Hyster-Yale has released its financial results for Q2, stating it now expects to record a “moderate operating loss” for 2026.

Q2 results reveal revenue dropped 15% year-on-year to USD812.9 million, from last year’s Q2 revenue of USD956.6 million. This figure also represents a 2% increase quarter-on-quarter from Q1 revenue of USD795.2 million.

Revenue for Hyster-Yale’s lift truck business also increased 2% q-o-q to USD755.5 million, though this was a 16% y-o-y fall from Q2 2025’s USD904.2 million. 

Hyster-Yale attributes the Q2 q-o-q revenue increase from its lift truck business to “higher volumes and favourable pricing”, and the y-o-y decrease “to lower shipment volumes and an unfavourable product mix”.

It adds the y-o-y decline also reflects lower sales of higher-value standard and premium counterbalance lift trucks, particularly Class 1 and Class 4 products, as customers shifted towards lighter-duty, lower-priced models.

“Recently introduced low-intensity products continued to gain market acceptance and helped offset lower sales of higher-revenue products,” Hyster-Yale states. “These products supported market share gains and profitability as customer demand shifted towards lower-priced segments.”

Q2 revenue dropped in all markets including from the Americas - USD596.2 million, a fall of 16% y-o-y but a q-o-q increase of 3%; EMEA - USD118.2 million, down 20% y-o-y and 6% q-o-q and; JAPIC - USD41.1 million - down 15% y-o-y, but a 16% q-o-q rise.

Gross profit for Q2 reached USD105.5 million, representing a significant 28% decline y-o-y but a modest 1% improvement q-o-q, while the company recorded an operating loss of USD20.5 million, down 88% y-o-y but a 27% q-o-q improvement.

“Lift Truck operating results declined from the prior year primarily due to lower shipment volumes, unfavourable product mix, and USD20 million of incremental gross tariff-related costs,” Hyster-Yale explains. 

Hyster-Yale states it faced USD10 million of higher gross tariff costs in Q2 compared with Q1 this year.

“Industry conditions in the lift truck market generally improved during Q2 2026, although demand varied by region and customer application,” Hyster-Yale adds. 

Hyster-Yale says it remains focused on inventory optimisation and working capital efficiency as it prepares for anticipated increased production levels later in 2026.

“The company expects bookings in 2026 to exceed 2025, supported by healthier industry conditions, market share gains, and broader customer acceptance of its expanded product portfolio,” the business states. 

“Investments made over the past several years to broaden the product lineup have positioned the company to address increasing demand for lower-intensity applications and compete across a larger portion of the lift truck market. 

“The company's standard and value offerings in the 1-3.5T, 4-9T and Big Truck product lines continue to support volume growth, profitability, and market share gains. 

“However, inflation, tariffs, geopolitical uncertainty, and increased competition continue to affect customer purchasing patterns across regions and end markets.

“Tariff-related costs on steel, components, and other imported materials remain elevated. Pricing, sourcing, and product-cost actions are expected to provide increasing benefit in the second half of 2026, although the company does not currently expect to offset all tariff-related expenses.”

Hyster-Yale is forecasting lift truck results to improve in H2 as shipment volumes increase and production levels rise. 

Hyster-Yale says it expects a moderate operating loss for the year, stating that while improved demand and higher bookings are expected to support increased shipments and revenue, customer delivery schedules and sourcing transitions have delayed the timing of the recovery. 

“The strongest improvement in operating results is expected in the latter part of 2026,” it adds.

Bolzoni’s results

Hyster-Yale company, attachment specialist Bolzoni, reports Q2 2026 revenue of USD81.9 million, which marks a 10% y-o-year decrease and 1% q-o-q dip.

Despite this, gross profit increased 3% y-o-y and 7% q-o-q to USD22 million.

Bolzoni states revenues decreased y-o-y primarily due to lower volume in the Americas while operating profit increased USD2.1 million “driven by improved gross margins from lower freight costs and favourable product mix, as well as lower operating expenses”.

“Bolzoni is expected to achieve a modest improvement in operating profit in 2026 despite slightly lower revenue,” it states. “Revenue is expected to decline modestly due to the planned phase-out of certain legacy component sales to the Lift Truck business. 

“However, a continued shift toward higher-margin attachment products and improved plant utilisation are expected to support margin expansion and improved profitability. Management remains focused on optimising product mix and maintaining operational discipline across its global operations.”