10q10k10q10k.net

What changed in HYSTER-YALE, INC.'s 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of HYSTER-YALE, INC.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+268 added−269 removedSource: 10-K (2026-03-03) vs 10-K (2025-02-25)

Top changes in HYSTER-YALE, INC.'s 2025 10-K

268 paragraphs added · 269 removed · 160 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

46 edited+21 added−51 removed20 unchanged
Biggest changeThe components of the Company's revenues were as follows for the year ended December 31: 2024 2023 2022 Lift trucks 75 % 74 % 73 % Parts 14 % 15 % 15 % Service, rental and other 7 % 6 % 7 % Bolzoni 4 % 5 % 5 % Nuvera less than 1 % less than 1 % less than 1 % Sales of internal combustion engine and electric lift trucks as a percentage of the Company's revenues were as follows for the year ended December 31: 2024 2023 2022 Internal combustion 45 % 44 % 43 % Electric 30 % 30 % 30 % Total lift truck sales 75 % 74 % 73 % Manufacturing and Assembly The Company manufactures components, such as frames, masts and transmissions, and assembles lift trucks in the market of sale whenever practical to minimize freight cost, serve customers efficiently and balance currency mix.
Biggest changeThe components of the Company's revenues were as follows for the year ended December 31: 2025 2024 2023 Lift trucks 71 % 75 % 74 % Parts 16 % 14 % 15 % Service, rental and other 8 % 7 % 6 % Bolzoni 5 % 4 % 5 % Sales of internal combustion engine and electric lift trucks as a percentage of the Company's revenues were as follows for the year ended December 31: 2025 2024 2023 Internal combustion 40 % 45 % 44 % Electric 31 % 30 % 30 % Total lift truck sales 71 % 75 % 74 % 1 Table of Contents Manufacturing and Assembly The Company manufactures components, such as frames, masts and transmissions, and assembles lift trucks in the market of sale whenever practical to lower product costs, including from tariffs or import fees from countries where the Company manufactures products, minimize freight cost, serve customers efficiently and balance currency mix.
Backlog represents unfilled lift truck orders placed with the Company’s manufacturing and assembly facilities from dealers and direct sales to customers. In general, unfilled orders may be canceled at any time prior to the time of sale; however, the Company can assess cancellation penalties on dealer orders within a certain period prior to initiating production.
Backlog represents unfilled lift truck orders placed with the Company’s manufacturing and assembly facilities from dealers and direct sales to customers. In general, unfilled orders may be canceled at any time prior to the time of sale; however, the Company can assess cancellation penalties on orders within a certain period prior to initiating production.
In certain circumstances, dealer orders may be cancelled, for a limited time period without penalty, after receiving notice of a surcharge on the order from the Company. The dollar value of backlog is calculated using the current unit backlog and the forecasted average sales price per unit.
In certain circumstances, orders may be cancelled, for a limited time period without penalty, after receiving notice of a surcharge on the order from the Company. The dollar value of backlog is calculated using the current unit backlog and the forecasted average sales price per unit.
Steel is a significant raw material required by the Company's manufacturing operations and is generally purchased from steel producing companies in the geographic area near each of the Company's manufacturing facilities. Other significant components for the Company's lift trucks are engines, axles, brakes, transmissions, batteries and chargers.
Steel is a significant raw material required by the Company's manufacturing operations and is generally purchased from steel producing companies in the geographic area near each of the Company's manufacturing facilities. Other significant components for the Company's lift trucks are engines, axles, brakes, transmissions, tires and batteries and chargers.
Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and aftermarket parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck.
Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck.
The Company's aftermarket parts offerings compete with parts manufactured by other lift truck manufacturers, as well as companies that focus solely on the sale of generic parts. Bolzoni is a leader in the lift truck attachment industry.
The Company's parts offerings compete with parts manufactured by other lift truck manufacturers, as well as companies that focus solely on the sale of generic parts. Bolzoni is a leader in the lift truck attachment industry.
In the future, the Company's results of operations may be materially adversely affected to the extent the Company is affected by trade disputes with other foreign jurisdictions, and increased or new tariffs are levied on its goods or the materials the Company purchases. 3 Table of Contents Competition The Company is one of the leaders in the lift truck industry with respect to market share in the Americas and worldwide.
In the future, the Company's results of operations may continue to be materially adversely affected to the extent the Company is affected by trade disputes with other foreign jurisdictions, and increased or new tariffs are levied on its goods or the materials the Company purchases or products the Company sells. 3 Table of Contents Competition The Company is one of the leaders in the lift truck industry with respect to market share in the Americas and worldwide.
Item 1. BUSINESS General Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company, Hyster-Yale Materials Handling, Inc. ("HYMH"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers.
Item 1. BUSINESS General Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating companies, Hyster-Yale Materials Handling, Inc. ("HYMH") and Bolzoni S.p.A. ("Bolzoni"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers.
As a result, the Company accounts for its ownership in SN using the equity method of accounting. The Company purchases Hyster ® - and 4 Table of Contents Yale ® -branded lift trucks and related component and aftermarket parts from SN for sale outside of Japan under agreed-upon terms.
As a result, the Company accounts for its ownership in SN using the equity 4 Table of Contents method of accounting and is included in the JAPIC segment. The Company purchases Hyster ® - and Yale ® -branded lift trucks and related component and parts from SN for sale outside of Japan under agreed-upon terms.
The Company also contracts with SN for engineering design services on a cost plus basis and charges SN for technology used by SN but developed by the Company. During 2024, SN sold approximately 9,200 lift trucks. Human Capital Resources As of January 31, 2025, the Company had approximately 8,500 employees.
The Company also contracts with SN for engineering design services on a cost plus basis and charges SN for technology used by SN but developed by the Company. During 2025, SN sold approximately 9,000 lift trucks. Human Capital Resources As of January 31, 2026, the Company had approximately 7,500 employees.
("SN"), a limited liability company that was formed in 1970 primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster ® - and Yale ® -branded lift trucks and related components and service parts outside of Japan. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN.
("SN"), a limited liability company that was formed in 1970 primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and Southeast Asia and to manufacture Hyster ® and Yale ® branded lift trucks, related components and service parts for distribution by the Company outside of Japan. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN.
Backlog The following table outlines the Company's backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks for the years ended (in millions): December 31, 2024 September 30, 2024 December 31, 2023 Backlog, approximate sales value $ 1,930 $ 2,300 $ 3,330 As of December 31, 2024, the Company expects substantially all of its backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks to be sold during the next twelve months.
Backlog The following table outlines the Company's backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks for the years and periods ended (in millions): December 31, 2025 September 30, 2025 December 31, 2024 Backlog, approximate sales value $ 1,280 $ 1,350 $ 1,930 As of December 31, 2025, the Company expects substantially all of its backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks to be sold during the next twelve months.
The Company designs warehouse equipment for the European market in Masate, Italy, adjacent to its manufacturing and assembly facility for warehouse equipment. The Company also has an engineering Concept Center in the United Kingdom to support advanced design activities and an engineering office in India to support global design activities for its four major engineering centers.
The Company designs warehouse equipment for the European market in Masate, Italy, adjacent to its manufacturing and assembly facility for warehouse equipment. The Company also has engineering centers in the United Kingdom, India and China to support design activities for its four major engineering centers.
The Company competes with several global lift truck manufacturers that operate in all major markets, as well as other niche companies. The lift truck industry also competes with alternative methods of materials handling, including conveyor systems and automated guided vehicles and systems.
The Company competes with several global lift truck manufacturers that operate in all major markets, as well as other niche companies. The lift truck industry also competes with alternative methods of materials handling, such as automated warehouses, including conveyor systems and automated guided vehicles and systems as well as suppliers of alternative power sources including lithium-ion and hydrogen power suppliers.
During economic downturns, customers tend to delay new lift truck and parts purchases. Consequently, the Company has experienced, and in the future may continue to experience, significant fluctuations in its revenues and net income. Research and Development The Company’s lift truck research and development capability is organized around four major engineering centers that are coordinated on a global basis.
Consequently, the Company has experienced, and in the future may continue to experience, significant fluctuations in its revenues and net income. Research and Development The Company’s lift truck research and development capability is organized around four major engineering centers that are coordinated on a global basis.
Under the joint venture agreement with HYGFS, the Company’s dealers and certain customers are extended credit for the purchase of lift trucks to be placed in the dealer’s floor plan inventory or the financing of lift trucks that are sold or leased to customers.
The Company accounts for its ownership of HYGFS using the equity method of accounting. Under the joint venture agreement with HYGFS, the Company’s dealers and certain customers are extended credit for the purchase of lift trucks to be placed in the dealer’s floor plan inventory or the financing of lift trucks that are sold or leased to customers.
