HYSTER-YALE, INC.
For the period ended Mar 31, 2026. Filed May 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
HY$28.41+5.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001173514-25-000126
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001173514-26-000114
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 99 previous paragraphs and 90 current paragraphs.
29 unchanged; 22 reworded; 38 added; 45 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 13 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (38)
Current report
First Quarter of 2026 Compared with First Quarter of 2025
Current report
Revenues decreased 12.7% to $795.2 million in the first quarter of 2026 from $910.4 million in the first quarter of 2025. The decrease in Lift Truck revenues was primarily due to a shift in the mix of sales to lighter-duty, lower-priced models, primarily in the Americas and EMEA. This shift reflects the ongoing market demand for lighter-duty, lower-priced trucks which has led to reduced shipment volumes of the traditional, higher-priced models across all Lift Truck segments. In addition, the Company believes macroeconomic challenges, including ongoing economic uncertainty and cautious customer spending, further reduced potential revenues in the first quarter of 2026. The decline in Lift Truck revenues was partially offset by favorable currency movements and favorable pricing, mainly in the Americas, in the first quarter of 2026.
Current report
Bolzoni Group's revenues increased in the first quarter of 2026 compared with the first quarter of 2025, primarily due to favorable foreign currency movements which more than offset a shift in sales to lower-priced products and lower unit volume.
Current report
Bolzoni recognized an operating loss of $0.1 million in the first quarter of 2026 compared with operating profit of $0.6 million in the first quarter of 2025, primarily due to increased employee-related costs included in higher selling, general and administrative expenses.
Current report
The Company expects 2026 to represent a year of sequential improvement, with the first half having lower shipment volumes, additional Section 232 tariffs, and broader macroeconomic pressures, followed by improvement in the second half driven by stronger bookings, adequate backlogs, and ongoing cost actions.
Current report
The Company’s 2026 outlook has been updated to reflect the introduction of additional Section 232 tariffs and the ongoing Iran conflict, which has contributed to higher material prices, supply chain disruptions, and increased uncertainty, affecting margins, product availability, and demand. As a result, expectations originally communicated for 2026 have been reduced. Key tariff‑related assumptions underlying the outlook include:
Current report
•continued application of Section 232 tariffs on steel, aluminum, copper, and certain derivative products, now including recent changes that expand tariff coverage and apply duties to the full customs value of covered products;
Current report
•continued application of Section 301 tariffs on Chinese‑origin goods, including lift truck components, with current product‑specific exclusions scheduled to expire in November 2026;
Current report
•the temporary global import surcharge imposed under Section 122 of the Trade Act of 1974, which replaced tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”), is assumed to remain in effect through its statutory expiration in July 2026;
Current report
•no assumed benefit from potential tariff‑related recoveries due to uncertainty around timing and amount;
Current report
•no additional new tariffs or material escalation of existing tariff rates beyond current statutory authorities;
Current report
•the successful execution of the Company’s tariff mitigation and cost management initiatives.
Current report
Tariffs are expected to remain a material headwind throughout 2026. While mitigation actions, including pricing initiatives, sourcing adjustments, and product‑cost reductions, are expected to partially offset higher tariff‑related costs, the Company does not expect to fully recover these impacts. Tariff expenses are expected to increase in Q2 2026 before mitigation benefits, which are expected to become more meaningful in the second half of the year.
Current report
Operational Initiatives and Cost‑Reduction Programs
Current report
During the first quarter, the Company maintained a strong focus on operational efficiency, continuing to align its production footprint and organizational structure with market demand. Efforts to improve competitiveness and profitability remain central, supported by Nuvera's strategic realignment, restructuring initiatives, and long-term manufacturing optimization projects.
Current report
Nuvera’s strategic realignment, completed in 2025, delivered $15 million in cost savings for 2025 and enabled the redeployment of resources toward higher-growth areas.
Current report
In Q4 2025, the Company launched a restructuring program targeting annualized cost reductions of $40–$45 million beginning in 2026. By the end of Q1 2026, the Company began to see cost savings from this initiative, as reflected in the quarterly results. These actions are expected to help address ongoing market pressures and position the Company for future growth as a leaner, more agile organization.
Current report
Manufacturing footprint optimization projects, initiated in late 2024, are progressing as expected. The Company expects additional costs of $10–$12 million in 2026 and $3–$6 million in 2027. While initial benefits in 2026 are projected to be minimal due to lower production volumes during the transition, the Company anticipates significant improvements beginning in 2027, with annualized income and cash benefits of $30–$40 million expected in 2028 once these programs are fully implemented.
Current report
Overall, the Company’s comprehensive cost-reduction strategy balances immediate actions with longer-term initiatives, driving operational efficiency and organizational agility while maintaining investments in key strategic programs. As a result, the Company is positioned to achieve substantial savings, support sustainable growth, and enhance financial resilience.
