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Hyster-Yale (NYSE: HY) Q1 2026 revenue falls, posts loss and cash outflow

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Hyster-Yale, Inc. furnished updated historical quarterly data, including preliminary figures for Q1 2026. Consolidated revenue for Q1 2026 was $795.2 million, down 12.7% year over year. The company reported Q1 2026 gross profit of $124.8 million, with a gross margin of 15.7%, and operating loss of $28.0 million, an operating margin of -3.5%.

Net income (loss) attributable to stockholders for Q1 2026 was a loss of $30.5 million, compared with a full-year 2025 loss of $60.1 million. Net cash provided by (used for) operating activities in Q1 2026 was an outflow of $32.9 million, while capital expenditures were $9.8 million.

In Q1 2026, total debt was $505.3 million and total equity $450.9 million, resulting in debt to total capitalization of 52.8%. Return on equity for Q1 2026 was -19.1%, and the non-GAAP actual return on total capital employed percentage for the period shown as 2026 was -5.4%.

Positive

  • None.

Negative

  • None.

Insights

Hyster-Yale’s Q1 2026 data show lower sales, margin pressure and negative returns.

Hyster-Yale’s consolidated revenue in Q1 2026 was $795.2 million, down 12.7% year over year, with the Lift Truck Business at $739.7 million (down 14.4%) and Americas revenue at $578.4 million (down 17.2%). This indicates broad-based softness versus 2025 levels.

Profitability weakened: Q1 2026 operating loss was $28.0 million with a margin of -3.5%, and net loss attributable to stockholders was $30.5 million. Non-GAAP actual return on total capital employed percentage for 2026 is shown at -5.4%, reflecting earnings below the cost of capital framework described.

Cash generation also deteriorated. Net cash provided by (used for) operating activities in Q1 2026 was an outflow of $32.9 million, while cash flow before financing activities was negative $42.2 million. Total debt of $505.3 million and equity of $450.9 million yield debt to total capitalization of 52.8%, up from 50.9% at year-end 2025.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 Revenue $795.2M Consolidated revenue, Q1 2026, down 12.7% year over year
Q1 2026 Operating Loss $28.0M Operating profit (loss), Q1 2026, margin -3.5%
Q1 2026 Net Loss to Stockholders $30.5M Net income (loss) attributable to stockholders, Q1 2026
Q1 2026 Operating Cash Flow -$32.9M Net cash provided by (used for) operating activities, Q1 2026
Q1 2026 Capital Expenditures $9.8M Capital expenditures, Q1 2026
Total Debt Q1 2026 $505.3M Total debt at Q1 2026; debt to total capitalization 52.8%
Total Equity Q1 2026 $450.9M Total equity at Q1 2026; return on equity -19.1%
ROTCE Percentage 2026 -5.4% Actual return on total capital employed percentage for 2026
Net working capital financial
"Net Working Capital (1) Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable."
Net working capital is the amount left when you subtract a company’s short-term bills (like accounts payable and short-term loans) from its short-term assets (cash, money owed to it, and inventory). Think of it as the cash cushion a business has to keep daily operations running — a bigger cushion means fewer short-term funding worries, while a small or negative number can signal pressure to raise cash or cut activity, which matters to investors assessing stability and short-term risk.
Debt to total capitalization financial
"Debt to total capitalization is equal to total debt divided by total debt plus permanent equity."
Debt to total capitalization is a financial ratio that compares a company’s borrowed money to the sum of its borrowed money plus owners’ equity, showing what share of the business is funded by debt versus investor capital. It matters to investors because a higher ratio means the company relies more on loans, which can boost returns in good times but raises interest costs and financial risk in downturns—like a household with a large mortgage relative to its net worth.
Return on equity financial
"Return on equity is equal to the sum of the trailing 4 quarters net income divided by average equity calculated over the last 5 quarters."
Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.
Cash flow before financing activities financial
"Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities."
Non-GAAP Reconciliation of ROTCE financial
"Hyster-Yale, Inc. (in millions of $, except percentage data) Non-GAAP Reconciliation of ROTCE"
Restructuring and impairment charges financial
"Restructuring and impairment charges are included in Gross Profit (Loss) and Operating Expenses as noted above."
Restructuring and impairment charges are accounting entries that reflect costs from reorganizing a business and from recognizing that assets are worth less than previously recorded. Think of restructuring as paying to rearrange or shrink your operations (like closing a shop or laying off staff), and impairment as writing down the value of an asset that no longer earns as much as expected (like admitting an old machine is obsolete). They matter to investors because they reduce reported profits, can signal management action or deeper problems, and affect future cash flows and valuation.
Revenue $795.2M -12.7% YoY
Operating profit (loss) -$28.0M operating margin -3.5%
Net income (loss) attributable to stockholders -$30.5M Q1 2026 result
Understanding 8-K Material Events →
0001173514false00011735142026-05-052026-05-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 _______________________________________________________________________________________________________________________________________________________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):May 5, 2026
HYSTER-YALE, INC.
(Exact name of registrant as specified in its charter)
Delaware000-5479931-1637659
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
5875 Landerbrook Drive, Suite 300
Cleveland(440)
OH449-960044124-4069
(Address of principal executive offices)(Registrant's telephone number, including area code)(Zip code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par value per shareHYNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition and
Item 7.01 Regulation FD Disclosure.
    
