Hyster-Yale reported Q1 2026 revenue of $795.2 million, down 13% year over year, with a net loss of $30.5 million and diluted EPS of $(1.71) as tariffs and weaker mix hit margins. Shares last closed at $40.10, up 4.02% on the day of the release, with flat after-hours movement.
About Hyster-Yale
Hyster-Yale, Inc. (NYSE: HY) is a global lift truck and materials handling solutions company headquartered in Cleveland, Ohio, operating through its Hyster, Yale, Nuvera, Maximal, Bolzoni, Auramo, and Meyer brands. The company designs, engineers, manufactures, sells, and services a broad line of lift trucks, attachments, parts, and related energy and automation solutions for customers worldwide.
Hyster-Yale traces its roots back to early 20th century lift truck operations and today runs a globally integrated footprint with manufacturing and engineering operations across the Americas, EMEA, and JAPIC regions. The business is organized primarily around its Lift Truck segment and Bolzoni attachment business, which together generated $795.2 million of consolidated revenue in Q1 2026. As of Q1 2026, Hyster-Yale carried $505.3 million of debt, $81.8 million of cash, and $423.5 million of net debt, with last‑twelve‑month adjusted EBITDA of $22.2 million.
Top Financial Highlights
- Q1 2026 consolidated revenues were $795.2 million, down 13% from $910.4 million in Q1 2025, reflecting a shift to lighter duty, lower priced trucks and backlog depletion.
- Consolidated operating loss was $28.0 million, versus operating profit of $21.3 million a year ago, including about $30 million of gross tariff costs.
- Net loss attributable to stockholders was $30.5 million, compared with net income of $8.6 million in Q1 2025.
- Diluted EPS came in at $(1.71), down from $0.48 in the prior‑year quarter.
- Adjusted net loss was $29.3 million and adjusted diluted EPS was $(1.64), excluding restructuring and impairment charges.
- Gross profit declined to $124.8 million from $177.7 million, as mix, tariffs, and lower volumes pressured margins.
- Operating cash flow used $32.9 million, a modest improvement from $36.4 million of use in Q1 2025, driven by working capital and seasonal factors.
- Lift Truck revenues were $739.7 million, down 14% year over year; Bolzoni revenues were $82.9 million, up 3%.
- By geography, Lift Truck revenues were $578.4 million in the Americas, $126.0 million in EMEA, and $35.3 million in JAPIC, with JAPIC down 25% year over year.
- Consolidated gross profit for Lift Trucks was $104.3 million, with segment operating loss of $27.9 million; Bolzoni delivered gross profit of $20.5 million with a small operating loss of $0.1 million.
- Cash on hand at March 31, 2026 was $81.8 million, down from $123.2 million at December 31, 2025.
- Net debt was $423.5 million, up from $371.1 million at year end, with net debt to adjusted EBITDA of 19.1.
- Unit bookings by value were $580 million, down 2% year over year but up 7% sequentially from $540 million, signaling early stabilization after the Q3 2025 cyclical low.
- Unit backlog value was $1,410 million, down 26% year over year but up 10% sequentially, as bookings began to rebuild backlog.
- Management expects 2026 to show sequential improvement, with Q2 2026 as the financial low point and a modest full‑year operating profit on improved second‑half volumes and cost actions.
Beat or Miss?
| Metric | Reported | Difference / Analysis |
| Revenue | $795.2 million | Missed consensus revenue of $878.1 million by about $82.9 million. |
| Diluted EPS | ($1.71) | Year‑over‑year deterioration from $0.48 EPS; consensus EPS not disclosed, qualitative miss implied. |
| Operating Profit | $(28.0) million | Down from $21.3 million operating profit in Q1 2025, reflecting tariffs and unfavorable mix. |
| Adjusted EPS | ($1.64) | Excludes restructuring and footprint optimization charges; still indicates significant operating pressure. |
| Operating Cash Flow | $(32.9) million | Slightly better than $(36.4) million use a year ago, in line with typical seasonal cash outflows. |
What Leadership Is Saying?
“The first quarter reflected the impact of a rapid shift in our product mix toward lighter duty, lower priced lift trucks, combined with higher tariff costs and macroeconomic uncertainty, but strengthening bookings and backlog give us confidence in a gradual recovery as 2026 progresses.”
“From a financial standpoint, Q1 results were heavily affected by approximately $30 million of gross tariff costs and lower volumes, yet our restructuring and manufacturing optimization programs are beginning to deliver cost savings that we expect will drive a meaningful improvement in second half margins.”
Historical Performance
| Category | Q1 2026 | Q1 2025 | Change (%) |
| Revenue | $795.2 million | $910.4 million | (13)% decline. |
| Net Income | $(30.5) million | $8.6 million | n.m. (swing from profit to loss). |
| Operating Profit | $(28.0) million | $21.3 million | n.m., reflecting tariffs and weaker mix. |
| Operating Cash Flow | $(32.9) million | $(36.4) million | Improvement of about 10% in cash used. |
How the Market Reacted?
At a recent price in the high $30s, Hyster-Yale’s market cap sits around $690–710 million, reflecting investor caution after several quarters of declining revenue and losses. Immediate post-earnings trading data were not detailed in the press release, but the tone of the report is mixed, with bookings momentum and cost savings partly offset by heavier tariff headwinds and weaker margins. Overall sentiment appears cautious but not capitulative, with management emphasizing a “low point” in the first half and a path to modest full-year operating profit in 2026. Investors will focus on whether bookings and backlog translate into stronger second-half shipments and margin recovery as mitigation actions take hold.
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