As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the heavy transportation equipment industry, including Oshkosh (NYSE: OSK) and its peers.

Heavy transportation equipment companies are investing in automated vehicles that increase efficiencies and connected machinery that collects actionable data. Some are also developing electric vehicles and mobility solutions to address customers’ concerns about carbon emissions, creating new sales opportunities. On the other hand, heavy transportation equipment companies are at the whim of economic cycles. Interest rates, for example, can greatly impact the construction and transport volumes that drive demand for these companies’ offerings.

The 12 heavy transportation equipment stocks we track reported a satisfactory Q1. As a group, revenues along with next quarter’s revenue guidance were in line with analysts’ consensus estimates.

In light of this news, share prices of the companies have held steady as they are up 1.9% on average since the latest earnings results.

Oshkosh (NYSE: OSK)

Oshkosh (NYSE: OSK) manufactures specialty vehicles for the defense, fire, emergency, and commercial industry, operating various brand subsidiaries within each industry.

Oshkosh reported revenues of $2.32 billion, flat year on year. This print exceeded analysts’ expectations by 0.8%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ adjusted operating income and EPS estimates.

“We delivered first quarter adjusted earnings per share of $0.85 reflecting lower results in our Access and Vocational segments compared with last year,” said John Pfeifer, president and chief executive officer of Oshkosh Corporation.

Unsurprisingly, the stock is down 14.2% since reporting and currently trades at $131.38.

Read our full report on Oshkosh here, it’s free.

Best Q1: Douglas Dynamics (NYSE: PLOW)

Once manufacturing snowplows designed for the iconic jeep vehicle precursor, Douglas Dynamics (NYSE: PLOW) offers snow and ice equipment for the roads and sidewalks.

Douglas Dynamics reported revenues of $137.8 million, up 19.8% year on year, outperforming analysts’ expectations by 3.4%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

Douglas Dynamics scored the highest full-year guidance raise among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $44.89.

Is now the time to buy Douglas Dynamics? Access our full analysis of the earnings results here, it’s free.

Slowest Q1: Greenbrier (NYSE: GBX)

Having designed the industry’s first double-decker railcar in the 1980s, Greenbrier (NYSE: GBX) supplies the freight rail transportation industry with railcars and related services.

Greenbrier reported revenues of $587.5 million, down 22.9% year on year, falling short of analysts’ expectations by 11.5%. It was a disappointing quarter as it posted full-year revenue and EPS guidance missing analysts’ expectations.

Greenbrier delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. Interestingly, the stock is up 5% since the results and currently trades at $50.04.

Read our full analysis of Greenbrier’s results here.

Wabtec (NYSE: WAB)

Also known as Wabtec, Westinghouse Air Brake Technologies (NYSE: WAB) provides equipment, systems, and related software for the railway industry.

Wabtec reported revenues of $2.95 billion, up 13% year on year. This number met analysts’ expectations. Taking a step back, it was a mixed quarter as it also produced a decent beat of analysts’ EBITDA estimates but a significant miss of analysts’ organic revenue estimates.

The stock is up 4.5% since reporting and currently trades at $269.20.

Read our full, actionable report on Wabtec here, it’s free.

Wabash (NYSE: WNC)

With its first trailer reportedly built on two sawhorses, Wabash (NYSE: WNC) offers semi trailers, liquid transportation containers, truck bodies, and equipment for moving goods.

Wabash reported revenues of $303.2 million, down 20.4% year on year. This print missed analysts’ expectations by 5%. It was a softer quarter as it also recorded a significant miss of analysts’ revenue and EBITDA estimates.

The stock is down 19.1% since reporting and currently trades at $7.03.

Read our full, actionable report on Wabash here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.