This program focuses on large customers with centralized purchasing and geographically dispersed operations across multiple dealer territories. This program accounted for 23%, 19% and 17% of new lift truck unit volume in 2024, 2023 and 2022, respectively. The independent dealers support these major customers by providing aftermarket parts and service on a local basis.
This program focuses on large customers with centralized purchasing and geographically dispersed operations across multiple dealer territories. This program accounted for 28%, 22% and 19% of new lift truck revenues in 2025, 2024 and 2023, respectively. The independent dealers support these major customers by providing parts and service on a local basis.
Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China.
The Company’s lift truck business includes the following three geographic operating segments: the Americas, EMEA and JAPIC. Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China.
Aftermarket Parts The Company offers a line of aftermarket parts to service its large installed base of lift trucks currently in use in many industries. The Company offers online technical reference databases specifying the required aftermarket parts to service lift trucks and an aftermarket parts ordering system.
Parts and Service The Company offers a line of parts to service its large installed base of lift trucks currently in use in many industries. The Company offers online technical reference databases specifying the required parts to service lift trucks and an ordering system. The Company sells HYSource™ branded parts to dealers for Hyster ® and Yale ® lift trucks.
The Company operates eleven lift truck manufacturing and assembly facilities worldwide with four plants in the Americas, three in EMEA and 1 Table of Contents four in JAPIC, including joint venture operations. In addition, the Company operates six principal Bolzoni manufacturing facilities worldwide.
The Company operates eleven lift truck manufacturing and assembly facilities worldwide with four plants in the Americas, three in EMEA and four in JAPIC, including joint venture operations. In addition, the Company operates seven Bolzoni manufacturing facilities worldwide.
In addition, future changes to environmental laws could require the Company to incur significant additional expense or restrict operations. Based on information available as of the date of filing this Annual Report on Form 10-K, the Company does not expect compliance with environmental requirements to have a material adverse effect on the Company’s financial condition or results of operations.
Based on information available as of the date of filing this Annual Report on Form 10-K, the Company does not expect compliance with environmental requirements to have a material adverse effect on the Company’s financial condition or results of operations.
The global approach is centered around five key areas: product management and strategy; marketing strategy and activation; sales enablement and training; digital marketing and lead generation; and industry strategy and market insights. Patents, Trademarks and Licenses The Company relies on a combination of trade secret protection, trademarks, copyrights, and patents to establish and protect the Company's proprietary rights.
The global approach is centered around six key areas: Brand Strategy and Activation; Commercial Enablement; Training and Engagement; Product Management and Strategy; Content and Create Services; and Industry Strategy & Market Insights. Patents, Trademarks and Licenses The Company relies on a combination of trade secret protection, trademarks, copyrights, and patents to establish and protect the Company's proprietary rights.
Cyclical Nature of Lift Truck Business The Company’s lift truck business historically has been cyclical. Fluctuations in the rate of orders for lift trucks, attachments and fuel-cell technology reflect the capital investment decisions of the Company’s customers, which depend to a certain extent on the general level of economic activity in the various industries the lift truck customers serve.
Fluctuations in the rate of orders for lift trucks, attachments and fuel-cell technology reflect the capital investment decisions of the Company’s customers, which depend to a certain extent on the general level of economic activity in the various industries the lift truck customers serve. During economic downturns or economic uncertainty, customers tend to delay new lift truck and parts purchases.
The Company also has the Emerging Market Development Center in China to support low-intensity product development. The Company’s lift truck engineering centers utilize a three-dimensional CAD/CAM system and are interconnected with each of the Company’s manufacturing and assembly facilities and certain suppliers. This allows for collaboration in technical engineering designs and collaboration with these suppliers.
The Company’s lift truck engineering centers utilize a three-dimensional CAD/CAM system and are interconnected with each of the Company’s manufacturing and assembly facilities and certain suppliers. This allows for collaboration in technical engineering designs and collaboration with these suppliers. The Company also utilizes artificial intelligence tools to analyze, design and enhance the efficiency and innovation of its product development process.
The following table summarizes the Company's dealers as of December 31, 2024: Hyster ® Yale ® Dual-Branded Maximal ® Americas 9 12 30 16 EMEA 59 42 16 18 JAPIC 71 9 5 42 139 63 51 76 Direct Customer Sales The Company operates a direct sales program to major customers or global accounts for both Hyster ® and Yale ® .
The following table summarizes the Company's dealers as of December 31, 2025: Hyster ® Yale ® Dual-Branded Maximal ® Americas 9 11 30 16 EMEA 50 37 22 15 JAPIC 44 9 5 8 103 57 57 39 Direct Customer Sales The Company operates a direct sales program to major customers or global accounts for both Hyster ® and Yale ® .
Dealers receive an installation fee for the support they provide in connection with these major customer sales and for the preparation and delivery of lift trucks to customer locations. In addition to selling new lift trucks, this direct customer sales program markets services, including full maintenance leases and fleet management.
Dealers receive an installation fee for the support they provide in connection with these major customer sales and for the preparation and delivery of lift trucks to customer locations.
The use of fuel-cell technology in industrial and commercial applications is a relatively new development. Companies implementing such technology face competitors that integrate more traditional energy technologies into their product lines, as well as competitors that have implemented or are implementing alternatives to traditional energy technologies, such as lithium batteries, fuel additives and other high efficiency or “renewable” technologies.
Companies implementing such technology face competitors that integrate more traditional energy technologies into their product lines, as well as competitors that have implemented or are implementing alternatives to traditional energy technologies, such as lithium batteries, fuel additives and other high efficiency or “renewable” technologies. Cyclical Nature of Lift Truck Business The Company’s lift truck business historically has been cyclical.
Through HYMH, the Company designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster ® and Yale ® brand names, mainly to independent, exclusive Hyster ® and Yale ® retail dealerships. The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd.
Through HYMH, the Company designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, parts, fleet management services, technology and energy solutions marketed globally, primarily under the Hyster ® , Yale ® and Nuvera® brand names, mainly to independent Hyster ® and Yale ® retail dealerships.
The Company’s policies stress compliance, and the Company believes it is currently in substantial compliance with existing environmental laws. If the Company fails to comply with these laws or its environmental permits, it could incur substantial costs, including cleanup costs, operational disruptions, fines and civil and criminal sanctions.
If the Company fails to comply with these laws or its environmental permits, it could incur substantial costs, including cleanup costs, operational disruptions, fines and civil and criminal sanctions. In addition, future changes to environmental laws could require the Company to incur significant additional expense or restrict operations.
Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni ® , Auramo ® and Meyer ® brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the U.S., Italy, China, Germany and Finland.
These solutions are marketed under the Bolzoni ® , Auramo ® and Meyer ® brand names and the Silver Line product portfolio. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in Italy, the U.S., China, Germany, Finland and Brazil.
The Company has a contractual relationship with a third-party, multi-brand, aftermarket parts wholesaler in the Americas and EMEA whereby orders from the Company's dealers for parts are fulfilled by the third party who then pays the Company a commission. Marketing The Company has a global marketing organization structured to support the geographic divisions.
The Company also sells parts under the UNISOURCE™ brand to Hyster ® and Yale ® dealers for the service of competitor lift trucks. The Company has a contractual relationship with a third-party, multi-brand, parts wholesaler in the Americas in which orders from the Company's dealers for parts are fulfilled by the third party who then pays the Company a commission.
Although most components are available from numerous sources or in quantities sufficient to meet requirements, the Company has experienced, and may continue to experience, significant shortages of key components for certain products. This has negatively affected, and may in the future negatively affect, production levels.
Customs and Border Protection under the auspices of the U.S. Department of Homeland Security, as well as the Company's own internal controls and security procedures. Although most components are available from numerous sources or in quantities sufficient to meet requirements, the Company has experienced, and may continue to experience, significant shortages of key components for certain products.
There continues to exist significant uncertainty about the future of U.S. trade policy and potential new tariffs, including but not limited to, potential new tariffs on Canada, China and Mexico.
In addition, the Company’s business has been affected in the past by trade disputes between the U.S. and foreign jurisdictions. There continues to exist significant uncertainty about the future of U.S. trade policy and volatility of current or potential new tariffs on foreign jurisdictions, including but not limited to, Brazil, China, Europe, India and Mexico.
Distribution Network The Company distributes lift trucks and attachments primarily through two channels: independent dealers and a direct sales program to major customers. In addition, the Company distributes aftermarket parts and services for its lift trucks through its independent dealers.
The Company owns the Hyster ® , Yale ® , Bolzoni ® , Auramo ® , Meyer ® , Nuvera ® and Maximal ® trademarks and believes these trademarks are material to its business. Distribution Network The Company distributes lift trucks and attachments primarily through two channels: independent dealers and a direct sales program to major customers.
The Company attempts to pass these increased costs along to its customers in the form of higher prices for its products.
The Company attempts to pass these increased costs along to its customers in the form of higher prices for its products; however, the Company may not be able to fully offset the increased market-based costs of industrial metals and other materials due to overall market conditions.
