Nov 6, 2026, 4:40 PM ETIndustrials

Hyster-Yale — Q3 2026 Earnings Summary

HYHYSTER-YALE INC

Financial Performance

Consolidated revenue was $827 million, a 2% increase quarter-over-quarter (QoQ) from $813 million in Q2 2026.
Operating loss was $9 million, an improvement of $9 million compared to an $18 million loss in Q2 2026.
Net loss was $15 million, an improvement of $17 million compared to a $32 million loss in Q2 2026.
Adjusted operating loss was $8 million, an improvement of $9 million compared to a $17 million loss in Q2 2026.
Adjusted net loss was $14 million, an improvement of $16 million compared to a $30 million loss in Q2 2026.
Adjusted EBITDA was $6 million, a positive result compared to a $5 million loss in Q2 2026.
Cash provided by operations was $26 million, a $10 million improvement versus Q2 2026.
Working capital was $662 million, a $123 million decrease compared to Q3 2025.
Inventory decreased by $76 million year-over-year, resulting in a five-day reduction in days inventory outstanding.
Net debt was $485 million, a decrease of $15 million compared to Q2 2026.
Cash on hand was $59 million.
Dividends paid year-to-date in Q3 2026 were $20 million, compared to $19 million in Q3 2025.
Last Twelve Months (LTM) Adjusted EBITDA as of Q3 2026 was $6.0 million.
LTM Net Income for Q3 2026 was a loss of $129.5 million.
LTM Adjusted EBITDA for Q3 2025 was $15.1 million.

Q4 2026 bookings are expected to exceed both Q4 2025 and Q3 2026 levels.
Q4 2026 revenue is expected to grow sequentially, driven by higher shipments.
Gross profit and margins are expected to improve in Q4 2026 due to higher volumes and cost actions.
Lift truck adjusted operating results are expected to be positive in Q4 2026.
Demand and production levels are expected to remain healthy in Q4 2026.
Volume and revenue growth are expected in 2027.
Gross profit improvement in 2027 is expected to remain moderated by the competitive environment and cost pressures.
2024 footprint optimization projects are on track to deliver benefits in 2027.
Long-term financial objectives include revenue growth exceeding GDP++, Adjusted Operating Profit of $350 million (7% margin), Cash from Operations exceeding $300 million, and Return on Total Capital Employed (ROTCE) greater than 20%.
A new program targeting at least $100 million of cost reductions and mitigations is expected to reach maturity in 2029.

Unit bookings volume improved 45% year-over-year compared to Q3 2025.
Unit value backlog represents approximately 5 months of production.
Bookings have been at elevated levels for four consecutive quarters following a cyclical low point.
The 2-3.5T Counterbalanced Truck segment increased to 19% of the portfolio as of LTM Q3 2026, up from 17% in 2025.
Approximately 39% of total Hyster-Yale revenues come from new products released in the past five years.
The company is expanding its product portfolio with new lighter-intensity trucks to broaden the addressable market.
Modular manufacturing platforms are being utilized to drive global efficiencies and reduce logistics complexity.
Growth accelerators include Warehouse Solutions, Technology Solutions (automation and telematics), Energy Solutions (lithium-ion batteries), Attachment Solutions, Service Solutions, and Parts Solutions.
Big Trucks (8-48T) focus on global production of flexible portfolios and zero-emission product mixes.
4-9T Counterbalance Lift Trucks are focusing on expanding market reach and strengthening commercial execution.
1-3.5T Counterbalance Lift Trucks are optimizing costs and leveraging flexible portfolios to capture replacement demand.

The global lift truck industry size (including China) is projected to grow at an 8% CAGR from 2016 to 2026.
The company is gaining market share supported by improving industry conditions and broader customer acceptance of its expanded product portfolio.
Customer demand is shifting toward value-oriented, application-matched trucks with tighter capital budgets.
Hyster-Yale's revenue is weighted toward higher-value product classes compared to the industry average.
The company serves a broad group of end markets including Logistics, Industrials, Food & Beverage, and Retail & Durable Goods.
Distribution channels consist of 68% Independent Dealers, 29% Major Accounts, and 3% Service, Rental & Other Aftermarket.
The company has 254 dealers with 883 locations globally as of September 30, 2026.

Supply chain disruptions, delays in delivery, and increases in costs due to inflation, tariffs, and material shortages.
Trade barriers, tariffs, and changes in U.S. trade policy or retaliatory tariffs from other countries.
Reduction in demand for lift trucks, attachments, and related parts and service globally.
Customer acceptance of pricing and new product development costs.
Geopolitical conflicts (Iran, Russia/Ukraine, Israel/Gaza, Red Sea) and their regional effects.
The Uyghur Forced Labor Prevention Act (UFLPA) potentially impacting imports from China.
Exchange rate fluctuations and interest rate volatility.
Product liability, warranty claims, and litigation.
Inability to attract, retain, or replace workforce and administrative employees.
Cyber-based attacks or network breaches.

Management highlighted a sequential improvement in revenue, operating results, and cash flow from operations.
Stronger bookings began to translate into higher shipments, primarily due to improved volumes.
The Q3 Adjusted Operating Loss improvement was driven by higher volumes and lower employee-related expenses, including incentive compensation.
Management emphasized the shift to a modular manufacturing platform to amplify operational performance and drive margin expansion.
The tone reflects confidence in the company's ability to recover from cyclical lows, with four consecutive quarters of elevated bookings.
Management stated that pricing, sourcing, and cost actions are expected to partially offset elevated tariff-related costs.

The company maintains a disciplined capital allocation framework prioritizing debt reduction, reinvestment for profitable growth, and shareholder return.
Unused borrowing capacity was $233 million as of Q3 2026.
Capital expenditures for 2026 are estimated to range from $50 million to $60 million.
R&D spending is approximately 2% to 3% of revenues.
The company is implementing a transformation program to reshape the product portfolio, reduce manufacturing complexity, consolidate facilities, simplify organizational structure, and reduce capital intensity.
The company's investment thesis focuses on lower cyclicality, higher margins, and growth through electrification, automation, and solutions.
Net Debt to Adjusted EBITDA ratio was elevated due to lower earnings and tariff impacts.
The company serves a large installed base of approximately 1,006,000 units as of December 31, 2025, driving aftermarket parts sales.