HYSTER-YALE, INC. (HY): Results of Operations and Financial Condition
HYSTER-YALE, INC. (HY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99 NEWS RELEASE 5875 Landerbrook Drive, Suite 300 • Cleveland, Ohio 44124-4069 Tel. (440) 449-9600 • Fax (440) 449-9577 FOR FURTHER INFORMATION, CONTACT: Andrea Sejba For Immediate Release (440) 449-9611 Tuesday, August 4, 2026 HYSTER-YALE ANNOUNCES SECOND QUARTER 2026 RE
How this was made
The 30-second read
Why it matters
Traders can reassess near-term earnings power using the sequential bookings growth, the sequential improvement in operating cash flow, and the specific drivers of operating loss (tariff costs, product mix, and tax valuation allowance).
Market read
Fresh quarterly financials and cash flow improvement provide a basis to reprice HY’s near-term fundamentals, with tariff and tax items as key quality-of-earnings considerations.
What to watch
The tariff refund benefited gross margin but does not change future tariff exposure; the Brazil non-cash valuation allowance is not indicative of future tax rate, which can distort quarter-to-quarter comparability.
Hyster-Yale reported sequential revenue, operating-loss and operating-cash-flow improvement in Q2 2026, while year-over-year revenue and profitability remained below Q2 2025.
Consolidated revenue increased 2% sequentially, operating loss narrowed 34%, Lift Truck bookings increased 17% sequentially and operating cash flow became a source of $17 million. However, consolidated revenue declined 15% year over year, the Company reported a net loss of $(31.6) million, and Lift Truck revenue and operating results remained pressured by lower shipment volumes, unfavorable product mix and tariff-related costs.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Consolidated revenuesGAAP | $812.9 | 2% | (15)% |
| Consolidated operating profit (loss)GAAP | $(18.4) | 34% | n.m. |
| Consolidated net income (loss)GAAP | $(31.6) | (4)% | n.m. |
| Diluted earnings (loss) per shareGAAP | $(1.76) | (3)% | n.m. |
| Adjusted operating profit (loss)non-GAAP | $(16.7) | 37% | n.m. |
| Adjusted net income (loss)non-GAAP | $(29.5) | (1)% | n.m. |
| Adjusted diluted earnings (loss) per sharenon-GAAP | $(1.64) | —% | n.m. |
| Lift Truck revenuesGAAP | $755.5 | 2% | (16)% |
| Lift Truck gross profitGAAP | $105.5 | 1% | (28)% |
| Lift Truck operating profit (loss)GAAP | $(20.5) | 27% | (88)% |
| Lift Truck adjusted operating profit (loss)non-GAAP | $(18.8) | 29% | n.m. |
| Lift Truck Americas gross profitGAAP | $91.7 | (2)% | (29)% |
| Lift Truck EMEA gross profitGAAP | $10.3 | 20% | (30)% |
| Lift Truck JAPIC gross profitGAAP | $3.5 | 75% | 67% |
| Lift Truck Americas operating profit (loss)GAAP | $3.6 | n.m. | (69)% |
| Lift Truck EMEA operating profit (loss)GAAP | $(18.4) | 4% | (23)% |
| Lift Truck JAPIC operating profit (loss)GAAP | $(5.7) | 20% | 25% |
| Lift Truck Americas adjusted operating profit (loss)non-GAAP | $5.3 | n.m. | (81)% |
| Lift Truck EMEA adjusted operating profit (loss)non-GAAP | $(18.4) | 4% | (20)% |
| Lift Truck JAPIC adjusted operating profit (loss)non-GAAP | $(5.7) | 20% | 24% |
| Bolzoni Group revenuesGAAP | $81.9 | (1)% | (10)% |
| Bolzoni Group gross profitGAAP | $22.0 | 7% | 3% |
| Bolzoni Group operating profit (loss)GAAP | $2.0 | n.m. | (17)% |
| Bolzoni Group adjusted operating profit (loss)non-GAAP | $2.0 | n.m. | (17)% |
| Income tax expenseGAAP | $8.1 million | – | – |
| Lift Truck bookingsother | $680 | 17% | 106% |
| Lift Truck backlogother | $1,580 | 12% | (4)% |
| Debtother | $500.0 | – | – |
| Cashother | 72.6 | – | – |
| Net Debtother | $427.4 | – | – |
| LTM Net Income (Loss)GAAP | $(116.9) | – | – |
| LTM Adjusted EBITDAnon-GAAP | $(4.1) | – | – |
| Debt/Net Income (Loss)other | n.m. | – | – |
| Net Debt /Adjusted EBITDAother | n.m. | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Lift Truck AmericasHigher volume and favorable pricing drove the sequential improvement in Lift Truck revenue. The year-over-year decline reflected lower sales of higher-value standard and premium counterbalanced lift trucks, particularly Class 1 and Class 4 products. | $596.2 | 3% | (16)% |
| Lift Truck EMEALift Truck revenue declined year over year primarily due to lower shipment volumes and an unfavorable product mix. | $118.2 | (6)% | (20)% |
| Lift Truck JAPICLift Truck revenue declined year over year primarily due to lower shipment volumes and an unfavorable product mix. | $41.1 | 16% | (15)% |
| Bolzoni GroupSequential revenue decreased slightly primarily due to lower volume in the Americas. Year-over-year revenue declined primarily due to lower volume in the Americas, partly offset by favorable product mix and foreign currency translation. | $81.9 | (1)% | (10)% |
Remainder of 2026, 2027 and 2028 outlook
- NoteThe Company continues to believe the first half of 2026 marked the bottom of the current lift truck market cycle.
