Allison Transmission Holdings (ALSN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Allison Transmission published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Allison Transmission reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Allison bought Dana Incorporated's off-highway business on January 1, 2026, now reported as the Allison Off-Highway segment. Q3 2025 has no Off-Highway sales, so the year-over-year revenue change is mostly the acquisition.
• Since the acquisition, some costs of the legacy Allison Transmission business are reported in the Allison Central Group, a centralized cost center, so legacy segment figures for 2025 are restated on that basis.

Source: Allison Transmission Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Allison Transmission splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Allison Transmission's Allison Transmission revenue was $881 million in Q3 2026, up 27% from $693 million in Q3 2025, 57% of total revenue.
• Allison Transmission's Allison Off-Highway revenue was $653 million in Q3 2026, 43% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Allison Transmission said:

“Consolidated net sales in the range of $5,975 to $6,075 million”

“Consolidated net income in the range of $645 to $685 million, subject to the completion of purchase price accounting associated with the acquisition of the Allison Off-Highway business unit”

“Consolidated adjusted EBITDA in the range of $1,530 to $1,580 million”

“Consolidated adjusted free cash flow in the range of $850 to $900 million”

Source: Allison Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ALSN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS, each as first reported in that quarter's release. Quarters from Q1 2026 include the Allison Off-Highway business acquired on January 1, 2026; earlier quarters do not.

We do not hold a confirmed date for Allison Transmission's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Allison Transmission now reports two business units. In Q3 2026 the legacy Allison Transmission unit had record net sales of $881 million, up 27%, and Allison Off-Highway, the business acquired from Dana Incorporated on January 1, 2026, added $653 million. Together they made $1,534 million, up 121% from $693 million in Q3 2025, when only the legacy unit existed. (Allison Q3 2026 release, Nov 2, 2026)

Allison describes itself as the world's largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and medium- and heavy-tactical U.S. defense vehicles. Since the acquisition it also sells drivetrain and propulsion systems for off-highway equipment used in energy, mining, construction and agriculture. (Allison Form 10-K, 2025, Feb 24, 2026)

Inside the legacy unit, North America On-Highway was the largest end market at $462 million, up $135 million or 41%, which Allison put down to higher demand for medium-duty and Class 8 vocational trucks, price increases on certain products and more hybrid transit buses. Defense grew 21% to $94 million on demand for tracked vehicle applications. Service Parts, Support Equipment and Other rose 14% to $181 million, and Outside North America On-Highway rose 6% to $129 million on demand in Europe. (Allison Form 10-Q, Q3 2026, Nov 4, 2026)

Allison Off-Highway's $653 million came from Construction & Material Handling ($232 million), Agriculture ($130 million), Industrial ($92 million), Mining ($53 million) and Service Parts, Specialty & Other ($146 million). Allison said Mining stayed strong and Construction & Material Handling grew in all regions, while Industrial and Agriculture demand stayed subdued, and that Q3 is the unit's softest quarter because of European holidays. (Allison Form 10-Q, Q3 2026, Nov 4, 2026; Allison Q3 2026 release, Nov 2, 2026)

Allison's sales are concentrated among truck makers. In 2025 its top five OEM customers accounted for about 52% of net sales, led by Daimler AG at 18%, PACCAR Inc. at 11% and Traton SE at 10%, and sales outside North America were about 24% of the total. (Allison Form 10-K, 2025, Feb 24, 2026)

Allison Transmission's GAAP diluted EPS was $2.30 in Q3 2026 and adjusted diluted EPS was $2.90. Adjusted net income of $241 million adds back $22 million of amortization, $10 million of depreciation on the stepped-up value of acquired property, $8 million of stock-based compensation, $4 million of acquisition-related expenses and a $17 million restructuring charge for Allison Off-Highway footprint optimization, less a $12 million tax effect. (Allison Q3 2026 release, Nov 2, 2026)

Net income rose to $191 million from $137 million on the added Off-Highway gross profit and $77 million more gross profit in the legacy unit. Interest expense, net, rose to $51 million from $24 million because of the debt raised to fund the $2,628 million purchase price, which included $500 million of 5.875% Senior Notes due 2033 and a $1,200 million incremental term loan. (Allison Q3 2026 release, Nov 2, 2026; Allison Form 10-Q, Q3 2026, Nov 4, 2026)

The effective tax rate fell to 20% from 25%, which Allison attributed mainly to the One Big Beautiful Bill Act. Diluted weighted average shares were 83 million against 84 million a year earlier. Allison repurchased $57 million of stock in the quarter and paid a $0.29 per share dividend, with $1,068 million of repurchase authorization left. (Allison Form 10-Q, Q3 2026, Nov 4, 2026; Allison Q3 2026 release, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Allison Transmission gives a full-year outlook in its release and raised it on November 2, 2026 for the second consecutive quarter. It now expects 2026 net sales of $5,975 to $6,075 million, net income of $645 to $685 million, adjusted EBITDA of $1,530 to $1,580 million and adjusted free cash flow of $850 to $900 million. (Allison Q3 2026 release, Nov 2, 2026)

The net income range includes about $125 million of one-time, pre-tax costs to separate, integrate and restructure Allison Off-Highway, including restructuring of its European manufacturing footprint and about $65 million of expense from the stepped-up basis in inventory. Allison expects the acquisition to add to net income and diluted EPS in 2026 even after those costs. (Allison Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Allison Transmission, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Allison Transmission's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ALSN is on is ALSN a buy or a sell?, what analysts expect next is on the ALSN forecast, and what the company does is on the Allison Transmission Holdings (ALSN) stock page.

Every number on this page can be traced to a document Allison Transmission published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.