Hyster-yale, Inc. (HY) · Nov 5, 2026 · Earnings

Hyster-Yale earnings miss as lift-truck recovery stalls

Miss — Q3 revenue $827.4M vs ~$926.5M consensus

Hyster-Yale’s Q3 earnings data show a major revenue miss and another operating loss, challenging expectations for a second-half lift-truck recovery.

Hyster-Yale is a lift-truck manufacturer trying to emerge from a demand downturn: management had said the market bottomed in the first half of 2026, with stronger bookings and production expected to drive a second-half recovery. Q2 bookings had risen for four straight quarters and backlog approached five months of production, but the expected volume conversion had not yet appeared.

The recovery did not arrive in Q3. Consolidated revenue was $827.4 million, down 15.5% year over year, versus published consensus of roughly $926.5 million—a shortfall of about $99 million. The miss is especially important because the prior business case depended on improving second-half shipments, not merely stabilizing bookings.

FigureQ3 2026Q3 2025Consensus
Revenue (Consolidated)$827.4M (-15.5%)$979.1M~$926.5M
Gross margin (Gross Profit)15.0%15.9%
Operating profit (loss)$(9.1)M$2.3M
Net income (loss) attributable to stockholders$(14.9)M$(2.3)M
Cash flow before financing activities$11.2M$22.9M

The earnings quality weakened even after cost control. Operating expenses fell to $133.2 million from $153.6 million, but that reduction was not enough to offset the revenue decline and lower gross profit. The consolidated operating loss widened to $9.1 million from a $2.3 million profit, while the operating margin deteriorated to negative 1.1% from positive 0.2%.

Americas remains the main drag, while Bolzoni is only a partial offset. Lift Truck revenue fell 16.6% year over year, led by a 16.9% decline in the Americas; EMEA declined 18.2% and JAPIC declined 5.2%. Bolzoni was comparatively resilient, with revenue down only 5.4% and operating profit of $1.8 million, but its scale is too small to offset weakness in the core lift-truck operation.

The balance sheet is improving operationally but not enough to change the read. Net working capital declined to $661.8 million from $784.9 million a year earlier, and cash flow before financing remained positive. However, total debt was $484.7 million versus $467.8 million, debt-to-capitalization rose to 56.5% from 46.4%, and trailing return on total capital employed fell to negative 10.7% from negative 1.2%. This is better inventory discipline, not evidence that the earnings recovery is working yet.

Restructuring continues, but it is not the main explanation for the miss. Hyster-Yale recorded $1.5 million of third-quarter 2026 restructuring charges, all in the Americas. The charge is modest relative to the revenue gap, so removing it would not turn this quarter into an earnings beat.

Bottom line: This filing undercuts the central recovery story: bookings may be improving, but Q3 shipments, revenue and operating profit were still materially weaker than expected. It is a clear setback to the timing of the turnaround, not a routine quarterly update.

What to watch next

Q3 earnings call, November 6

Original filing on SEC EDGAR

More Hyster-yale, Inc. news

Hyster-Yale earnings miss as lift-truck recovery stalls | HY Stock News
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