Financing of Sales The Company is engaged in a joint venture with Wells Fargo Financial Leasing, Inc. ("WF") to provide dealer and customer financing of new lift trucks in the United States. The Company owns 20% of the joint venture entity, HYG Financial Services, Inc. ("HYGFS"), and receives fees and certain remarketing profits under a joint venture agreement.
In addition to selling new lift trucks, this direct customer sales program markets services, including lift truck rentals, full maintenance leases and fleet management. 2 Table of Contents Financing of Sales The Company is engaged in a joint venture with Wells Fargo Financial Leasing, Inc. ("WF") to provide dealer and customer financing of new lift trucks in the United States.
Government and Trade Regulations The Company has been impacted by ongoing trade disputes with China, which led to the imposition of tariffs resulting in higher material costs. In addition, the Company’s business has been affected in the past by trade disputes between the U.S. and Europe.
This has negatively affected, and may in the future negatively affect, production levels. Government and Trade Regulations The Company has been impacted by ongoing trade disputes, including the imposition of tariffs by the U.S. on imports of materials, which has resulted in higher material costs.
During 2022, the agreement was amended to extend the term through December 2028. The agreement automatically renews for additional one-year terms 2 Table of Contents unless written notice is given by either party at least 180 days prior to termination. The Company accounts for its ownership of HYGFS using the equity method of accounting.
The Company owns 20% of the joint venture entity, HYG Financial Services, Inc. ("HYGFS"), and receives fees and certain remarketing profits under a joint venture agreement. The term of the agreement is valid through December 2028. The agreement automatically renews for additional one-year terms unless written notice is given by either party at least 180 days prior to termination.
("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets. Lift trucks and component parts are manufactured in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.
The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized materials handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.
In addition, the Company depends on a limited number of suppliers for some of its crucial components, including diesel and gasoline engines, which are supplied by, among others, Power Solutions International, Inc., Yanmar Power Technology Co., LTD. and Kubota Corp., drive-system components, which are supplied by, among others, Dana Corporation, ZF Company and Zapi Inc., and cast-iron counterweights used to counter balance some lift trucks, which are obtained from, among others, Eagle Quest International Ltd. and BTS5 Incorporated.
In addition, the Company depends on a limited number of suppliers for some of its crucial components, including diesel and gasoline engines, drive-system components, cast-iron counterweights used to counter balance some lift trucks and tires and wheels. Some of these critical components are imported and subject to regulations, such as customary inspection by the U.S.
The Company’s contract with the Danville union expires in June 2027. Generally, employee benefits for Danville union employees are aligned with non-union U.S. employees. All other employees at the Company's facilities in the U.S. are not represented by unions.
Although the Company’s current contract with the Danville union expires in 2027, the Company expects to close the Danville location and move the parts depot operations to the Avon, Indiana Customer and Parts Solution Center in 2026. All other employees at the Company's facilities in the U.S. are not represented by unions.
The employees are distributed among each of the Company's businesses as follows: Lift Truck 7,100 Bolzoni 1,200 Nuvera 200 Certain employees in the Danville, Illinois parts depot operations are unionized. The Danville union contract expires every three years at which time salaries, certain employee policies and a limited number of benefits are negotiated for the following three-year period.
The employees are distributed between each of the Company's businesses as follows: Lift Truck 6,300 Bolzoni 1,200 Certain employees in the Danville, Illinois parts depot operations are unionized.
Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling. Nuvera is an alternative-power technology company focused on the design, manufacture and sale of hydrogen fuel cell stacks and engines.
Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the lift-truck attachments market and industrial materials handling. The Company has four segments, which include three in the lift truck business as discussed below, as well as Bolzoni.
Additionally, the Company solicits customer feedback throughout the design phase to improve product development efforts. Development and innovation of attachments occurs in each of the Bolzoni manufacturing plants for the specific products produced in that location. Nuvera has two research and development locations.
Additionally, the Company solicits customer feedback throughout the design phase to improve product development efforts. The Company also has research and development locations located in Greenville, North Carolina and Billerica, Massachusetts for the design, development and testing of technology solutions, including automation and energy solutions.
The Company's solutions include attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks. The Company is headquartered in Cleveland, Ohio.
The Company's solutions include attachments, parts, fleet management services, technology and energy solutions. The Company is headquartered in Cleveland, Ohio.
In the U.S., Billerica, Massachusetts is the primary location for design, development and testing of fuel-cell stacks and engines. In Europe, operations at San Donato, Italy are primarily focused on fuel-cell systems integration and testing. Sumitomo-NACCO Joint Venture The Company has a 50% ownership interest in Sumitomo NACCO Forklift Co., Ltd.
Development and innovation of attachments occurs in each of the Bolzoni manufacturing plants for the specific products produced in that location. Sumitomo-NACCO Joint Venture The Company has a 50% ownership interest in Sumitomo NACCO Forklift Co., Ltd.
Removed
Hyster-Yale was incorporated as a Delaware corporation in 1999. On May 31, 2024, the Company changed its corporate name to Hyster-Yale, Inc. and the Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., changed its corporate name to Hyster-Yale Materials Handling, Inc.
Added
Lift trucks and component parts are manufactured in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam. Hyster-Yale was incorporated as a Delaware corporation in 1999. Bolzoni manufactures precision-engineered lift truck attachments, forks, masts and lift tables designed for handling delicate and specialized loads.
Removed
The Company has five segments, which include three in the lift truck business as discussed below, as well as Bolzoni S.p.A. ("Bolzoni") and Nuvera Fuel Cells, LLC ("Nuvera"). The Company’s lift truck business includes the following three geographic operating segments: the Americas, EMEA and JAPIC.
Added
During 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025.
Removed
The Company sells Hyster ® - and Yale ® -branded aftermarket parts to dealers for Hyster ® and Yale ® lift trucks. The Company also sells aftermarket parts under the UNISOURCE™ and PREMIER™ brands to Hyster ® and Yale ® dealers for the service of competitor lift trucks.
Added
These changes did not impact the Company's Consolidated Financial Statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, Business Segments , for additional information on the Company's reportable segments.
Removed
The Company owns the Hyster ® , Yale ® , Maximal ® , Bolzoni Auramo ® , Bolzoni ® , Auramo ® , Meyer ® and Nuvera ® trademarks and believes these trademarks are material to its business.
Added
Comparative prior period amounts have been recast to reflect the segment change.
Removed
The Company’s end-user base is diverse and fragmented, including but not limited to the following industries: light and heavy manufacturers, trucking and automotive, logistics, rental, building materials and paper suppliers, lumber, metal products, warehouses, retailers, food and beverage distributors, container handling and U.S. and non-U.S. governmental agencies.
Added
In addition to parts, the Company sells services, including full maintenance leases and fleet management. Marketing The Company has a global marketing organization structured to support the geographic divisions.
Removed
Independent Dealers The Company’s dealers, located in 115 countries, are generally independently owned and operated.
Added
In addition, the Company distributes parts and services for its lift trucks mainly through its independent dealers. The Company’s end-user base is diverse and fragmented, including but not limited to the following industries: retail, durable goods, food and beverage, industrial and logistics. Independent Dealers The Company’s dealers, located in 111 countries, are generally independently owned and operated.
Removed
Key Suppliers and Raw Materials During 2022, the Company experienced significant increases in material costs, primarily from global price increases for industrial metals, including steel, lead and copper and other commodity products, such as rubber, as a result of increased demand and limited supply.
Added
Key Suppliers and Raw Materials In 2025, the Company was subject to substantial new tariffs imposed by the U.S. on imports of materials from various countries and industries within those countries. Tariffs, ongoing volatility in global markets and the impact on demand and supply may result in unanticipated cost increases for the Company's products.
Removed
During 2023 and 2024, the Company experienced declines in some material costs which helped sustain the Company's strong margin position. However, ongoing volatility in global markets and the impact on demand and supply may result in unanticipated cost increases for the Company's product.
Added
The use of lithium ion and hydrogen fuel-cell technology in industrial and commercial applications, including lift trucks, is a developing market.
Removed
However, given a certain portion of the Company's current backlog is subject to fixed pricing, it may not be able to fully offset the increased market-based costs of industrial metals and other commodities due to overall market conditions and the lag time involved in implementing price increases for its products.
Added
Corporate Responsibility The Company is committed to being responsible corporate citizens, guided by vision and values. The Company remains focused on long-term viability, understanding that corporate responsibility is essential for building resilience in an increasingly dynamic world, and that delivering value requires strong, successful, and sustained relationships with all our stakeholders.
Removed
Some of these critical components are imported and subject to regulations, such as customary inspection by the U.S. Customs and Border Protection under the auspices of the U.S. Department of Homeland Security, as well as the Company's own internal controls and security procedures.