On May 5, 2026, Hyster-Yale, Inc. (the “Company”) will post on its website at www.hyster-yale.com additional historical quarterly financial data and update the schedules that were previously posted to the website for the first quarter 2026 results. A copy of the data is attached as Exhibit 99 to this Current Report on Form 8-K.

This Current Report on Form 8-K and the information attached hereto are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations.

The information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

As described in Item 2.02 and 7.01 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.
    
(d) Exhibits
99
Hyster-Yale, Inc. historical quarterly financial data, as posted on its website at www.hyster-yale.com on May 5, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:May 5, 2026HYSTER-YALE, INC.
By:/s/ Dena R. McKee
Dena R. McKee
Title: Vice President, Controller and Chief Accounting Officer

                            

                            


EXHIBIT 99
Hyster-Yale, Inc.
(in millions of $, except percentage data)
Revenues - Consolidated
Revenues - Consolidated - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022827.6 895.4 840.1 985.2 3,548.3 202213.0 %17.0 %12.3 %18.7 %15.4 %
2023999.3 1,090.6 1,001.2 1,027.2 4,118.3 202320.7 %21.8 %19.2 %4.3 %16.1 %
20241,056.5 1,168.1 1,016.1 1,067.5 4,308.2 20245.7 %7.1 %1.5 %3.9 %4.6 %
2025910.4 956.6 979.1 923.2 3,769.3 2025-13.8 %-18.1 %-3.6 %-13.5 %-12.5 %
2026795.2 2026-12.7 %
Gross ProfitGross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022101.299.186.9146.7433.9 202212.2 %11.1 %10.3 %14.9 %12.2 %
2023174.4197.9203.6209.7785.6 202317.5 %18.1 %20.3 %20.4 %19.1 %
2024235.7259.3192.9207.6895.5 202422.3 %22.2 %19.0 %19.4 %20.8 %
2025177.7168.2 155.9 131.0 632.8 202519.5 %17.6 %15.9 %14.2 %16.8 %
2026124.8202615.7 %
Operating Expenses (6)(7)
Operating Expenses as a % of Revenue (6)(7)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022119.5 114.8 111.8 126.9 473.0 202214.4 %12.8 %13.3 %12.9 %13.3 %
2023131.8 139.1 145.0 161.0 576.9 202313.2 %12.8 %14.5 %15.7 %14.0 %
2024151.9 163.7 159.8 175.3 650.7 202414.4 %14.0 %15.7 %16.4 %15.1 %
2025156.4 176.7 153.6 168.2 654.9 202517.2 %18.5 %15.7 %18.2 %17.4 %
2026152.8 202619.2 %
Restructuring & Impairment Charges (6)(7)(8)(9)(10)(11)(12)(13)
Q1Q2Q3Q4FY
2024— — 1.2 21.4 22.6 
20250.2 15.7 1.0 21.5 38.4 
20261.6 
Operating Profit (Loss) (6)
Operating Profit (Loss) % (6)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022(18.3)(15.7)(24.9)19.8 (39.1)2022-2.2 %-1.8 %-3.0 %2.0 %-1.1 %
202342.6 58.8 58.6 48.7 208.7 20234.3 %5.4 %5.9 %4.7 %5.1 %
202483.8 95.6 33.1 32.3 244.8 20247.9 %8.2 %3.3 %3.0 %5.7 %
202521.3 (8.5)2.3 (37.2)(22.1)20252.3 %-0.9 %0.2 %-4.0 %-0.6 %
2026(28.0)2026-3.5 %
Interest (Income) Expense
Q1Q2Q3Q4FY
20224.9 5.9 7.3 9.2 27.3 
20239.6 7.8 8.9 8.4 34.7 
20247.8 8.0 7.9 7.3 31.0 
20257.0 7.1 7.4 7.0 28.5 
20266.6 
Income (Loss) Before Taxes
Effective Income Tax Rate (15)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022(21.3)(21.8)(32.4)13.1 (62.4)2022-13.6 %14.2%-13.0 %39.7 %-14.7 %
202335.9 50.8 52.6 41.7 181.0 202324.2 %23.6%30.8 %38.4 %29.2 %
202476.9 90.0 28.1 24.0 219.0 202432.6 %29.0%36.7 %55.4 %34.2 %
202516.8 (13.2)(4.6)(41.9)(42.9)202548.2 %n.m.n.m.-23.2 %-35.2 %
2026(32.1)20265.6 %


