Hyster-Yale | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 812.9 M

Revenue: As of FY2026 Q2, the actual value is USD 812.9 M, beating the estimate of USD 804.62 M.

EPS: As of FY2026 Q2, the actual value is USD -1.76, beating the estimate of USD -2.205.

EBIT: As of FY2026 Q2, the actual value is USD -15.4 M.

Consolidated Financial Performance

Revenues

Total revenues for Q2 2026 were $812.9 million, a -15% decrease from Q2 2025 ($956.6 million). For the six months ended June 30, 2026, total revenues were $1,608.1 million, compared to $1,867.0 million for the same period in 2025.

Gross Profit

Gross Profit for Q2 2026 was $127.6 million, a -28% decrease from Q2 2025 ($168.2 million). For the six months ended June 30, 2026, gross profit was $252.4 million, compared to $345.9 million for the same period in 2025.

Operating Profit (Loss)

Operating Profit (Loss) for Q2 2026 was - $18.4 million, compared to - $8.5 million in Q2 2025. For the six months ended June 30, 2026, operating profit was - $46.4 million, compared to $12.8 million for the same period in 2025. Adjusted Operating Profit (Loss) for Q2 2026 was - $16.7 million, compared to $7.2 million in Q2 2025.

Net Income (Loss) Attributable to Stockholders

Net Loss Attributable to Stockholders for Q2 2026 was - $31.6 million, compared to - $13.9 million in Q2 2025. For the six months ended June 30, 2026, Net Loss Attributable to Stockholders was - $62.1 million, compared to - $5.3 million for the same period in 2025. Adjusted Net Income (Loss) Attributable to Stockholders for Q2 2026 was - $29.5 million, compared to - $2.3 million in Q2 2025.

Operating Costs

Selling, general and administrative expenses for Q2 2026 were $144.3 million, a decrease of $16.7 million from Q2 2025 ($161.0 million). Restructuring and impairment charges for Q2 2026 were $1.7 million, compared to $15.7 million in Q2 2025. Interest expense for Q2 2026 was $7.8 million, compared to $7.9 million in Q2 2025. Income tax expense for Q2 2026 was $8.1 million, compared to $0.2 million in Q2 2025.

Lift Truck Business Segment

Segment Revenue

Lift Truck Business revenues for Q2 2026 were $755.5 million, a -16% decrease from Q2 2025 ($904.2 million). Americas segment revenue was $596.2 million in Q2 2026, a -16% decrease from Q2 2025 ($707.5 million). EMEA segment revenue was $118.2 million in Q2 2026, a -20% decrease from Q2 2025 ($148.3 million). JAPIC segment revenue was $41.1 million in Q2 2026, a -15% decrease from Q2 2025 ($48.4 million).

Gross Profit by Segment

Americas gross profit was $91.7 million in Q2 2026, a -29% decrease from Q2 2025 ($129.9 million). EMEA gross profit was $10.3 million in Q2 2026, a -30% decrease from Q2 2025 ($14.8 million). JAPIC gross profit was $3.5 million in Q2 2026, a 67% increase from Q2 2025 ($2.1 million).

Operating Profit (Loss) by Segment

Lift Truck Business operating profit (loss) for Q2 2026 was - $20.5 million, compared to - $10.9 million in Q2 2025. Americas operating profit was $3.6 million in Q2 2026, a -69% decrease from Q2 2025 ($11.7 million). EMEA operating loss was - $18.4 million in Q2 2026, a -23% increase in loss from Q2 2025 (- $15.0 million). JAPIC operating loss was - $5.7 million in Q2 2026, a 25% improvement from Q2 2025 (- $7.6 million).

Operational Metrics

Bookings for Q2 2026 were $680 million, representing a 106% increase from Q2 2025 ($330 million). Unit Backlog $ Value was $1,580 million in Q2 2026, a -4% decrease from Q2 2025 ($1,650 million).

Bolzoni Group Segment

Segment Revenue

Revenues for Q2 2026 were $81.9 million, a -10% decrease from Q2 2025 ($90.6 million).

Gross Profit

Gross Profit for Q2 2026 was $22.0 million, a 3% increase from Q2 2025 ($21.4 million).

Operating Profit (Loss)

Operating Profit (Loss) for Q2 2026 was $2.0 million, a -17% decrease from Q2 2025 ($2.4 million).

Cash Flow and Liquidity

Operating Cash Flow

Net cash provided by operating activities for Q2 2026 was $16.7 million, compared to $28.9 million in Q2 2025. For the six months ended June 30, 2026, net cash used for operating activities was - $16.2 million, compared to - $7.5 million for the same period in 2025.

Investing Activities

Net cash used for investing activities for Q2 2026 was - $14.2 million, compared to - $15.3 million in Q2 2025. For the six months ended June 30, 2026, net cash used for investing activities was - $23.5 million, compared to - $25.6 million for the same period in 2025.

Cash Flow Before Financing Activities

Cash Flow Before Financing Activities for Q2 2026 was $2.5 million, compared to $13.6 million in Q2 2025. For the six months ended June 30, 2026, cash flow before financing activities was - $39.7 million, compared to - $33.1 million for the same period in 2025.

Debt and Cash Position

Debt was $500.0 million as of June 30, 2026, compared to $473.2 million as of June 30, 2025. Cash was $72.6 million as of June 30, 2026, compared to $66.9 million as of June 30, 2025. Net Debt was $427.4 million as of June 30, 2026, compared to $406.3 million as of June 30, 2025.

Working Capital

Working Capital was $688.9 million as of June 30, 2026, compared to $814.3 million as of June 30, 2025. Inventory decreased approximately $110 million from the prior year, excluding foreign currency and tariff effects, leading to an eight-day reduction in days inventory outstanding.

Outlook / Guidance

Hyster-Yale, Inc. anticipates that the first half of 2026 marked the bottom of the current lift truck market cycle, with sequential improvements in revenues, operating results, and cash flow expected to continue through the remainder of 2026. The company projects a moderate operating loss for the full year 2026, with the strongest improvements expected in the latter part of the year due to increased shipments and production levels. Cost-reduction initiatives and manufacturing footprint optimization projects are on track, with expected annualized benefits of $15-20 million in 2027 and $30-40 million in 2028.