The EPS surprise relative to consensus may offer short-term relief, but the 13% revenue decline and lowered guidance underscore persistent cyclical and tariff headwinds. Watch for Q2 shipments as the projected trough and for any escalation in tariff mitigation actions or further cost restructuring.
Price Chart
Executive Summary
Hyster-Yale reported Q1 2026 revenue of $795.2M (down 13% YoY) and an operating loss of $28.0M, swinging from a $21.3M profit a year ago. GAAP diluted EPS of -$1.71 beat the Street consensus of -$1.80 but the company reduced its full-year 2026 outlook due to escalating tariff costs, expecting a modest operating profit only in the second half.
Key Financial Metrics
Key Facts
- Q1 2026 consolidated revenues $795.2M, down 13% year-over-year from $910.4M
- Operating loss of $28.0M vs operating profit of $21.3M in Q1 2025
- Net loss attributable to stockholders of $30.5M ($1.71 per diluted share) vs net income of $8.6M ($0.48 per diluted share)
- Adjusted diluted loss per share of $1.64
- Lift Truck segment revenues declined 14% to $739.7M; Americas segment revenue down 17%
- Gross margin fell to 15.7% from 19.5% a year ago, impacted by $30M in gross tariff costs and unfavorable product mix
- Q1 unit bookings value of $580M was up 7% sequentially from Q4 2025 but down 2% YoY
- Cash used in operations was $32.9M, free cash flow (operating + investing) –$42.2M
- Company expects Q2 2026 to be the cycle low with a meaningful recovery in H2 2026, targeting a modest full-year operating profit
- 2026 outlook reduced due to additional Section 232 tariffs and macroeconomic uncertainty
Financial Impact
Revenue declined $115M YoY; operating profit swung by ~$49M; GAAP EPS beat consensus by $0.09 (5%).
Risk Factors
- Further tariff escalation on steel, aluminum, and Chinese components could widen operating losses
- Shift to lower-priced truck models may structurally compress margins
- Net debt increased to $423.5M from $371.1M at year-end 2025, raising leverage concerns
- Slower than expected recovery in bookings and backlog could delay the H2 turnaround
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001173514-26-000115 |
| Document: hy-20260505.htm | 0001173514-26-000115 |
| Document: 0001173514-26-000115-index-headers.html | 0001173514-26-000115 |
| Document: 0001173514-26-000115-index.html | 0001173514-26-000115 |
| Document: 0001173514-26-000115.txt | 0001173514-26-000115 |
| 8-K Data (Synthetic) | 0001173514-26-000115 |
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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