HYSTER-YALE, INC. (HY): Q3 2026 INVESTOR PRESENTATION
HYSTER-YALE, INC. (HY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Q3 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
The earnings release provides fresh data on revenue growth, cash generation, and debt reduction, which may influence short‑term trading decisions.
Market read
First‑time disclosure of Q3 metrics offers a modest trading opportunity; investors may weigh the operational upside against ongoing macro risks.
What to watch
Potential supply chain disruptions and tariff risks noted in the forward‑looking statements could offset short‑term gains.
Hyster-Yale narrows its Q3 2026 loss and returns adjusted EBITDA to positive as bookings lift shipments
Revenue, operating result, net loss and adjusted EBITDA all improved sequentially, and bookings are at elevated levels. Q3 still shows a GAAP operating loss and net loss, LTM adjusted EBITDA is negative, and the company describes leverage as elevated.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenues, Q3 2026other | $827M | 2% higher QoQ | – |
| Operating profit (loss), Q3 2026GAAP | −$9.1M | – | – |
| Net income (loss), Q3 2026GAAP | −$14.9M | – | – |
| Adjusted operating profit (loss), Q3 2026non-GAAP | −$7.6M | $9 million improvement | – |
| Adjusted net income (loss), Q3 2026non-GAAP | −$13.8M | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $6M | $11 million | – |
| Adjusted EBITDA, LTM Q3 2026 (last twelve months to 9/30/26)non-GAAP | −$13.2M | – | – |
| Net income (loss) attributable to stockholders, LTM Q3 2026GAAP | −$129.5M | – | – |
| Unit bookings volume, Q3 2026other | $550M | – | 45% improvement vs. Q3'25 |
| Unit value backlog, at Q3 2026other | $1.6B (represents ~5 months of production) | – | – |
| Cash provided by operations, Q3 2026other | $26M | $10M improvement vs. Q2'26 | – |
| Liquidity, Q3 2026other | $662M | – | – |
| Working capital, LTM Q3 2026 (accounts receivable plus inventories less accounts payable)other | $661.8M | – | $123M decrease vs. Q3'25 |
| Working capital as % of sales, LTM Q3 2026non-GAAP | 20% | – | – |
| Debt, Q3 2026other | $484.7M | Decreased $15M vs. Q2'26 | – |
| Cash, Q3 2026other | $58.5M | – | – |
| Net debt, Q3 2026non-GAAP | $426.2M | – | – |
| Net debt to adjusted EBITDA ratio, LTM Q3 2026non-GAAP | (32.3) | – | – |
| Return on total capital employed (ROTCE), LTM Q3 2026non-GAAP | (10.7%) | – | – |
| Dividends paid, year to date Q3 2026other | $20M | – | – |
| Consolidated revenue, LTM Q3 2026 (footnote states Q3 2026 revenue is annualized)other | $3.31B | – | – |
| Capital expenditures, full year 2025other | $63M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Americas (share of HY lift truck unit revenue)Presentation shows FY 2025 HY unit revenue mix by region; no period-specific segment revenue is printed. | 77% (FY 2025 unit revenue by region) | – | – |
| EMEA (share of HY lift truck unit revenue)Presentation shows FY 2025 HY unit revenue mix by region; no period-specific segment revenue is printed. | 16% (FY 2025 unit revenue by region) | – | – |
| Asia-Pacific/Japan (share of HY lift truck unit revenue)Presentation shows FY 2025 HY unit revenue mix by region; no period-specific segment revenue is printed. | 5% (FY 2025 unit revenue by region) | – | – |
| China (share of HY lift truck unit revenue)Presentation shows FY 2025 HY unit revenue mix by region; no period-specific segment revenue is printed. | 2% (FY 2025 unit revenue by region) | – | – |
| Big Trucks (8-48T)Footnote to the 2025 lift truck sales by product chart. No period-specific revenue is printed. | 11% of total sales (2025, per footnote) | – | – |
Q4 2026 and 2027 (qualitative outlook, no numeric ranges except 2026 capex) outlook
- NoteQ4 2026: bookings expected to exceed Q4 2025 and Q3 2026, supported by improving industry conditions, market share gains, broader customer acceptance of the expanded portfolio and new lighter-intensity trucks
- NoteQ4 2026: higher shipments expected to drive sequential revenue growth
- NoteQ4 2026: gross profit and margin expected to improve on higher volumes and cost actions
- NoteQ4 2026: tariff-related costs remain elevated; pricing, sourcing and cost actions expected to partially offset tariffs
- NoteLift Truck adjusted operating results expected to be positive
- Note2027: demand and production levels expected to remain healthy; volume and revenue growth expected
- Note2027: gross profit improvement expected to remain moderated by competitive environment and cost pressures
- Note2024 footprint optimization projects on track to deliver benefits in 2027
- Note2026 total estimated capital expenditures range $50-60M
Capital returns