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Net Income (Loss) Attributable to Stockholders
Q1Q2Q3Q4FY
2022(25.0)(19.4)(37.3)7.6 (74.1)
202326.6 38.3 35.8 25.2 125.9 
202451.5 63.3 17.2 10.3 142.3 
20258.6 (13.9)(2.3)(52.5)(60.1)
2026(30.5)
Depreciation and Amortization Expense
Q1Q2Q3Q4FY
202211.1 11.0 10.9 10.4 43.4 
202311.2 11.3 11.3 11.3 45.1 
202411.7 12.4 11.7 11.8 47.6 
202511.0 11.8 11.3 11.7 45.8 
202611.3 
Net Working Capital (1)
Net Working Capital as % of Revenue (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022704.7 751.9 686.2 715.7 715.7 202221.3 %21.0 %20.4 %20.2 %20.2 %
2023763.0 809.0 777.8 783.0 783.0 202319.1 %18.5 %19.4 %19.0 %19.0 %
2024789.6 855.9 863.9 787.2 787.2 202418.7 %18.3 %21.3 %18.3 %18.3 %
2025804.7 814.3 784.9 722.7 722.7 202522.1 %21.3 %20.0 %19.2 %19.2 %
2026706.1 202622.2 %
Capital Expenditures
Q1Q2Q3Q4FY
20229.7 5.6 4.4 9.1 28.8 
20233.3 7.3 8.3 16.5 35.4 
20247.5 12.2 10.2 17.9 47.8 
202510.6 13.8 14.5 23.6 62.5 
20269.8 
Net Cash Provided By (Used For) Operating Activities
Q1Q2Q3Q4FY
202259.1 (58.9)34.1 6.3 40.6 
20239.0 35.8 60.3 45.6 150.7 
2024 22.4 (2.5)70.1 80.7 170.7 
2025(36.4)28.9 37.1 56.5 86.1 
2026(32.9)
Net Cash Provided By (Used For) Investing Activities
Q1Q2Q3Q4FY
2022(9.3)(13.6)(4.3)(8.2)(35.4)
2023(5.0)(6.9)(7.9)(14.7)(34.5)
2024(7.0)(11.7)(12.0)(16.9)(47.6)
2025(10.3)(15.3)(14.2)(22.9)(62.7)
2026(9.3)
Cash Flow Before Financing Activities (3)
Q1Q2Q3Q4FY
2021(37.6)(62.3)(102.0)(76.1)(278.0)
202249.8 (72.5)29.8 (1.9)5.2 
20234.0 28.9 52.4 30.9 116.2 
202415.4 (14.2)58.1 63.8 123.1 
2025(46.7)13.6 22.9 33.6 23.4 
2026(42.2)


