Oshkosh (OSK) Q2 FY26 earnings call: guidance and Q&A

Clarify if the $0.50 EPS reduction is solely from Vocational, implying Access upside was larger.

Confirmed that the more moderate pace of Vocational production more than offsets the upside in Access, which was the revision to the guide.

“Yes, that's the right way to think about it fundamentally is with the more moderate pace of production, that more than offsets the upside in Access, which was the revision to the guide.”

asked by David Raso · answered by Steven Fisher

Inquire about industry Access volumes relative to prior peaks and Q3 EPS expectations compared to Q2.

John Pfeifer noted mega-projects are driving current Access demand, with national rental companies serving it. He expects the private non-res market to improve by late 2026 or early 2027. Matt Field indicated Q4 would be stronger than Q3 due to fire truck production, NGDV ramp, and defense contracts.

“Yes. So as we said on the call, 4Q, we think will be high relative to our normal seasonality. That's really driven as we both have on the slides and said on the script, driven by fire truck production, building under the new price contracts on Defense, NGDV production and then the expectations for an NGDV order. All of that we expect in Q4.”

asked by Tami Zakaria · answered by Matthew Field

Ask about sequential improvement in Access margins (mix, price/cost) and the nature of the Refuse business slowdown.

Matt Field expects price/cost to improve as tariff comps ease and through pricing/cost reductions. John Pfeifer described the Refuse slowdown as customers being cautious on CapEx, but expects a return to normal in 2027 due to aged fleets and consistent generation of refuse.

“In terms of price/cost, we would expect that to improve in part because once we have tariffs in the rearview mirror in terms of a year-over-year comp, that will improve our year-over-year price/cost. But also just through pricing activity as well as cost reductions as we've talked about on prior calls.”

asked by Stephen Volkmann · answered by Matthew Field

Confirm if Q3 EPS could be flat to down YoY, and if Transport revenue is still expected at $2.5 billion for the year, along with confidence in the NGDV order.

Matt Field confirmed Q3 could be flat to down YoY with a strong Q4. He ballparked Transport revenue at $2.5 billion for the year and stated the NGDV order is assumed in Q4 for planning purposes, with ongoing dialogues with USPS.

“Jamie, roughly, I think that's the right way to think about it in broad frameworks. In terms of the order, we're assuming that's in Q4. I do that just because that's when the fiscal years are for the government. It could be Q3. But for planning purposes, we're assuming Q4, and we have ongoing dialogues with USPS to make sure we have our supply chain ready to support their production.”

asked by Jamie Cook · answered by Matthew Field

Inquire about the step-up needed in 2027 for Access to meet 2028 targets and confidence in pricing ahead of inflation.

John Pfeifer expressed confidence in meeting 2028 targets, citing building backlogs, strong utilization rates, and an aged boom category. He stated confidence in pushing price ahead of inflation due to intense focus on cost reduction.

“Well, the short answer is, we're confident that we can do that. I'll give you a little bit more context. I mean we've been working for the last year on positioning our cost in the context of geopolitical tariff environments, really making sure that we're responding to that. We do a lot of tariff engineering. We think that we're going to get the fruits of that labor as the market continues to recover.”

asked by Jerry Revich · answered by John Pfeifer