HYSTER-YALE, INC. (HY): Revenues - Consolidated Revenues - Consolidated - % change yr. over yr
HYSTER-YALE, INC. (HY) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99 Hyster-Yale, Inc. (in millions of $, except percentage data) Revenues - Consolidated Revenues - Consolidated - % change yr. over yr. Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 2022 827.6 895.4 840.1 985.2 3,548.3 2022 13.0 % 17.0 % 12.3 % 18.7 % 15.4 % 2023 999.3 1,090.6 1,001.2 1,
How this was made
The 30-second read
Why it matters
The disclosed FY 2026 figures show revenue down ~12% YoY and net loss widening, which may affect valuation.
Market read
Fresh earnings numbers provide a clear trading signal for HY and may influence peer stocks.
What to watch
Potential upside from restructuring charges and improved cash flow later in the year.
Hyster-Yale reported Q3 2026 consolidated revenue of $827.4 million, down 15.5% year over year, and a net loss attributable to stockholders of $(14.9) million.
Revenue declined 15.5% year over year, gross profit fell to $124.1 million from $155.9 million, and the company reported operating and net losses, although operating margin improved sequentially to -1.1% from -2.3% in Q2 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Consolidated revenuesother | $827.4M | – | -15.5 % |
| Gross profitother | $124.1M | – | – |
| Gross profit %other | 15.0 % | – | – |
| Operating expensesother | $133.2M | – | – |
| Operating expenses as a % of revenueother | 16.1 % | – | – |
| Restructuring & impairment chargesother | $1.5M | – | – |
| Operating profit (loss)other | −$9.1M | – | – |
| Operating profit (loss) %other | -1.1 % | – | – |
| Interest (income) expenseother | $6.8M | – | – |
| Income (loss) before taxesother | −$13.7M | – | – |
| Effective income tax rateother | -4.4% | – | – |
| Net income (loss) attributable to stockholdersother | −$14.9M | – | – |
| Depreciation and amortization expenseother | $11.4M | – | – |
| Net working capitalother | $661.8M | – | – |
| Net working capital as % of revenueother | 20.0 % | – | – |
| Capital expendituresother | $13.8M | – | – |
| Net cash provided by (used for) operating activitiesother | $26.3M | – | – |
| Net cash provided by (used for) investing activitiesother | −$15.1M | – | – |
| Cash flow before financing activitiesother | $11.2M | – | – |
| Net cash provided by (used for) financing activitiesother | −$25.9M | – | – |
| Dividends paid to stockholdersother | $6.6M | – | – |
| Total debtother | $484.7M | – | – |
| Debt to total capitalizationother | 56.5 % | – | – |
| Total equityother | $390M | – | – |
| Return on equityother | -28.2 % | – | – |
| LTM 9/30/26 net income (loss)non-GAAP | −$129.5M | – | – |
| LTM 9/30/26 actual return on capital employednon-GAAP | −$90.7M | – | – |
| LTM 9/30/26 actual return on total capital employed percentagenon-GAAP | (10.7)% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Lift Truck BusinessLift Truck Business revenue declined year over year across the Americas, EMEA and JAPIC operating regions. | $775.5M | – | -16.6 % |
| AmericasAmericas revenue declined 16.9 % year over year. | $608.6M | – | -16.9 % |
| EMEAEMEA revenue declined 18.2 % year over year. | $122.8M | – | -18.2 % |
| JAPICJAPIC revenue declined 5.2 % year over year. | $44.1M | – | -5.2 % |
| BolzoniBolzoni revenue declined 5.4 % year over year. | $82.3M | – | -5.4 % |
Capital returns
- Dividends paid to stockholders were $6.6 million in Q3 2026, compared with $6.3 million in Q3 2025 and $6.6 million in Q2 2026.
What drove it
- Consolidated revenues were down 15.5 % year over year to $827.4 million.
- Lift Truck Business revenue was down 16.6 % year over year to $775.5 million.
- Americas, EMEA, JAPIC and Bolzoni each reported year-over-year revenue declines.
- Consolidated gross profit margin was 15.0 %, compared with 15.9 % in Q3 2025 and 15.7 % in Q2 2026.
- Operating expenses as a percentage of revenue improved sequentially to 16.1 % from 18.0 % in Q2 2026.
Concerns
- The company reported an operating loss of $(9.1) million and a net loss attributable to stockholders of $(14.9) million.
- Consolidated gross profit decreased to $124.1 million from $155.9 million in Q3 2025.
- Debt to total capitalization increased to 56.5 % from 46.4 % in Q3 2025.
- Return on equity was -28.2 %, compared with 0.5 % in Q3 2025.
- LTM 9/30/26 actual return on total capital employed percentage was (10.7)%.