Current report
Projected cost savings are stated prior to expected increases in operating expenses, which are anticipated to be in line with inflation.
Current report
•Restructuring program: Targeting $40–$45 million in annualized cost reductions expected in 2026. The Company has begun to see these cost reductions in its Q1 2026 results.
Current report
•Manufacturing footprint optimization: Expected savings of $20–$30 million in 2027, fully implemented by 2028 with expected annualized benefits of $30–$40 million.
Current report
Since Q1 2025, the global lift truck industry has expanded across all major geographic regions, with the most notable growth occurring in the JAPIC market. Despite this industry-wide expansion, the Company’s performance has been lower than the overall market, in both dealer and retail sales. However, the Company has seen encouraging momentum in North America, particularly with increased bookings of Class 5 trucks.
Current report
The Company expects bookings to strengthen significantly in the second half of 2026 compared to the first half of 2026; with a significant impact coming from the full availability and market understanding of the Company's new value and standard product offerings.
Current report
The introduction of additional Section 232 tariffs and the ongoing Iran conflict have prompted the Company to revise its projections. Tariffs and the Iran conflict have contributed to increased material prices, supply chain disruptions, and heightened uncertainty, all of which have affected margin, product availability, and overall demand. As a result, second half financial results appear lower than the Company expected in Q4 2025.
Current report
Booking trends at the start of 2026 have been encouraging. Q1 2026 bookings surpassed Q4 2025, with Americas showing steady improvement and EMEA delivering strong gains, supported by increased quoting and higher conversion rates from quotes to orders. Looking ahead, the Company expects demand for bookings to gradually increase as customer confidence returns and replacement-driven activity increases due to aging fleets and greater maintenance needs.
Current report
Backlog began to build in Q1 2026, due to an improvement in bookings after the Q3 2025 cycle low. Although shipments and bookings in Q1 2026 did not reach initial targets and backlog remains at or below the typical three- to four-month range, this recovery is helping position the Company for increased production rates starting in Q3 2026.
Current report
While bookings and backlog have not yet returned to anticipated levels, the positive momentum in Q1 2026 strengthens the Company's confidence in the ongoing recovery. The Company will continue to monitor market dynamics and adjust its outlook as customer sentiment and broader economic conditions require.
Current report
Order activity typically has an impact on revenue with a lag due to the timing between bookings, production, and shipments. In the first quarter, bookings exceeded orders, allowing backlog to grow. Management anticipates Q2 2026 shipments will be the low point of the current cycle, with improved bookings leading to a gradual rebuild of backlog to target levels. Q3 2026 is expected to bring the first significant improvement in shipments compared to 2025, and higher volumes are anticipated in the second half of the year. The Company believes this should support a more normalized operating cadence and greater manufacturing efficiency.
Current report
Margins are expected to improve compared to Q1 2026 as market conditions stabilize and the product mix begins to shift and prices begin to recover unanticipated tariff costs to some degree. However, margins are not anticipated to return to the elevated levels experienced during the post-COVID pandemic high backlog period in 2023 and 2024. The ongoing demand for lighter-duty, lower-priced models, often aggressively priced by foreign competitors, especially in South America and Europe, continues to have an impact on overall product mix and margin performance. The Company has expanded its offerings to better serve these segments, and we are beginning to see market acceptance, with early introductions of newer models proving successful. This initial traction positions the Company well for continued gains as broader market adoption increases. Over time, the Company’s modular and scalable product portfolio is expected to continue to strengthen competitiveness and support margin recovery as volumes normalize, though not to the peak levels seen in the post-COVID period.
Current report
Tariff costs on steel, Chinese‑origin components, and other imports are expected to increase compared to Q1 2026 levels with the additional Section 232 tariffs. The Company is actively evaluating additional mitigation actions, however tariffs are expected to continue to affect both the Company’s cost structure and customer purchasing behavior. The Company expects a significant increase in tariff expenses in Q2 2026 for which mitigation actions, including pricing, sourcing initiatives, and product‑cost reductions implemented by the Company, will not yet be in place. However, the second half of the year is expected to improve significantly, although the Company does not expect to fully offset all tariff‑related costs.
Current report
Ongoing operational and cost‑reduction initiatives are expected to generate year‑over‑year improvements in fixed manufacturing and operating expenses. Combined with gradually improving shipment volumes, these actions are expected to support improved manufacturing effectiveness and a meaningful improvement in second half operating profit in 2026, despite a lower‑margin product mix. The Company remains focused on disciplined execution, proactive cost management, and aligning its product portfolio with evolving market demand to strengthen its competitive position.
