Hyster-Yale (NYSE: HY) swings to 2025 net loss on lower sales, margin pressure

Q: How did Hyster-Yale’s cash flow and capital spending change in 2025?

Operating cash flow decreased to $86.1 million in 2025 from $170.7 million in 2024, while capital expenditures increased to $62.5 million from $47.8 million . As a result, cash flow before financing activities fell to $23.4 million from $123.1 million .

Q: What is Hyster-Yale’s leverage and return on equity based on 2025 data?

At 2025 year-end, total debt was $494.3 million and debt to total capitalization was 50.9% , up from 47.1% in 2024. Return on equity weakened sharply, swinging from a positive 30.1% in 2024 to a negative 11.4% in 2025.

Q: How did the Lift Truck business perform for Hyster-Yale in 2025?

Lift Truck revenue declined to $3,569.3 million in 2025 from $4,115.2 million , a 13.3% drop. Lift Truck gross margin fell from 19.7% to 15.5% , and segment operating income of $235.7 million in 2024 became a $24.1 million loss in 2025.

Q: What were Bolzoni’s 2025 results within Hyster-Yale?

Bolzoni’s 2025 revenue decreased to $333.1 million from $379.1 million , down 12.1% year over year. Gross profit margin improved to 23.8% , but operating profit dropped to only $0.3 million , with Q4 hurt by a $3.2 million restructuring and impairment charge.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Hyster-Yale, Inc. furnished updated historical quarterly financial data, revealing a sharp downturn in 2025 after two strong years. Consolidated revenue fell to $3,769.3M in 2025 from $4,308.2M in 2024, a 12.5% decline, with lower sales across the Lift Truck and Bolzoni businesses.

Gross margin compressed from 20.8% to 16.8%, while operating profit swung from $244.8M in 2024 to an operating loss of $22.1M in 2025. Net income attributable to stockholders fell from $142.3M to a net loss of $60.1M. Cash from operating activities dropped from $170.7M to $86.1M as capital expenditures increased to $62.5M, and debt to total capitalization rose to 50.9%.

Positive

None.

Negative

Sharp 2025 earnings deterioration: Revenue declined 12.5% to $3,769.3M, gross margin fell from 20.8% to 16.8%, operating income of $244.8M turned into a $22.1M loss, and net income swung from a $142.3M profit to a $60.1M loss.

Insights

2025 shows a sharp reversal from recent profitability, with weaker revenue and margins.

Hyster-Yale moved from strong 2024 performance into a challenging 2025. Revenue declined to $3,769.3M, down 12.5% year over year, driven mainly by lower Lift Truck and Bolzoni volumes. Consolidated gross margin fell from 20.8% to 16.8%, indicating weaker pricing or mix and under-absorbed costs.

Operating profit of $244.8M in 2024 turned into a $22.1M operating loss in 2025, and net income of $142.3M became a net loss of $60.1M. Return on equity swung from 30.1% to -11.4%, while debt to total capitalization increased to 50.9%. These shifts suggest significantly reduced earnings power relative to recent years.

Cash from operating activities decreased from $170.7M to $86.1M even as capital expenditures rose to $62.5M, which reduced cash flow before financing to $23.4M. Subsequent company disclosures may clarify whether 2025 weakness reflects cyclical demand, restructuring effects, or more persistent margin pressures.

03/03/2026 - 04:45 PM

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):		March 3, 2026

HYSTER-YALE, INC.
(Exact name of registrant as specified in its charter)

