The 106% YoY booking surge and growing backlog ($1.58B) signal a cyclical recovery that could drive a strong H2 2026. However, the company still expects a moderate full-year operating loss, and tariff costs remain a material headwind. Traders should watch the Q3 2026 earnings for confirmation that shipment volumes are translating into revenue growth and margin improvement.
Price Chart
Executive Summary
Hyster-Yale reported Q2 2026 revenue of $812.9M (down 15% YoY) and a GAAP diluted loss per share of -$1.76, with an adjusted loss per share of -$1.64. While bookings surged 106% YoY to $680M (fourth consecutive quarterly growth), the company is still in a cyclical trough with a moderate full-year operating loss expected. Tariff costs, unfavorable product mix, and a $3.4M Brazil valuation allowance charge weighed on results, though sequential revenue and cash flow improvements signal a potential recovery in H2 2026.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $812.9M, down 15% YoY from $956.6M
- GAAP diluted EPS -$1.76 vs -$0.79 YoY; adjusted diluted EPS -$1.64
- Bookings surged to $680M, up 106% YoY and 17% sequentially — fourth consecutive quarterly growth
- Backlog grew to $1.58B, approaching 5 months of production
- Company expects moderate full-year operating loss with strongest improvement in H2 2026
- Operating cash flow improved to +$16.7M in Q2 from -$33M in Q1
- Net debt increased to $427.4M from $406.3M a year ago; LTM Adjusted EBITDA turned negative at -$4.1M
- Recorded $3.4M non-cash valuation allowance charge against deferred tax assets in Brazil
- Restructuring program on track: ~50% of expected $40-45M annualized savings recognized in H1 2026
Financial Impact
Revenue declined $143.7M YoY (15%); operating loss widened $9.9M to -$18.4M; net loss widened $17.7M to -$31.6M
Risk Factors
- Tariff costs remain elevated and the company does not expect to fully offset them in 2026
- Customer delivery schedules have shifted, delaying shipment growth to later in the year
- Competitive pricing pressure in South America and Europe may limit margin improvement
- LTM Adjusted EBITDA turned negative (-$4.1M), and net debt/Adjusted EBITDA ratio is elevated
- Brazil valuation allowance signals potential further non-cash charges in international markets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001173514-26-000201 |
| Document: hy-20260804.htm | 0001173514-26-000201 |
| Document: 0001173514-26-000201-index-headers.html | 0001173514-26-000201 |
| Document: 0001173514-26-000201-index.html | 0001173514-26-000201 |
| Document: 0001173514-26-000201.txt | 0001173514-26-000201 |
| 8-K Data (Synthetic) | 0001173514-26-000201 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 8-K | $29.21 | awaiting T+60 | — | $28.83 (−1.30%) |
Oct 1, 2026 25d ago | Press Release | $30.42 | awaiting T+60 | — | $28.83 (−5.23%) |
Sep 17, 2026 5w ago | Press Release | $33.29 | awaiting T+60 | — | $28.83 (−13.40%) |
Aug 12, 2026 10w ago | Press Release | $34.25 | awaiting T+60 | — | $28.83 (−15.82%) |
Aug 12, 2026 10w ago | Press Release | $34.25 | awaiting T+60 | — | $28.83 (−15.82%) |
Aug 4, 2026 11w ago | 8-K | $40.47 | awaiting T+60 | — | $28.83 (−28.76%) |
Aug 4, 2026 11w ago | 8-K | $40.47 | awaiting T+60 | — | $28.83 (−28.76%) |
Jun 17, 2026 18w ago | Insider Cluster | $37.35 $33.61 | ▼ −10.01% | ▼ −13.16% | $28.83 (−22.81%) |
Jun 17, 2026 18w ago | Insider Cluster | $37.35 $33.61 | ▼ −10.01% | ▼ −13.16% | $28.83 (−22.81%) |
May 19, 2026 22w ago | Press Release | $31.00 $34.39 | ▲ +10.94% | ▲ +4.65% | $28.83 (−7.00%) |
US Market Status
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