HYSTER-YALE, INC. (HY): ANNOUNCES THIRD QUARTER 2026 RESULTS
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 Thursday, November 5, 2026 HYSTER-YALE ANNOUNCES THIRD QUARTER 2026
How this was made
The 30-second read
Why it matters
The earnings beat on bookings and cash flow may prompt short‑term buying interest, but margin pressure from product mix remains a risk.
Market read
The release provides fresh earnings data for a mid‑cap industrial stock, offering limited but actionable insight for sector traders.
What to watch
tariff‑related recoveries and cost‑reduction programs are temporary; future guidance may be needed to sustain momentum
HYSTER-YALE ANNOUNCES THIRD QUARTER 2026 RESULTS
Sequential operating performance improved and Adjusted EBITDA returned to positive, supported by higher Lift Truck shipments, but revenue, gross profit, operating profit and net income remained below Q3 2025 and the Company reported a net loss.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $827.4M | 2% | (15)% |
| Cost of sales, three months ended September 30, 2026GAAP | $703.3M | – | – |
| Gross profit, three months ended September 30, 2026GAAP | $124.1M | – | – |
| Selling, general and administrative expenses, three months ended September 30, 2026GAAP | $131.7M | – | – |
| Restructuring and impairment charges, three months ended September 30, 2026GAAP | $1.5M | – | – |
| Operating profit (loss), three months ended September 30, 2026GAAP | −$9.1M | 51% | n.m. |
| Interest expense, three months ended September 30, 2026GAAP | $7.2M | – | – |
| Income from unconsolidated affiliates, three months ended September 30, 2026GAAP | −$3.3M | – | – |
| Other, net, three months ended September 30, 2026GAAP | $700K | – | – |
| Loss before income taxes, three months ended September 30, 2026GAAP | −$13.7M | – | – |
| Income tax expense, three months ended September 30, 2026GAAP | $600K | – | – |
| Net loss attributable to stockholders, three months ended September 30, 2026GAAP | −$14.9M | 53% | n.m. |
| Diluted loss per share, three months ended September 30, 2026GAAP | $(0.83) | 53% | n.m. |
| Adjusted operating profit (loss), three months ended September 30, 2026non-GAAP | −$7.6M | 54% | n.m. |
| Adjusted net loss attributable to stockholders, three months ended September 30, 2026non-GAAP | −$13.8M | 53% | n.m. |
| Adjusted diluted earnings (loss) per share, three months ended September 30, 2026non-GAAP | $(0.77) | 53% | n.m. |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $6M | – | – |
| Revenue, nine months ended September 30, 2026GAAP | $2.44B | – | – |
| Cost of sales, nine months ended September 30, 2026GAAP | $2.06B | – | – |
| Gross profit, nine months ended September 30, 2026GAAP | $376.5M | – | – |
| Selling, general and administrative expenses, nine months ended September 30, 2026GAAP | $427.2M | – | – |
| Restructuring and impairment charges, nine months ended September 30, 2026GAAP | $4.8M | – | – |
| Operating profit (loss), nine months ended September 30, 2026GAAP | −$55.5M | – | – |
| Loss before income taxes, nine months ended September 30, 2026GAAP | −$69M | – | – |
| Income tax expense, nine months ended September 30, 2026GAAP | $6.9M | – | – |
| Net loss attributable to stockholders, nine months ended September 30, 2026GAAP | −$77M | – | – |
| Diluted loss per share, nine months ended September 30, 2026GAAP | $(4.31) | – | – |
| LTM net loss attributable to stockholders, last twelve months ended September 30, 2026GAAP | −$129.5M | – | – |
| LTM Adjusted EBITDA, last twelve months ended September 30, 2026non-GAAP | −$13.2M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Lift Truck BusinessHigher volume drove the sequential improvement, partially offset by lower parts sales. The year-over-year decline primarily reflected unfavorable product mix and lower shipment volumes; positive pricing of $11 million partially offset these impacts. | $775.5M | 3% | (17)% |
| AmericasThe release attributes the Lift Truck year-over-year decline to lower sales of higher-value standard and premium counterbalanced lift trucks, particularly Class 1 and Class 4 products, as customers shifted toward lighter-intensity, lower-priced models. | $608.6M | 2% | (17)% |
| EMEAThe release attributes the Lift Truck year-over-year decline to lower sales of higher-value standard and premium counterbalanced lift trucks, particularly Class 1 and Class 4 products, as customers shifted toward lighter-intensity, lower-priced models. | $122.8M | 4% | (18)% |
| JAPICThe release attributes the Lift Truck year-over-year decline to lower sales of higher-value standard and premium counterbalanced lift trucks, particularly Class 1 and Class 4 products, as customers shifted toward lighter-intensity, lower-priced models. | $44.1M | 7% | (5)% |
| Bolzoni GroupSequential revenue improved slightly primarily due to higher product volumes. Revenue declined from Q3 2025 primarily due to lower volumes and a shift in sales to lower-margin products. | $82.3M | —% | (5)% |
Q4 2026 and 2027 outlook
- NoteQ4 2026 adjusted net income is expected to be significantly higher than in Q3 2026 and return to positive levels.