Added
To achieve this, the Company has three focus areas: people; economy; and environment. People Employees are the foundation of the Company's success. Their expertise, dedication, and innovation drive the Company's operations forward everyday – which is why the Company is deeply committed to investing in their safety, well-being, development, and engagement.
Removed
The Company believes the long-term best interests of its stockholders are best served by embracing economic, social, environmental and health and safety objectives throughout its organization, which also provides benefits to its customers and the communities in which it operates.
Added
The Company achieves this through focusing on training and education and commitment to labor and human rights and environmental, occupational health and safety ("EOHS") as fundamental responsibilities of the Company.
Removed
The Company has established specific cost-effective corporate projects through its 2026 Aspirations program that are expected to reduce its impact on the environment and conserve natural resources. The Company considers its employees a primary focus area of corporate responsibility.
Added
In addition, the Company maintains open communication channels with employees to understand and support employee needs and contribute to the success as a business; whether through a formal or other open feedback systems. To further foster collaboration and engagement across global operations, the Company supports Employee Resource Groups ("ERG"s).
Removed
The Company's priority on people focuses on five main areas: occupational health and safety, employment, inclusion and equal opportunity, training and education and engagement with local communities. Occupational Health & Safety A robust focus on health and safety performance is a fundamental driver of the Company’s achievements.
Added
These employee-led and employee-run groups are open to all regular, full-time employees with the goal of creating spaces where employees can build community, develop leadership skills, and enrich the Company culture.
Removed
Within the “Safety First” framework, there is diligent oversight and assessment of key performance indicators, a testament to the Company's dedication to safeguarding the holistic well-being of our workforce. The Company's safety aspiration is for zero occupational injury or illness rates, based on the philosophy that all such injuries and illnesses are preventable.
Added
The Company is committed to corporate responsibility throughout all aspects of the organization and recognize its importance to our employees, customers, investors, and the local communities in which the Company operates. Economy The Company is committed to operating with integrity throughout every level of the business, which provides the foundation for innovation, trust, and long-term organizational success.
Removed
The Company requires comprehensive training and accountability from all employees to uphold safety as a daily priority. The Company's workforce is empowered to initiate safety improvements, engage in safety committees and reinforce safety behaviors at all times. The Company recognizes that employees engaged in the work are the most knowledgeable about associated risks.
Added
Our responsible business strategy guides how the Company supports our customers, empowers our employees, and creates lasting value within the communities where it operates. The Company remains dedicated to upholding the highest ethical standards and recognize responsibilities to our employees, customers, communities, and the environment to go beyond compliance at every level of business.
Removed
Therefore, the Company requires that the local safety/environmental improvement teams contain employee representatives reflective of their workforce, including hourly employees.
Added
The Company views suppliers as an extension of its business and a critical component to the Company's success. To ensure a resilient supply chain that meets or exceeds our quality standards for parts and services provided, the Company collaborates closely with a diverse network of suppliers around the world.
Removed
As expressed in the Global Environmental/Occupational Health and Safety Policy, the Company considers environmental protection, occupational health and safety and site security to be paramount to our employees, contractors and visitors and seeks to minimize and control risks to people and the environment and do so by participating in industry standard third-party certifications.
Added
The Company's supplier network is built upon six core pillars, designed to promote a resilient, global supply chain. These six pillars reflect our shared commitment to quality, reliability, diversity, compliance, efficiency, and customer satisfaction.

… 38 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

48 edited+20 added−4 removed76 unchanged
Biggest changeIn February 2025, the United States announced substantial tariffs on Canada, China and Mexico and restored tariffs on imported steel and aluminum without regard to the location of the seller. There exists substantial uncertainty as to whether all of these tariffs will be fully implemented or sustained.
Biggest changeIn particular, tariffs and other trade restrictions between the U.S., Brazil, China, Europe and India have escalated dramatically and may continue to escalate. There exists substantial uncertainty as to whether any, or all, tariffs and trade restrictions will be fully implemented, sustained or modified. In February 2026, the U.S.
The pricing and costs of the Company's products have been and may continue to be impacted by currency fluctuations, which could materially increase costs, and result in material exchange losses and reduce operating margins.
The pricing and costs of the Company's products have been and may continue to be impacted by currency fluctuations, which could materially increase costs, and result in material currency exchange losses and reduce operating margins.
Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck availability and sales prices, availability of aftermarket parts and their prices, comprehensive product line offerings, product performance, quality and innovation, including lift truck features, and the cost of ownership over the life of the lift truck.
Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck availability and sales prices, availability of parts and their prices, comprehensive product line offerings, product performance, quality and innovation, including lift truck features, and the cost of ownership over the life of the lift truck.
The Company relies primarily on its network of independent dealers to sell lift trucks and aftermarket parts and the Company has no direct control over sales by those dealers to customers.
The Company relies primarily on its network of independent dealers to sell lift trucks and parts and the Company has no direct control over sales by those dealers to customers.
Because the Company conducts transactions in various currencies, including U.S. dollars, euros, Japanese yen, Chinese renminbi, British pounds, Swedish kroner, Mexican pesos and Australian dollars, lift truck pricing is subject to the effects of fluctuations in the value of these currencies and fluctuations in the related currency exchange rates.
Because the Company conducts transactions in various currencies, including U.S. dollars, euros, Japanese yen, Chinese renminbi, Mexican pesos, British pounds, Swedish kroner, Brazilian reais and Australian dollars, lift truck pricing is subject to the effects of fluctuations in the value of these currencies and fluctuations in the related currency exchange rates.
If the Company's strategic initiatives, including the introduction of new products, do not prove effective, revenues, profitability and market share could be significantly reduced. Changes in the timing of implementation of the Company's current strategic initiatives may result in a delay in the expected recognition of future costs and realization of future benefits.
If the Company's strategic initiatives, including the introduction of new products and technology solutions, do not prove effective, revenues, profitability and market share could be significantly reduced. Changes in the timing of implementation of the Company's current strategic initiatives may result in a delay in the expected recognition of future costs and realization of future benefits.
Changes in or uncertainty surrounding, laws or policies governing the terms of international trade, and in particular increased trade restrictions, tariffs or taxes on imports from countries where the Company manufactures products could have a material adverse impact on the Company's business and financial results.
Changes in or uncertainty surrounding laws or policies governing the terms of international trade, and in particular increased trade restrictions, tariffs or taxes on imports from countries where the Company manufactures products have had a material adverse impact on the Company's business and financial results.
The Company has two classes of common stock: Class A common stock and Class B common stock. Holders of Class A common stock are entitled to cast one vote per share and, as of December 31, 2024, accounted for approximately 29 percent of the voting power of the Company.
The Company has two classes of common stock: Class A common stock and Class B common stock. Holders of Class A common stock are entitled to cast one vote per share and, as of December 31, 2025, accounted for approximately 29 percent of the voting power of the Company.
The cost to manufacture lift trucks and related service parts has been and may continue to be affected by fluctuations in prices for these raw materials. If costs of these raw materials increase, the Company's profitability could be materially reduced. 9 Table of Contents The Company depends on a limited number of suppliers for specific critical components.
The cost to manufacture lift trucks and related service parts has been and may continue to be affected by fluctuations in prices for these raw materials. If costs of these raw materials increase, the Company's profitability could be materially reduced. The Company depends on a limited number of suppliers for specific critical components.
Further, the amount of insurance coverage the Company maintains may be inadequate to cover claims or liabilities relating to a cybersecurity incident. Security breaches with respect to the Company’s products could interfere with its business, dealers, and customers, exposing it to liability that would cause its business and reputation to suffer.
Further, the amount of insurance coverage the Company maintains may be inadequate to cover claims or liabilities relating to a cybersecurity incident. 10 Table of Contents Security breaches with respect to the Company’s products could interfere with its business, dealers, and customers, exposing it to liability that would cause its business and reputation to suffer.
These factors could potentially result in delayed or cancelled orders by customers, unanticipated inventory accumulation or shortages, and harm to the business, results of operations, and financial condition.
These factors could potentially result in delayed or cancelled orders by customers, unanticipated inventory accumulation or shortages, shipping delays, and harm to the business, results of operations, and financial condition.
Increasing emphasis and changing expectations with respect to environmental, social and governance 8 Table of Contents matters may impose additional costs on the Company or expose the Company to new or additional risks. In addition, changes in the relative values of currencies occur from time to time and could affect the Company's operating results.
Increasing emphasis and changing expectations with respect to environmental, social and governance matters may impose additional costs on the Company or expose the Company to new or additional risks. In addition, changes in the relative values of currencies occur from time to time and could affect the Company's operating results.
Holders of Class B common stock are entitled to cast ten votes per share and, as of December 31, 2024, accounted for the remaining voting power of the Company.
Holders of Class B common stock are entitled to cast ten votes per share and, as of December 31, 2025, accounted for the remaining voting power of the Company.
