29.10.2026

Solid 3rd quarter for JLG

Oshkosh, owner of JLG, Hinowa and Ausa, has published mixed result for the nine months to the end of September, but a strong third quarter.

YTD

Access Revenues

Total revenues for the nine months increased 10% to $3.66 billion, made up as follows:
Aerial work platforms - $1.82 billion +11%
Telehandlers - $791 million – (4.7%)
Other revenues - $1.04 billion +23%
Total - $3.66 billion +10%

Operating profit dropped 27.5% to $33.2 million, the second year running for declines.
The backlog/order book at the end of September more than tripled (x 3.7 ) to $2.66 billion, compared to a 66.5% plunge at the same point last year.

Full Year forecast
The company is forecasting full year revenues for JLG of $4.8 billion, which would represent a seven percent increase on 2025.

Third Quarter

Revenues
Third quarter sales, improved 20.7% to $1.34 billion, thanks to higher sales volume in North America and higher pricing
This is made up as follows:
Aerial work platforms - $658.3 million +18.3%
Telehandlers - $320 million +22.7%
Other revenues - $361 million +23.6%
Total - $1.34 billion +20.7%

Operating profit
Third quarter operating profit jumped 23.5% to $145.7 million, due to higher sales volume, “offset in part by adverse sales mix and higher incentive compensation accruals”.

Oshkosh numbers
Oshkosh as a whole saw nine months revenues increase 4.4% to $8.07 billion, while pre-tax profit nosedived 31.5% to $452.3 million.

Oshkosh chief executive John Pfeifer said: “Our results reflected challenges arising from our transformation of fire truck production. Improvements in throughput are taking longer than previously expected.”
“Our Access segment during the third quarter, reflecting strong customer demand and improved execution,

Vertikal Comment

Overall, this is a pretty decent set of numbers from JLG, which is benefiting from tariffs in the USA, while also making a comeback in much of Europe. With a massive increase in its backlog, the company looks set for a great 2026.

One has to wonder, though, how its telehandler performance stacks up against the competition. From a distance, it looks as though companies such as Magni, Manitou, JCB and even the Chinese are taking some market share away. But that is not based on hard facts – more on feedback from those in the industry and gut feel.

In spite of this, the company is on course to exceed sales of $5 billion in 2027, for the first time since 2024. Revenues in 2023 were $4.9 billion, the first year with Hinowa on board.

All in all, another positive result.