Current report
Bolzoni Group
Current report
Bolzoni Group is projected to achieve modest improvements in profitability in 2026. Although revenues may decline slightly due to the planned phase-out of certain legacy components previously supplied to the Lift Truck business, the Company’s ongoing shift toward higher-margin attachment products and improved plant utilization are expected to drive margin expansion. Management remains focused on optimizing the product mix and reinforcing operational discipline throughout its global facilities.
Current report
In Q2 2026, Bolzoni Group anticipates a slight uptick in revenue and a more pronounced increase in operating profit compared to Q1 2026. This improvement is primarily attributed to the strong performance of higher-margin attachment products, as certain product introductions and advanced technology attachments gain traction in the market. As Bolzoni Group advances its transition to a more profitable product mix, management expects Q2 2026 to mark a meaningful step forward in both revenue quality and overall profitability.
Current report
On a consolidated basis, the Company expects to deliver a modest full-year operating profit for 2026. While the first half of the year is anticipated to be a significant loss position, driven by lower shipment volumes resulting from reduced bookings and backlog in 2025, as well as the impact of additional Section 232 tariffs, the Iran conflict, other macroeconomic pressures, and a low quarter tax rate the Company believes that Q2 2026 will represent its financial low point. As the Company moves into the second half of 2026, strengthened booking activity, a recovering backlog and pricing adjustments are expected to fuel revenue growth. In addition, higher-margin growth initiatives, ongoing cost-reduction efforts, and operational efficiency improvements are expected to drive a meaningful rebound in operating profit. Management expects positive developments in the second‑half of the year to more than offset first half losses, resulting in a modest full-year operating profit and a higher full-year tax rate with improved full‑year financial performance compared to 2025.
Current report
The Company remains focused on liquidity management by optimizing working capital and maintaining strict control over capital and operating expenses. In the first half of 2026, cash flow is expected to reflect increased usage due to higher tariffs and expenses tied to ramping up production; however, these impacts are expected to partially offset by improved cash generation from inventory optimization in 2026. Working capital efficiency is expected to improve due to closer alignment of production and inventory with current market conditions as the Company moves to higher production. The Company anticipates meaningful operating cash flow in the second half of 2026, largely driven by a return to profitability and continued cost optimization. Net income is expected to support positive cash flow in the latter half of the year. Overall, cash flow from operations for full-year 2026 is projected to be moderately below 2025 levels.
Current report
While investment in modular development and critical capital equipment, including information technology, remains central to the Company’s ongoing transformation, the Company is prepared to adjust or defer certain projects if necessary. This disciplined approach is expected to help the Company maintain liquidity to support a strong recovery in the second half of the year. Capital expenditures for 2026 are projected to range from $55–$70 million, with spending carefully monitored and adjusted in line with production levels and market conditions. As the Company generates cash in the future, the Company expects to apply our capital allocation framework by reducing leverage, pursuing strategic investments that support profitable growth, and delivering strong long-term returns to shareholders.
Removed paragraphs (45)
Previous report
In May 2025, Bolzoni acquired 100% of the equity interest of a manufacturing business in Italy for an aggregate purchase price of $2.6 million, net of cash acquired. In addition, the agreement may require additional consideration to be paid by Bolzoni based upon the acquired business achieving certain revenue and profitability metrics in future years. The results of operations of this acquired business have been included in the Bolzoni segment since the date of acquisition and are not material to the Company's results of operations, financial position or cash flows. The Company has not yet finalized its analysis of the fair value of the acquired business, thus the allocation of the purchase price is preliminary and may change in future periods as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation no later than one year after the date of acquisition.
Previous report
Third Quarter of 2025 Compared with Third Quarter of 2024
Previous report
Revenues decreased 3.6% to $979.1 million in the third quarter of 2025 from $1,016.1 million in the third quarter of 2024. The decrease in Lift Truck revenues was primarily due to a decline in unit volume, mainly in the Americas. The Company believes the lift truck market continues to reflect a more cautious customer approach amid ongoing economic uncertainty with increased pressure from low-cost foreign competitors. The decline in unit volume was partially offset by higher other revenues, a shift in sales to higher-priced lift trucks and the Company’s pricing actions to help offset higher costs, mainly in the Americas. In addition, favorable currency movements in the third quarter of 2025 partially offset the decline in Lift Truck revenues.
Previous report
Bolzoni's revenues decreased in the third quarter of 2025 compared with the third quarter of 2024, primarily due to lower unit volume.
Previous report
Operating profit in the Americas decreased to $21.1 million in the third quarter of 2025 compared with $40.9 million in the third quarter of 2024. The decrease was due to lower gross profit primarily from lower volume, lower overhead absorption rates tied to lower production volume and the unfavorable impact of tariff costs of approximately $40 million, partially offset by the Company’s pricing actions. The decreases were partially offset by lower selling, general and administrative expenses primarily related to decreased incentive compensation costs.
