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. Q2 2026 INVESTOR PRESENTATION Exhibit 99 2 SAFE HARBOR STATEMENT & DISCLOSURE The statements contained in this presentation that are not historical facts are “forward-looking statements.” These forward-looking statements are made subject to certain risks and uncertainties, which
How this was made
The 30-second read
Why it matters
Q2 shows revenue up 2% QoQ to $813M, improved sequential operating loss, and higher bookings translating into shipments, alongside liquidity and working-capital improvements.
Market read
This is a company-specific quarterly datapoint set that can drive near-term positioning in industrial equipment and tariff-sensitive supply chains.
What to watch
The presentation emphasizes adjusted measures and tariff offsets; traders may want to focus on GAAP operating loss trajectory and working-capital cash conversion rather than adjusted EBITDA alone.
Q2 2026 revenue and operating results improved sequentially as stronger bookings translated into higher shipments, but the company remained loss-making and expects a moderate full-year operating loss.
Revenue increased to $813M and adjusted operating loss improved to $17M from $26M in Q1 2026, supported by volumes, pricing and a $35M tariff refund. However, the company reported a $18M operating loss and a $32M net loss, while tariff costs remain elevated and are not expected to be fully offset.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $813M | 2% improvement vs. Q1’26 | – |
| Operating Profit (Loss)GAAP | ($18) | $10 | – |
| Net Income (Loss)GAAP | ($32) | ($1) | – |
| Adjusted Operating Profit (Loss)non-GAAP | ($17) | $9 | – |
| Adjusted Net Income (Loss)non-GAAP | ($30) | ($1) | – |
| Adjusted EBITDAnon-GAAP | ($5) | $8 | – |
| Cash Provided By OperationsGAAP | $17M | $50M improvement vs. Q1’26 | – |
| Working Capitalother | $689M | – | $125M YoY improvement |
| Debtother | $500M | Decreased $5M vs. Q1‘26 | – |
| Cash on handother | $73M | – | – |
| Unit Bookings Volumeother | $680M | 17% vs. Q1’26 | twice Q2’25 |
| Unit Value Backlogother | $1.6B | Sequential increase | – |
2026 outlook
- NoteBookings in 2026 expected to exceed 2025
- NoteExpected annualized benefit of $40 - $45M from the 2025 restructuring program
- NoteApproximately half expected in the remainder of 2026
- NoteModerate full-year operating loss expected
- NoteAnticipated second half recovery with strongest improvement expected in latter part of 2026
- NoteTariff costs not expected to be fully-offset by mitigation and pricing actions
Capital returns
- Dividends paid: Q2 2026 YTD : $13M
- Dividends paid: Q2 2025 YTD: $12M
- Continue to adhere to long-term capital allocation priorities: Reduce debt; Reinvest cash for profitable growth; Shareholder return
What drove it
- Improved bookings began to translate into higher shipments.
- Improved volumes and favorable pricing supported gross profit above Q1 2026.
- A tariff refund of $35M offset unfavorable capitalized material costs and $10M higher gross tariff costs.
- Lower employee-related expenses, including incentive compensation, supported adjusted operating results.
- Bookings strengthened for the fourth consecutive quarter of growth, aided by improved booking market demand, increased market share from an expanded product portfolio and customer acceptance of new low-intensity products aligned with the market shift.
- Backlog continues to grow and is currently ~5 months of production.
Concerns
- Tariff-related costs remain elevated.
- Tariff costs are not expected to be fully-offset by mitigation and pricing actions.
- Customer delivery schedules and sourcing transitions have delayed the timing of recovery.
- Leverage is elevated due to lower earnings and tariff impacts.
- The company expects a moderate full-year operating loss.
What to watch
- Whether improved demand and higher bookings support increased shipments and revenue in the second half of 2026.
- The timing of pricing, sourcing and product-cost actions, which are expected to provide increasing benefit in the second-half of 2026.
- The extent of the anticipated recovery, with strongest improvement expected in the latter part of 2026.
- Realization of the 2025 restructuring program's expected annualized benefit of $40 - $45M.
- Further backlog growth and the pace at which backlog converts into production and shipments.
