Revenue contracted by 12.7% in 2026Q1 while gross margins compressed to 15.7%, reflecting a diminished ability to absorb fixed costs during the current industrial downturn.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 3.65B | 3.77B | 4.31B | 4.12B | 3.55B | 3.08B | 2.81B | 3.29B | 3.18B | 2.89B | 2.57B | 2.58B | 2.77B | 2.67B | 2.47B | 2.54B | 1.8B | 1.48B | 2.82B | 2.72B | 2.4B | 2.06B | 1.78B | 1.59B |
| Revenue Growth % | -12.21% | -12.51% | 4.61% | 16.06% | 15.37% | 9.37% | -14.57% | 3.55% | 10.19% | 12.28% | -0.33% | -6.83% | 3.78% | 7.99% | -2.82% | 41.01% | 22.15% | -47.77% | 3.85% | 13.33% | 16.68% | 15.58% | 12.04% | - |
| Cost of Goods Sold | 3.07B | 3.14B | 3.41B | 3.33B | 3.11B | 2.71B | 2.35B | 2.75B | 2.68B | 2.38B | 2.14B | 2.15B | 2.32B | 2.21B | 2.07B | 2.16B | 1.52B | 1.29B | 0 | 0 | 2.06B | 1.75B | 1.47B | 1.29B |
| COGS % of Revenue | - | 83.21% | 79.21% | 80.92% | 87.77% | 88.18% | 83.45% | 83.54% | 84.37% | 82.58% | 83.36% | 83.29% | 83.82% | 82.71% | 83.67% | 84.91% | 84.47% | 87.48% | - | - | 85.63% | 85.02% | 82.45% | 81.51% |
| Gross Profit | 580.6M | 632.8M | 895.5M | 785.6M | 433.9M | 363.4M | 465.4M | 541.8M | 497M | 502.6M | 427.5M | 430.8M | 447.7M | 461M | 403.2M | 383.5M | 279.8M | 184.7M | 2.82B | 2.72B | 344.8M | 308.1M | 312.3M | 293.7M |
| Gross Margin % | 15.89% | 16.79% | 20.79% | 19.08% | 12.23% | 11.82% | 16.55% | 16.46% | 15.63% | 17.42% | 16.64% | 16.71% | 16.18% | 17.29% | 16.33% | 15.09% | 15.53% | 12.52% | 100% | 100% | 14.37% | 14.98% | 17.55% | 18.49% |
| Gross Profit Growth % | - | -29.34% | 13.99% | 81.06% | 19.4% | -21.92% | -14.1% | 9.01% | -1.11% | 17.57% | -0.77% | -3.77% | -2.89% | 14.34% | 5.14% | 37.06% | 51.49% | -93.46% | 3.85% | 688.78% | 11.91% | -1.34% | 6.33% | - |
| Operating Expenses | 627.2M | 616.5M | 650.7M | 576.9M | 473M | 515.7M | 415.5M | 487.9M | 458.2M | 428.5M | 394.6M | 327.3M | 298.9M | 326.7M | 291.5M | 273.5M | 233.7M | 215.9M | -3.2B | -2.68B | 297.3M | 279.8M | 263.5M | 250.3M |
| OpEx % of Revenue | - | 16.36% | 15.1% | 14.01% | 13.33% | 16.77% | 14.78% | 14.82% | 14.41% | 14.85% | 15.36% | 12.7% | 10.8% | 12.25% | 11.81% | 10.76% | 12.97% | 14.64% | -113.31% | -98.56% | 12.39% | 13.6% | 14.81% | 15.76% |
| Selling, General & Admin | 611.5M | 616.5M | 628.1M | 576.9M | 473M | 450.1M | 415.5M | 487.9M | 458.2M | 428.5M | 394.6M | 327.3M | 316.7M | 326.8M | 291.4M | 273.5M | 229.5M | 208M | 0 | 0 | 298.5M | 281.2M | 264.3M | 236.8M |
| SG&A % of Revenue | - | 16.36% | 14.58% | 14.01% | 13.33% | 14.63% | 14.78% | 14.82% | 14.41% | 14.85% | 15.36% | 12.7% | 11.44% | 12.26% | 11.8% | 10.76% | 12.74% | 14.1% | - | - | 12.44% | 13.67% | 14.85% | 14.91% |
| Research & Development | 0 | 137.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.64% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | -137.2M | 22.6M | 0 | 0 | 65.6M | 0 | 0 | 0 | 0 | 0 | 0 | -17.8M | -100K | 100K | 0 | 4.2M | 7.9M | -3.2B | -2.68B | -1.2M | -1.4M | -800K | 13.5M |
| Operating Income | -31.8M | 17.5M | 244.8M | 208.7M | -39.1M | -152.3M | 49.9M | 53.9M | 38.8M | 74.1M | 32.9M | 103.5M | 148.8M | 134.3M | 111.7M | 110M | 46.1M | -31.2M | -376M | 39.3M | 47.5M | 28.3M | 48.8M | 43.4M |
