Bank of America Upgrades Oshkosh to Neutral Amid Improved Outlook
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 03 2026
0mins
Should l Buy OSK?
Source: seekingalpha
Oshkosh Corporation's stock rose 3.65% and reached a 52-week high, despite the Nasdaq-100 and S&P 500 both declining.
Bank of America upgraded Oshkosh from Underperform to Neutral, reflecting a more balanced outlook for the company's Access segment and an improved risk-reward profile. Although Oshkosh has lowered its Access sales forecast for 2026, projecting a 20% decline from peak levels, BofA views this as realistic and indicative of a trough in sales. The company's free cash flow is improving, providing capacity for share buybacks, while a record backlog in the Vocational business enhances visibility into long-term earnings.
This upgrade signals a positive shift in investor sentiment towards Oshkosh, as the company continues to optimize its profit structure and improve cash flow, which could attract more investors looking for stability in a volatile market.
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Analyst Views on OSK
Wall Street analysts forecast OSK stock price to fall
10 Analyst Rating
7 Buy
3 Hold
0 Sell
Moderate Buy
Current: 153.060
Low
132.00
Averages
152.40
High
180.00
Current: 153.060
Low
132.00
Averages
152.40
High
180.00
About OSK
Oshkosh Corporation is an industrial technology company focused on the design, development and manufacturing of purpose-built vehicles and equipment. It operates through three segments: Access, Vocational and Transport. The Access segment designs and manufactures access and material handling equipment for use in a range of construction, industrial, agricultural, vegetation management, and maintenance applications to position workers and materials at height under brands such as JLG and SkyTrak. The segment's customer base includes equipment rental companies, construction contractors, manufacturing companies and home improvement centers. The Vocational segment includes the Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Oshkosh S-Series and others. The transport segment designs, manufactures and sustains best-in-class specialty vehicles and mobility systems for the United States Department of Defense (DoD) and approved foreign customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Oshkosh Beats Sales Expectations but Earnings Plummet
- Strong Sales Performance: Oshkosh reported first-quarter sales exceeding $2.3 billion with a year-over-year growth of only 0.2%, indicating that while sales surpassed analyst expectations, the sluggish growth reflects increasing market competition pressures.
- Earnings Plummet: The reported earnings per share of $0.85 fell short of expectations, with actual GAAP earnings at only $0.68, representing a 60% year-over-year decline, highlighting significant challenges to the company's profitability.
- Poor Cash Flow Situation: Oshkosh experienced negative free cash flow of $189.1 million in Q1, although this was an improvement from $435.2 million in Q1 2025, it still indicates ongoing difficulties in cash management for the company.
- Full-Year Guidance Maintained: Despite disappointing first-quarter results, Oshkosh reiterated its guidance for 2026 earnings at $10.90 per share, reflecting management's confidence in future demand, although the market remains cautious about the company's ability to meet these targets.
See More
Oshkosh Corporation Reports Mixed Q1 Earnings, Stock Plummets
- Sales Beat Expectations: Oshkosh reported Q1 sales exceeding $2.3 billion, although year-over-year growth was only 0.2%, indicating stable market demand; however, the sluggish growth may undermine future investor confidence.
- Earnings Plummet: The company's earnings per share fell to $0.68, a 60% decline year-over-year, significantly below the analyst forecast of $1.04, reflecting a sharp deterioration in profitability that could raise shareholder concerns about management.
- Negative Cash Flow Issues: Oshkosh experienced negative free cash flow of $189.1 million in Q1, an improvement from $435.2 million in Q1 2025, yet still indicating challenges in cash management that may affect future capital expenditures and investment plans.
- Optimistic Future Outlook: Despite the disappointing current performance, Oshkosh's management reiterated a 2026 EPS guidance of $10.90, resulting in a price-to-earnings ratio of 12.7 at the current stock price, and with a 1.5% dividend yield and a 12% long-term growth forecast, the stock may still attract investor interest.
See More
Oshkosh Corporation Q1 2026 Earnings Call Insights
- Performance Overview: Oshkosh Corporation reported Q1 adjusted EPS of $0.85, missing expectations, with consolidated sales of approximately $2.3 billion, reflecting a decline in profitability attributed to fewer fire truck shipments, which negatively impacted overall earnings.