Previous report
EMEA recognized an operating loss of $16.9 million in the third quarter of 2025 compared to $9.6 million in the third quarter of 2024. The increase in operating loss was primarily due to unfavorable pricing, lower parts volume and an increase in material and freight costs.
Previous report
The operating loss in JAPIC was $4.2 million in the third quarter of 2025 compared with $4.1 million in the third quarter of 2024 as lower gross profit was offset by lower restructuring and impairment charges.
Previous report
Bolzoni's operating profit decreased to $2.1 million in the third quarter of 2025 compared with $6.2 million in the third quarter of 2024, primarily due to lower unit volumes and lower overhead absorption rates tied to lower production levels as well as higher employee-related costs included in selling, general and administrative expenses.
Previous report
First Nine Months of 2025 Compared with First Nine Months of 2024
Previous report
Revenues decreased 12.2% to $2,846.1 million in the first nine months of 2025 from $3,240.7 million in the first nine months of 2024. The decrease was primarily due to a decline in unit volume, mainly in the Americas and EMEA. The Company believes the lift truck market continues to reflect a more cautious customer approach amid ongoing economic uncertainty with increased pressure from low-cost foreign competitors. The decrease was partially offset by higher other revenues, including improved fleet services revenue.
Previous report
Bolzoni revenues decreased in the first nine months of 2025 compared with the first nine months of 2024, primarily due to lower unit volume.
Previous report
The following table identifies the components of change in operating profit for the first nine months of 2025 compared with the first nine months of 2024:
Previous report
The Company's operating profit decreased from $212.5 million in the first nine months of 2024 to $15.1 million in the first nine months of 2025. The decrease in operating profit was primarily due to lower gross profit, mainly from lower volume, the unfavorable impact of approximately $60 million of tariff costs, as well as lower overhead absorption rates tied to lower production volume. Additionally, the company recognized $16.9 million in restructuring and impairment charges in connection with the strategic realignment of Nuvera and programs initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations. See Note 15, Restructuring and Impairment Charges, to the Company's unaudited condensed consolidated financial statements for further discussion.
Previous report
Operating profit in the Americas decreased in the first nine months of 2025 compared with the first nine months of 2024, primarily due to decreased gross profit, mainly from lower volume, the unfavorable impact of approximately $60 million of tariff costs, as well as lower overhead absorption rates tied to lower production volume. In addition, $17.6 million in restructuring and impairment charges were recognized in the Americas during the first nine months of 2025.
Previous report
EMEA had an operating loss of $46.8 million in the first nine months of 2025 compared with an operating profit of $0.4 million the first nine months of 2024. The change was mainly due to lower gross profit from lower unit volume, lower pricing and a shift in sales to lower-margin products. Higher material and freight costs as well as lower overhead absorption rates tied to lower production volume also contributed to the decline. Selling general and administrative expenses were higher, primarily as a result of increased marketing and sales costs.
Previous report
JAPIC's operating loss increased to $19.1 million in the first nine months of 2025 from $15.3 million in the first nine months of 2024, primarily due to lower gross profit from unfavorable foreign currency, higher material and freight costs and lower unit volume, partially offset by lower selling, general and administrative expenses.
Previous report
Bolzoni's operating profit decreased to $5.1 million in the first nine months of 2025 compared with $13.5 million in the first nine months of 2024, primarily due to lower unit volumes as well as lower overhead absorption rates tied to lower production volume. Additionally, selling general and administrative expenses were higher as a result of increased employee-related costs.
Previous report
The Company’s Q4 2025 outlook is based on a set of assumptions, including the anticipated impact of tariffs and related mitigation efforts to help improve financial results. Proactive measures such as price increases, cost reductions through adjustments in global product sourcing, supply chain enhancements, and cost optimization programs are expected to partially offset increased tariff-related expenses. Key assumptions for the outlook include:
Previous report
inclusion of Section 232 tariff for steel and steel derivatives,
Previous report
current Section 301 tariff exemption for lift truck parts not extended beyond November 29, 2025,
Previous report
no additional tariffs will be added globally,
Previous report
the successful implementation of the Company’s proactive initiatives outlined above.
Previous report
Recent informal announcements suggest that Chinese tariff levels will be reduced, including an extension of Section 301 tariff exemptions to November 2026, which would have a favorable financial impact of $2 million to $3 million in Q4 2025, compared to the above assumptions.
Previous report
The Company’s financial outlook continues to be shaped by the considerable and evolving impact of tariffs on its costs, product demand and overall operating results. While the Company is deploying significant mitigation strategies, tariffs remain a substantial financial challenge. Persistent uncertainty around future tariff policies makes it challenging to estimate the final impact, which is expected to remain negative through the foreseeable future. Nevertheless, the Company is committed to disciplined cost controls, pricing and cost alignment, and pursuing other broad initiatives to help moderate these pressures. Management remains focused on navigating the current environment and positioning the Company for long-term profitable growth.
