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Hyster-Yale (NYSE: HY) posts lower 2026 sales and deeper operating losses

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

Rhea-AI Filing Summary

Hyster-Yale, Inc. furnished updated historical quarterly data through Q2 2026, showing a notable downturn versus prior years. Consolidated revenue was 795.2 million in Q1 2026 and 812.9 million in Q2 2026, down 12.7% and 15.0% year over year.

Gross margin was 15.7% in both quarters, compared with a 16.8% full-year 2025 level, and the company reported operating losses of (28.0) million in Q1 and (18.4) million in Q2. Net income attributable to stockholders was a loss of (30.5) million in Q1 and (31.6) million in Q2, following a (60.1) million loss in 2025 after a 142.3 million profit in 2024.

Net cash from operating activities was (32.9) million in Q1 2026 and 16.7 million in Q2, while total debt stood at 500.0 million at Q2 with debt to total capitalization of 54.9%. Return on equity deteriorated to -23.6% in Q2 2026, and non-GAAP return on total capital employed was -8.9% for the LTM 6/30/26 period.

Positive

  • None.

Negative

  • Consolidated performance has weakened, with Q2 2026 revenue down 15.0% year over year and net income a (31.6) million loss after a 142.3 million profit in 2024.

Filing Explained

The August 4 filing furnishes historical data and discloses no new ownership, issuance, or debt mechanics for existing common holders.

As a Form 8-K, this report covers specified material events; here, the company uses Items 2.02, 7.01 and 9.01 to furnish historical quarterly data through an attached Exhibit 99.

The information is expressly furnished rather than treated as filed under Section 18, and the company says it is not incorporated by reference into other filings unless specifically stated. The disclosure therefore adds reporting detail without announcing a new ownership, issuance or debt mechanic.

It also identifies $1.7 million of second-quarter 2026 restructuring charges in the Americas, included in operating expenses.

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.
Revenue Q2 2026 812.9 million Consolidated revenues for Q2 2026, down 15.0% year over year
Revenue Q1 2026 795.2 million Consolidated revenues for Q1 2026, down 12.7% year over year
Operating profit Q2 2026 (18.4) million Consolidated operating loss in Q2 2026; margin -2.3%
Net income attributable to stockholders Q2 2026 (31.6) million Consolidated net loss attributable to stockholders in Q2 2026
Net cash from operating activities Q1 2026 (32.9) million Net cash used for operating activities in Q1 2026
Total debt Q2 2026 500.0 million Total debt at the end of Q2 2026; debt to capitalization 54.9%
Actual Return on Total Capital Employed Percentage 2026 LTM -8.9% Non-GAAP return on total capital employed for LTM 6/30/26
Net working capital financial
"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."
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 operating plus investing activities."
Non-GAAP Reconciliation of ROTCE financial
"Hyster-Yale, Inc. (in millions of $, except percentage data) Non-GAAP Reconciliation of ROTCE"
Revenue Q2 2026 812.9 million -15.0% year over year
Revenue Q1 2026 795.2 million -12.7% year over year
Net income attributable to stockholders Q2 2026 (31.6) million larger loss than (13.9) million in Q2 2025
Operating profit Q2 2026 (18.4) million margin -2.3% vs -0.9% in Q2 2025
Actual Return on Total Capital Employed Percentage 2026 LTM -8.9% down from -1.2% in 2025

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FAQ

What revenue did Hyster-Yale (HY) report for Q2 2026?
Hyster-Yale reported 812.9 million in consolidated revenue for Q2 2026, a 15.0% year-over-year decline. Q1 2026 revenue was 795.2 million, down 12.7% year over year, reflecting broad volume and/or pricing pressure across the business.

What were Hyster-Yale (HY) net income results in early 2026?
Net income attributable to stockholders was a loss of (30.5) million in Q1 2026 and (31.6) million in Q2 2026. This follows a full-year (60.1) million loss in 2025 and contrasts with a 142.3 million profit in 2024.

How did Hyster-Yale (HY) margins and operating profit trend in 2026?
Gross margin was 15.7% in both Q1 and Q2 2026 versus a 16.8% full-year 2025 level. Operating profit turned negative, at (28.0) million in Q1 and (18.4) million in Q2 2026, corresponding to margins of -3.5% and -2.3%, respectively.

What do Hyster-Yale (HY) 2026 cash flows show so far?
Net cash from operating activities was (32.9) million in Q1 2026 and 16.7 million in Q2. Cash flow before financing activities was (42.2) million in Q1 and 2.5 million in Q2, indicating pressure on internal cash generation despite some improvement in the second quarter.