- Orders and Demand: The company secured over $1.5 billion in orders during the quarter, achieving a book-to-bill ratio of 1.6, and despite delivery delays, management remains optimistic about future demand, anticipating stronger performance in the second half of the year.
- Cash Flow and Buybacks: Oshkosh repurchased approximately 300,000 shares for $47 million in the quarter, with free cash flow at negative $189 million, an improvement from negative $435 million last year, indicating more disciplined working capital management.
- Future Outlook: The company maintains its full-year adjusted EPS guidance at $11.50, expecting about 70% of earnings to come in the second half, underscoring confidence in upcoming orders and market demand.
See More
Oshkosh Declares $0.57 Quarterly Dividend in Line with Previous
- Dividend Declaration: Oshkosh has declared a quarterly dividend of $0.57 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flow despite macroeconomic challenges.
- Yield Information: The forward yield of 1.49% provides investors with a relatively stable return, reflecting the company's commitment to shareholders and its attractiveness in the current market environment.
- Payment Schedule: The dividend will be payable on June 9, with a record date of May 26 and an ex-dividend date also on May 26, ensuring shareholders receive timely returns and bolstering investor confidence.
- Financial Performance: Oshkosh's recent earnings report revealed a non-GAAP EPS of $0.85, missing expectations by $0.19, while revenue reached $2.32 billion, exceeding forecasts by $30 million, demonstrating the company's resilience in revenue growth.
See More
Oshkosh Corp Maintains 2026 Earnings Guidance Amid Q1 Results
- Earnings Guidance Maintained: Oshkosh Corp reported its Q1 results while maintaining its fiscal 2026 earnings guidance at $10.90 per share and adjusted earnings at $11.50 per share, with net sales projected around $11.0 billion, indicating confidence in future performance.
- Dividend Declaration: The Board of Directors declared a quarterly cash dividend of $0.57 per share of Common Stock, payable on June 9, 2026, to shareholders of record as of May 26, 2026, reflecting the company's commitment to shareholder returns.
- Stock Price Movement: In pre-market trading on Friday, Oshkosh's stock was priced at $142.90, down $10.46 or 6.82%, indicating a cautious market reaction to the company's performance amidst broader market uncertainties.
- Market Sentiment: Despite the maintained earnings outlook, the significant drop in stock price may affect investor confidence, particularly in an uncertain market environment, warranting close attention to subsequent market developments.
See More
Oshkosh Corporation Reports Decline in Q1 Profit
- Profit Decline: Oshkosh Corporation reported a first-quarter net profit of $43.1 million, or $0.68 per share, which is a significant drop from last year's $112.2 million and $1.72 per share, indicating pressure on the company's profitability.
- Adjusted Earnings: Excluding special items, Oshkosh's adjusted earnings stood at $53.8 million, or $0.85 per share, showing efforts in cost control despite the decline in overall profit.
- Revenue Slight Increase: The company's revenue for the first quarter was $2.317 million, a 0.2% increase from $2.312 million last year, suggesting some revenue stability in a challenging market environment.
- Market Challenges: Despite the slight revenue growth, the significant profit decline may affect investor confidence, prompting Oshkosh to implement effective strategies to address market challenges and restore profitability.
See More
Oshkosh Beats Sales Expectations but Earnings Plummet
- Strong Sales Performance: Oshkosh reported first-quarter sales exceeding $2.3 billion with a year-over-year growth of only 0.2%, indicating that while sales surpassed analyst expectations, the sluggish growth reflects increasing market competition pressures.
- Earnings Plummet: The reported earnings per share of $0.85 fell short of expectations, with actual GAAP earnings at only $0.68, representing a 60% year-over-year decline, highlighting significant challenges to the company's profitability.
- Poor Cash Flow Situation: Oshkosh experienced negative free cash flow of $189.1 million in Q1, although this was an improvement from $435.2 million in Q1 2025, it still indicates ongoing difficulties in cash management for the company.
- Full-Year Guidance Maintained: Despite disappointing first-quarter results, Oshkosh reiterated its guidance for 2026 earnings at $10.90 per share, reflecting management's confidence in future demand, although the market remains cautious about the company's ability to meet these targets.
See More
Oshkosh Corporation Reports Mixed Q1 Earnings, Stock Plummets
- Sales Beat Expectations: Oshkosh reported Q1 sales exceeding $2.3 billion, although year-over-year growth was only 0.2%, indicating stable market demand; however, the sluggish growth may undermine future investor confidence.
