Using a renormalization-inspired perturbation expansion we show that oscillons in a generic field theory in (1+1) dimensions arise as dressed Q-balls of a universal (up to the leading nonlinear order) complex field theory. This theory reveals a close similarity to the integrable complex sine-Gordon model, which possesses exact multi-Q-balls. We show that excited oscillons, with characteristic modulations of their amplitude, are two-oscillons bound states generated from a two Q-ball solution.