Delaware	000-54799	31-1637659
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5875 Landerbrook Drive, Suite 300
Cleveland	(440)
OH	449-9600	44124-4069
(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 class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share	HY	New 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 March 3, 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 fourth quarter 2025 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 March 3, 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:	March 3, 2026		HYSTER-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.
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	732.2	765.6	748.2	829.7	3,075.7	2021	-6.8	%	17.0	%	14.7	%	15.3	%	9.4	%
2022	827.6	895.4	840.1	985.2	3,548.3	2022	13.0	%	17.0	%	12.3	%	18.7	%	15.4	%
2023	999.3	1,090.6	1,001.2	1,027.2	4,118.3	2023	20.7	%	21.8	%	19.2	%	4.3	%	16.1	%
2024	1,056.5	1,168.1	1,016.1	1,067.5	4,308.2	2024	5.7	%	7.1	%	1.5	%	3.9	%	4.6	%
2025	910.4	956.6	979.1	923.2	3,769.3	2025	-13.8	%	-18.1	%	-3.6	%	-13.5	%	-12.5	%

	Gross Profit						Gross Profit %
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	118.4	116.4	65.1	63.5	363.4	2021	16.2	%	15.2	%	8.7	%	7.7	%	11.8	%
2022	101.2	99.1	86.9	146.7	433.9	2022	12.2	%	11.1	%	10.3	%	14.9	%	12.2	%
2023	174.4	197.9	203.6	209.7	785.6	2023	17.5	%	18.1	%	20.3	%	20.4	%	19.1	%
2024	235.7	259.3	192.9	207.6	895.5	2024	22.3	%	22.2	%	19.0	%	19.4	%	20.8	%
2025	177.7	168.2	155.9	131.0	632.8	2025	19.5	%	17.6	%	15.9	%	14.2	%	16.8	%

	Operating Expenses (8)(9)						Operating Expenses as a % of Revenue (8)(9)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	115.3	110.5	119.4	170.5	515.7	2021	15.7	%	14.4	%	16.0	%	20.5	%	16.8	%
2022	119.5	114.8	111.8	126.9	473.0	2022	14.4	%	12.8	%	13.3	%	12.9	%	13.3	%
2023	131.8	139.1	145.0	161.0	576.9	2023	13.2	%	12.8	%	14.5	%	15.7	%	14.0	%
2024	151.9	163.7	159.8	175.3	650.7	2024	14.4	%	14.0	%	15.7	%	16.4	%	15.1	%
2025	156.4	176.7	153.6	168.2	654.9	2025	17.2	%	18.5	%	15.7	%	18.2	%	17.4	%

	Restructuring & Impairment Charges (6)(7)(8)(9)(10)(11)(12)(13)(14)
	Q1	Q2	Q3	Q4	FY


2021	—	—	24.8	56.9	81.7


2024	—	—	1.2	21.4	22.6
2025	0.2	15.7	1.0	21.5	38.4

	Operating Profit (Loss) (6)(7)(8)						Operating Profit (Loss) % (6)(7)(8)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	3.1	5.9	(54.3)	(107.0)	(152.3)	2021	0.4	%	0.8	%	-7.3	%	-12.9	%	-5.0	%
2022	(18.3)	(15.7)	(24.9)	19.8	(39.1)	2022	-2.2	%	-1.8	%	-3.0	%	2.0	%	-1.1	%
2023	42.6	58.8	58.6	48.7	208.7	2023	4.3	%	5.4	%	5.9	%	4.7	%	5.1	%
2024	83.8	95.6	33.1	32.3	244.8	2024	7.9	%	8.2	%	3.3	%	3.0	%	5.7	%
2025	21.3	(8.5)	2.3	(37.2)	(22.1)	2025	2.3	%	-0.9	%	0.2	%	-4.0	%	-0.6	%

	Interest (Income) Expense
	Q1	Q2	Q3	Q4	FY


2021	2.7	3.7	4.0	4.5	14.9
2022	4.9	5.9	7.3	9.2	27.3
2023	9.6	7.8	8.9	8.4	34.7
2024	7.8	8.0	7.9	7.3	31.0
2025	7.0	7.1	7.4	7.0	28.5

