Hyster-Yale, Inc. — 2024-2026 Historical Performance Summary

Financial Performance

• Consolidated revenue grew 15.4% year-over-year (YoY) in 2022 to $3,548.3 million, 16.1% in 2023 to $4,118.3 million, 4.6% in 2024 to $4,308.2 million, then declined 12.5% in 2025 to $3,769.3 million.
• Consolidated gross profit margin expanded from 12.2% in 2022 to 19.1% in 2023, 20.8% in 2024, before contracting to 16.8% in 2025.
• Operating profit margin improved from -1.1% in 2022 to 5.1% in 2023 and 5.7% in 2024, turning negative at -0.6% in 2025.
• Net income attributable to stockholders was $(74.1) million in 2022, $125.9 million in 2023, $142.3 million in 2024, and $(60.1) million in 2025.
• Net cash provided by operating activities was $40.6 million in 2022, $150.7 million in 2023, $170.7 million in 2024, and $86.1 million in 2025.
• Capital expenditures increased from $28.8 million in 2022 to $35.4 million in 2023, $47.8 million in 2024, and $62.5 million in 2025.
• Total debt decreased from $552.9 million in 2022 to $494.0 million in 2023, $440.7 million in 2024, and rose to $494.3 million in 2025.
• Debt to total capitalization declined from 71.1% in 2022 to 54.8% in 2023, 47.1% in 2024, and increased to 50.9% in 2025.
• Return on equity was -28.1% in 2022, 41.1% in 2023, 30.1% in 2024, and -11.4% in 2025.
• Actual Return on Total Capital Employed was -7.5% in 2022, 20.2% in 2023, 21.3% in 2024, and -1.2% in 2025.

Business Segments and Product Lines

• Lift Truck Business: Revenue grew 16.0% in 2022, 16.7% in 2023, 4.9% in 2024, and fell 13.3% in 2025. Gross profit margin peaked at 21.2% in Q1 2024 and 21.2% in Q2 2024, declining to 15.5% for FY 2025. Operating profit margin was 5.7% in 2024 and -0.7% in 2025.
• Americas Segment: Lift Truck revenue grew 21.3% in 2022, 20.5% in 2023, 11.1% in 2024, and dropped 12.7% in 2025.
• EMEA Segment: Lift Truck revenue grew 3.7% in 2022, 16.5% in 2023, then declined 13.8% in 2024 and 19.5% in 2025.
• JAPIC Segment: Lift Truck revenue declined 19.6% in 2023, 8.7% in 2024, and was flat (-0.1%) in 2025.
• Bolzoni: Revenue grew 5.5% in 2023, 1.0% in 2024, and declined 12.1% in 2025. Gross profit margin improved from 19.9% in 2022 to 22.5% in 2024 and 23.8% in 2025. Operating profit margin was 2.4% in 2024 and 0.1% in 2025.

Risks and Challenges

• Significant restructuring and impairment charges were recognized: $22.6 million in FY 2024, $38.4 million in FY 2025, and $4.8 million in the first three quarters of FY 2026.
• FY 2025 saw a reversal of $1.3 million in EMEA restructuring charges in Q1 and a $0.3 million reversal in EMEA in Q2.
• Bolzoni recognized $4.3 million in restructuring charges in Q4 2024 and $3.2 million in Q4 2025.
• The Americas segment incurred the majority of restructuring charges in FY 2025 ($15.9 million in Q2 and $11.2 million in Q4) and FY 2026 ($1.6 million in Q1, $1.7 million in Q2, $1.5 million in Q3).

Other Key Points

• Dividends paid to stockholders increased from $21.8 million in 2022 to $22.3 million in 2023, $24.0 million in 2024, and $26.7 million in 2025.
• Net working capital as a percentage of revenue was 20.2% in 2022, 19.0% in 2023, 18.3% in 2024, and 19.2% in 2025.
• The historical and current results of the former Nuvera segment are now presented within the Americas operating segment.
• Restructuring and impairment charges are included in both Gross Profit and Operating Expenses.
• Effective income tax rates varied significantly, including -14.7% in 2022, 29.2% in 2023, 34.2% in 2024, and -35.2% in 2025.