| Operating Margin % | -0.87% | 0.46% | 5.68% | 5.07% | -1.1% | -4.95% | 1.77% | 1.64% | 1.22% | 2.57% | 1.28% | 4.01% | 5.38% | 5.04% | 4.52% | 4.33% | 2.56% | -2.11% | -13.31% | 1.44% | 1.98% | 1.38% | 2.74% | 2.73% |
| Operating Income Growth % | - | -92.85% | 17.3% | 633.76% | 74.33% | -405.21% | -7.42% | 38.92% | -47.64% | 125.23% | -68.21% | -30.44% | 10.8% | 20.23% | 1.55% | 138.61% | 247.76% | 91.7% | -1056.74% | -17.26% | 67.84% | -42.01% | 12.44% | - |
| EBITDA | 3M | 63.3M | 292.4M | 253.8M | 4.3M | -106.1M | 92.8M | 97.2M | 82.8M | 116.9M | 72M | 132.4M | 178.5M | 164.5M | 139.7M | 141.3M | 80M | 5M | -376M | 39.3M | 88.6M | 70.2M | 92.9M | 91.1M |
| EBITDA Margin % | 0.08% | 1.68% | 6.79% | 6.16% | 0.12% | -3.45% | 3.3% | 2.95% | 2.6% | 4.05% | 2.8% | 5.14% | 6.45% | 6.17% | 5.66% | 5.56% | 4.44% | 0.34% | -13.31% | 1.44% | 3.69% | 3.41% | 5.22% | 5.74% |
| EBITDA Growth % | -98.69% | -78.35% | 15.21% | 5802.33% | 104.05% | -214.33% | -4.53% | 17.39% | -29.17% | 62.36% | -45.62% | -25.83% | 8.51% | 17.75% | -1.13% | 76.63% | 1500% | 101.33% | -1056.74% | -55.64% | 26.21% | -24.43% | 1.98% | - |
| D&A (Non-Cash Add-back) | 34.8M | 45.8M | 47.6M | 45.1M | 43.4M | 46.2M | 42.9M | 43.3M | 44M | 42.8M | 39.1M | 28.9M | 29.7M | 30.2M | 28M | 31.3M | 33.9M | 36.2M | 0 | 0 | 41.1M | 41.9M | 44.1M | 47.7M |
| EBIT | -14.3M | 17.5M | 252.8M | 218.3M | -34M | -139.4M | 55.9M | 67.7M | 52.6M | 108.4M | 45M | 109.2M | 154M | 136.4M | 117.5M | 117.3M | 50.7M | -34.3M | 0 | 0 | 56.5M | 40.1M | -15.4M | -29.3M |
| Net Interest Income | -28.4M | -32.2M | -33.8M | -37.3M | -28.4M | -15.5M | -13.7M | -19.8M | -16M | -14.6M | -6.7M | -4.7M | -3.9M | -9M | -12.4M | -15.8M | -16.6M | -12.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 35.6M | 32.2M | 33.8M | 37.3M | 28.4M | 15.5M | 13.7M | 19.8M | 16M | 14.6M | 6.7M | 4.7M | 3.9M | 9M | 12.4M | 15.8M | 16.6M | 12.5M | 0 | 0 | 34M | 33M | -33M | -39.1M |
| Other Income/Expense | -60M | -60.4M | -25.8M | -27.7M | -23.3M | -2.6M | -7.7M | -6M | -2.2M | 19.7M | 5.4M | 1M | 1.3M | -6.9M | -6.6M | -8.5M | -12M | -15.6M | 0 | 0 | -25M | -21.2M | -31.2M | -33.6M |
| Pretax Income | -91.8M | -42.9M | 219M | 181M | -62.4M | -154.9M | 42.2M | 47.9M | 36.6M | 93.8M | 38.3M | 104.5M | 150.1M | 127.4M | 105.1M | 101.5M | 34.1M | -46.8M | 0 | 0 | 22.5M | 7.1M | 17.6M | 9.8M |
| Pretax Margin % | -2.51% | -1.14% | 5.08% | 4.4% | -1.76% | -5.04% | 1.5% | 1.46% | 1.15% | 3.25% | 1.49% | 4.05% | 5.42% | 4.78% | 4.26% | 3.99% | 1.89% | -3.17% | - | - | 0.94% | 0.35% | 0.99% | 0.62% |
| Income Tax | 5.2M | 15.1M | 74.8M | 52.9M | 9.2M | 28.3M | 3.7M | 11.3M | 2.3M | 44.9M | -4M | 29.4M | 39.9M | 17.2M | 7M | 18.9M | 1.8M | -3.6M | 376M | -39.3M | 4M | -3.2M | 1.8M | -1.3M |
| Effective Tax Rate % | -5.66% | -35.2% | 34.16% | 29.23% | -14.74% | -18.27% | 8.77% | 23.59% | 6.28% | 47.87% | -10.44% | 28.13% | 26.58% | 13.5% | 6.66% | 18.62% | 5.28% | 7.69% | - | - | 17.78% | -45.07% | 10.23% | -13.27% |
| Net Income | -99.2M | -60.1M | 142.3M | 125.9M | -74.1M | -173M | 37.1M | 35.8M | 34.7M | 48.6M | 42.8M | 74.7M | 109.8M | 110M | 98M | 82.6M | 32.4M | -43.1M | -376M | 39.3M | 18.1M | 10.7M | 16.4M | 12.3M |
