10-Q · May 5, 2026
Hyster-Yale, Inc. reported Q1 2026 revenues of $795 million, a significant decline of 12.7% year-over-year, with an operating loss of $28 million compared to a profit of $21.3 million in Q1 2025. The company recorded a…
Earnings analysis · 10-Q
HY earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Hyster-Yale's Q2 revenue of $812.9 million beat consensus and improved 2.3% sequentially, but was down 15.0% year over year as lower volumes and lower-priced product mix pressured every Lift Truck region. Gross margin…
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Hyster-Yale's Q2 revenue of $812.9 million beat consensus and improved 2.3% sequentially, but was down 15.0% year over year as lower volumes and lower-priced product mix pressured every Lift Truck region. Gross margin declined 1.9 percentage points year over year to 15.7%, operating loss widened to $18.4 million, and GAAP diluted EPS of negative $1.76 missed expectations. Booking momentum, a $1.58 billion backlog and cost actions support a late-2026 recovery narrative, but elevated tariffs, a $500.0 million debt load and negative $16.2 million of six-month operating cash flow keep the overall stance neutral.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
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.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.76
What stood out
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Revenue improved sequentially and beat consensus
Q2 revenue of $812.9 million rose $17.7 million, or 2.3%, from implied Q1 revenue of $795.2 million, and exceeded the $804.62 million consensus estimate by $8.28 million. Management expects higher bookings to begin providing a meaningful production and revenue benefit by the end of 2026.
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Bookings momentum and backlog improved
Lift-truck bookings were $680 million, up 17% sequentially and more than double the prior-year quarter, marking the fourth consecutive quarter of booking growth. Backlog was approximately $1.58 billion, approaching five months of production.
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Sequential operating performance improved
The Q2 operating loss narrowed sequentially to $18.4 million from an implied $28.0 million loss in Q1, while management cited positive operating cash flow in Q2. This occurred despite approximately $20 million of incremental tariff-related costs versus Q2 2025.
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Cost-reduction benefits are starting to accrue
The 2025 restructuring program delivered approximately half of its expected annualized $40 million to $45 million cost reductions during the first six months of 2026. Manufacturing-footprint projects are expected to generate annualized income and cash benefits of $15 million to $20 million in 2027 and $30 million to $40 million in 2028.
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Bolzoni showed relative gross-profit resilience
Bolzoni gross profit increased 2.8% to $22.0 million despite a 9.6% revenue decline to $81.9 million, reflecting a more favorable product mix. Management expects modest Bolzoni operating-profit improvement in 2026 despite slightly lower revenue.
What to watch
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Volume and mix pressure worsened year over year
Revenue declined 15.0% year over year to $812.9 million, while gross margin fell to 15.7% from 17.6% and operating margin deteriorated to negative 2.3% from negative 0.9%. Lower Class 1 and Class 4 volumes and a mix shift to lower-priced, lower-intensity trucks drove the decline.
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EPS missed consensus and loss widened
Q2 diluted loss per share was negative $1.76, versus negative $0.79 a year earlier and below the negative $1.31 consensus estimate. Net loss attributable to stockholders more than doubled to $31.6 million from $13.9 million.
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Tariff exposure remains elevated
Tariffs remain a significant earnings headwind: management incurred approximately $20 million of additional Q2 tariff-related costs year over year, partly offset by approximately $35 million of IEEPA-related recoveries. Management does not expect pricing, sourcing and product-cost actions to offset all tariff-related expense in 2026.
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Liquidity and leverage weakened
Cash and cash equivalents fell $50.6 million from year-end to $72.6 million, while total debt increased $5.7 million to $500.0 million and debt-to-total-capitalization rose to 55% from 50%. Six-month operating cash flow was negative $16.2 million and capex was $24.5 million, implying negative $40.7 million of six-month free cash flow before asset-sale proceeds.
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No formal risk-factor update; trade uncertainty persists
Item 1A states there were no material changes to risk factors previously disclosed in the December 31, 2025 Form 10-K. Nevertheless, the company’s outlook assumes Section 301 exclusions on Chinese-origin goods expire in November 2026, preserving trade-policy uncertainty.
Management's outlook
Management continues to expect a moderate consolidated operating loss for full-year 2026, with the largest operating improvement later in 2026. It expects 2026 capital expenditures of $50 million to $60 million and continues to target working capital of approximately 15% of revenue over time; no quantitative revenue or EPS guidance was provided.
Earlier filings 4
10-K · March 3, 2026
Hyster-Yale Inc. reported a decline in revenue to $3.77 billion in 2025, reflecting a 12.5% decrease from $4.31 billion in 2024, largely due to declining lift truck unit volumes driven by economic uncertainty. The…
10-Q · November 4, 2025
Hyster-Yale reported Q3 2025 results with revenue of $979.1 million, outperforming expectations but recording a loss of $0.09 per share, which missed estimates. The company faces challenges with ongoing tariff impacts…
10-Q · August 5, 2025
Hyster-Yale reported Q2 2025 revenue of $956.6 million, exceeding estimates but reflecting an 18.1% decline year-over-year. The company saw significant drops in both operating profit and gross margins due to lower…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.