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Net Cash Provided By (Used For) Financing Activities
Q1Q2Q3Q4FY
2022(50.9)84.4 (35.4)(9.0)(10.9)
2023(2.5)(26.4)(40.2)(31.4)(100.5)
2024(30.5)19.1 (50.8)(37.9)(100.1)
202525.9 (26.2)(18.1)17.6 (0.8)
20261.3 
Dividends Paid to Stockholders
Q1Q2Q3Q4FY
20225.4 5.5 5.5 5.4 21.8 
20235.6 5.5 5.6 5.6 22.3 
20245.7 6.1 6.1 6.1 24.0 
20256.2 7.7 6.3 6.5 26.7 
20266.4 
Total Debt
Debt to Total Capitalization (4)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022479.0 580.6 545.0 552.9 552.9 202257.7 %72.2 %80.1 %71.1 %71.1 %
2023560.6 542.3 510.6 494.0 494.0 202367.3 %63.9 %61.4 %54.8 %54.8 %
2024474.8 501.9 468.5 440.7 440.7 202452.5 %51.0 %46.0 %47.1 %47.1 %
2025484.0 473.2 467.8 494.3 494.3 202547.8 %46.5 %46.4 %50.9 %50.9 %
2026505.3 202652.8 %
Total Equity
Return on Equity (5)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022351.5 223.4 135.2 225.1 225.1 2022-40.9 %-53.6 %-57.7 %-28.1 %-28.1 %
2023272.3 306.2 320.6 406.8 406.8 2023-9.3 %15.1 %43.0 %41.1 %41.1 %
2024429.3 482.1 549.0 494.1 494.1 202443.5 %45.2 %35.9 %30.1 %30.1 %
2025529.4 563.4 555.4 492.4 492.4 202520.0 %30.2 %35.9 %-11.4 %-11.4 %
2026450.9 2026-19.1 %
(1)Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(2)Net working capital as a percentage of revenue is equal to net working capital divided by annualized revenues for the quarter and the annual revenue at year end.
(3)Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(4)Debt to total capitalization is equal to total debt divided by total debt plus permanent equity.
(5)Return on equity is equal to the sum of the trailing 4 quarters net income divided by average equity calculated over the last 5 quarters.
(6)During the third quarter of 2024, JAPIC recognized $1.0 million and Americas recognized $0.2 million in restructuring & impairment charges.
(7)During the fourth quarter of 2024, the Company recognized $17.1 million ($6.8 million in the Americas, $2.7 million in EMEA and $7.6 million in JAPIC), Bolzoni recognized $4.3 million of restructuring & impairment charges.
(8)During the first quarter of 2025, the Company recognized $0.2 million ($0.7 million in the Americas, ($1.3 million) reversal in EMEA and $0.8 million in JAPIC) of restructuring charges.
(9)During the second quarter of 2025, the Company recognized restructuring and impairment charges of $15.7 million ($15.9 million in the Americas, $(0.3) million in EMEA and $0.1 million in JAPIC).
(10)During the third quarter of 2025, the Company recognized restructuring and impairment charges of $1.0 million in the Americas
(11)During the fourth quarter of 2025, the Company recognized $21.5 million ($11.2 million in the Americas, $6.1 million in EMEA and $1.0 million in JAPIC), Bolzoni recognized $3.2 million of restructuring & impairment charges.
(12)During the first quarter of 2026, the Company recognized $1.6 million of restructuring charges in the Americas.
(13)Restructuring and impairment charges are included in Gross Profit (Loss) and Operating Expenses as noted above.
(14)"n.m." - not meaningful


