on Nov 10 on lower volume of about 611K shares. Analyst reactions are mixed: several firms kept Buy or Outperform ratings (Truist, DA Davidson, Evercore) but cut price targets, while Morgan Stanley (Equal-Weight, $139) and Citigroup (Neutral, $140) sit near the current price, and JP Morgan (Neutral, $145) raised its target. Newer company news is mostly positive but small: a $31M U.S. Army order for FMTV A2 cargo vehicles on Nov 10, a defense autonomy partnership with Grid Aero on Nov 2, and a CES 2027 Innovation Awards honor on Nov 9. Management says the fire truck issue is near-term and cites elevated backlog and strong Access demand, but the lower guidance means margin and execution risk remains until throughput improves.
News behind the analysis
- Oshkosh Corporation Reports Q3 2026 Financial Results and Updates Full-Year GuidanceQ3 adjusted EPS of $2.41 and revenue of $2.84 billion both missed analyst estimates, and full-year 2026 guidance was lowered on fire truck production delays.
- Oshkosh Lowers FY2026 Adj EPS Guidance from $11.00 to $8.50-$9.50 vs $10.63 Est; Lowers FY2026 Sales Guidance from $11.200B to $11.000B vs $11.139B EstManagement cut adjusted EPS guidance to $8.50-$9.50 from $11.00 and sales guidance to $11.0B from $11.2B, both below consensus.
- Oshkosh Defense Receives Additional $31M Order From U.S. Army For Its A2 Low-Velocity AirDrop M1081 4x4 And 6x6 Cargo VehiclesOshkosh Defense received a $31 million U.S. Army order for FMTV A2 Low-Velocity Airdrop cargo vehicles.
- Evercore ISI Group Maintains Outperform on Oshkosh, Lowers Price Target to $168Evercore ISI kept its Outperform rating on Oshkosh while lowering its price target to $168.
- Morgan Stanley Adjusts Oshkosh Price Target to $139Morgan Stanley kept its Equal-Weight rating on Oshkosh and cut its price target from $147 to $139.
- DA Davidson Maintains Oshkosh at Buy, Lowers Price TargetDA Davidson reaffirmed its Buy rating on Oshkosh and lowered its price target to $164 from $168.
- Citigroup Maintains Neutral on Oshkosh, Raises Price Target to $140Citigroup kept its Neutral rating on Oshkosh and raised its price target to $140.
- Oshkosh Defense And Grid Aero Partner To Bring Autonomous Modular Payload Aircraft Technology Into Production-Ready Reality For America's Defense NeedsOshkosh Defense entered a strategic partnership with Grid Aero to develop production-ready autonomous modular payload aircraft for defense applications.
- Truist Securities Adjusts Price Target on Oshkosh to $161 From $174Truist Securities kept its Buy rating on Oshkosh and lowered its price target from $174 to $161.
- JP Morgan Maintains Neutral on Oshkosh, Raises Price Target to $145JP Morgan kept its Neutral rating on Oshkosh and raised its price target to $145.
About Oshkosh Corp.
Oshkosh Corporation is a Wisconsin-based maker of purpose-built vehicles and equipment, including JLG aerial work platforms and telehandlers, Pierce fire trucks, McNeilus refuse trucks, and Oshkosh Defense military vehicles. What sets it apart is the mix of businesses: construction equipment that rises and falls with the economy, alongside municipal vehicles and US government defense and postal contracts. It expects full-year 2026 sales of roughly $11 billion.
How it makes money
The company reports three segments. Access, which makes JLG lifts and telehandlers sold mainly to equipment rental companies, is the largest at roughly half of sales. Vocational, which makes fire trucks, refuse and recycling trucks, airport vehicles and concrete mixers, brings in roughly a third. Transport covers military trucks and the US Postal Service's next-generation delivery vehicle and makes up most of the rest. It also earns money from parts and service. Vocational has recently had the highest profit margins, while Transport's margins are thin.
What usually moves OSK
- Equipment rental company spending on new machines
- Non-residential construction and infrastructure activity
- US defense budgets and contract awards
- Municipal demand for fire and refuse trucks and backlog delivery
- Steel and component costs and production problems