	Income (Loss) Before Taxes						Effective Income Tax Rate (7)(15)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	8.5	(0.1)	(56.3)	(107.0)	(154.9)	2021	28.2	%	n.m.		-36.4	%	-7.3	%	-18.3	%
2022	(21.3)	(21.8)	(32.4)	13.1	(62.4)	2022	-13.6	%	14.2%		-13.0	%	39.7	%	-14.7	%
2023	35.9	50.8	52.6	41.7	181.0	2023	24.2	%	23.6%		30.8	%	38.4	%	29.2	%
2024	76.9	90.0	28.1	24.0	219.0	2024	32.6	%	29.0%		36.7	%	55.4	%	34.2	%
2025	16.8	(13.2)	(4.6)	(41.9)	(42.9)	2025	48.2	%	n.m.		n.m.		-23.2	%	-35.2	%


Hyster-Yale, Inc.
(in millions of $, except percentage data)

	Net Income (Loss) Attributable to Stockholders (6)(7)
	Q1	Q2	Q3	Q4	FY


2021	5.6	1.9	(77.2)	(103.3)	(173.0)
2022	(25.0)	(19.4)	(37.3)	7.6	(74.1)
2023	26.6	38.3	35.8	25.2	125.9
2024	51.5	63.3	17.2	10.3	142.3
2025	8.6	(13.9)	(2.3)	(52.5)	(60.1)


	Depreciation and Amortization Expense
	Q1	Q2	Q3	Q4	FY


2021	11.7	11.6	11.4	11.5	46.2
2022	11.1	11.0	10.9	10.4	43.4
2023	11.2	11.3	11.3	11.3	45.1
2024	11.7	12.4	11.7	11.8	47.6
2025	11.0	11.8	11.3	11.7	45.8

	Net Working Capital (1)						Net Working Capital as % of Revenue (2)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	539.7	645.9	692.4	697.0	697.0	2021	18.4	%	21.1	%	23.1	%	22.7	%	22.7	%
2022	704.7	751.9	686.2	715.7	715.7	2022	21.3	%	21.0	%	20.4	%	20.2	%	20.2	%
2023	763.0	809.0	777.8	783.0	783.0	2023	19.1	%	18.5	%	19.4	%	19.0	%	19.0	%
2024	789.6	855.9	863.9	787.2	787.2	2024	18.7	%	18.3	%	21.3	%	18.3	%	18.3	%
2025	804.7	814.3	784.9	722.7	722.7	2025	22.1	%	21.3	%	20.0	%	19.2	%	19.2	%

	Capital Expenditures
	Q1	Q2	Q3	Q4	FY


2021	7.7	10.4	11.4	14.8	44.3
2022	9.7	5.6	4.4	9.1	28.8
2023	3.3	7.3	8.3	16.5	35.4
2024	7.5	12.2	10.2	17.9	47.8
2025	10.6	13.8	14.5	23.6	62.5


	Net Cash Provided By (Used For) Operating Activities
	Q1	Q2	Q3	Q4	FY


2021	(47.1)	(53.6)	(91.1)	(61.7)	(253.5)
2022	59.1	(58.9)	34.1	6.3	40.6
2023	9.0	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

	Net Cash Provided By (Used For) Investing Activities
	Q1	Q2	Q3	Q4	FY


2021	9.5	(8.7)	(10.9)	(14.4)	(24.5)
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)

	Cash Flow Before Financing Activities (3)
	Q1	Q2	Q3	Q4	FY


2021	(37.6)	(62.3)	(102.0)	(76.1)	(278.0)
2022	49.8	(72.5)	29.8	(1.9)	5.2
2023	4.0	28.9	52.4	30.9	116.2
2024	15.4	(14.2)	58.1	63.8	123.1
2025	(46.7)	13.6	22.9	33.6	23.4


Hyster-Yale, Inc.
(in millions of $, except percentage data)

	Net Cash Provided By (Used For) Financing Activities
	Q1	Q2	Q3	Q4	FY


2021	(8.0)	45.5	77.2	78.9	193.6
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)
2025	25.9	(26.2)	(18.1)	17.6	(0.8)