The Company experiences intense competition in the sale of lift trucks and aftermarket parts.
The Company experiences intense competition in the sale of lift trucks and parts.
In connection with any acquisition the Company has made, it could, under some circumstances, be held financially liable for or suffer other adverse effects due to environmental violations or contamination caused by prior owners of businesses the Company has acquired.
In connection with any acquisition the Company has made, it could, under some circumstances, be held financially liable for or suffer other adverse effects due to environmental violations or contamination caused by prior owners of businesses the 11 Table of Contents Company has acquired.
The Company uses information systems to record, process and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting and legal and tax requirements.
The Company uses information systems to record, process and report financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting and legal and tax requirements.
Fluctuations in the rate of orders for lift trucks, attachments and fuel-cell technology reflect the capital investment decisions of the Company's customers, which depend to a certain extent on the general level of economic activity in the various industries the customers serve.
Fluctuations in the rate of orders for lift trucks, attachments and emerging technology reflect the capital investment decisions of the Company's customers, which depend to a certain extent on the general level of economic activity in the various industries the customers serve.
On the basis of this common stock ownership, certain members of the Company’s extended founding family could have exercised 77 percent of the Company’s total voting power.
On the basis of this common stock ownership, certain members of the Company’s extended founding family could have exercised 76 percent of the Company’s total voting power.
Through these arrangements, the Company's dealers and certain customers are extended credit for the purchase of lift trucks to be placed in the dealer’s floor plan inventory or the 14 Table of Contents financing of lift trucks that are sold or leased to customers.
Through these arrangements, the Company's dealers and certain customers are extended credit for the purchase of lift trucks to be placed in the dealer’s floor plan inventory or the financing of lift trucks that are sold or leased to customers.
Although the stock repurchase program is intended to enhance long-term shareholder value, there is no assurance that it will do so and short-term price fluctuations in the Class A common stock could reduce the program’s effectiveness.
Although the stock repurchase program is intended to enhance long-term shareholder value, there is no assurance that it will do so and short- 12 Table of Contents term price fluctuations in the Class A common stock could reduce the program’s effectiveness.
As of December 31, 2024, the Company has a $300 million secured, floating-rate revolving credit facility, expiring in June 2026, and a $225 million term loan, maturing in May 2028, each of which has various restrictive covenants.
As of December 31, 2025, the Company has a $300 million secured, floating-rate revolving credit facility, expiring in June 2030, and a $225 million term loan, maturing in May 2028, each of which has various restrictive covenants.
The loss of or ineffective or poor performance by these independent dealers could result in a significant decrease in revenues and profitability and the inability to sustain or grow the business. The Company relies primarily on independent dealers for sales of lift trucks and aftermarket parts.
Ineffective or poor performance by these independent dealers or loss of a dealer from the Company's network could result in a significant decrease in revenues and profitability and the inability to sustain or grow the business. The Company relies primarily on independent dealers for sales of lift trucks and parts.
Disruptions of shipping lanes from labor disputes or sea piracy, or at ports, common carriers, or suppliers could create significant risks, particularly if these disputes result in work slowdowns, lockouts, strikes, or other disruptions during periods of significant importing or manufacturing.
Disruptions of shipping lanes from geopolitical tensions, labor disputes, changes in trade policies or sea piracy, or at ports, common carriers, or suppliers could create significant risks, particularly if these disputes result in work slowdowns, lockouts, strikes, or other disruptions during periods of significant importing or manufacturing.
For some of these arrangements, the Company provides recourse or repurchase obligations such that it would become obligated in the event of default by the dealer or customer. Total amounts subject to these types of obligations were $219.2 million and $162.4 million at December 31, 2024 and 2023, respectively.
For some of these arrangements, the Company provides recourse or repurchase obligations such that it would become obligated in the event of default by the dealer or customer. Total amounts subject to these types of obligations were $134.5 million and $219.2 million at December 31, 2025 and 2024, respectively.
In addition, these laws may be changed or new laws may be enacted in the future, including, for example, with respect to environmental, climate change, 13 Table of Contents health and safety and cybersecurity matters. Non-U.S. litigation is often expensive, time consuming and distracting.
In addition, these laws may be changed or new laws may be enacted in the future, including, for example, with respect to environmental, climate change, health and safety, data privacy and cybersecurity matters. Non-U.S. litigation is often expensive, time consuming and distracting.
As of December 31, 2024, certain members of the Company’s extended founding family held approximately 30 percent of the Company’s outstanding Class A common stock and approximately 96 percent of the Company’s outstanding Class B common stock.
As of December 31, 2025, certain members of the Company’s extended founding family held approximately 29 percent of the Company’s outstanding Class A common stock and approximately 96 percent of the Company’s outstanding Class B common stock.
The degree to which these changes in U.S. trade policy affect the Company's operating results will be influenced by the specific details of the changes in trade policies, their timing and duration, and the Company's effectiveness in deploying tools and strategies to address these issues.
The degree to which these tariffs, any future tariffs, or changes in U.S. and foreign trade policies affect the Company's operating results will be influenced by the specific details of the changes in trade policies, their timing and duration, and the Company's effectiveness in deploying tools and strategies to address these issues.
In addition, if future industry demand levels are lower than expected or customers' demands change, the Company may not be successful in implementing its strategic initiatives. If the Company is unable to successfully implement these strategic initiatives, revenues, profitability, growth prospects and market share could be significantly reduced. 10 Table of Contents The lift truck business is cyclical.
In addition, if future industry demand levels are lower than expected or customers' demands change, the Company may not be successful in implementing its strategic initiatives. If the Company is unable to successfully implement these strategic initiatives, revenues, profitability, growth prospects and market share could be significantly reduced.
The Company also purchases parts provided by suppliers that are manufactured from castings and steel or contain lead. The cost of these parts is affected by the same economic conditions that impact the cost of the parts the Company manufactures.
The Company manufactures products that include raw materials that consist of steel, rubber, copper, lead, castings and counterweights. The Company also purchases parts provided by suppliers that are manufactured from castings and steel or contain lead. The cost of these parts is affected by the same economic conditions that impact the cost of the parts the Company manufactures.
Any unauthorized access to or control of the products or systems or any loss of data could result in litigation including individual claims or consumer class actions, commercial litigation, administrative, civil or criminal investigations or actions, regulatory intervention, government enforcement actions, penalties, sanctions or fines, disruption to operations and product systems, innovation delays, unauthorized release of confidential or otherwise protected information, corruption or alteration of data, payment of ransom, or investigation and remediation costs, which could materially adversely affect the Company’s business strategy, results of operations, financial condition, growth opportunities or reputation. 12 Table of Contents Risks Related to Legal and Regulatory Matters The Company is subject to import and export controls, which could subject the Company to liability or impair the Company's ability to compete in international markets.
Any unauthorized access to or control of the products or systems or any loss of data could result in litigation including individual claims or consumer class actions, commercial litigation, administrative, civil or criminal investigations or actions, regulatory intervention, government enforcement actions, penalties, sanctions or fines, disruption to operations and product systems, innovation delays, unauthorized release of confidential or otherwise protected information, corruption or alteration of data, payment of ransom, or investigation and remediation costs, which could materially adversely affect the Company’s business strategy, results of operations, financial condition, growth opportunities or reputation.
Defects can also exist in components and products the Company purchases from third parties. Component defects could make the Company’s products unsafe and create a risk of property damage and personal injury. In addition, the Company’s service offerings can have quality issues and from time to time experience outages, service slowdowns or errors.
Component defects could make the Company’s products unsafe and create a risk of property damage and personal injury. In addition, the Company’s service offerings can have quality 8 Table of Contents issues and from time to time experience outages, service slowdowns or errors.
Changes in existing free trade laws and regulations or tariffs could materially reduce the Company's profitability. Existing free trade laws and regulations provide certain beneficial duties and tariffs for qualifying imports and exports, subject to compliance with the applicable classification and other requirements.
Changes in international trade laws and regulations or tariffs could materially reduce the Company's profitability and have a materially adverse impact on the Company’s business strategy and operations. Free trade laws and regulations provide certain beneficial duties and tariffs for qualifying imports and exports, subject to compliance with the applicable classification and other requirements.
Unforeseen difficulties, such as delays in development due to design defects or changes in specifications and insufficient research and development resources, cost overruns or availability of key components such as hydrogen, may hinder the Company’s ability to incorporate Nuvera’s technologies into its product lines or generate revenues to third-parties on an economically favorable basis or at all.
Unforeseen difficulties, such as delays in development due to design defects or changes in specifications and insufficient research and development resources, cost overruns or availability of key components, may hinder the Company’s ability to generate revenues to third-parties on an economically favorable basis or at all. The lift truck business is cyclical.
Part of the strategy to expand worldwide market share is strengthening the Company's non-U.S. distribution network. A part of this strategy also includes decreasing costs by sourcing basic components in lower-cost countries.