- NoteThese trends are expected to support improving performance through the remainder of 2026.
- NoteThe Company expects bookings in 2026 to exceed 2025.
- NoteExpected costs: $6-10 planned for remainder of 2026; $3-6 planned for 2027; - planned for 2028.
- NoteExpected annualized income and cash benefits: - planned for remainder of 2026; $15-20 planned for 2027; $30-40 planned for 2028.
- NoteCost-reduction initiatives launched in 2025 continue to progress as planned, with approximately half of the expected annualized $40 million to $45 million cost reductions recognized in the first six months of 2026.
What drove it
- Lift Truck revenue increased 2% from Q1 2026 as improved bookings began to translate into higher shipments. Higher volume and favorable pricing drove the sequential improvement.
- Lift Truck gross margin benefited from $35 million of refunds related to previously paid tariffs, largely offset by unfavorable capitalized material costs and $10 million of higher gross tariff costs compared with Q1 2026.
- Sequential Lift Truck operating-results improvement was driven by higher shipment volumes, favorable pricing and lower employee-related expenses, including incentive compensation.
- Bolzoni Group operating profit increased $2.1 million sequentially, driven by improved gross margins from lower freight costs and favorable product mix, as well as lower operating expenses.
- Bookings increased for the fourth consecutive quarter, driven primarily by the Americas. The Company cited market-share gains through its expanded product portfolio and increasing customer acceptance of value and standard product offerings.
- Favorable working-capital actions, including lower inventory and accrual normalization, primarily drove the sequential cash-flow improvement.
Concerns
- Consolidated revenues declined (15)% from Q2 2025 and Lift Truck revenues declined (16)%.
- Consolidated operating loss was $(18.4), and consolidated net loss was $(31.6).
- Lift Truck operating results declined from the prior year primarily due to lower shipment volumes, unfavorable product mix and $20 million of incremental gross tariff-related costs.
- The Company recorded a $3.4 million non-cash valuation allowance charge against deferred tax assets in Brazil.
- The tariff refund recorded does not change the Company's future tariff exposure.
- The Q2 2026 effective tax rate is not indicative of the Company's expected tax rate in future quarters.
- Backlog was $1,580, down (4)% from Q2 2025.
What to watch
- Whether Lift Truck bookings continue to exceed shipments and support increased production levels later in 2026.
- Execution of tariff mitigation initiatives, including pricing actions, sourcing adjustments, product-cost reductions and other cost-management programs.
- The impact of Section 232 tariffs, Section 301 tariffs on Chinese-origin goods and the temporary global import surcharge assumed in the Company's outlook.
- Delivery of the remaining restructuring and manufacturing-footprint benefits, including expected annualized income and cash benefits of $15-20 in 2027 and $30-40 in 2028.
- Customer demand for higher-value standard and premium counterbalanced lift trucks relative to lighter-duty, lower-priced models.
Balance sheet and cash flow
- Debt was $500.0 at June 30, 2026, compared with $473.2 at June 30, 2025 and $505.3 at March 31, 2026.
- Cash was 72.6 at June 30, 2026, compared with 66.9 at June 30, 2025 and 81.8 at March 31, 2026.
- Net Debt was $427.4 at June 30, 2026, compared with $406.3 at June 30, 2025 and $423.5 at March 31, 2026.
- Operating cash flow improved to a source of $17 million in Q2 2026 compared with a use of $33 million in Q1 2026.
- Excluding the effects of foreign currency and tariffs, inventory decreased approximately $110 million from the prior year.
- Improvements in raw materials and finished goods inventory contributed to an eight-day reduction in days inventory outstanding.