Previous report
During Q3 2025, the total lift truck market contracted in all geographic regions and classes compared to Q2 2025, reflecting a more cautious customer approach amid ongoing economic uncertainty. The Company believes many customers are deferring capital expenditure, resulting in delayed purchasing decisions and a temporary softening in lift truck order activity.
Previous report
Despite the broader lift truck market contraction, the Company experienced an uptick in booking activity, with improvements over both the prior year and previous quarter. A portion of this dollar increase is attributable to the increased pricing on the Company’s trucks due to tariff-related material cost increases.
Previous report
Dollar value bookings improved to $380 million, up from $330 million in the prior quarter, driven by gains in both the EMEA and JAPIC regions, while bookings in the Americas remained stable at relatively low levels. Bookings improved across all product classes.
Previous report
Compared to Q3 2024, dollar value bookings increased modestly, primarily in the Americas, in part due to lift truck market growth led by the warehouse segment. The Company's Class 1 bookings grew, positioning it for further expansion in the warehouse segment.
Previous report
The Company initially expected a factory booking demand recovery to start in Q3 2025, but it has been slow to materialize. Mixed market demand indicators are contributing to cautious expectations for future production and revenue growth over the next few quarters. If customers continue to require shipments at current levels, the Company expects factory bookings to increase in the near future.
Previous report
The Company’s key customers’ purchasing decisions are largely tied to macroeconomic factors, including expectation for lower interest rates and favorable tariff negotiations with countries that most impact industrial supply chains. Customer quoting activity coupled with current shipment rates suggests underlying demand, but that demand is not likely to translate into higher booking rates until macroeconomic uncertainty is reduced. During this period of lower market activity, the Company is taking proactive steps to safeguard its competitive position, implementing targeted actions to increase bookings and truck sales. The Company is executing focused initiatives to improve quote closure rate, guided by our two missions, delivering optimal solutions and excellent customer care.
Previous report
At the end of Q3 2025, the Company’s backlog was $1.35 billion, down from $1.65 billion at the end of Q2 2025, as shipments outpaced new bookings, particularly in the Americas. These bookings and backlog reductions were driven by a reduced quantity of trucks partially offset by increased truck values related to higher costs. Unfavorable currency effects have further diminished the real value of backlog, intensifying the effect of lower truck volume.
Previous report
Given production scheduling requirements and the lower truck bookings, the Company anticipates further backlog degradation in the near term.
Previous report
If shipments continue to outpace new bookings by a significant margin due to ongoing weaker demand, the Company will consider the need for additional actions to better align its cost structure with the evolving market environment.
Previous report
Sustaining a backlog that supports the current multi-month production schedule is increasingly difficult and the Company must now work to align its supply chain and production levels with the lower market demand environment. As a result, the Company is moderating near-term production expectations to help preserve manufacturing efficiency, optimize inventory levels, and maintain an appropriate backlog level.
Previous report
The competitive landscape is also evolving, with increased pressure from low-cost foreign competitors in regions like South America and Europe particularly for smaller, standard and value configuration Class 5 products. These dynamics are likely to compress product margins in affected markets. In response, the Company has expanded our modular and scalable models to support the full range of customer applications, which support margin preservation while allowing for better competitive positioning across the product range. Introducing new products including warehouse products and truck technologies are also expected to provide further competitive differentiation across all global markets.
Previous report
As customer confidence returns and capital spending resumes over the next several quarters, the Company remains committed to maintaining a high level of customer engagement, prioritizing innovation and delivering differentiated solutions that foster long-term market share growth.
Previous report
Operational improvement projects initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations are progressing, although at a slower pace, with $2.4 million spent in the first nine months of 2025. The Company expects to incur an additional $3 million in the fourth quarter of 2025, and between $12 million to $25 million in 2026. Total project expenditure estimates are in line with prior guidance, with some expected shifts from 2025 to 2026. Initial benefits from these programs are expected to begin in 2026 but will likely be offset by operational inefficiencies from lower production volumes. By 2027, these fully implemented programs are expected to generate significant annualized income and cash benefits ranging between $30 million to $40 million. These savings are expected to significantly offset the negative impact from future market cyclicality. Savings estimates are based on current volume and cost assumptions.
Previous report
Operating expenses in Q4 2025 are expected to remain consistent with the year-to-date run rate, resulting in a modest year-over-year decrease. This is primarily due to lower incentive compensation and cost savings from Nuvera’s strategic realignment. These savings are partially offset by higher employee-related costs.