	Dividends Paid to Stockholders
	Q1	Q2	Q3	Q4	FY


2021	5.3	5.4	5.5	5.4	21.6
2022	5.4	5.5	5.5	5.4	21.8
2023	5.6	5.5	5.6	5.6	22.3
2024	5.7	6.1	6.1	6.1	24.0
2025	6.2	7.7	6.3	6.5	26.7

	Total Debt						Debt to Total Capitalization (4)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	285.4	345.7	428.0	518.5	518.5	2021	31.7	%	35.4	%	45.6	%	57.5	%	57.5	%
2022	479.0	580.6	545.0	552.9	552.9	2022	57.7	%	72.2	%	80.1	%	71.1	%	71.1	%
2023	560.6	542.3	510.6	494.0	494.0	2023	67.3	%	63.9	%	61.4	%	54.8	%	54.8	%
2024	474.8	501.9	468.5	440.7	440.7	2024	52.5	%	51.0	%	46.0	%	47.1	%	47.1	%
2025	484.0	473.2	467.8	494.3	494.3	2025	47.8	%	46.5	%	46.4	%	50.9	%	50.9	%

	Total Equity						Return on Equity (5)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	615.8	630.0	510.2	382.9	382.9	2021	4.6	%	4.2	%	-9.4	%	-31.0	%	-31.0	%
2022	351.5	223.4	135.2	225.1	225.1	2022	-40.9	%	-53.6	%	-57.7	%	-28.1	%	-28.1	%
2023	272.3	306.2	320.6	406.8	406.8	2023	-9.3	%	15.1	%	43.0	%	41.1	%	41.1	%
2024	429.3	482.1	549.0	494.1	494.1	2024	43.5	%	45.2	%	35.9	%	30.1	%	30.1	%
2025	529.4	563.4	555.4	492.4	492.4	2025	20.0	%	30.2	%	35.9	%	-11.4	%	-11.4	%

(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 fourth quarter of 2021, JAPIC recognized a $55.6 million goodwill impairment charge, of which $11.7 million related to the non-controlling interest share.
(7)	During the third and fourth quarters of 2021, the Company recognized a valuation allowance of $38.4 million and $20.2 million, respectively, provided against deferred tax assets.
(8)	During the third quarter of 2024, JAPIC recognized $1.0 million and Americas recognized $0.2 million in restructuring & impairment charges.
(9)	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.
(10)	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.
(11)	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).
(12)	During the third quarter of 2025, the Company recognized restructuring and impairment charges of $1.0 million in the Americas
(13)	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.
(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
		2019	2021	2022	2023	2024	2025 (4)
Average Stockholders' Equity (1)		527.8	525.5	241.9	288.9	454.4	507.6
Average Debt (1)		324.0	373.4	535.2	532.2	476.0	472.0
Average Cash (1)		(63.4)	(93.8)	(66.8)	(69.3)	(75.9)	(87.0)
Average Capital Employed		788.4	805.1	710.3	751.8	854.5	892.6

Net Income (Loss)		35.8	(173.0)	(74.1)	125.9	142.3	(60.1)
Plus: Interest Expense, Net		18.0	14.9	27.3	34.7	31.0	28.5
Plus: Restructuring and Impairment Charges		18.0	70.0	—	—	22.6	38.4
Plus: Tax Valuation on Deferred Tax Assets			58.6	—	—	—	—
Less: Income Taxes on Interest Expense, Net (2)		(4.7)	(3.9)	(6.8)	(8.7)	(8.1)	(10.0)
Less: Income Taxes on Restructuring and Impairment Charges (2)			—	—	—	(5.9)	(7.4)
Actual Return on Capital Employed (3)		67.1	(33.4)	(53.6)	151.9	181.9	(10.6)
Actual Return on Total Capital Employed Percentage (3)		8.5%	(4.1)%	(7.5)%	20.2%	21.3%	(1.2)%

(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 2021, 2024 and 2025, 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 12/31/25 average stockholders' equity, debt and cash are calculated using the quarters ending 12/31/24, 3/31/25, 6/30/25, 9/30/25 and 12/31/2025.