What to watch
- Whether consolidated revenue declines moderate after the Q3 2026 decline of 15.5 %.
- Lift Truck Business revenue trends in the Americas, which reported Q3 2026 revenue of $608.6 million.
- Sustainability of the sequential improvement in operating loss margin to -1.1 % from -2.3 % in Q2 2026.
- Debt, equity and debt-to-total-capitalization trends following Q3 2026 total debt of $484.7 million and total equity of $390.0 million.
- The level of restructuring charges, which were $1.5 million in Q3 2026 and pertained to the Americas segment.
Balance sheet and cash flow
- Net working capital was $661.8 million, compared with $784.9 million in Q3 2025 and $688.9 million in Q2 2026.
- Total debt was $484.7 million, compared with $467.8 million in Q3 2025 and $500.0 million in Q2 2026.
- Debt to total capitalization was 56.5 %, compared with 46.4 % in Q3 2025 and 54.9 % in Q2 2026.
- Total equity was $390.0 million, compared with $555.4 million in Q3 2025 and $410.0 million in Q2 2026.
- Net cash provided by operating activities was $26.3 million; capital expenditures were $13.8 million; cash flow before financing activities was $11.2 million.
Analysis
Hyster-Yale's Q3 2026 results showed continued contraction in the business. Consolidated revenues were $827.4 million, down 15.5 % from $979.1 million in Q3 2025. The decline was broad based. Lift Truck Business revenue declined 16.6 % to $775.5 million, including declines of 16.9 % in the Americas, 18.2 % in EMEA and 5.2 % in JAPIC. Bolzoni revenue also declined 5.4 % to $82.3 million.
Profitability remained negative despite a sequential improvement. Gross profit was $124.1 million, down from $155.9 million a year earlier, while gross profit margin was 15.0 %, compared with 15.9 % in Q3 2025. Operating expenses declined to $133.2 million from $153.6 million, but operating expenses as a percentage of revenue increased to 16.1 % from 15.7 %. The result was an operating loss of $(9.1) million, versus operating profit of $2.3 million in the prior-year quarter, and a net loss attributable to stockholders of $(14.9) million, versus $(2.3) million.
The quarter did improve from Q2 2026 on several operating measures. Revenue increased from $812.9 million, gross profit increased from $127.6 million only modestly, and the operating loss narrowed from $(18.4) million. Operating loss margin improved to -1.1 % from -2.3 %, aided by operating expenses falling from $146.0 million to $133.2 million and their revenue ratio declining from 18.0 % to 16.1 %. Q3 restructuring charges were $1.5 million, compared with $1.7 million in Q2 2026.
Cash generation was positive but lower than the prior-year quarter. Net cash provided by operating activities was $26.3 million, compared with $37.1 million in Q3 2025, and capital expenditures were $13.8 million. Cash flow before financing activities was $11.2 million. Net working capital declined to $661.8 million from $784.9 million a year earlier, while total debt was $484.7 million and debt to total capitalization was 56.5 %, above 46.4 % in Q3 2025. The company paid $6.6 million of dividends to stockholders.
The filing provided no forward guidance. The principal reported issues are the breadth of the revenue contraction, negative earnings and the deterioration in capital metrics. The LTM 9/30/26 actual return on total capital employed percentage was (10.7)%, while return on equity was -28.2 % in Q3 2026.
Not in the filing
stated, not guessed- GAAP and non-GAAP earnings per share
- Diluted weighted-average shares outstanding
- Explicit GAAP or non-GAAP designation for the consolidated income statement and cash flow metrics
- Cash and cash equivalents balance at Q3 2026
- Free cash flow metric
- Share repurchases
- Backlog, bookings, orders or unit-volume metrics
- Forward revenue, margin, expense, tax-rate or earnings guidance
- Prior outlook guidance for comparison
- Named executive commentary or executive quotes
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 filed an 8‑K with Item 2.02 (Results of Operations) and Item 7.01 (Regulation FD).
Ticker impact
SEC Form 8‑K reports Hyster‑Yale's FY 2026 revenue and profit declines, a fresh earnings disclosure.
likely downside as the market prices in the revenue and profit miss
The filing provides the first public numbers for FY 2026, showing a material decline that can trigger sell pressure.
Market effects
Weakness in Hyster‑Yale may signal broader pressure on industrial equipment manufacturers.
U.S. industrial sector could see modest pullback.
Limited, primarily affects U.S. industrial equities.
Counterpoint
If the market overreacts to the decline, a bounce could occur on cost‑cutting measures.
Key entities
- companyHyster‑Yale, Inc.
U.S. industrial equipment manufacturer listed on NYSE under ticker HY.