| Net Margin % | -2.71% | -1.59% | 3.3% | 3.06% | -2.09% | -5.62% | 1.32% | 1.09% | 1.09% | 1.68% | 1.67% | 2.9% | 3.97% | 4.13% | 3.97% | 3.25% | 1.8% | -2.92% | -13.31% | 1.44% | 0.75% | 0.52% | 0.92% | 0.77% |
| Net Income Growth % | -199.8% | -142.23% | 13.03% | 269.91% | 57.17% | -566.31% | 3.63% | 3.17% | -28.6% | 13.55% | -42.7% | -31.97% | -0.18% | 12.24% | 18.64% | 154.94% | 175.17% | 88.54% | -1056.74% | 117.13% | 69.16% | -34.76% | 33.33% | - |
| Net Income (Continuing) | -97.2M | -58M | 144.2M | 128.1M | -71.6M | -183.2M | 38.5M | 36.6M | 34.3M | 48.9M | 42.3M | 75.1M | 110.2M | 110.2M | 98.1M | 82.6M | 32.3M | -43.2M | -376M | 39.3M | 18.1M | 10.7M | 16.4M | 12.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 20.8M | 20.4M | 19M | 16.9M | 20.7M | 25.8M | 34.2M | 32.7M | 32.1M | 6.9M | 6.6M | 1.9M | 1.5M | 1.1M | 900K | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.57 | -3.39 | 8.04 | 7.24 | -4.38 | -10.29 | 2.21 | 2.14 | 2.09 | 2.94 | 2.61 | 4.57 | 6.58 | 6.54 | 5.83 | 4.91 | 1.93 | -2.60 | -22.38 | 2.34 | 1.08 | 0.64 | 0.97 | 0.73 |
| EPS Growth % | -199.64% | -142.16% | 11.05% | 265.3% | 57.43% | -565.61% | 3.27% | 2.39% | -28.91% | 12.64% | -42.89% | -30.55% | 0.61% | 12.18% | 18.74% | 154.4% | 174.23% | 88.38% | -1056.41% | 116.67% | 68.75% | -34.02% | 32.88% | - |
| EPS (Basic) | - | -3.39 | 8.16 | 7.35 | -4.38 | -10.29 | 2.21 | 2.15 | 2.10 | 2.95 | 2.61 | 4.58 | 6.61 | 6.58 | 5.84 | 4.92 | 1.93 | -2.60 | -22.38 | 2.34 | 1.08 | 0.64 | 0.97 | 0.73 |
| Diluted Shares Outstanding | 17.82M | 17.72M | 17.71M | 17.39M | 16.9M | 16.82M | 16.8M | 16.73M | 16.6M | 16.51M | 16.43M | 16.36M | 16.68M | 16.81M | 16.8M | 16.83M | 16.82M | 16.6M | 16.8M | 16.8M | 16.83M | 16.83M | 16.83M | 16.83M |
| Basic Shares Outstanding | 17.82M | 17.72M | 17.44M | 17.14M | 16.9M | 16.82M | 16.77M | 16.64M | 16.54M | 16.45M | 16.38M | 16.31M | 16.61M | 16.73M | 16.77M | 16.79M | 16.76M | 16.6M | 16.8M | 16.8M | 16.83M | 16.83M | 16.83M | 16.83M |
| Dividend Payout Ratio | - | - | 16.87% | 17.71% | - | - | 57.41% | 58.66% | 58.79% | 40.74% | 44.86% | 24.63% | 16.21% | 15.18% | 43.67% | 12.11% | 15.43% | - | - | - | 27.62% | 46.73% | 91.46% | - |
Fixed cost absorption failure
As reported in recent financial filings, Hyster-Yale has experienced a sustained revenue decline, culminating in a 12.7% year-over-year contraction in 2026Q1, which highlights the significant headwinds currently facing the company's core lift truck segment as demand for industrial capital equipment continues to soften across key markets.
The consistent negative growth trajectory suggests that the company is struggling to maintain volume in a cooling macroeconomic environment. Investors should monitor whether this decline reflects a structural loss of market share or merely a cyclical correction following the post-pandemic surge in warehouse infrastructure investment.
Based on the company's latest income statement data, gross margins have compressed significantly to 15.7% in 2026Q1, down from peak levels exceeding 22% in early 2024, indicating a diminished ability to pass through input cost volatility to end-customers in a highly competitive industrial machinery landscape.