Balance sheet and cash flow
- Working Capital: $689M
- Inventory down $149M YoY
- YoY eight-day reduction of days inventory outstanding
- Cash Provided By Operations: $17M
- Debt: $500M
- Q2 2026 Overview: $73M of Cash on hand
- Unused Borrowing Capacity of $223M
- ABL: $96M
- Term Loan: $213M
- Working Capital Facilities: $114M
- Wholesale Financing: $47M
- Leases: $20M
- Other: $10M
Analysis
Hyster-Yale reported sequential improvement in Q2 2026 as bookings began converting into shipments. Revenue was $813M, compared with $795M in Q1 2026, and the presentation characterized this as a 2% improvement. Unit bookings volume was $680M, up 17% versus Q1’26 and twice Q2’25, while unit value backlog reached $1.6B and represented ~5 months of production. Management described Q2 as the fourth consecutive quarter of booking growth and expects bookings in 2026 to exceed 2025.
Profitability improved but remained negative. GAAP operating loss was ($18), compared with ($28) in Q1 2026, and GAAP net loss was ($32), compared with ($31). Adjusted operating loss was ($17), compared with ($26), while adjusted EBITDA improved to ($5) from ($13). The company cited higher volumes and favorable pricing, as well as lower employee-related expenses including incentive compensation. Gross profit was above Q1 2026, although the presentation attributed part of the improvement to a $35M tariff refund that offset unfavorable capitalized material costs and $10M higher gross tariff costs.
Cash generation and working capital showed sequential and year-over-year progress. Cash provided by operations was $17M, a $50M improvement versus Q1’26. Working capital was $689M and improved $125M YoY, supported by inventory down $149M and a YoY eight-day reduction in days inventory outstanding. Cash on hand was $73M, debt was $500M and decreased $5M versus Q1‘26, and unused borrowing capacity was $223M. The company paid $13M of dividends year to date in Q2 2026, compared with $12M in Q2 2025.
The outlook calls for a second-half recovery but does not remove the near-term earnings pressure. Management expects improved demand and higher bookings to support increased shipments and revenue, with the strongest improvement expected in the latter part of 2026. It expects pricing, sourcing and product-cost actions to provide increasing benefit in the second-half of 2026, but states tariff costs will not be fully offset. Customer delivery schedules and sourcing transitions have delayed recovery timing. The company expects a moderate full-year operating loss and expects the 2025 restructuring program to provide an annualized benefit of $40 - $45M, with approximately half expected in the remainder of 2026.
Not in the filing
stated, not guessed- Period-end date
- Segment revenue and segment profit or loss
- GAAP gross profit and gross margin
- GAAP operating expenses
- GAAP and non-GAAP earnings per share
- GAAP and non-GAAP tax rate
- Free cash flow
- Share repurchases
- Total net debt value and net debt to adjusted EBITDA ratio
- Prior-year revenue, operating loss, net loss, adjusted operating loss, adjusted net loss and adjusted EBITDA
- Revenue, gross margin, operating expenses and tax-rate numerical guidance
- Named executive quotes
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 filing is an SEC Form 8-K attaching an investor presentation for Q2 2026 results (Item 2.02).
Ticker impact
Hyster-Yale filed an 8-K with Q2 2026 results showing $813M revenue and an adjusted operating loss of $16.7M.
Likely modest, two-sided reaction depending on how investors weigh sequential improvement versus continued losses.
The filing provides specific quarterly datapoints (revenue up 2% QoQ, operating loss and net loss, adjusted metrics, bookings and backlog) but no explicit forward guidance beyond a market-cycle comment.
Market effects
Lift-truck demand and tariff dynamics are highlighted via bookings, pricing, and tariff refund/cost offsets, relevant to industrial equipment sentiment.
No specific region is singled out, but global supply chain and trade-barrier risks are emphasized.
Tariff, geopolitical, and FX risk factors are reiterated, which can influence multinational industrial peers’ risk premium.
Counterpoint
Sequential improvement may not translate into profitability if tariff-related gross margin swings reverse or demand softens again.
Key entities
- public_companyHyster-Yale, Inc.
Industrial lift truck and related parts and service provider reporting Q2 2026 financial results and liquidity metrics in an 8-K.