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Non-GAAP Reconciliation of ROTCE
20192022202320242025
2026 (4)
Average Stockholders' Equity (1)
527.8241.9288.9454.4507.6498.6
Average Debt (1)
324.0535.2532.2476.0472.0484.9
Average Cash (1)
(63.4)(66.8)(69.3)(75.9)(87.0)(84.0)
Average Capital Employed788.4710.3751.8854.5892.6899.5
Net Income (Loss)35.8(74.1)125.9142.3(60.1)(99.2)
Plus: Interest Expense, Net18.027.334.731.028.528.1
Plus: Restructuring and Impairment Charges18.0——22.638.439.8
Less: Income Taxes on Interest Expense, Net (2)
(4.7)(6.8)(8.7)(8.1)(10.0)(10.4)
Less: Income Taxes on Restructuring and Impairment Charges (2)
——(5.9)(7.4)(7.3)
Actual Return on Capital Employed (3)
67.1(53.6)151.9181.9(10.6)(49.0)
Actual Return on Total Capital Employed Percentage (3)
8.5%(7.5)%20.2%21.3%(1.2)%(5.4)%
(1)Average stockholder's equity, debt and cash are calculated using the quarter ends and year ends of each respective year.
(2)Tax rate used is the Company's target U.S. marginal tax rate. Rates used were 26% for 2024, 2025 and 2026, 25% for 2022 and 2023.
(3)Return on total capital employed is provided solely as a supplemental disclosure with respect to income generation because management believes it provides useful information with respect to earnings in a form that is comparable to the Company's cost of capital employed, which includes both equity and debt securities, net of cash.
(4)LTM 3/31/26 average stockholders' equity, debt and cash are calculated using the quarters ending 3/31/25, 6/30/25, 9/30/25, 12/31/2025 and 3/31/2026.




Lift Truck Business
(in millions of $, except percentage data)
Revenues - Americas (8)
Revenues - Americas - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022558.3 596.9 571.4 680.1 2,406.7 202221.4 %24.6 %15.6 %23.3 %21.3 %
2023686.3 788.5 717.5 708.3 2,900.6 202322.9 %32.1 %25.6 %4.1 %20.5 %
2024770.2 881.7 771.4 800.6 3,223.9 202412.2 %11.8 %7.5 %13.0 %11.1 %
2025698.9 707.5 732.7 676.8 2,815.9 2025-9.3 %-19.8 %-5.0 %-15.5 %-12.7 %
2026578.4 2026-17.2 %
Revenues - EMEARevenues - EMEA - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022169.7 184.8 159.4 190.3 704.2 2022-0.6 %5.5 %3.9 %5.9 %3.7 %
2023214.9 200.6 183.9 221.1 820.5 202326.6 %8.5 %15.4 %16.2 %16.5 %
2024199.4 187.8 145.0 175.4 707.6 2024-7.2 %-6.4 %-21.2 %-20.7 %-13.8 %
2025118.2 148.3 150.1 153.3 569.9 2025-40.7 %-21.0 %3.5 %-12.6 %-19.5 %
2026126.0 20266.6 %
Revenues - JAPICRevenues - JAPIC - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202251.7 64.9 65.5 67.9 250.0 2022-14.5 %-0.2 %16.8 %29.8 %6.9 %
202347.9 49.6 51.6 52.0 201.1 2023-7.4 %-23.6 %-21.2 %-23.4 %-19.6 %
202437.7 48.7 51.3 46.0 183.7 2024-21.3 %-1.8 %-0.6 %-11.5 %-8.7 %
202547.3 48.4 46.5 41.3 183.5 202525.5 %-0.6 %-9.4 %-10.2 %-0.1 %
202635.3 2026-25.4 %
Revenues - Lift Truck Business (8)
Revenues - Lift Truck Business - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022779.7 846.6 796.3 938.3 3,360.9 202212.9 %17.7 %13.1 %19.7 %16.0 %
2023949.1 1,038.7 953.0 981.4 3,922.2 202321.7 %22.7 %19.7 %4.6 %16.7 %
20241,007.3 1,118.2 967.7 1,022.0 4,115.2 20246.1 %7.7 %1.5 %4.1 %4.9 %
2025864.4 904.2 929.3 871.4 3,569.3 2025-14.2 %-19.1 %-4.0 %-14.7 %-13.3 %
2026739.7 2026-14.4 %
Gross Profit - Lift Truck Business (8)
Gross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202284.0 79.7 72.6 127.5 363.8 202210.8 %9.4 %9.1 %13.6 %10.8 %
2023153.5 175.2 184.1 190.4 703.2 202316.2 %16.9 %19.3 %19.4 %17.9 %
2024213.3 236.9 169.9 190.0 810.1 202421.2 %21.2 %17.6 %18.6 %19.7 %
2025158.8 146.8 134.3 111.8 551.7 202518.4 %16.2 %14.5 %12.8 %15.5 %
2026104.3 202614.1 %
Operating Expenses(1) (2) (8)
Operating Expenses as a % of revenues(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022102.899.3 96.8 109.6 305.7 2022— %11.7 %12.2 %11.7 %9.1 %
2023115.5121.9 128.4 144.2 510.0 202312.2 %11.7 %13.5 %14.7 %13.0 %
2024133.4145.3 142.7 153.0 574.4 202413.2 %13.0 %14.7 %15.0 %14.0 %
2025138.5157.7 134.3 145.3 575.8 202516.0 %17.4 %14.5 %16.7 %16.1 %
2026132.2202617.9 %


