Hyster-Yale Reports 12.7% Revenue Decline and Operating Loss in Q1 2026

Hyster-Yale, Inc. reported a significant decline in financial performance for the first quarter of 2026, with revenues falling to $795.2 million, a decrease of 12.7% from $910.4 million in the same period of 2025. The decline was primarily attributed to a shift in sales towards lighter-duty, lower-priced models, particularly in the Americas and EMEA regions, alongside broader macroeconomic challenges that have dampened customer spending. The company's gross profit also decreased by 29.8% to $124.8 million, down from $177.7 million a year earlier, reflecting the impact of reduced shipment volumes and increased tariff costs.

In terms of profitability, Hyster-Yale reported an operating loss of $28.0 million for the quarter, compared to an operating profit of $21.3 million in the first quarter of 2025. The loss was exacerbated by approximately $30 million in tariff costs in the Americas and lower parts volume in EMEA. The net loss attributable to stockholders was $30.5 million, a stark contrast to the net income of $8.6 million reported in the prior year. The company’s diluted earnings per share fell to $(1.71) from $0.48.

Operationally, Hyster-Yale's distribution network consisted of approximately 260 independent dealers as of March 31, 2026. The company has been focusing on restructuring initiatives, including a strategic realignment of its Nuvera Fuel Cells business, which was merged into Hyster-Yale Materials Handling in 2025. This realignment is expected to yield annualized cost savings of $40 to $45 million starting in 2026. Additionally, the company is undergoing a manufacturing footprint optimization program, which is projected to incur costs of $10 to $12 million in 2026 but is expected to deliver significant benefits by 2028.

Looking ahead, Hyster-Yale anticipates a year of sequential improvement, with expectations for stronger bookings and a recovering backlog in the second half of 2026. The company is actively managing its cost structure in response to ongoing tariff pressures and macroeconomic uncertainties. While the first half of the year is expected to remain challenging, management is optimistic about a rebound in operating profit as market conditions stabilize and the company continues to implement its cost-reduction strategies. The outlook reflects a cautious but positive expectation for improved financial performance in the latter half of the year, supported by operational efficiencies and a more favorable product mix.