HYSTER-YALE, INC. SEC Filings

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%.

Hyster-Yale, Inc. reported sharply weaker results for Q4 and full-year 2025 as tariffs and soft demand hit its lift truck business. Full-year revenues fell to $3.77 billion, down 13%, and operating performance swung to a loss of $22.1 million from a strong profit in 2024, with net loss at $60.1 million versus prior net income of $142.3 million. Q4 revenues declined to $923.2 million, and the quarter showed an operating loss of $37.2 million and net loss of $52.5 million, pressured by roughly $40 million of gross tariff costs. Adjusted EBITDA for the last twelve months dropped to $69.8 million from $320.2 million, pushing net debt to adjusted EBITDA to 5.3x. Despite this, Q4 bookings rose to about $540 million, up 42% sequentially and 35% year over year, which management views as a potential early sign of demand recovery. For 2026, the company expects slightly higher shipments, a moderate full-year operating profit, and stronger second-half revenue, supported by restructuring and cost-reduction programs targeting $85–$100 million of annualized savings by 2028, while tariff policy remains a major uncertainty.

Hyster-Yale, Inc. files its annual report describing a global materials-handling business built around Hyster, Yale, Bolzoni and Nuvera-branded lift trucks, attachments, parts and energy solutions. Operations span the Americas, EMEA and JAPIC segments plus Bolzoni.

The report highlights a $1.28 billion lift-truck backlog at December 31, 2025, expected to ship mostly within twelve months, down from $1.93 billion a year earlier. Revenue mix in 2025 was 71% lift trucks, 16% parts, 8% service and 5% Bolzoni, with 40% of sales from internal-combustion trucks and 31% from electric units.

Management discusses major risks, including cyclical demand, significant 2025 tariff-related inventory costs of about $100 million, dependence on a limited number of key component suppliers, exposure to global trade and currency volatility, cybersecurity threats, environmental obligations, substantial debt facilities, and concentrated voting control held by the extended founding family.

Hyster-Yale, Inc. reported Form 4 activity for subsidiary officer Anthony J. Salgado. He received a grant of 16,016 shares of Class A Common Stock under the company’s Long-Term Incentive Compensation Plan and simultaneously surrendered 1,301 shares at $36.66 per share to cover tax withholding, leaving him with 85,454 directly held shares.

The Vanguard Group reported beneficial ownership of 698,331 shares of Hyster-Yale Inc common stock, representing 4.88% of the class as of 12/31/2025.

Vanguard reports no sole voting or dispositive power, with shared voting power over 94,909 shares and shared dispositive power over all 698,331 shares. The shares are held on behalf of Vanguard’s clients, who are entitled to dividends and sale proceeds, and no single client holds more than 5% of the class. Vanguard also notes an internal realignment effective January 12, 2026, after which certain subsidiaries are expected to report beneficial ownership separately while pursuing the same investment strategies.

Hyster-Yale, Inc. reported insider equity awards and indirect holdings for one reporting person. On 10/01/2025 and 01/02/2026, the reporting person’s spouse received 963 and 1,136 shares of Hyster-Yale Class A common stock, respectively, as “Required Shares” under the company’s Non-Employee Directors’ Equity Compensation Plan, both at a stated price of $0 per share. These awards are held in a trust for the benefit of David B. Williams, for which the spouse serves as trustee, and are reported as indirect beneficial ownership.

The filing also lists large indirect interests in Hyster-Yale Class A common stock held through multiple family trusts and limited partnerships, including 153,313 shares via AMR Associates LP and 147,481 Class A shares underlying Class B common stock tied to a proportionate partnership interest in AMR Associates LP. Similar indirect positions are reported for various family members’ trusts and partnership interests, with the reporting person generally disclaiming beneficial ownership of these shares.

Hyster-Yale, Inc. disclosed that a reporting person, through a spouse, received additional indirect holdings of Class A Common Stock via equity awards and various trusts and partnership interests. On 10/01/2025, 963 shares of Class A Common Stock and on 01/02/2026, 1,136 shares were acquired at a stated price of $0, described as spouse “Award-Shares” of Class A Common Stock designated as “Required Shares” under the company’s Non-Employee Directors’ Equity Compensation Plan.

The reporting person’s beneficial ownership is shown largely as indirect, with the spouse serving as trustee or co‑trustee of multiple trusts and holding proportionate limited partnership interests in entities such as Rankin Associates partnerships and related vehicles. The filing states that the reporting person disclaims beneficial ownership of all such shares, even though they are reported for Section 16 purposes.

Hyster-Yale, Inc. insider reports new Class A share awards and indirect holdings

An insider of Hyster-Yale, Inc. (HY) filed a Form 4 covering Class A Common Stock held mainly through trusts and partnerships. On 10/01/2025, 963 Class A shares were acquired at $0, and on 01/02/2026, a further 1,136 Class A shares were acquired at $0. After these transactions, 56,985 and then 58,121 Class A shares were indirectly owned where the insider’s spouse serves as trustee of the J.C. Butler, Jr. Revocable Trust.

Large additional indirect Class A holdings are reported through various trusts, partnerships, and an individual retirement account related to the insider and family members. The filing notes that these “Spouse’s Award-Shares” were granted as “Required Shares” under the company’s Non-Employee Directors’ Equity Compensation Plan and that the reporting person disclaims beneficial ownership of all such shares.

Hyster-Yale, Inc. filed a Form 4 reporting an equity award to one of its directors. On 01/02/2026, the director received 1,136 shares of Class A Common Stock at a price of $0 per share, described as “Required Shares” under the company’s Non-Employee Directors’ Equity Compensation Plan. These shares are held indirectly in a trust for the benefit of the reporting person.

The filing also lists the director’s other indirect beneficial holdings in Class A Common Stock, including 388,253 shares held in a trust for the reporting person, 108,844 shares as a proportionate interest in shares held by Abigail LLC in a trust for the reporting person, 61,138 shares through Corky LLC, 11,510 shares held by the director’s spouse, 108,844 shares as proportionate interests in Abigail LLC in the Ted Taplin Common Trust, and 11,143 shares in a trust for the reporting person’s children. The reporting person disclaims beneficial ownership of all shares held by the spouse.