This margin erosion appears to be driven by the under-absorption of fixed manufacturing costs as production volumes decline. The inability to maintain historical margin levels suggests that the company's pricing power may be insufficient to offset inflationary pressures on steel and other critical components.
According to the provided quarterly data, Hyster-Yale's operating income has deteriorated into negative territory, reaching a loss of $28.0 million in 2026Q1, which demonstrates that the company's high fixed-cost structure is currently failing to scale effectively against the backdrop of declining top-line revenue performance.
The transition from positive operating income in previous periods to recent losses suggests that the company lacks the necessary operational flexibility to adjust its cost base in real-time. This lack of operating leverage warrants further investigation into the company's ability to reach break-even if revenue trends do not stabilize.
Financial statements indicate that SG&A expenses have remained relatively sticky despite the 12.7% revenue decline, with 2026Q1 SG&A costs of $151.2 million, suggesting that management faces significant challenges in rightsizing the organization's overhead in response to the current cyclical downturn in industrial demand.
The persistence of these costs relative to falling revenue implies that the company's expense discipline may be insufficient to protect the bottom line during periods of low capacity utilization. Analysts should monitor whether management can implement meaningful cost-reduction initiatives without compromising the long-term integrity of the independent dealer network.
As evidenced by the recent net loss of $30.5 million in 2026Q1, the company's current financial position appears increasingly precarious, raising questions about whether the long-term investment in hydrogen technology through Nuvera is viable given the core business's inability to generate consistent positive cash flow.
Short-sellers would likely focus on the disconnect between the company's R&D-heavy growth narrative and the reality of its deteriorating core profitability. The reliance on a decentralized dealer model may be a structural disadvantage if the company cannot achieve the scale necessary to compete with more vertically integrated global peers.
Quick answers to the most common questions about buying HY stock.
For fiscal year 2025, Hyster-Yale Materials Handling, Inc. (HY) reported total revenue of $3.77B. This represents a 137.3% increase compared to $1.59B in 2002.
Hyster-Yale Materials Handling, Inc. (HY) reported a net loss of $60.1M for the fiscal year ending 2025.
Hyster-Yale Materials Handling, Inc. (HY) reported an operating income of $17.5M, resulting in an operating profit margin of 0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Hyster-Yale Materials Handling, Inc. (HY) generated $632.8M in gross profit for the year, representing a gross profit margin of 16.8%. This demonstrates the company's core pricing power and production efficiency.