Hyster-Yale posted Q4 revenue of $923 million and an adjusted operating loss of $16 million, reflecting $40 million in gross tariff costs. Full-year revenues declined to $3.8 billion with an adjusted operating profit of $16 million, weighed down by $100 million of tariff expenses.

Fourth-quarter bookings climbed 42% sequentially to $540 million and 35% year-over-year, driven by stronger engagement in core counterbalance Class Five trucks. Backlog exited the year at $1.28 billion as shipments outpaced new orders, while the first two months of 2026 continued to show robust order growth across all regions.

Management expects Q1 2026 to mark the cycle’s trough with gradual production and shipment expansion leading to significantly stronger volumes in the second half. Gross margins are forecasted to normalize to mid- to high-teens by year-end, with moderate full-year operating profit and a small first-half loss anticipated.

A restructuring program launched in Q4 2025 targets $40–45 million in annual savings starting 2026, while manufacturing footprint optimizations and strategic realignments aim for $85–100 million of recurring savings by 2028. Tariff-related costs are expected to remain near Q4 levels, with pricing, sourcing, and cost actions to partially offset impacts from Q2 2026 onward.