Previous report
Q4 2025 is anticipated to result in a moderate operating loss, compared to Q3 2025's operating profit, primarily due to moderated production rates. Tariff costs are projected to be consistent with Q3 2025 levels. To help mitigate these tariff-related impacts, the Company continues to pursue global sourcing adjustments, supply chain improvements, and cost optimization actions.
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Reworded paragraphs (22)
Previous wording
Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company, Hyster-Yale Materials Handling, Inc. ("HYMH"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks.
Current wording
Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating companies, Hyster-Yale Materials Handling, Inc. ("HYMH") and Bolzoni S.p.A. ("Bolzoni Group" or "Bolzoni"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments, parts, fleet management services, technology and energy solutions.
Previous wording
The Company, through HYMH, designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, aftermarket parts and technology and energy solutions marketed globally, under the Hyster®, Yale® and Nuvera® brand names, mainly to independent Hyster® and Yale® retail dealerships. The Company's distribution network consisted of approximately 270 independent dealers as of September 30, 2025. The materials handling business historically has been cyclical because the order rate for lift trucks fluctuates depending on the economic activity level in the various industries and countries its customers serve. Lift trucks and component parts are manufactured in the United States, Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.
Current wording
Through HYMH, the Company designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, parts, fleet management services, technology and energy solutions marketed globally, primarily under the Hyster®, Yale® and Nuvera® brand names, mainly to independent Hyster® and Yale® retail dealerships. The Company's distribution network consisted of approximately 260 independent dealers as of March 31, 2026. The materials handling business historically has been cyclical because the order rate for lift trucks fluctuates depending on the economic activity level in the various industries and countries its customers serve. Lift trucks and component parts are manufactured and assembled in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.
Previous wording
The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading producer and distributor of attachments, forks and lift tables marketed globally under the Bolzoni®, Auramo® and Meyer® brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.
Current wording
Bolzoni Group manufactures precision-engineered lift truck attachments, forks, masts and lift tables designed for handling delicate and specialized loads. These solutions are marketed under the Bolzoni®, Auramo® and Meyer® brand names and the Silver Line product portfolio. Bolzoni Group also produces components for lift truck manufacturers. Bolzoni products are manufactured in Italy, the U.S., China, Germany, Finland and Brazil. Through the design, production and distribution of a wide range of attachments, Bolzoni Group has a strong presence in the lift-truck attachments market and industrial material handling.
Previous wording
During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the chief operating decision maker (“CODM”) manages and evaluates the business. These changes did not impact the Company's condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, Business Segmentsto the unaudited condensed consolidated financial statements for additional information on the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change.
Current wording
During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the chief operating decision maker manages and evaluates the business. These changes did not impact the Company's condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, Business Segmentsto the unaudited condensed consolidated financial statements for additional information on the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change.
Previous wording
Please refer to the discussion of Critical Accounting Policies and Estimates as disclosed on pages 19 through 20 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Critical Accounting Policies and Estimates have not materially changed since December 31, 2024.
Current wording
Please refer to the discussion of Critical Accounting Policies and Estimates as disclosed on pages 18 through 19 in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Critical Accounting Policies and Estimates have not materially changed since December 31, 2025.
Previous wording
The following table identifies the components of change in revenues for the third quarter of 2025 compared with the third quarter of 2024:
Current wording
The following table identifies the components of change in revenues for the first quarter of 2026 compared with the first quarter of 2025:
Previous wording
The following table identifies the components of change in operating profit (loss) for the third quarter of 2025 compared with the third quarter of 2024:
Current wording
The following table identifies the components of change in operating profit (loss) for the first quarter of 2026 compared with the first quarter of 2025:
Previous wording
The Company recognized an operating profit of $2.3 million in the third quarter of 2025 compared to $33.1 million in the third quarter of 2024. The decrease in Lift Truck operating profit was primarily due to the unfavorable impact of tariff costs of approximately $40 million and lower volume, partially offset by the Company’s pricing actions. The decreases were partially offset by lower selling, general and administrative expenses primarily related to decreased incentive compensation costs.
Current wording
The Company recognized an operating loss of $28.0 million in the first quarter of 2026 compared to operating profit of $21.3 million in the first quarter of 2025. The decrease in Lift Truck operating profit was primarily due to the unfavorable impact of tariff costs of approximately $30 million in the Americas, lower parts volume in EMEA, and the shift in sales to lower-duty units, partially offset by the Company’s pricing actions in the Americas and the favorable impact of higher capitalized material costs. In addition, selling, general and administrative expenses were lower in all of the Lift Truck segments primarily related to reduced employee-related costs from lower headcount and lower incentive compensation estimates.