Part of the strategy to expand worldwide market share is strengthening the Company's non-U.S. distribution network. This strategy also includes decreasing costs by sourcing basic components in lower-cost countries and could include more reliance on regional manufacturing facilities.
If the Company fails to compete effectively, revenues and profitability could be significantly reduced. The Company’s products and services may be affected from time to time by design and manufacturing defects or new technologies that could materially adversely affect the Company’s business and result in harm to the Company’s reputation.
The Company’s products and services may be affected from time to time by design and manufacturing defects or new technologies that could materially adversely affect the Company’s business and result in harm to the Company’s reputation. The Company offers complex hardware and software products and services that can be affected by design and manufacturing defects.
The Company is highly dependent on the skills, experience and services of key personnel, and the loss of key personnel could have a material adverse effect on its business, operating results and financial condition.
The Company is highly dependent on the skills, experience and services of key personnel, and the loss of key personnel could have a material adverse effect on its business, operating results and financial condition. In addition, the loss of key personnel could impact the Company's ability to maintain effective internal controls over financial reporting.
If the Company suffers a liquidity shortage, the Company may be forced to reduce production levels, reduce planned capital investments, reduce workforce, decrease or suspend planned dividends or share purchases, or adopt other measures. Failure to compete effectively within the Company's industry could result in a significant decrease in revenues and profitability.
If the Company suffers a liquidity shortage, the Company may be forced to reduce production levels, reduce planned capital investments, reduce workforce, decrease or suspend planned dividends or share purchases, or adopt other measures.
The Company offers complex hardware and software products and services that can be affected by design and manufacturing defects. Sophisticated operating system software and applications, such as those offered by the Company, often have issues that can unexpectedly interfere with the intended operation of hardware or software products and services.
Sophisticated operating system software and applications, such as those offered by the Company, often have issues that can unexpectedly interfere with the intended operation of hardware or software products and services. Defects can also exist in components and products the Company purchases from third parties.
Implementation of this part of the strategy may increase the risks and potential impacts to global operations and there can be no assurance that such risks will not have an adverse effect on the Company's revenues, profitability or market share. Economic and political conditions in the U.S. and abroad may lead to significant changes in tax rules and regulations.
Implementation of this strategy may increase the risks and potential impacts to global 6 Table of Contents operations and there can be no assurance that such risks will not have an adverse effect on the Company's revenues, profitability or market share.
Customs and Border Protection under the auspices of the U.S. Department of Homeland Security. Although most components are available from numerous sources or in quantities sufficient to meet requirements, the Company has experienced significant shortages of key components for certain products which has negatively affected and may in the future negatively affect production levels.
Although most components are available from numerous sources or in quantities sufficient to meet requirements, the Company has experienced significant shortages of key components for certain products within the last several years and during the COVID-19 pandemic, which has negatively affected and may in the future negatively affect production levels.
The Company competes with several global manufacturers that operate in all major markets. These manufacturers may have lower manufacturing costs, offer differentiated products at competitive prices, provide better performance and have greater financial resources than the Company, which may enable them to commit larger amounts of capital in response to changing market conditions.
These manufacturers may have lower manufacturing costs, offer differentiated products at competitive prices, provide better performance, respond more quickly to changing trade policies and have greater financial resources than the Company, which may enable them to commit larger amounts of capital or respond more effectively to changing market conditions.
Furthermore, the Company's hedging contracts may not fully offset risks from changes in currency exchange rates. If the global capital goods market declines, the cost saving efforts the Company has implemented may not be sufficient to achieve the benefits expected. If the global economy or the capital goods market declines, the Company's revenues could decline.
If the global capital goods market declines, the cost saving efforts the Company has implemented may not be sufficient to achieve the benefits expected. If the global economy or the capital goods market declines, the Company's revenues and profitability could decline. If revenues are lower than expected, the programs the Company has implemented may not achieve the benefits expected.
If revenues are lower than expected, the programs the Company has implemented may not achieve the benefits expected. Furthermore, the Company may be forced to take additional cost saving steps that could result in additional charges that materially adversely affect the ability to compete or implement the Company's current business strategies.
Furthermore, the Company may be forced to take additional cost saving steps that could result in additional charges that materially adversely affect the ability to compete or implement the Company's current business strategies. Failure to compete effectively within the Company's industry could result in a significant decrease in revenues and profitability.
For example, proposals to reform non-U.S. tax laws or other regulations could significantly impact how multinational corporations do business. The Company's effective income tax rate could be volatile and materially change as a result of changes in tax laws, geographic mix of earnings and other factors.
The Company's effective income tax rate could be volatile and materially change as a result of changes in tax laws, geographic mix of earnings and other factors.
The Company has experienced and may continue to experience significant increases in materials costs, primarily as a result of inflationary pressures, increased demand and limited supply. The Company manufactures products that include raw materials that consist of steel, rubber, copper, lead, castings and counterweights.
The Company has experienced and may continue to experience significant increases in materials costs, primarily as a result of inflationary pressures, tariffs, increased demand and limited supply. The Company's operating results were unfavorably affected by tariffs implemented in 2025 which led to the Company incurring approximately $100 million of various tariff-related costs on inventory purchases.
In addition, retaliatory tariffs imposed by other countries or other potential government actions, could result in further adverse impacts on the Company's business, market share and operating results. The cost of raw materials used by the Company's products has fluctuated and may continue to fluctuate, which could materially reduce the Company's profitability.
If the Company fails to compete effectively, revenues and profitability could be significantly reduced. The cost of raw materials used by the Company's products has fluctuated and may continue to fluctuate, which could materially reduce the Company's profitability.
The Company is monitoring these actions, which could have an adverse impact on the Company's business strategy, market share and operating results. There can be no assurances that these tariffs will not be implemented or increased in the future, with the previously mentioned countries or additional countries with which the Company does business.
There can be no assurances that these tariffs will not be implemented or increased in the future or that further subsequent tariffs will not be announced.
The Company may not be successful in commercializing Nuvera’s technology, which success would depend, in part, on the Company’s ability to protect Nuvera’s intellectual property. The Company may not be able to commercialize Nuvera’s fuel-cell technologies on economically efficient terms.
The Company may not be able to commercialize new products on economically efficient terms or in response to changing market demand.
Removed
Furthermore, Nuvera’s commercial success will depend largely on the Company’s ability to maintain patent and other intellectual property protection covering certain of Nuvera’s technologies. Nuvera’s fuel-cell technology may not be economically viable if the Company is unable to prevent others from infringing or successfully challenging the validity of certain patents and other intellectual property rights attributable to Nuvera.
Added
Economic and political conditions in the U.S. and abroad may lead to significant changes in tax rules and regulations, including tariffs and changing trade policies. For example, proposals to reform non-U.S. tax laws or other regulations could significantly impact how multinational corporations do business.
Removed
Other products may be introduced to the market by competitors, making the Nuvera technology less marketable. The use of fuel-cell technology in industrial and commercial applications is a relatively new development.
Added
In 2025, the United States announced or implemented substantial new tariffs on many countries, materials and industries. Other countries have imposed and may continue to impose retaliatory tariffs and other trade restrictions impacting a broad range of raw materials and goods.
Removed
Companies implementing such technology face competition from competitors that integrate more traditional energy technologies into their product lines, as well as competitors that have implemented or are implementing alternatives to traditional energy technologies, such as lithium-ion batteries, fuel additives and other high efficiency or “renewable” technologies.
Added
Supreme Court ("the Court") issued a ruling holding that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") are not legally authorized. The Court only ruled on IEEPA tariffs and did not invalidate any other tariffs, nor did the Court address whether or how the U.S. government might issue refunds of IEEPA tariffs.
Removed
Any of these technologies may have more established or otherwise more attractive manufacturing, distribution and operating cost features, which could 11 Table of Contents negatively impact customers’ preferences for product lines that incorporate fuel-cell technology and, as a result, diminish the marketability of products incorporating Nuvera technology.
Added
If the U.S. government is ultimately required to issue refunds, the process likely will take many months or years. Although the ruling has been issued, its implications for trade policy and related administrative actions remain uncertain.
Added
A number of tariff-related matters continue to be challenged that could impact the continued utilization of certain tariffs and the manner in which tariff costs or potential recoveries are calculated. Adverse rulings, or the replacement or implementation of new tariffs or trade restrictions, may have a material adverse effect on market demand, revenue, profitability and liquidity.
Added
Any actions the Company takes to adapt to new tariffs or other trade restrictions may cause the Company to modify operations and business strategy.
Added
Although such actions would be designed to mitigate the impact of tariffs and other trade restrictions, there can be no assurance that such actions will be successful and any such action could be time-consuming and expensive, impact pricing of the Company’s products, which could impact sales and profitability, or cause the Company to forgo business opportunities.