- NoteThe Company expects bookings in Q4 2026 to exceed Q4 2025 and Q3 2026.
- NoteLift Truck adjusted operating results are expected to be positive and improve in Q4 2026.
- NoteQ4 2026 gross profit and gross margin are expected to improve sequentially.
- NoteExpected costs for the 2024 manufacturing footprint optimization projects: $2-5 million planned for remainder of 2026; $8-10 million planned for 2027; - planned for 2028.
- NoteExpected annualized income and cash benefits for the 2024 manufacturing footprint optimization projects: - planned for remainder of 2026; $15-20 million planned for 2027; $30-40 million planned for 2028.
- Note2026 capital expenditures of $50 million to $60 million.
- Note2027 capital expenditures of $40 million to $50 million.
- NoteTargeting at least $100 million of annual cost reductions at maturity, which is anticipated in 2029.
- NoteImplementation costs are estimated to be at least $50 million over the duration of the programs.
- NoteThe Company expects demand and production levels to remain healthy in 2027, supported by gradually strengthening market conditions and ongoing growth initiatives.
- NoteLong-term objective of achieving approximately 7% operating profit over the business cycle.
- NoteContinued target of working capital at approximately 15% of revenue.
What drove it
- Lift Truck bookings were $550 million, up 45% from Q3 2025 and down 19% from Q2 2026.
- Lift Truck backlog was $1,600 million, up 19% from Q3 2025 and up 1% from Q2 2026.
- Recently introduced lighter-intensity products continued to gain market acceptance and helped offset lower sales of higher-revenue products.
- Lift Truck sequential operating results improved $10 million from Q2 2026, driven by higher shipment volumes and lower employee-related expenses, including incentive compensation.
- Q3 2026 benefited from approximately $15 million of tariff-related recoveries recognized related to amounts previously paid.
- Selling, general and administrative expenses decreased $18 million from the prior year, primarily due to lower employee-related expenses, including incentive compensation and other benefits from restructuring actions implemented in Q4 2025.
- Operating cash flow increased to $26 million in Q3 2026, primarily reflecting stronger earnings and improved working capital execution, particularly accounts payable.
- Inventory decreased by $76 million from the prior year, with reductions in finished goods and raw materials.
Concerns
- Q3 2026 consolidated revenue decreased 15% from Q3 2025 and gross profit decreased from $155.9 million to $124.1 million.
- The Company reported an operating loss of $(9.1) million and net loss attributable to stockholders of $(14.9) million in Q3 2026.
- Lift Truck revenue declined 17% year over year, primarily due to unfavorable product mix and lower shipment volumes.
- EMEA Lift Truck operating loss was $(17.2) million, compared with $(16.9) million in Q3 2025.
- Tariff-related costs on steel, components and other imported materials are expected to remain elevated.
- Inflation, tariffs, geopolitical uncertainty and increased competition continue to influence customer purchasing patterns across regions and end markets.
- The Company is unable to estimate the high-end of expected implementation costs for the new operational initiatives and cost-reduction programs or the segments in which these costs will be recorded.
What to watch
- Conversion of elevated bookings and the $1,600 million Lift Truck backlog into Q4 2026 shipments and revenue.
- Whether higher production and shipment volumes improve manufacturing absorption, operating efficiency, gross profit and gross margin as expected in Q4 2026.
- Execution of pricing, sourcing, product-cost and tariff-mitigation actions.
- Progress on the 2026 restructuring program targeting at least $100 million of annual cost reductions at maturity in 2029.
- Implementation costs estimated to be at least $50 million over the duration of the new programs.
- Progress toward 2026 capital expenditures of $50 million to $60 million, 2027 capital expenditures of $40 million to $50 million and working capital at approximately 15% of revenue.
Balance sheet and cash flow
- Net cash provided by operating activities was $26.3 million for the three months ended September 30, 2026, compared with $37.1 million for the three months ended September 30, 2025 and $16 million in Q2 2026.
- Net cash used for investing activities was $(15.1) million for the three months ended September 30, 2026, compared with $(14.2) million for the three months ended September 30, 2025.
- Cash Flow Before Financing Activities was $11.2 million for the three months ended September 30, 2026, compared with $22.9 million for the three months ended September 30, 2025.
- Debt was $484.7 million at September 30, 2026, compared with $500.0 million at June 30, 2026 and $467.8 million at September 30, 2025.
- Cash was $58.5 million at September 30, 2026, compared with $72.6 million at June 30, 2026 and $71.1 million at September 30, 2025.
