US materials handling equipment manufacturer Hyster-Yale has released its Q4 and full year financial results revealing revenue declined in 2025 by 13%, which it has attributed in part, to the “major headwind” of tariffs.

Full year revenue was USD3.77 billion, with an operating loss for 2025 recorded as USD22 million*, down 109% year-on-year (y-o-y).

Hyster-Yale’s forklift business revenues for Q4 were USD871 million, down 15% y-o-y and 6% quarter-on-quarter (q-o-q) “due to lower truck volumes across all product lines”.

In November, Hyster-Yale announced it was lowering production on the back of softer demand and Q3 revenues. 

“The total lift truck market contracted in Q4 2025 compared to the prior year across all geographic regions and classes,” Hyster-Yale states of its Q4 and 2025 results.

“However, North America showed growth over Q3 2025, which led to increased booking activity for the company. Reduced volumes reflected ongoing economic uncertainty, which dampened customer demand in previous quarters.

“For the rest of the world, the total lift truck market contracted compared to the prior quarter. This reflects a more cautious customer approach amid ongoing economic uncertainty. 

“We believe many customers are deferring capital expenditures, resulting in delayed purchasing decisions and continued softening of lift truck order activity, particularly in higher duty cycle applications.”

Hyster-Yale also notes an “ongoing market shift” toward lighter-duty, lower-priced trucks leading to reduced shipment volumes for traditional models. 

It adds the shift is characterised by a trend towards more standard and value configurations within counterbalanced forklifts, with the impact most pronounced in the EMEA and South America regions. 

“In response to these evolving market dynamics, and to enhance its competitive position, the company has introduced a modular product specifically engineered to compete directly with both standard and value truck configurations,” Hyster-Yale adds. 

Hyster-Yale business Bolzoni reported Q4 revenues of USD75.2 million, down 9% y-o-y and 14% quarter-on-quarter.

The reduced revenues are attributed to softer demand in the sector, “particularly in the Americas”.

Hyster-Yale adds gross profit modestly improved with a favourable product mix in EMEA, despite reduced volumes and lower manufacturing overhead absorption. 

“However, operating results declined year-over-year as higher operating expenses, including the appreciation of the Euro versus the US dollar and increased employee-related costs, more than offset the gross profit improvement,” the company continues.

“Sequentially, Bolzoni's sales declined, mainly due to reduced volumes in the Americas, including lower component demand from the Lift Truck business,” it adds. 

“As a result, operating profit also decreased quarter-over-quarter, driven by reduced volumes accompanied by lower manufacturing overhead absorption.”

Bolzoni recorded an operating loss in Q4 of USD4.8 million, down 9% y-o-y and 329% q-o-q.

Hyster-Yale states, looking ahead, it expects bookings for materials handlings equipment to improve in 2026.

“Although mixed demand signals warrant a prudent near-term outlook, the company anticipates that Q1 2026 will represent the trough of the current cycle, with production and shipments expected to steadily improve throughout the remainder of the year along with market conditions,” Hyster-Yale states.

*Correction from the publisher 5 March 2026: Forkliftaction has corrected the full year operating loss reported by Hyster-Yale for 2025 to USD22 million since the time of publication. The original story incorrectly stated the operating loss was USD22 billion.