Lift Truck Business
(in millions of $, except percentage data)



















	Revenues - Americas (8)						Revenues - Americas - % change yr. over yr.
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	459.7	479.2	494.3	551.6	1,984.8	2021	-16.5	%	5.3	%	15.8	%	20.2	%	4.9	%
2022	558.3	596.9	571.4	680.1	2,406.7	2022	21.4	%	24.6	%	15.6	%	23.3	%	21.3	%
2023	686.3	788.5	717.5	708.3	2,900.6	2023	22.9	%	32.1	%	25.6	%	4.1	%	20.5	%
2024	770.2	881.7	771.4	800.6	3,223.9	2024	12.2	%	11.8	%	7.5	%	13.0	%	11.1	%
2025	698.9	707.5	732.7	676.8	2,815.9	2025	-9.3	%	-19.8	%	-5.0	%	-15.5	%	-12.7	%

	Revenues - EMEA						Revenues - EMEA - % change yr. over yr.
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	170.7	175.1	153.4	179.7	678.9	2021	12.2	%	45.8	%	6.7	%	4.1	%	15.3	%
2022	169.7	184.8	159.4	190.3	704.2	2022	-0.6	%	5.5	%	3.9	%	5.9	%	3.7	%
2023	214.9	200.6	183.9	221.1	820.5	2023	26.6	%	8.5	%	15.4	%	16.2	%	16.5	%
2024	199.4	187.8	145.0	175.4	707.6	2024	-7.2	%	-6.4	%	-21.2	%	-20.7	%	-13.8	%
2025	118.2	148.3	150.1	153.3	569.9	2025	-40.7	%	-21.0	%	3.5	%	-12.6	%	-19.5	%

	Revenues - JAPIC						Revenues - JAPIC - % change yr. over yr.
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	60.5	65.0	56.1	52.3	233.9	2021	35.7	%	35.4	%	16.9	%	-0.4	%	21.1	%
2022	51.7	64.9	65.5	67.9	250.0	2022	-14.5	%	-0.2	%	16.8	%	29.8	%	6.9	%
2023	47.9	49.6	51.6	52.0	201.1	2023	-7.4	%	-23.6	%	-21.2	%	-23.4	%	-19.6	%
2024	37.7	48.7	51.3	46.0	183.7	2024	-21.3	%	-1.8	%	-0.6	%	-11.5	%	-8.7	%
2025	47.3	48.4	46.5	41.3	183.5	2025	25.5	%	-0.6	%	-9.4	%	-10.2	%	-0.1	%

	Revenues - Lift Truck Business (8)						Revenues - Lift Truck Business - % change yr. over yr.
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	690.9	719.3	703.8	783.6	2,897.6	2021	-7.6	%	15.5	%	13.8	%	14.6	%	8.4	%
2022	779.7	846.6	796.3	938.3	3,360.9	2022	12.9	%	17.7	%	13.1	%	19.7	%	16.0	%
2023	949.1	1,038.7	953.0	981.4	3,922.2	2023	21.7	%	22.7	%	19.7	%	4.6	%	16.7	%
2024	1,007.3	1,118.2	967.7	1,022.0	4,115.2	2024	6.1	%	7.7	%	1.5	%	4.1	%	4.9	%
2025	864.4	904.2	929.3	871.4	3,569.3	2025	-14.2	%	-19.1	%	-4.0	%	-14.7	%	-13.3	%

	Gross Profit - Lift Truck Business (8)						Gross Profit %
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	102.1	100.7	50.4	50.0	303.2	2021	14.8	%	14.0	%	7.2	%	6.4	%	10.5	%
2022	84.0	79.7	72.6	127.5	363.8	2022	10.8	%	9.4	%	9.1	%	13.6	%	10.8	%
2023	153.5	175.2	184.1	190.4	703.2	2023	16.2	%	16.9	%	19.3	%	19.4	%	17.9	%
2024	213.3	236.9	169.9	190.0	810.1	2024	21.2	%	21.2	%	17.6	%	18.6	%	19.7	%
2025	158.8	146.8	134.3	111.8	551.7	2025	18.4	%	16.2	%	14.5	%	12.8	%	15.5	%