Added
The continuation, increase or expansion of international tariffs and other trade restrictions, as well as continued or increased geopolitical tensions, volatility and uncertainty with respect to trade and other policies both directly and through their impacts on business and customer sentiment and spending, currency exchange and interest rates, inflation, and economic conditions globally, could have a material adverse impact on our revenue, operations, financial position, including cash flows, cost 7 Table of Contents structure, competitiveness, supply chain logistics, product demand and pricing, and profitability, and may increase the likelihood, or amplify the impacts, of other risks.
Added
The Company competes with several global manufacturers that operate in all major markets.
Added
Customs and Border Protection under the auspices of the U.S. Department of Homeland Security.
Added
Furthermore, the Company's hedging contracts may not fully offset risks from changes in currency exchange rates. The integration and use of artificial intelligence and similar technology in our business may impact the Company’s business, products, reputation and results of operation.
Added
The use of artificial intelligence, combined with an evolving regulatory environment, may result in reputation harm, liability, or other adverse consequences to our business operations. The Company intends to expand the use of automation and machine learning in our products, including customer-facing features.
Added
While the Company believes the use of these emerging technologies can present significant customer benefits, they also create risks and challenges.
Added
Data sourcing, technology, integration and process issues, bias in decision-making algorithms, concerns over intellectual property, reputational 9 Table of Contents implications, system security concerns, damage from product-feature failures or the protection of privacy could impair the adoption and acceptance of autonomous machine solutions.
Added
Additionally, if the Company is unable to match or surpass advances of artificial intelligence that our competitors implement for their products or for internal operations, our competitive position could be impacted. Our vendors and third-party partners may incorporate artificial intelligence tools into their offerings with or without disclosing this use to us.
Added
The providers of these artificial intelligence tools may not meet existing or evolving regulatory or industry standards concerning privacy and data protection, which may result in a loss of intellectual property or confidential information and/or cause harm to our reputation and the public perception of the effectiveness of our security measures.
Added
Further, bad actors around the world use increasingly sophisticated methods, including the use of artificial intelligence, to engage in cyberattacks or illegal activities involving the theft and misuse of personal information, confidential information and intellectual property, and the effect of these attacks could have a significant adverse impact upon the Company.
Added
In addition, the Company’s workforce may use artificial intelligence tools such as third-party generative artificial intelligence platforms that could result in confidential information being leaked or disclosed to others.
Added
If the data used in our business operations to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is deemed to be inaccurate, incomplete, or ineffective, the Company's brand, reputation and results of operations may be materially impacted.
Added
Risks Related to Legal and Regulatory Matters The Company is subject to import and export controls, which could subject the Company to liability or impair the Company's ability to compete in international markets.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

8 edited+1 added−0 removed6 unchanged
Biggest changeOn behalf of the CSC, the Office of the CISO review and reports on the Company’s cybersecurity activities to the ARC on a quarterly basis and to the full Board of Directors on at least an annual basis. In addition, the Company engages third parties to assist in assessing, enhancing, implementing and monitoring the Company's cybersecurity risk-management programs.
Biggest changeThe CSC is expected to meet quarterly. On behalf of the CSC, the Office of the CISO review and reports on the Company’s cybersecurity activities to the ARC on a quarterly basis and to the full Board of Directors on at least an annual basis.
Members of the Office of the CISO also engage with the Company’s internal audit department to review cybersecurity threats focusing on operational applications and databases through the course of their activities.
Members of the Office of the CISO also engage with the Company’s internal audit department to 13 Table of Contents review cybersecurity threats focusing on operational applications and databases through the course of their activities.
See "Risks Related to Cybersecurity" in Part I, Item 1A. Risk Factors, in this Annual Report on Form 10-K.
See "Risks Related to Cybersecurity" in Part I, Item 1A. Risk Factors, in this Annual Report on Form 10-K. 14 Table of Contents
The Company’s Office of the Chief Information Security Officer (“Office of the CISO”), which is responsible for the daily direction and management of cybersecurity risk activities, consists of the Chief Information Security Officer, Chief Information and Digital Officer and other information technology and cybersecurity specialists.
The Company’s Office of the Chief Information Security Officer (“Office of the CISO”), which is responsible for the daily direction and management of cybersecurity risk activities, led by the Company's Chief Information Security Officer ("CISO"), and also consists of the Company's Vice President and Chief Information and Digital Officer and other information technology and cybersecurity specialists.
The Company's Office of the CISO chairs the Company’s Cybersecurity Committee (the “CSC”), which oversees the establishment and operations of cybersecurity risk management processes and strategies and directs activities to identify, detect, assess and manage risks from cybersecurity threats, protect the Company’s assets and to respond and recover from cybersecurity incidents.
The Company's CISO chairs the Company’s Cybersecurity Committee (the “CSC”), which oversees and advises on various cybersecurity risk management processes and strategies and directs activities to identify, detect, assess and manage risks from cybersecurity threats, protect the Company’s assets and to respond and recover from cybersecurity incidents.
The Company maintains processes to oversee and identify risks from cybersecurity threats associated with its use of third-party service providers. The Company has experienced cybersecurity threats, cybersecurity incidents and vulnerabilities in its information systems and those of third-party business partners.
In addition, the Company engages third parties to assist in assessing, enhancing, implementing and monitoring the Company's cybersecurity risk-management programs. The Company maintains processes to oversee and identify risks from cybersecurity threats associated with its use of third-party service providers. The Company has experienced cybersecurity threats, cybersecurity incidents and vulnerabilities in its information systems and those of third-party business partners.
The Chief Information Security Officer has extensive experience in information technology including roles in cybersecurity, privacy, software engineering, systems engineering, infrastructure and data center management, and is a Certified Information Security Manager and a Certified Data Privacy Solutions Engineer.
The Chief Information Security Officer has over 35 years of extensive experience in information technology including roles in cybersecurity, privacy, software engineering, systems engineering, infrastructure and data center management, and is a Certified Information Security Manager. The CISO reports to the Vice President and Chief Information and Digital Officer.
The CSC is responsible for coordination with the Company’s internal audit, risk management and/or crisis management teams to review and respond to cybersecurity threats. The CSC includes members of senior management 15 Table of Contents from operations, finance and legal. The CSC is expected to meet quarterly.
The CSC is responsible for coordination with the Company’s internal audit, risk management and/or crisis management teams to review and respond to cybersecurity threats. The CSC also advises on the implementation and performance of the National Institute of Standards and Technology Cybersecurity Framework. The CSC includes members of senior management from operations, finance and legal.
Added
The Vice President and Chief Information and Digital Officer, who reports to the Company’s Chief Executive Officer, has approximately 35 years of information technology experience, including roles or oversight of cybersecurity, software design and implementation, and related technology domains.

Item 2. Properties

Properties — owned and leased real estate

2 edited+0 added−0 removed0 unchanged
Biggest changePROPERTIES The following table presents the principal assembly, manufacturing, distribution and office facilities that the Company owns or leases: Segment Facility Location Owned/Leased Function(s) Lift Truck Americas Berea, Kentucky Owned Assembly of lift trucks and manufacture of component parts Charlotte, North Carolina Leased Customer experience and training center Cleveland, Ohio Leased Global headquarters Danville, Illinois Owned Americas parts distribution center Fairview, Oregon Owned Counterbalanced development center for design and testing of lift trucks, prototype equipment and component parts Greenville, North Carolina Owned Divisional headquarters and marketing and sales operations for Hyster ® and Yale ® in the Americas; Americas warehouse development center; assembly of lift trucks and manufacture of component parts Itu, Brazil Owned Assembly and manufacture of lift trucks and parts distribution center Ramos Arizpe, Mexico Owned Assembly of lift trucks and manufacture of component parts EMEA Craigavon, Northern Ireland Owned Manufacture of lift trucks and component parts Frimley, Surrey, UK Leased Divisional headquarters and marketing and sales operations for Hyster ® and Yale ® in EMEA Irvine, Scotland Leased European administrative center Masate, Italy Leased Assembly of lift trucks; European warehouse development center Nijmegen, the Netherlands Owned Big trucks development center; manufacture and assembly of big trucks and component parts; European parts distribution center JAPIC Fuyang, China Owned Manufacture and assembly of lift trucks Pune, India Leased Engineering, supply chain and marketing and administrative services Shanghai, China Owned Sale of parts and marketing operations of China Bolzoni Helsinki, Finland Leased Manufacture and distribution of Bolzoni products Hebei, China Owned Manufacture and distribution of Bolzoni products Piacenza, Italy Owned Bolzoni headquarters; manufacture and distribution of Bolzoni products Salzgitter, Germany Owned Manufacture and distribution of Bolzoni products Sulligent, Alabama Owned Manufacture of Bolzoni products and manufacture of component parts for lift trucks Wuxi, China Owned Manufacture and distribution of Bolzoni products Nuvera Billerica, Massachusetts Leased Nuvera research and development laboratory SN’s operations are supported by three facilities.
