Hyster-Yale(NYSE) HY

Hyster-Yale makes machines that lift and move heavy goods in warehouses and factories. These vehicles help businesses like retailers and shipping companies organize and transport products. The company also provides parts and services to keep these fleets running daily.

The Equipment Lineup

• Lift Trucks: Forklifts and warehouse vehicles powered by engines or batteries; comprised 71% of revenue in 2025.
• Aftermarket Parts: Replacement components for the company's brands and competitor machines; made up 16% of revenue in 2025.
• Service and Fleet Management: Maintenance programs and rental services for large-scale logistics operations; contributed 8% of revenue in 2025.
• Bolzoni Attachments: Specialized tools like forks and lift tables for handling delicate loads; represented 5% of revenue in 2025.
• Energy Solutions: Hydrogen fuel-cell engines and lithium-ion power systems designed for industrial equipment.

Strategic Shifts and New Power

• Merged Nuvera Fuel Cells into the main materials handling business in mid-2025 to create a unified energy program.
• Established a 90% majority interest in Hyster-Yale Maximal to expand production of standard trucks and port equipment.
• Collaborated with Wells Fargo Financial Leasing through a joint venture to provide dealer and customer financing.
• Announced plans to move parts depot operations to a new center in Avon, Indiana during 2026.

Global Footprint and Network

The company operates 11 lift truck manufacturing facilities and 7 attachment plants across the Americas, Europe, and Asia. An independent dealer network spanning 111 countries provides local sales and maintenance support to a diverse industrial customer base.

Financial Trajectory

• Revenue was $923.2 million in Q4 2025, down 13.5% from $1.1 billion in Q4 2024.
• Net income dropped to negative $52.5 million in Q4 2025, down from $10.3 million in Q4 2024 (turned negative — worsened).
• Operating income fell to $700,000 in Q4 2025, down 97.8% from $32.3 million in Q4 2024.
• The value of unfilled orders reached $1.28 billion by late 2025, down from $1.93 billion the year before.

Bottom Line

Hyster-Yale has transitioned from a traditional machinery manufacturer into a provider of integrated logistics solutions and clean energy technologies. Its shift toward electric and hydrogen power reflects an ongoing adaptation to changing global industrial demands.