- Dividends paid: $20M in Q3 2026 year to date versus $19M in Q3 2025 year to date (presentation)
- Company states it continues to adhere to long-term capital allocation priorities: reduce debt, reinvest cash for profitable growth, and shareholder return
- Long-term framework includes reliable dividends and additional shareholder return, with routine debt service, maintenance capex approximately equal to depreciation, and R&D as listed in the framework slide
What drove it
- Company states sequential improvement occurred as stronger bookings began to translate into higher shipments
- Company attributes the $14M sequential revenue increase primarily to improved volumes (presentation)
- Company states the $9M sequential improvement in adjusted operating loss reflects higher volumes and lower employee-related expenses, including incentive compensation
- Fourth consecutive quarter of bookings at elevated levels from the cyclical low point; unit bookings volume $550M, a 45% improvement vs. Q3'25
- Modular platform: company states value and standard pricing tier volume ramp is expected to drive incremental margin uplift via operating leverage
- 2-3.5T Counterbalanced Trucks increased to 19% of bookings as of LTM Q3'26, from 17% in 2025 (share of total bookings, per footnote)
- Transformation program: new programs expected to be initiated, targeting at least $100 million of cost reductions and mitigations at maturity, expected in 2029
Concerns
- GAAP operating loss of $(9.1) million and GAAP net loss of $(14.9) million in Q3 2026 remain negative
- LTM Q3 2026 adjusted EBITDA is $(13.2) million and LTM net loss is $(129.5) million
- Tariff-related costs remain elevated; company expects pricing, sourcing and cost actions only to partially offset them
- Gross profit improvement in 2027 expected to be moderated by competitive environment and cost pressures
- Leverage described by the company as elevated
- LTM ROTCE is (10.7%)
- Revenue growth in Q3 2026 was 2% sequentially, and the presentation does not print a year-over-year revenue comparison
What to watch
- Q4 2026 bookings versus Q4 2025 and Q3 2026, as guided
- Q4 2026 shipments and whether revenue grows sequentially
- Gross profit and margin in Q4 2026 and the offset from pricing, sourcing and cost actions against tariffs
- Positive Lift Truck adjusted operating results in Q4 2026
- Net debt to adjusted EBITDA as LTM adjusted EBITDA recovers from $(13.2) million
- Progress on new programs targeting at least $100 million of cost reductions by 2029 and footprint benefits in 2027
- Recovery of previously paid IEEPA tariffs, cited as a forward-looking risk factor
- Capital expenditure within the $50-60M 2026 estimate
Balance sheet and cash flow
- Debt $484.7 million at Q3 2026 versus $500.0 million at Q2 2026 and $467.8 million at Q3 2025 (quarterly reconciliation); presentation states debt decreased $15M vs. Q2'26
- Debt composition at Q3 2026 as shown in chart: ABL $90M, Term Loan $213M, Working Capital Facilities $117M, Wholesale Financing $44M, Finance Leases $19M, Other $2M
- Unused borrowing capacity of $233M
- Cash on hand $58.5 million at Q3 2026 versus $72.6 million at Q2 2026 and $71.1 million at Q3 2025
- Net debt $426.2 million at Q3 2026 versus $427.4 million at Q2 2026 and $396.7 million at Q3 2025 (non-GAAP)
- Working capital improved $123M YoY, per presentation; inventory decreased $76M YoY; company cites a YoY five-day reduction in days inventory outstanding
- Cash provided by operations $26M in Q3 2026, a $10M improvement vs. Q2'26 (presentation)
- 2025 capital expenditures of $63M; 2026 total estimated capital expenditures range $50-60M, dependent on production requirements and timing of approved projects
- Company states leverage is elevated due to lower earnings and tariff impacts
- Net debt to adjusted EBITDA ratio is printed as (32.3) for LTM Q3 2026 and 2.9 for LTM Q3 2025, because LTM adjusted EBITDA is negative in the current period
Analysis
Hyster-Yale's Q3 2026 investor presentation shows sequential improvement across the main lines. Revenue was $827 million against $813 million in Q2 2026, a 2% increase that the company attributes primarily to improved volumes. GAAP operating loss narrowed to $(9.1) million from $(18.4) million, and GAAP net loss narrowed to $(14.9) million from $(31.6) million. Adjusted operating loss was $(7.6) million against $(16.7) million, and adjusted EBITDA was $6.0 million against $(5) million in Q2 2026, which the company describes as a return to positive. Against Q3 2025, the GAAP operating result was $2.3 million and the GAAP net result was $(2.3) million, so the operating and net lines are not yet back to the prior-year comparison level, and the filing does not print a Q3 2025 revenue figure.