Previous wording
The Company recognized a net loss attributable to stockholders of $2.3 million in the third quarter of 2025 compared with net income attributable to stockholders of $17.2 million in the third quarter of 2024. The decline was primarily the result of lower operating profit. The Company reported an income tax benefit of $2.9 million in the third quarter of 2025, which includes the impact of U.S. tax legislation enacted on July 4, 2025. See Note 5, Income Taxes, to the unaudited condensed consolidated financial statements for further discussion.
Current wording
The Company recognized a net loss attributable to stockholders of $30.5 million in the first quarter of 2026 compared with net income attributable to stockholders of $8.6 million in the first quarter of 2025. The decline was primarily the result of lower operating profit. The Company reported an income tax benefit of $1.8 million in the first quarter of 2026. See Note 5, Income Taxes, to the unaudited condensed consolidated financial statements for further discussion.
Previous wording
The following tables detail the changes in cash flow for the nine months ended September 30, 2025 compared to the same period in the prior year:
Current wording
The following tables detail the changes in cash flow for the three months ended March 31, 2026 compared to the same period in the prior year:
Previous wording
Net cash provided by operating activities decreased $60.4 million in the first nine months of 2025 compared with the first nine months of 2024, primarily due to the change in net income (loss) and a higher use of cash in other liabilities primarily due to increased employee-related payments, including incentive compensation, in the first nine months of 2025. This was partially offset by reduced inventory levels mainly from lower revenues, which more than offset the unfavorable impact of currency and tariffs during the first nine months of 2025 compared with the first nine months of 2024. In addition, accounts receivable decreased primarily from lower revenue volume.
Current wording
Net cash used for operating activities decreased $3.5 million in the first three months of 2026 compared with the first three months of 2025, primarily due to the lower use of cash in other liabilities primarily due to reduced employee-related payments, including incentive compensation, in the first three months of 2026. In addition, accounts receivable decreased primarily from lower revenue volume. These amounts were partially offset by the change in net income (loss) and other operating activities.
Previous wording
The change in net cash used for investing activities during the first nine months of 2025 compared with the first nine months of 2024 was mainly due to higher capital expenditures.
Current wording
The change in net cash used for investing activities during the first three months of 2026 compared with the first three months of 2025 was mainly due to lower capital expenditures.
Previous wording
The change in net cash used for financing activities was primarily due to net borrowings under the Company's revolving credit facilities during the first nine months of 2025 compared to net repayments in the first nine months of 2024.
Current wording
The change in net cash provided by financing activities was primarily due to a smaller increase in net borrowings under the Company's revolving credit facilities during the first three months of 2026 compared to the first three months of 2025.
Previous wording
During the second quarter of 2025, the Company entered into an amended and restated agreement for a $300.0 million secured, floating-rate revolving credit facility (the “Facility”). The Facility consists of a domestic revolving credit facility in the initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $90.0 million. The Facility matures on June 24, 2030. The Facility replaced the Company’s previous revolving credit facility, which was set to mature in June 2026. The Facility can be increased to up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders.
Current wording
The Facility consists of a domestic revolving credit facility in the initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $90.0 million. The Facility can be increased to up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders.
Previous wording
The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property. The approximate book value of assets held as collateral under the Facility was $1.1 billion as of September 30, 2025.
Current wording
The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property. The approximate book value of assets held as collateral under the Facility was $1.0 billion as of March 31, 2026.
Previous wording
The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, material real property, fixtures and general intangibles consisting of intellectual property and a second priority lien on U.S. working capital assets of the borrowers and guarantors of the Facility, which includes, but is not limited to, cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Term Loan was $0.9 billion as of September 30, 2025.
Current wording
The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, material real property, fixtures and general intangibles consisting of intellectual property and a second priority lien on U.S. working capital assets of the borrowers and guarantors of the Facility, which includes, but is not limited to, cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Term Loan was $0.7 billion as of March 31, 2026.
Previous wording
The Company had other debt outstanding, excluding finance leases, of approximately $162.7 million at September 30, 2025. In addition to the excess availability under the Facility of $225.1 million, the Company had remaining availability of $49.6 million related to other non-U.S. revolving credit agreements at September 30, 2025.
Current wording
The Company had other debt outstanding, excluding finance leases, of approximately $172.8 million at March 31, 2026. In addition to the excess availability under the Facility of $196.6 million, the Company had remaining availability of $50.5 million related to other non-U.S. revolving credit agreements at March 31, 2026.
Previous wording
Planned expenditures for the remainder of 2025 are primarily for improvements at manufacturing locations and manufacturing equipment, product development and improvements to information technology infrastructure. Management will closely monitor market conditions and may adjust investments levels and timing as market visibility improves.
