Hyster-Yale reported a challenging Q4 2025 with significant year-over-year declines in revenue and profitability, primarily driven by lower truck volumes and ongoing tariff impacts. Despite these headwinds, the company saw a sequential improvement in bookings and operating cash flow, and maintains a positive outlook for gradual market improvement and revenue growth in 2026, particularly in the second half.
Q4 bookings strengthened significantly, up 42% sequentially and 35% year-over-year, signaling potential demand recovery.
positiveOperating cash flow improved by $20M compared to Q3 2025, reaching $57M.
positiveWorking capital as a percentage of sales decreased by 80 bps from Q3 2025 due to improved inventory efficiency.
positiveThe company expects gradual market improvement and revenue growth in 2026, with moderate operating profit expected in the second half.
positiveConsolidated revenues declined 14.0% year-over-year to $923M in Q4 2025.
negativeAdjusted operating loss was $15.7M in Q4 2025, a significant deterioration from an adjusted operating profit of $54M in Q4 2024.
negativeLift Truck segment revenue decreased 15% year-over-year to $871M due to lower truck volumes and economic uncertainty impacting customer orders.
negativeBolzoni segment revenue decreased 9% year-over-year to $75M due to the phase-out of lower-margin legacy products and weaker demand in the Americas.
negativeTariffs remain a substantial headwind, impacting gross profit and customer purchasing behavior.
attentionThe company reported a net loss of $52.5M and an adjusted net loss of $36.6M in Q4 2025.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Lift Truck | N/A | — | — | — |
Bolzoni | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Consolidated results for Q4 2025 showed significant year-over-year declines in revenue and adjusted operating profit, impacted by lower truck volumes and tariffs.
The Lift Truck segment faced lower volumes and economic uncertainty, while Bolzoni saw continued phase-out of legacy products and weaker demand.
Despite challenges, Q4 bookings strengthened significantly, and operating cash flow improved sequentially.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.