Lift Truck Business
(in millions of $, except percentage data)
Restructuring & Impairment Charges (1)(2)(3)(4)(5)(6)(7)(8)
Q1Q2Q3Q4FY
2024— — 1.2 17.1 18.3 
20250.2 15.7 1.0 18.3 35.2 
20261.6 
Operating Profit (Loss)(1) (2) (8)
Operating Profit (Loss) %(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022(18.8)(19.6)(24.2)17.9 (44.7)2022-2.4 %-2.3 %-3.0 %1.9 %-1.3 %
202338.4 51.0 53.3 45.9 188.6 20234.0 %4.9 %5.6 %4.7 %4.8 %
202479.9 91.6 27.2 37.0 235.7 20247.9 %8.2 %2.8 %3.6 %5.7 %
202520.3 (10.9)— (33.5)(24.1)20252.3 %-1.2 %— %-3.8 %-0.7 %
2026(27.9)2026-3.8 %
(1)During the third quarter and fourth quarter of 2024, Lift Truck recognized restructuring & impairment charges of $1.0 million ($1.0 million in the JAPIC segment) and $16.8 million ($6.8 million in the Americas, $2.4 million in EMEA and $7.6 million in JAPIC), respectively.
(2)During the first quarter of 2025, Lift Truck recognized $0.2 million ($0.7 million in the Americas, ($1.3 million) reversal in EMEA and $0.8 million in JAPIC) of restructuring charges.
(3)During the second quarter of 2025, the Company recognized restructuring and impairment charges of $15.7 million ($15.9 million in the Americas, $(0.3) million in EMEA and $0.1 million in JAPIC).
(4)During the third quarter of 2025, the Company recognized restructuring and impairment charges of $1.0 million in the Americas.
(5)During the fourth quarter of 2025, the Company recognized restructuring and impairment charges of $18.3 million ($11.2 million in the Americas, $6.1 million in EMEA and $1.0 million in JAPIC).
(6)During the first quarter of 2026, the Company recognized $1.6 million of restructuring charges in the Americas.
(7)Restructuring and impairment charges are included in Operating Expenses as noted above.
(8)The historical and current results of the former Nuvera segment are now presented within the Americas operating segment.