Lift Truck Business
(in millions of $, except percentage data)

	Operating Expenses(1) (2) (8)						Operating Expenses as a % of revenues(1) (2)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	99.7	94.3	104.2	154.2	452.4	2021	14.4	%	13.1	%	14.8	%	19.7	%	15.6	%
2022	102.8	99.3	96.8	109.6	305.7	2022	—	%	11.7	%	12.2	%	11.7	%	9.1	%
2023	115.5	121.9	128.4	144.2	510.0	2023	12.2	%	11.7	%	13.5	%	14.7	%	13.0	%
2024	133.4	145.3	142.7	153.0	574.4	2024	13.2	%	13.0	%	14.7	%	15.0	%	14.0	%
2025	138.5	157.7	134.3	145.3	575.8	2025	16.0	%	17.4	%	14.5	%	16.7	%	16.1	%

	Restructuring & Impairment Charges (1)(2)(3)(4)(5)(6)(7)(8)
	Q1	Q2	Q3	Q4	FY


2021	—	—	24.8	56.9	81.7


2024	—	—	1.2	17.1	18.3
2025	0.2	15.7	1.0	18.3	35.2

	Operating Profit (Loss)(1) (2) (8)						Operating Profit (Loss) %(1) (2)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	2.4	6.4	(53.8)	(104.2)	(149.2)	2021	0.3	%	0.9	%	-7.6	%	-13.3	%	-5.1	%
2022	(18.8)	(19.6)	(24.2)	17.9	(44.7)	2022	-2.4	%	-2.3	%	-3.0	%	1.9	%	-1.3	%
2023	38.4	51.0	53.3	45.9	188.6	2023	4.0	%	4.9	%	5.6	%	4.7	%	4.8	%
2024	79.9	91.6	27.2	37.0	235.7	2024	7.9	%	8.2	%	2.8	%	3.6	%	5.7	%
2025	20.3	(10.9)	—	(33.5)	(24.1)	2025	2.3	%	-1.2	%	—	%	-3.8	%	-0.7	%

(1)	During the fourth quarter of 2021, JAPIC recognized a $55.6 million goodwill impairment charge, of which $11.7 million related to the non-controlling interest share.
(2)	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.
(3)	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.
(4)	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).
(5)	During the third quarter of 2025, the Company recognized restructuring and impairment charges of $1.0 million in the Americas.
(6)	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).
(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)

	Revenues						Revenues - Bolzoni - % change yr. over yr.
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	79.5	84.8	90.0	93.5	347.8	2021	-9.6	%	32.1	%	42.2	%	36.9	%	22.6	%
2022	95.1	86.4	82.2	92.0	355.7	2022	19.6	%	1.9	%	-8.7	%	-1.6	%	2.3	%
2023	98.6	96.6	92.8	87.3	375.3	2023	3.7	%	11.8	%	12.9	%	-5.1	%	5.5	%
2024	96.2	102.4	97.6	82.9	379.1	2024	-2.4	%	6.0	%	5.2	%	-5.0	%	1.0	%
2025	80.3	90.6	87.0	75.2	333.1	2025	-16.5	%	-11.5	%	-10.9	%	-9.3	%	-12.1	%

	Gross Profit (Loss)						Gross Profit %
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	16.4	15.8	15.2	14.1	61.5	2021	20.6	%	18.6	%	16.9	%	15.1	%	17.7	%
2022	18.8	18.9	13.7	19.3	70.7	2022	19.8	%	21.9	%	16.7	%	21.0	%	19.9	%
2023	20.7	22.6	19.5	19.4	82.2	2023	21.0	%	23.4	%	21.0	%	22.2	%	21.9	%
2024	21.8	22.4	23.3	17.9	85.4	2024	22.7	%	21.9	%	23.9	%	21.6	%	22.5	%
2025	18.5	21.4	21.4	18.1	79.4	2025	23.0	%	23.6	%	24.6	%	24.1	%	23.8	%

