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Hyster-Yale (HY) investor relations material
Hyster-Yale Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 bookings surged 42% sequentially and 35% year-over-year, signaling early demand recovery in the Americas, while EMEA and JAPIC remained weak.
Q4 2025 saw a significant decline in revenue and profitability, driven by lower customer demand, order deferrals, and tariff impacts.
Despite challenging market conditions, strong operating cash flow and improved net debt position were achieved through disciplined cost and inventory management.
Strategic restructuring and cost-saving initiatives are underway, targeting $85–$100 million in annualized savings by 2028, with $40–$45 million starting in 2026.
Bookings rebound in Q4 sets a foundation for expected revenue growth and moderate profit in 2026.
Financial highlights
Q4 2025 revenue declined to $923 million, down 14% year-over-year, due to weaker shipment volumes and customer purchase delays.
Adjusted Q4 operating loss was $15.7 million, including $40 million in gross tariff costs; adjusted net loss was $36.6 million.
Full-year 2025 revenue was $3.77–$3.8 billion, with adjusted operating profit of $16–$16.3 million and adjusted net loss of $37 million.
Q4 operating cash flow improved to $57 million, driven by inventory efficiency.
Adjusted EBITDA for Q4 2025 was negative $1.7 million, a sharp decline from $64.5 million in Q4 2024.
Outlook and guidance
Bookings momentum continued into early 2026, with expectations for Q1 2026 to mark the cycle trough and stronger volumes in the second half.
Full-year 2026 guidance anticipates moderate operating profit, a small loss in the first half, and profit improvement in the second half as volumes and cost actions take effect.
Capital expenditures for 2026 are projected at $55–$75 million, focused on product, IT, and manufacturing optimization.
Tariffs projected to remain a substantial challenge, with mitigation efforts ongoing.
Cost-reduction programs targeting $40–$45 million in annualized savings starting in 2026.
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