Bolzoni
(in millions of $, except percentage data)
RevenuesRevenues - Bolzoni - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202295.1 86.4 82.2 92.0 355.7 202219.6 %1.9 %-8.7 %-1.6 %2.3 %
202398.6 96.6 92.8 87.3 375.3 20233.7 %11.8 %12.9 %-5.1 %5.5 %
202496.2 102.4 97.6 82.9 379.1 2024-2.4 %6.0 %5.2 %-5.0 %1.0 %
202580.3 90.6 87.0 75.2 333.1 2025-16.5 %-11.5 %-10.9 %-9.3 %-12.1 %
202682.9 20263.2 %
Gross Profit (Loss)Gross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202218.8 18.9 13.7 19.3 70.7 202219.8 %21.9 %16.7 %21.0 %19.9 %
202320.7 22.6 19.5 19.4 82.2 202321.0 %23.4 %21.0 %22.2 %21.9 %
202421.8 22.4 23.3 17.9 85.4 202422.7 %21.9 %23.9 %21.6 %22.5 %
202518.5 21.4 21.4 18.1 79.4 202523.0 %23.6 %24.6 %24.1 %23.8 %
202620.5 202624.7 %
Operating Expenses (1) (2)
Operating Expenses as a % of revenues(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202216.7 15.5 15.0 17.3 64.5 202217.6 %17.9 %18.2 %18.8 %18.1 %
202316.3 17.2 16.6 16.8 66.9 202316.5 %17.8 %17.9 %19.2 %17.8 %
202418.5 18.4 17.1 22.3 76.3 202419.2 %18.0 %17.5 %26.9 %20.1 %
202517.9 19.0 19.3 22.9 79.1 202522.3 %21.0 %22.2 %30.5 %23.7 %
202620.6 202624.8 %
Restructuring & Impairment Charges (1) (2) (3)
Q1Q2Q3Q4FY
2024— — — 4.3 4.3 
2025— — — 3.2 3.2 
Operating Profit (Loss) (1) (2)
Operating Profit (Loss) %(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20222.1 3.4 (1.3)2.0 6.2 20222.2 %3.9 %-1.6 %2.2 %1.7 %
20234.4 5.4 2.9 2.6 15.3 20234.5 %5.6 %3.1 %3.0 %4.1 %
20243.3 4.0 6.2 (4.4)9.1 20243.4 %3.9 %6.4 %-5.3 %2.4 %
20250.6 2.4 2.1 (4.8)0.3 20250.7 %2.6 %2.4 %-6.4 %0.1 %
2026(0.1)2026-0.1 %
(1)During the fourth quarter of 2024, Bolzoni recognized a $4.3 million restructuring & impairment charge.
(2)During the fourth quarter of 2025, Bolzoni recognized a $3.2 million restructuring & impairment charge.
(3)Restructuring and impairment charges are included in Operating Expenses as noted above.


Source: View Original Filing on SEC EDGAR

FAQ

How did Hyster-Yale (HY) perform in Q1 2026 on revenue and growth?

Hyster-Yale reported Q1 2026 consolidated revenue of $795.2 million, a 12.7% year-over-year decline. The Lift Truck Business contributed $739.7 million of revenue, down 14.4%, reflecting weaker volumes across key regions compared with the same quarter of 2025.

Was Hyster-Yale profitable in Q1 2026 and what were its margins?

Hyster-Yale was not profitable in Q1 2026, posting an operating loss of $28.0 million, or an operating margin of -3.5%. Gross profit was $124.8 million, representing a gross margin of 15.7%, below margins achieved in several prior years’ quarters.

What was Hyster-Yale’s Q1 2026 net income and return on equity?

Net income attributable to stockholders in Q1 2026 was a loss of $30.5 million. Return on equity for 2026 shown in the data is -19.1%, indicating that recent earnings performance has reduced equity value rather than adding to it over the measured period.

How did Hyster-Yale’s cash flow look in Q1 2026?

In Q1 2026, net cash provided by (used for) operating activities was a $32.9 million outflow. Net cash provided by (used for) investing activities was -$9.3 million, resulting in cash flow before financing activities of -$42.2 million, highlighting pressure on internal cash generation.

What were Hyster-Yale’s leverage and capitalization metrics in early 2026?

At Q1 2026, Hyster-Yale reported $505.3 million of total debt and $450.9 million of total equity. Debt to total capitalization was 52.8%, compared with 50.9% at year-end 2025, indicating a modest increase in leverage within the capital structure.

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