Why is Oshkosh stock tumbling today?

Shares of Oshkosh Corporation fell 11.4% in pre-open trading after the specialty vehicles maker reported third-quarter fiscal 2026 results that missed Wall Street expectations on both the top and bottom lines, and simultaneously delivered a dramatic reduction to its full-year profit outlook.

Adjusted earnings per share came in at $2.41, roughly 21% below the analyst consensus of $3.07, while revenue of $2.84 billion trailed the $2.94 billion estimate, even as sales grew 5.7% year-over-year.

The core culprit behind the shortfall was the ongoing transformation of the company’s fire truck manufacturing operations, where improvements in production throughput are materializing more slowly than management had previously projected.

As a direct consequence, Oshkosh cut its full-year adjusted EPS guidance to a midpoint of $9.00 — a range of $8.50 to $9.50 — compared to analyst consensus of approximately $10.73, while also trimming its full-year revenue target to $11.00 billion.

Operating margin contracted to 6.9% in the quarter, down sharply from 9.7% in the same period a year ago, underscoring the depth of the profitability challenge.

The earnings report lands against a backdrop of pre-existing analyst caution: Citi had already reduced its price target on the stock to $135 from $155 in mid-October, and Truist had cut its target to $174 from $196 earlier in the month, with both firms flagging margin pressure ahead of today’s release.

The broader U.S. equity market is also under pressure today, with the S&P 500 off 0.4% and the Nasdaq declining 1.2%, offering no support for a stock already reeling from company-specific bad news.

Taken together, the magnitude of the EPS miss, the severity of the guidance reduction, and the persistence of the fire truck production headwind — which has now weighed on results for multiple consecutive quarters — combined to push Oshkosh stock toward its lowest levels in recent months, approaching the lower end of its 52-week range of $116.77.