Hyster-Yale, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsHyster-Yale is a Cleveland-based global manufacturer of lift trucks, attachments and parts sold mainly under the Hyster, Yale and Bolzoni brands.
What they do
The company designs, manufactures, sells and services lift trucks, attachments, parts, fleet management and energy solutions through Hyster-Yale Materials Handling and Bolzoni S.p.A. It reports four segments: three geographic lift truck segments (Americas, EMEA, JAPIC) plus Bolzoni, the attachment and fork business. Products are manufactured and assembled in the U.S., Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.
Revenue drivers
- Lift truck sales — Largest revenue line at 71% of 2025 revenues, split 40% internal combustion and 31% electric; down from 75% of revenues in 2024.
- Parts — 16% of 2025 revenues, up from 14% in 2024; higher-margin aftermarket business tied to the installed fleet.
- Service, rental and other — 8% of 2025 revenues, including fleet management and technology/energy solutions.
- Bolzoni — 5% of 2025 revenues; makes attachments, forks, masts and lift tables under Bolzoni, Auramo and Meyer brands and sells components to other lift truck manufacturers.
Recent performance
Second quarter 2026 revenues fell 15.0% to $812.9 million from $956.6 million a year earlier, with every segment down. The Americas declined 15.7% to $596.2 million, EMEA 20.3% to $118.2 million and JAPIC 15.1% to $41.1 million; Bolzoni fell 9.6% to $81.9 million. Gross profit dropped 24.1% to $127.6 million and gross margin compressed, with Americas gross profit down 29.4% to $91.7 million. First-half 2026 revenues were $1,608.1 million versus $1,867.0 million, and gross profit fell to $252.4 million from $345.9 million. Full-year 2025 revenue was $3.77 billion with a net loss of $60.1 million.
Strategy
In 2025 the company realigned Nuvera Fuel Cells, merging it into Hyster-Yale Materials Handling and folding its results into the Americas segment to build an integrated energy solutions program and improve near-term profits. Segment reporting was recast accordingly. Manufacturing is located in the market of sale where practical to lower product costs, reduce freight and tariff exposure and balance currency mix. The company also points to cost reduction programs, procurement and sourcing initiatives and restructuring as levers, and is developing a future customer and parts solution center in Avon, Indiana.
Risks
- Demand cyclicality — Lift truck order rates fluctuate with economic activity, and Q2 2026 revenue fell in all four segments.
- Tariffs and trade policy — The company cites tariffs on raw materials and sourced products, retaliatory tariffs and uncertainty over recovering previously paid IEEPA tariffs.
- Margin compression — Gross profit fell 24.1% in Q2 2026 and 27.0% in the first half, with SG&A falling less than revenue.
- Concentration in independent dealers — Products are sold mainly through roughly 250 independent Hyster and Yale dealerships, so dealer bankruptcy or loss is a stated risk.
Outlook
The excerpted materials do not include management's specific forward guidance beyond the August 5, 2026 investor presentation, which states forward-looking information is effective as of that date and does not reaffirm or disaffirm prior outlook. The company frames the materials handling business as historically cyclical and dependent on economic activity in the industries and countries its customers serve. It lists cost reduction, procurement and sourcing initiatives and energy solutions commercialization as factors affecting future results.