Demand indicators are the strongest part of the update. Unit bookings were $550 million, up 45% versus Q3 2025 according to the presentation, and the company describes Q3 as the fourth consecutive quarter of bookings at elevated levels from the cyclical low point. Unit value backlog stood at $1.6 billion, which the company says represents about five months of production. The company links these bookings to the revenue increase, stating that stronger bookings began to translate into higher shipments.
Working capital and cash flow improved. Working capital was $661.8 million on an LTM basis, a $123M decrease versus Q3 2025 as printed on the working capital panel, and inventory fell $76M year over year. Cash provided by operations was $26M, $10M better than Q2 2026. Debt was $484.7 million, down from $500.0 million in Q2 2026 but above the $467.8 million of Q3 2025, and cash was $58.5 million. Net debt was $426.2 million. LTM adjusted EBITDA remained negative at $(13.2) million, so the net debt to adjusted EBITDA ratio printed at (32.3). The company itself says leverage is elevated due to lower earnings and tariff impacts. Dividends paid were $20M year to date, against $19M a year earlier, and the company restates its capital allocation priorities of reducing debt, reinvesting for profitable growth and shareholder return.
The outlook for Q4 2026 is qualitative. The company expects bookings above Q4 2025 and Q3 2026, sequential revenue growth on higher shipments, and gross margin improvement on volume and cost actions, while tariff costs remain elevated and only partially offset. It expects Lift Truck adjusted operating results to be positive. For 2027 it expects healthy demand, volume and revenue growth, with gross profit improvement moderated by competition and cost pressures. No numeric revenue, margin, expense or tax guidance is given in the document. The filing also notes a 2026 capital expenditure estimate of $50-60M and a target of at least $100 million of cost reductions at maturity in 2029.
The Q3 read is therefore a sequential recovery from a low base rather than a return to profit. Bookings and backlog support the company's view of higher shipments, but the GAAP loss, the negative LTM adjusted EBITDA and the elevated leverage remain the figures that need to improve for the outlook to show up in reported earnings. The filing is an investor presentation with no income statement, so cost of sales, gross margin, operating expense lines, EPS and share count data are not available in this document.
Not in the filing
stated, not guessed- No earnings press release or income statement is in the filing; cost of sales, gross profit, gross margin and operating expense lines are not reported
- Q3 2025 revenue is not printed
- Q3 2025 cash provided by operations is not printed
- Prior-year and prior-quarter changes for operating profit, net income, adjusted operating profit and adjusted EBITDA are not printed as percentages
- Q2 2026 adjusted EBITDA in the quarterly reconciliation table is not printed; the prior-quarter figure is taken from the summary slide
- Earnings per share, GAAP and non-GAAP, are not reported
- Share repurchases in Q3 2026 are not reported
- Period-specific segment revenue is not printed; regional and product shares are FY 2025 or LTM mix percentages
- Prior-year figures for ROTCE, LTM working capital and LTM revenue are not printed
- Numeric guidance ranges for revenue, gross margin, operating expenses and tax rate are not printed
- Dollar value of debt facilities in the debt composition chart is shown as rounded figures on the slide; the sum is not computed
- Q4 2026 and 2027 outlook is qualitative only; no prior outlook was provided, so no comparison is made
- Headline Q3 2026 revenue on the summary slide is rounded to $827M; no more precise figure is printed
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 a Form 8‑K reporting Q3 2026 financial results and forward‑looking statements, highlighting operational improvements and risk factors.
Ticker impact
Q3 2026 results disclosed: $827M revenue, adjusted operating loss improved by $9M, positive cash flow and debt reduction.
potential modest upside as investors price in improved operating metrics and debt reduction.
The filing provides the first public disclosure of Q3 numbers, showing sequential improvement and stronger liquidity, which may attract buying interest.
Market effects
Lift truck and material handling sector may see modest positive sentiment from HY's improved metrics.
North American industrial equipment market could benefit from HY's better cash flow.
Limited; primarily impacts HY and its immediate peers.
Counterpoint
Despite improvements, the adjusted operating loss remains, and macro headwinds could keep the stock under pressure.
Key entities
- companyHyster‑Yale, Inc.
Industrial equipment manufacturer listed on NYSE under ticker HY.