Current wording
Planned expenditures for the remainder of 2026 are primarily for improvements at manufacturing locations and manufacturing equipment, product development and improvements to information technology infrastructure. Management will closely monitor market conditions and may adjust investments levels and timing as market visibility improves. The primary sources of financing for these capital expenditures are expected to be internally generated funds and bank financing.
Previous wording
U.S. tariffs in effect as of September 5, 2025, including Chinese tariffs at 79%, used as the baseline,
Current wording
•U.S. tariff policies in effect as of April 2026 serve as the baseline;
Previous wording
company demand forecasts are based on bookings trends, backlog levels and market data, and
Current wording
•demand forecasts based on bookings trends, backlog levels, and available market data; and
Previous wording
Hyster-Yale's vision is to transform the way the world moves materials from Port to Home. It strives to do this through its two customer promises: first, to provide optimal customer solutions, and second, to provide exceptional customer care. The Company is focused on executing established strategic initiatives and key projects to transform the Company’s core lift truck business while building new business opportunities in the warehouse lift truck, vehicle automation, energy management and attachment business activities. These complementary growth and profit improvement projects should help the Company fulfill these two promises while achieving long-term revenue and operating profit growth. The Company believes key projects will contribute to an increased and sustainable lift truck and attachment competitive advantage over time.
Current wording
The Company's vision is to transform the way the world moves materials from Port to Home. It strives to do this through its two customer promises: first, to provide optimal customer solutions, and second, to provide exceptional customer care. The Company is focused on executing established strategic initiatives and key projects to transform the Company’s core lift truck business while building new business opportunities in the warehouse lift truck, vehicle automation, energy management and attachment business activities. These complementary growth and profit improvement projects should help the Company fulfill these two promises while achieving long-term revenue and operating profit growth. The Company believes key projects will contribute to an increased and sustainable lift truck and attachment competitive advantage over time.
Previous wording
The statements contained in this Form 10-Q that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the effects of tariffs on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) impacts resulting from increased trade barriers and restrictions on international trade, including as a result of previously announced, and potentially new, changes to U.S. trade policy and tariffs as well as retaliatory or other tariffs imposed by other countries where the Company does business, (3) delays in manufacturing and delivery schedules, (4) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, including any cyclical reduction in demand in the lift truck industry, (5) customer acceptance of pricing, (6) customer acceptance of, changes in the costs of, or delays in the development of new products, (7) the ability of the Company and its dealers, suppliers and end-users to access credit, or obtain financing at reasonable rates, or at all, as a result of interest rate volatility and current economic and market conditions, including inflation, (8) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, including the Uyghur Forced Labor Prevention Act (the “UFLPA”) which could impact the Company's imports from China, as well as armed conflicts, including the Russia/Ukraine conflict, the Israel and Gaza conflict and/or the conflict in the Red Sea, and their regional effects, (9) exchange rate fluctuations, interest rate volatility and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (10) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives and restructuring …
Excerpt shortened here; the source contains the full paragraph.
Current wording
The statements contained in this Form 10-Q that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the effects of tariffs on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) impacts resulting from increased trade barriers and restrictions on international trade, including as a result of previously announced, and potentially new, changes to U.S. trade policy and tariffs as well as retaliatory or other tariffs imposed by other countries where the Company does business, (3) the Company's ability to recover previously paid IEEPA tariffs, (4) delays in manufacturing and delivery schedules, (5) reduction in demand for lift trucks, attachments and related parts and service on a global basis, including any cyclical reduction in demand in the lift truck industry, (6) customer acceptance of pricing, (7) customer acceptance of, changes in the costs of, or delays in the development of new products, (8) the ability of Hyster-Yale and its dealers, suppliers and end-users to access credit, or obtain financing at reasonable rates, or at all, as a result of interest rate volatility and current economic and market conditions, including inflation, (9) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, including the Uyghur Forced Labor Prevention Act (the “UFLPA”) which could impact Hyster-Yale's imports from China, as well as armed conflicts, including the Iran conflict, the Russia/Ukraine conflict, the Israel and Gaza conflict and/or the conflict in the Red Sea, and their regional effects, (10) exchange rate fluctuations, interest rate volatility and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (11) the effectiveness of the cost reduction programs implemented globally, including the successf…
Excerpt shortened here; the source contains the full paragraph.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The Company has a $300.0 million secured, floating-rate revolving credit facility (the “Facility”) that expires in June 2030.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The following table identifies the components of change in revenues for the first nine months of 2025 compared with the first nine months of 2024:
Previous report — wording carried elsewhere
The Company recognized a net loss attributable to stockholders of $7.6 million in the first nine months of 2025 compared with net income attributable to stockholders $132.0 million in the first nine months of 2024. The decline was primarily the result of lower operating profit.
Previous report — wording carried elsewhere
The primary sources of financing for these capital expenditures are expected to be internally generated funds and bank financing.