- Earnings Plummet: The company's earnings per share fell to $0.68, a 60% decline year-over-year, significantly below the analyst forecast of $1.04, reflecting a sharp deterioration in profitability that could raise shareholder concerns about management.
- Negative Cash Flow Issues: Oshkosh experienced negative free cash flow of $189.1 million in Q1, an improvement from $435.2 million in Q1 2025, yet still indicating challenges in cash management that may affect future capital expenditures and investment plans.
- Optimistic Future Outlook: Despite the disappointing current performance, Oshkosh's management reiterated a 2026 EPS guidance of $10.90, resulting in a price-to-earnings ratio of 12.7 at the current stock price, and with a 1.5% dividend yield and a 12% long-term growth forecast, the stock may still attract investor interest.
See More
Oshkosh Corporation Q1 2026 Earnings Call Insights
- Performance Overview: Oshkosh Corporation reported Q1 adjusted EPS of $0.85, missing expectations, with consolidated sales of approximately $2.3 billion, reflecting a decline in profitability attributed to fewer fire truck shipments, which negatively impacted overall earnings.
- Orders and Demand: The company secured over $1.5 billion in orders during the quarter, achieving a book-to-bill ratio of 1.6, and despite delivery delays, management remains optimistic about future demand, anticipating stronger performance in the second half of the year.
- Cash Flow and Buybacks: Oshkosh repurchased approximately 300,000 shares for $47 million in the quarter, with free cash flow at negative $189 million, an improvement from negative $435 million last year, indicating more disciplined working capital management.
- Future Outlook: The company maintains its full-year adjusted EPS guidance at $11.50, expecting about 70% of earnings to come in the second half, underscoring confidence in upcoming orders and market demand.
See More
Oshkosh Declares $0.57 Quarterly Dividend in Line with Previous
- Dividend Declaration: Oshkosh has declared a quarterly dividend of $0.57 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flow despite macroeconomic challenges.
- Yield Information: The forward yield of 1.49% provides investors with a relatively stable return, reflecting the company's commitment to shareholders and its attractiveness in the current market environment.
- Payment Schedule: The dividend will be payable on June 9, with a record date of May 26 and an ex-dividend date also on May 26, ensuring shareholders receive timely returns and bolstering investor confidence.
- Financial Performance: Oshkosh's recent earnings report revealed a non-GAAP EPS of $0.85, missing expectations by $0.19, while revenue reached $2.32 billion, exceeding forecasts by $30 million, demonstrating the company's resilience in revenue growth.
See More
Oshkosh Corp Maintains 2026 Earnings Guidance Amid Q1 Results
- Earnings Guidance Maintained: Oshkosh Corp reported its Q1 results while maintaining its fiscal 2026 earnings guidance at $10.90 per share and adjusted earnings at $11.50 per share, with net sales projected around $11.0 billion, indicating confidence in future performance.
- Dividend Declaration: The Board of Directors declared a quarterly cash dividend of $0.57 per share of Common Stock, payable on June 9, 2026, to shareholders of record as of May 26, 2026, reflecting the company's commitment to shareholder returns.
- Stock Price Movement: In pre-market trading on Friday, Oshkosh's stock was priced at $142.90, down $10.46 or 6.82%, indicating a cautious market reaction to the company's performance amidst broader market uncertainties.
- Market Sentiment: Despite the maintained earnings outlook, the significant drop in stock price may affect investor confidence, particularly in an uncertain market environment, warranting close attention to subsequent market developments.
See More
Oshkosh Corporation Reports Decline in Q1 Profit
- Profit Decline: Oshkosh Corporation reported a first-quarter net profit of $43.1 million, or $0.68 per share, which is a significant drop from last year's $112.2 million and $1.72 per share, indicating pressure on the company's profitability.
- Adjusted Earnings: Excluding special items, Oshkosh's adjusted earnings stood at $53.8 million, or $0.85 per share, showing efforts in cost control despite the decline in overall profit.
- Revenue Slight Increase: The company's revenue for the first quarter was $2.317 million, a 0.2% increase from $2.312 million last year, suggesting some revenue stability in a challenging market environment.
- Market Challenges: Despite the slight revenue growth, the significant profit decline may affect investor confidence, prompting Oshkosh to implement effective strategies to address market challenges and restore profitability.
See More
