Hyster-Yale (HY) Q3 2026 earnings summary

Executive summary

• Bookings rose 45% YoY to $550M, marking a fourth consecutive quarter of elevated bookings since the Q2 2025 cyclical low; revenue increased 2% QoQ as bookings began converting to shipments.

• Q3 revenue was $827.4M, down 15.5% YoY; lower volume and lighter, lower-priced mix pressured results.

• Operating loss narrowed to $9.1M from $18.4M in Q2, and Adjusted EBITDA returned to positive at $6.0M.

• New programs target at least $100M in annual cost savings at maturity in 2029, alongside portfolio, footprint and organizational changes.

Financial highlights

• Q3 operating loss was $9.1M versus $2.3M operating profit a year earlier; net loss was $14.9M, or $0.83 per diluted share.

• Adjusted operating loss was $7.6M, versus $16.7M in Q2 and adjusted operating profit of $3.3M in Q3 2025; adjusted net loss was $13.8M.

• Q3 gross profit was $124.1M versus $155.9M YoY; 9M revenue declined 14.4% to $2,435.5M and 9M net loss was $77.0M.

• Q3 operating cash flow was $26.3M, up $10M QoQ; 9M operating cash flow was $10.1M, and cash at September-end was $58.5M.

Outlook and guidance

• Q4 bookings are expected to exceed Q4 2025 and Q3 2026; higher production and shipments are expected to lift revenue, gross profit and manufacturing efficiency.

• Q4 adjusted net income is expected to return to positive levels and be significantly higher than Q3, excluding implementation costs; Lift Truck adjusted operating results are expected to be positive.

• Q4 gross profit and margin are expected to improve sequentially; tariff-related costs are expected to remain elevated, partly offset by pricing, sourcing and cost actions.

• 2027 demand and production are expected to remain healthy, supporting volume and revenue growth, while competition and cost pressures may moderate profit improvement.

• 2024 U.S. footprint projects are on track to provide $15M–$20M in 2027 benefits and $30M–$40M annualized by 2028; 2025 restructuring is expected to deliver $40M–$45M by year-end 2026.