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Hyster-Yale Q3 2026 net loss widens to $14.9M

Q3 revenue was down 15.5% year over year, while operating results moved from profit to loss.

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How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

Hyster-Yale, Inc. posted updated historical quarterly schedules that include third-quarter 2026 results. Consolidated revenue was $827.4 million, down 15.5% year over year. Gross profit was $124.1 million, and gross profit margin was 15.0%, compared with 15.9% in Q3 2025. Operating expenses were $133.2 million, and operating results were a $9.1 million loss versus $2.3 million of operating profit a year earlier.

Net loss attributable to stockholders was $14.9 million, compared with $2.3 million in Q3 2025. Net cash from operating activities was $26.3 million, and cash flow before financing activities was $11.2 million. Total debt was $484.7 million, with debt to total capitalization of 56.5% in Q3 2026. The schedules also include quarterly and annual financial data from 2022 through Q3 2026, with separate Lift Truck Business and Bolzoni results.

0 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 3 points

How the balance works

Positive

  • None.

Negative

  • Moderate pointRevenue declined 15.5% year over year in Q3 2026.
  • Moderate pointOperating result: $9.1 million loss versus $2.3 million profit in Q3.
  • Moderate pointStockholder net loss: $14.9 million, versus $2.3 million a year earlier.
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, or exhibit attachments filed with this report.
Revenue $827.4 million Q3 2026; down 15.5% year over year
Gross profit $124.1 million Q3 2026
Gross profit margin 15.0% Q3 2026; 15.9% in Q3 2025
Operating profit (loss) $9.1 million loss Q3 2026; $2.3 million operating profit in Q3 2025
Net income (loss) attributable to stockholders $14.9 million loss Q3 2026; $2.3 million loss in Q3 2025
Net cash provided by (used for) operating activities $26.3 million Q3 2026; $37.1 million in Q3 2025
Total debt $484.7 million Q3 2026
Cash flow before financing activities financial
"Cash flow before financing activities is equal to"
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 total capital employed financial
"Return on total capital employed is provided solely as a supplemental disclosure"
Revenue $827.4 million -15.5% year over year
Gross profit margin 15.0% 15.9% in Q3 2025
Operating profit (loss) $9.1 million loss $2.3 million profit in Q3 2025
Net income (loss) attributable to stockholders $14.9 million loss $2.3 million loss in Q3 2025
Net cash provided by (used for) operating activities $26.3 million $37.1 million in Q3 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were HY's Q3 2026 revenue and operating results?
Consolidated revenue was $827.4 million, down 15.5% year over year. Operating expenses were $133.2 million, and operating results were a $9.1 million loss, compared with $2.3 million of operating profit in Q3 2025.

How does HY define cash flow before financing activities?
Hyster-Yale defines cash flow before financing activities as net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.

How does HY define net working capital?
Hyster-Yale defines net working capital as accounts receivable, net, plus inventories, net, less accounts payable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001173514false00011735142026-11-052026-11-05


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):November 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 November 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 third 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 November 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:November 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 %
2026795.2 812.9 827.4 2026-12.7 %-15.0 %-15.5 %
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 %
2026124.8127.6124.1 202615.7 %15.7 %15.0 %
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 %
2026152.8 146.0 133.2 202619.2 %18.0 %16.1 %
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 1.7 1.5 
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)(9.1)2026-3.5 %-2.3 %-1.1 %
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 6.8 
Income (Loss) Before Taxes
Effective Income Tax Rate (14)
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)(13.7)20265.6 %-34.9 %-4.4%


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)(14.9)
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 11.4 
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 %
2026706.1 688.9 661.8 202622.2 %21.2 %20.0 %
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 13.8 
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)16.7 26.3 
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)(15.1)
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 11.2 


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 (11.3)(25.9)
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 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 %
2026505.3 500.0 484.7 202652.8 %54.9 %56.5 %
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 %
2026450.9 410.0 390.0 2026-19.1 %-23.6 %-28.2 %
(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 and 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 and 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 fiscal year 2026, the Company recognized restructuring charges of $1.6 million in 1st quarter, $1.7 million in 2nd quarter and $1.5 million in 3rd quarter, all of which pertains to the Americas segment.
(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)
527.8241.9288.9454.4507.6439.8
Average Debt (1)
324.0535.2532.2476.0472.0490.4
Average Cash (1)
(63.4)(66.8)(69.3)(75.9)(87.0)(81.4)
Average Capital Employed788.4710.3751.8854.5892.6848.8
Net Income (Loss)35.8(74.1)125.9142.3(60.1)(129.5)
Plus: Interest Expense, Net18.027.334.731.028.526.1
Plus: Restructuring and Impairment Charges18.0——22.638.426.3
Less: Income Taxes on Interest Expense, Net (2)
(4.7)(6.8)(8.7)(8.1)(10.0)(6.8)
Less: Income Taxes on Restructuring and Impairment Charges (2)
——(5.9)(7.4)(6.8)
Actual Return on Capital Employed (3)
67.1(53.6)151.9181.9(10.6)(90.7)
Actual Return on Total Capital Employed Percentage (3)
8.5%(7.5)%20.2%21.3%(1.2)%(10.7)%
(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 9/30/26 average stockholders' equity, debt and cash are calculated using the quarters ending 9/30/25, 12/31/2025, 3/31/26, 6/30/2026 and 9/30/2026.




Lift Truck Business
(in millions of $, except percentage data)
Revenues - Americas (7)
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 %
2026578.4 596.2 608.6 2026-17.2 %-15.7 %-16.9 %
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 %
2026126.0 118.2 122.8 20266.6 %-20.3 %-18.2 %
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 44.1 2026-25.4 %-15.1 %-5.2 %
Revenues - Lift Truck Business (7)
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 %
2026739.7 755.5 775.5 2026-14.4 %-16.4 %-16.6 %
Gross Profit - Lift Truck Business (7)
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 %
2026104.3 105.5 106.5 202614.1 %14.0 %13.7 %
Operating Expenses(1) (2) (7)
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 %
2026132.2126.0117.2 202617.9 %16.7 %15.1 %


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 1.7 1.5 
Operating Profit (Loss)(1) (2) (8)
Operating Profit (Loss) %(1) (2) (8)
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)(10.7)2026-3.8 %-2.7 %-1.4 %
(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 fiscal year 2026, the Company recognized restructuring charges of $1.6 million in 1st quarter, $1.7 million in 2nd quarter and $1.5 million in 3rd quarter, all of which pertains to the Americas segment.
(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 81.9 82.3 20263.2 %-9.6 %-5.4 %
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 17.8 202624.7 %26.9 %21.6 %
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 16.0 202624.8 %24.4 %19.4 %
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 1.8 2026-0.1 %2.4 %2.2 %
(1)During the fourth quarter of 2024, Bolzoni recognized a $4.3 million restructuring and impairment charge.
(2)During the fourth quarter of 2025, Bolzoni recognized a $3.2 million restructuring and 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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