	Operating Expenses (1) (2)						Operating Expenses as a % of revenues (1) (2)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	15.6	16.2	15.2	16.3	63.3	2021	19.6	%	19.1	%	16.9	%	17.4	%	18.2	%
2022	16.7	15.5	15.0	17.3	64.5	2022	17.6	%	17.9	%	18.2	%	18.8	%	18.1	%
2023	16.3	17.2	16.6	16.8	66.9	2023	16.5	%	17.8	%	17.9	%	19.2	%	17.8	%
2024	18.5	18.4	17.1	22.3	76.3	2024	19.2	%	18.0	%	17.5	%	26.9	%	20.1	%
2025	17.9	19.0	19.3	22.9	79.1	2025	22.3	%	21.0	%	22.2	%	30.5	%	23.7	%

	Restructuring & Impairment Charges (1) (2) (3)
	Q1	Q2	Q3	Q4	FY




2024	—	—	—	4.3	4.3
2025	—	—	—	3.2	3.2


	Operating Profit (Loss) (1) (2)						Operating Profit (Loss) % (1) (2)
	Q1	Q2	Q3	Q4	FY		Q1		Q2		Q3		Q4		FY


2021	0.8	(0.4)	—	(2.2)	(1.8)	2021	1.0	%	-0.5	%	—	%	-2.4	%	-0.5	%
2022	2.1	3.4	(1.3)	2.0	6.2	2022	2.2	%	3.9	%	-1.6	%	2.2	%	1.7	%
2023	4.4	5.4	2.9	2.6	15.3	2023	4.5	%	5.6	%	3.1	%	3.0	%	4.1	%
2024	3.3	4.0	6.2	(4.4)	9.1	2024	3.4	%	3.9	%	6.4	%	-5.3	%	2.4	%
2025	0.6	2.4	2.1	(4.8)	0.3	2025	0.7	%	2.6	%	2.4	%	-6.4	%	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 financially in 2025 versus 2024?

Hyster-Yale’s 2025 results weakened significantly. Revenue fell to $3,769.3 million from $4,308.2 million, while operating profit of $244.8 million in 2024 became a $22.1 million operating loss in 2025, and net income turned into a $60.1 million net loss.

What happened to Hyster-Yale’s profit margins in 2025?

Profitability declined notably in 2025. Consolidated gross margin dropped from 20.8% in 2024 to 16.8%, and operating margin moved from 5.7% to -0.6%, reflecting weaker revenue, higher costs, restructuring and impairment charges across segments.

How did Hyster-Yale’s cash flow and capital spending change in 2025?

Operating cash flow decreased to $86.1 million in 2025 from $170.7 million in 2024, while capital expenditures increased to $62.5 million from $47.8 million. As a result, cash flow before financing activities fell to $23.4 million from $123.1 million.

What is Hyster-Yale’s leverage and return on equity based on 2025 data?

At 2025 year-end, total debt was $494.3 million and debt to total capitalization was 50.9%, up from 47.1% in 2024. Return on equity weakened sharply, swinging from a positive 30.1% in 2024 to a negative 11.4% in 2025.

How did the Lift Truck business perform for Hyster-Yale in 2025?

Lift Truck revenue declined to $3,569.3 million in 2025 from $4,115.2 million, a 13.3% drop. Lift Truck gross margin fell from 19.7% to 15.5%, and segment operating income of $235.7 million in 2024 became a $24.1 million loss in 2025.

What were Bolzoni’s 2025 results within Hyster-Yale?

Bolzoni’s 2025 revenue decreased to $333.1 million from $379.1 million, down 12.1% year over year. Gross profit margin improved to 23.8%, but operating profit dropped to only $0.3 million, with Q4 hurt by a $3.2 million restructuring and impairment charge.

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Hyster-Yale (NYSE: HY) swings to 2025 net loss on lower sales, margin pressure