- Net Debt was $426.2 million at September 30, 2026, compared with $427.4 million at June 30, 2026 and $396.7 million at September 30, 2025.
- Working Capital was $661.8 million at September 30, 2026, compared with $688.9 million at June 30, 2026 and $784.9 million at September 30, 2025.
- Accounts Receivable was $469.2 million at September 30, 2026, compared with $484.8 million at June 30, 2026 and $520.6 million at September 30, 2025.
- Inventory was $664.8 million at September 30, 2026, compared with $627.5 million at June 30, 2026 and $740.3 million at September 30, 2025.
- Accounts Payable was $472.2 million at September 30, 2026, compared with $423.4 million at June 30, 2026 and $476.0 million at September 30, 2025.
Analysis
Hyster-Yale's third quarter showed a sequential recovery but remained materially weaker than the prior-year period. Revenue was $827.4 million, down 15% from $979.1 million in Q3 2025, while operating loss narrowed to $(9.1) million from $(18.4) million in Q2 2026. Net loss attributable to stockholders narrowed sequentially to $(14.9) million from $(31.6) million, and Adjusted EBITDA returned to $6.0 million from $(4.9) million. The year-over-year comparison remains unfavorable, with Q3 2025 operating profit of $2.3 million and net loss of $(2.3) million.
Lift Truck was the principal source of the sequential improvement. Its revenue increased 3% from Q2 2026 to $775.5 million as improved bookings began converting into shipments, although lower parts sales partially offset higher volume. Year-over-year Lift Truck revenue fell 17%, driven by lower sales of higher-value standard and premium counterbalanced trucks as customers shifted toward lighter-intensity, lower-priced models. Positive pricing of $11 million partly offset these effects. Americas remained profitable at $12.2 million of operating profit, while EMEA reported a $(17.2) million operating loss and JAPIC reported a $(5.7) million operating loss.
Bookings and backlog support management's expectation for a stronger fourth quarter. Lift Truck bookings of $550 million were 45% above Q3 2025, marking the fourth consecutive quarter of elevated bookings from the Q2 2025 cyclical low point. Backlog was $1,600 million, up 19% year over year and 1% sequentially. Management expects stronger conversion of these bookings into production and shipments in Q4, with sequential revenue growth, improved manufacturing absorption, improved gross profit and gross margin, and positive Lift Truck adjusted operating results.
Cash generation improved sequentially, but the balance sheet retains meaningful leverage. Operating cash flow was $26.3 million in Q3, and net debt was $426.2 million at September 30, 2026, down slightly from $427.4 million at June 30, 2026 but above $396.7 million at September 30, 2025. Working capital improved to $661.8 million from $784.9 million a year earlier, reflecting lower inventory. The Company is limiting planned capital expenditures to $50 million to $60 million in 2026 and $40 million to $50 million in 2027.
The new cost program is a major strategic element of the outlook. The Company is targeting at least $100 million of annual cost reductions at maturity in 2029, with implementation costs estimated to be at least $50 million over the program duration. It also expects the earlier manufacturing footprint optimization projects to provide $15 million to $20 million of annualized income and cash benefits in 2027 and $30 million to $40 million in 2028. The critical earnings variables are execution of these programs, conversion of bookings into shipments, product mix, and the extent to which pricing, sourcing and product-cost actions offset elevated tariff-related costs, inflation and competitive pricing.
Not in the filing
stated, not guessed- Gross margin for Q3 2026, Q3 2025 and Q2 2026 was not reported as a percentage.
- Free cash flow was not reported.
- Share repurchases, dividends and other capital-return amounts were not reported.
- A quantitative Q4 2026 consolidated revenue guidance range was not reported.
- A quantitative Q4 2026 gross margin guidance figure was not reported.
- A quantitative Q4 2026 operating expense guidance figure was not reported.
- A quantitative Q4 2026 tax-rate guidance figure was not reported.
- Prior-period guidance was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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
HYSTER-YALE, a provider of lift‑truck and material handling equipment, filed its Form 8‑K with Q3 2026 results.
Ticker impact
HYSTER-YALE reported Q3 2026 results with bookings up 45% YoY, operating loss narrowed and adjusted EBITDA turned positive.
likely modest upside as improved bookings and cash flow reduce loss and support liquidity
the company posted a narrower loss, positive adjusted EBITDA and higher bookings, which typically lift sentiment for a turnaround stock
Market effects
lift‑truck segment shows mixed demand, lighter‑weight models gaining share, may affect peers in material handling
stronger bookings in Americas offset declines in EMEA and JAPIC, indicating regional demand shift
modest, limited to industrial equipment investors
Counterpoint
despite higher bookings, the decline in high‑margin truck sales could pressure margins longer term
Key entities
- companyHYSTER-YALE, INC.
Industrial equipment manufacturer reporting Q3 2026 results
