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Earnings analysis · 10-Q

HMH earnings analysis

Filed May 6, 2026 · Our reading of the company's report

The latest report

HMH Holding Inc. reported a disappointing Q1 2026 with revenues of $171.3 million, down 14% year-over-year and missing estimates by $7.5 million. Earnings per share (EPS) came in at $0.14, which was $0.20 below…

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HMH Holding Inc. reported a disappointing Q1 2026 with revenues of $171.3 million, down 14% year-over-year and missing estimates by $7.5 million. Earnings per share (EPS) came in at $0.14, which was $0.20 below expectations, reflecting operational challenges and a decline in core revenue. Despite these headwinds, management remains cautiously optimistic about the outlook for adjusted EBITDA, projecting it will be between $157 million and $177 million for the full year.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $68 Operating expenses $21 Left as operating profit $11

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Where revenue came from

The business segments reported by the company.

Service revenue 44.2% Spare parts revenue 17.3% Service revenue 12.2% Spare parts revenue 11.9% Product revenue 7.5% Other segments 6.8%

Shares of the segments disclosed in this filing, largest first.

Reported figures

Earnings per share
$0.14

What stood out

  • Total Revenue Decline

    Overall revenue fell to $171.3 million, down 14% from $198.4 million YoY.

  • EPS Shortfall

    Reported EPS was $0.14, missing estimates by $0.20.

  • Operating Income Growth

    Operating income increased by 20% YoY to $19.2 million despite lower revenues.

  • Cost of Sales Optimization

    Cost of sales decreased by 17.8%, leading to improved gross margin percentages.

  • Free Cash Flow Decline

    Free cash flow dropped to $4.6 million, a decrease of $6.6 million from $11.2 million YoY.

  • Improved Interest Expense

    Interest expense decreased by 24% to $7.0 million due to refinancing efforts.

What to watch

  • Revenue Decline Risks

    Revenue declined by $27.1 million, primarily due to a 40.6% drop in product revenue.

  • Increased Operational Challenges

    Continued lower service activity and order intake as seen with a 14% decline in service revenue.

  • Foreign Currency Loss Impact

    Foreign currency exchange losses amounted to $2.2 million, down from a gain of $4.0 million.

Management's outlook

Full-year adjusted EBITDA guidance set between $157 million to $177 million.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.