What are Hyster-Yale (HY) leverage and return metrics in 2026?
At Q2 2026, total debt was 500.0 million with debt to total capitalization of 54.9%. Return on equity was -23.6% in Q2 2026, and non-GAAP actual return on total capital employed was -8.9% for the LTM 6/30/26 period.

How is Hyster-Yale (HY)’s Lift Truck segment performing in 2026?
Lift Truck Business revenue was 739.7 million in Q1 2026 and 755.5 million in Q2, down 14.4% and 16.4% year over year. Segment operating results showed losses of (27.9) million in Q1 and (20.5) million in Q2 2026.
0001173514false00011735142026-08-042026-08-04


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):August 4, 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 August 4, 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 second 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 August 4, 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:August 4, 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 %
2026795.2 812.9 2026-12.7 %-15.0 %
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 %
2026124.8127.6202615.7 %15.7 %
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 %
2026152.8 146.0 202619.2 %18.0 %
Restructuring & Impairment Charges (6)(7)(8)(9)(10)(11)(12)(13)(14)
Q1Q2Q3Q4FY
2024— — 1.2 21.4 22.6 
20250.2 15.7 1.0 21.5 38.4 
20261.6 1.7 
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)(18.4)2026-3.5 %-2.3 %
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 5.7 
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)(23.2)20265.6 %-34.9 %


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)(31.6)
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 10.9 
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 %
2026706.1 688.9 202622.2 %21.2 %
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 14.7 
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)16.7 
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)(14.2)
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)2.5 


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 (11.3)
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 6.6 
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 %
2026505.3 500.0 202652.8 %54.9 %
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 %4.2 %0.5 %-11.4 %-11.4 %
2026450.9 410.0 2026-19.1 %-23.6 %
(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)During the second quarter of 2026, the Company recognized $1.7 million of restructuring charges in the Americas.
(14)Restructuring and impairment charges are included in Gross Profit (Loss) and Operating Expenses as noted above.
(15)"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)
527.8241.9288.9454.4507.6474.6
Average Debt (1)
324.0535.2532.2476.0472.0488.1
Average Cash (1)
(63.4)(66.8)(69.3)(75.9)(87.0)(83.1)
Average Capital Employed788.4710.3751.8854.5892.6879.6
Net Income (Loss)35.8(74.1)125.9142.3(60.1)(116.9)
Plus: Interest Expense, Net18.027.334.731.028.526.7
Plus: Restructuring and Impairment Charges18.0——22.638.425.8
Less: Income Taxes on Interest Expense, Net (2)
(4.7)(6.8)(8.7)(8.1)(10.0)(6.9)
Less: Income Taxes on Restructuring and Impairment Charges (2)
——(5.9)(7.4)(6.7)
Actual Return on Capital Employed (3)
67.1(53.6)151.9181.9(10.6)(78.0)
Actual Return on Total Capital Employed Percentage (3)
8.5%(7.5)%20.2%21.3%(1.2)%(8.9)%
(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 6/30/26 average stockholders' equity, debt and cash are calculated using the quarters ending 6/30/25, 9/30/25, 12/31/2025, 3/31/26 and 6/30/2026.




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 %
2026578.4 596.2 2026-17.2 %-15.7 %
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 %
2026126.0 118.2 20266.6 %-20.3 %
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 41.1 2026-25.4 %-15.1 %
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 %
2026739.7 755.5 2026-14.4 %-16.4 %
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 %
2026104.3 105.5 202614.1 %14.0 %
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 %
2026132.2126.0202617.9 %16.7 %


Lift Truck Business
(in millions of $, except percentage data)
Restructuring & Impairment Charges (1)(2)(3)(4)(5)(6)(7)(8)(9)
Q1Q2Q3Q4FY
2024— — 1.2 17.1 18.3 
20250.2 15.7 1.0 18.3 35.2 
20261.6 1.7 
Operating Profit (Loss)(1) (2) (9)
Operating Profit (Loss) %(1) (2) (9)
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)(20.5)2026-3.8 %-2.7 %
(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)During the second quarter of 2026, the Company recognized $1.7 million of restructuring charges in the Americas.
(8)Restructuring and impairment charges are included in Operating Expenses as noted above.
(9)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 81.9 20263.2 %-9.6 %
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 22.0 202624.7 %26.9 %
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 20.0 202624.8 %24.4 %
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)2.0 2026-0.1 %2.4 %
(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

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