Analysis
Hyster-Yale's Q2 2026 results showed a sequential stabilization but a materially weaker year-over-year earnings profile. Consolidated revenue was $812.9, up 2% from Q1 2026 but down (15)% from Q2 2025. The operating loss narrowed to $(18.4) from $(28.0) in Q1 2026, while net loss was $(31.6). Adjusted operating loss improved sequentially to $(16.7), but remained below the $7.2 of adjusted operating profit reported in Q2 2025.
Lift Truck remained the principal source of the year-over-year pressure. Revenue was $755.5, down (16)% from Q2 2025, as lower shipment volumes and an unfavorable mix more than offset positive pricing of $17 million. The Company identified lower sales of higher-value standard and premium counterbalanced lift trucks, particularly Class 1 and Class 4 products, as a key mix headwind. At the same time, recently introduced low-intensity products gained market acceptance, supported market-share gains and helped offset lower sales of higher-revenue products.
Profitability improved from Q1 2026 but remained constrained. Lift Truck operating loss improved to $(20.5) from $(27.9), aided by higher shipment volumes, favorable pricing and lower employee-related expenses. Gross margin benefited from $35 million of tariff refunds, although unfavorable capitalized material costs and $10 million of higher gross tariff costs versus Q1 2026 offset much of that benefit. Compared with Q2 2025, Lift Truck gross profit declined (28)% and operating results absorbed $20 million of incremental gross tariff-related costs. Bolzoni Group provided a positive sequential contribution as operating profit improved to $2.0 from $(0.1), supported by lower freight costs, favorable product mix and lower operating expenses.
Demand indicators strengthened. Lift Truck bookings reached $680, up 17% sequentially and 106% from Q2 2025, marking the fourth consecutive quarter of growth. Backlog was $1,580, up 12% from Q1 2026, and the Company stated that bookings exceeded shipments during the quarter. Management continues to view the first half of 2026 as the bottom of the current lift truck market cycle and expects bookings in 2026 to exceed 2025, supported by industry conditions, market-share gains and broader acceptance of its product portfolio.
Liquidity improved sequentially through working-capital execution. Operating cash flow shifted to a source of $17 million from a use of $33 million in Q1 2026, and the Company reduced debt during the quarter despite higher capital expenditures. Debt was $500.0 and net debt was $427.4 at June 30, 2026. The outlook remains conditional on tariff assumptions, market conditions and successful tariff-mitigation execution. Cost actions are progressing, with approximately half of the expected annualized $40 million to $45 million cost reductions recognized in the first six months of 2026, while the Company now expects $15-20 of annualized income and cash benefits in 2027 and $30-40 in 2028.
Not in the filing
stated, not guessed- Consolidated gross profit
- Consolidated gross margin
- Consolidated operating expenses
- Free cash flow
- Capital expenditures
- Dividends
- Share repurchases
- Shares outstanding
- Explicit revenue guidance
- Explicit gross-margin guidance
- Explicit operating-expense guidance
- Explicit tax-rate guidance
- Prior-period outlook for comparison
- Named executive quotes
- Full earnings-release text beyond the provided filing excerpt
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The company filed an SEC 8-K with an exhibit containing its Q2 2026 earnings release (Item 2.02).
Ticker impact
Hyster-Yale reported Q2 2026 results with revenues of $812.9M, operating loss of $18.4M, and improved operating cash flow to $17M.
Likely modest, with focus on operating loss trend, cash flow improvement, and whether bookings-to-shipments momentum sustains in coming quarters.
This is a primary earnings release in an 8-K, but the excerpt does not include guidance or consensus context; the most actionable elements are the sequential improvements (bookings, operating cash flow) and the specific tariff refund and Brazil tax valuation allowance.
Market effects
Lift-truck demand appears to be shifting toward lower-priced models, which can pressure margins for industrial lift equipment peers.
Americas and EMEA lift-truck revenues declined year over year, while JAPIC showed stronger revenue and operating profit trends.
Tariff-related gross margin effects and Brazil tax valuation allowances highlight ongoing cross-border policy and tax volatility for industrial manufacturers.
Counterpoint
Sequential improvements may be partly offset by mix and tariff cost dynamics, so the operating loss could persist if bookings do not translate into higher-margin shipments.
Key entities
- companyHyster-Yale, Inc.
NYSE-listed lift truck manufacturer reporting Q2 2026 results, bookings, segment performance, cash flow, debt, and tax items in an 8-K.
- financial_itemBrazil non-cash valuation allowance
A $3.4M non-cash valuation allowance charge against deferred tax assets recorded in Brazil in Q2 2026.
- financial_itemTariff refund
$35M of refunds related to previously paid tariffs recorded in Q2 2026 gross margin, offset by higher tariff costs versus Q1 2026.