Biggest changePROPERTIES The following table presents the principal assembly, manufacturing, distribution and office facilities that the Company owns or leases: Segment Facility Location Owned/Leased Function(s) Lift Truck Americas Avon, Indiana Leased Americas future Customer and Parts Solution Center Berea, Kentucky Owned Assembly of lift trucks and manufacture of component parts Charlotte, North Carolina Leased Customer experience and training center Cleveland, Ohio Leased Global headquarters Danville, Illinois Owned Americas current parts distribution center Fairview, Oregon Owned Counterbalanced development center for design and testing of lift trucks, prototype equipment and component parts Greenville, North Carolina Owned Divisional headquarters and marketing and sales operations for Hyster ® and Yale ® in the Americas; Americas warehouse development center; assembly of lift trucks and manufacture of component parts Greenville, North Carolina Leased Research and development facility for emerging technology Itu, Brazil Owned Assembly and manufacture of lift trucks and parts distribution center Ramos Arizpe, Mexico Owned Assembly of lift trucks and manufacture of component parts Billerica, Massachusetts Leased Research and development facility for emerging technology EMEA Craigavon, Northern Ireland Owned Manufacture of lift trucks and component parts Frimley, Surrey, UK Leased Divisional headquarters and marketing and sales operations for Hyster ® and Yale ® in EMEA Irvine, Scotland Leased European administrative center Masate, Italy Leased Assembly of lift trucks; European warehouse development center Nijmegen, the Netherlands Owned Big trucks development center; manufacture and assembly of big trucks and component parts; European parts distribution center JAPIC Fuyang, China Owned Manufacture and assembly of lift trucks Pune, India Leased Engineering, supply chain and marketing and administrative services Shanghai, China Owned Sale of parts and marketing operations of China Singapore Leased Divisional headquarters Bolzoni Helsinki, Finland Leased Manufacture and distribution of Bolzoni products Hebei, China Owned Manufacture and distribution of Bolzoni products Piacenza, Italy Owned Bolzoni headquarters; manufacture and distribution of Bolzoni products Salzgitter, Germany Owned Manufacture and distribution of Bolzoni products Sorocaba, Brazil Leased Manufacture and distribution of Bolzoni products Sulligent, Alabama Owned Manufacture of Bolzoni products and manufacture of component parts for lift trucks Wuxi, China Owned Manufacture and distribution of Bolzoni products SN’s operations are supported by three facilities.
SN’s headquarters are located in Obu, Japan at a facility owned by SN. The Obu facility also has assembly and distribution capabilities for lift trucks and parts. In Cavite, the Philippines and Hanoi, Vietnam, SN owns facilities for the manufacture of components for SN and the Company's products. 16 Table of Contents
SN’s headquarters are located in Obu, Japan at a facility owned by SN. The Obu facility also has assembly and distribution capabilities for lift trucks and parts. In Cavite, the Philippines and Hanoi, Vietnam, SN owns facilities for the manufacture of components for SN and the Company's products. 15 Table of Contents

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+0 added−0 removed2 unchanged
Biggest changePurchases of Equity Securities by the Issuer and Affiliated Purchasers Issuer Purchases of Equity Securities Period (a) Total Number of Shares Purchased (b) Average Price Paid per Share (1) (c) Total Number of Shares Purchased as Part of the Publicly Announced Program (d) Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Program (2) Month #1 (October 1, 2024 - October 31, 2024) — $ — — $ 50,000,000 Month #2 (November 1, 2024 -November 30, 2024) 32,202 $ 55.64 32,202 $ 48,208,152 Month #3 (December 1, 2024 - December 31, 2024) 57,027 $ 54.68 89,229 $ 45,089,883 Total 89,229 $ 55.03 89,229 $ 45,089,883 (1) Average Price Paid per Share excludes commissions.
Biggest changePurchases of Equity Securities by the Issuer and Affiliated Purchasers Issuer Purchases of Equity Securities Period (a) Total Number of Shares Purchased (b) Average Price Paid per Share (1) (c) Total Number of Shares Purchased as Part of the Publicly Announced Program (d) Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Program (2) Month #1 (October 1, 2025 - October 31, 2025) — $ — — $ 44,239,122 Month #2 (November 1, 2025 -November 30, 2025) — $ — — $ 44,239,122 Month #3 (December 1, 2025 - December 31, 2025) — $ — — $ 44,239,122 Total — $ — — $ 44,239,122 (1) Average Price Paid per Share excludes commissions.
The stock repurchase program may be modified, suspended, extended or terminated by the Company at any time without prior notice and will expire no later than November 2027. Item 6. [RESERVED] 18 Table of Contents
The stock repurchase program may be modified, suspended, extended or terminated by the Company at any time without prior notice and will expire no later than November 2027. Item 6. [RESERVED] 17 Table of Contents
The Class B common stock is convertible into Class A common stock on a one-for-one basis. At December 31, 2024, there were approximately 794 Class A common stockholders of record and 836 Class B common stockholders of record.
The Class B common stock is convertible into Class A common stock on a one-for-one basis. At December 31, 2025, there were approximately 785 Class A common stockholders of record and 814 Class B common stockholders of record.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

1 edited+0 added−0 removed0 unchanged
Biggest changeItem 6. [RESERVED] 18 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19 Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30 Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 31 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 31
Biggest changeItem 6. [RESERVED] 17 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18 Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30 Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 31 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 31

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

48 edited+66 added−54 removed31 unchanged
Biggest changeThe Company's past results of operations have not been materially affected by a change in the estimate of product warranties and although there can be no assurances, the Company is not aware of any circumstances that would be reasonably likely to materially change the estimates in the future. 20 Table of Content s FINANCIAL REVIEW The segment and geographic results of operations for the Company were as follows for the years ended December 31: Favorable / (Unfavorable) For the Years Ended December 31, $ Change % Change 2024 2023 2024 vs. 2023 2024 vs. 2023 Revenues Americas $ 3,222.5 $ 2,899.3 $ 323.2 11.1 % EMEA 707.6 820.5 (112.9) (13.8) % JAPIC 183.7 201.1 (17.4) (8.7) % Lift truck business 4,113.8 3,920.9 192.9 4.9 % Bolzoni 379.1 375.3 3.8 1.0 % Nuvera 1.4 4.3 (2.9) (67.4) % Eliminations (186.1) (182.2) (3.9) 2.1 % $ 4,308.2 $ 4,118.3 $ 189.9 4.6 % Gross profit (loss) Americas $ 695.0 $ 564.9 $ 130.1 23.0 % EMEA 108.1 121.0 (12.9) (10.7) % JAPIC 16.6 25.5 (8.9) (34.9) % Lift truck business 819.7 711.4 108.3 15.2 % Bolzoni 85.4 82.2 3.2 3.9 % Nuvera (9.6) (8.2) (1.4) (17.1) % Eliminations — 0.2 (0.2) n.m. $ 895.5 $ 785.6 $ 109.9 14.0 % Selling, general and administrative expenses Americas $ 370.1 $ 331.8 $ 38.3 (11.5) % EMEA 117.1 108.9 8.2 (7.5) % JAPIC 38.0 41.1 (3.1) 7.5 % Lift truck business 525.2 481.8 43.4 (9.0) % Bolzoni 72.0 66.9 5.1 (7.6) % Nuvera 30.9 28.2 2.7 (9.6) % $ 628.1 $ 576.9 $ 51.2 (8.9) % Restructuring and impairment charges Americas $ 6.8 $ — $ 6.8 n.m.
Biggest changeThe Company's past results of operations have not been materially affected by a change in the estimate of product warranties and although there can be no assurances, the Company is not aware of any circumstances that would be reasonably likely to materially change the estimates in the future. 19 Table of Contents FINANCIAL REVIEW The segment and geographic results of operations for the Company were as follows for the years ended December 31: Favorable / (Unfavorable) For the Years Ended December 31, $ Change % Change 2025 2024 2025 vs. 2024 2025 vs. 2024 Revenues Americas $ 2,815.9 $ 3,223.4 $ (407.5) (12.6) % EMEA 569.9 707.6 (137.7) (19.5) % JAPIC 183.5 183.7 (0.2) (0.1) % Lift truck business 3,569.3 4,114.7 (545.4) (13.3) % Bolzoni 333.1 379.1 (46.0) (12.1) % Eliminations (133.1) (185.6) 52.5 28.3 % $ 3,769.3 $ 4,308.2 $ (538.9) (12.5) % Gross profit Americas $ 485.0 $ 685.4 $ (200.4) (29.2) % EMEA 54.1 108.1 (54.0) (50.0) % JAPIC 12.6 16.6 (4.0) (24.1) % Lift truck business 551.7 810.1 (258.4) (31.9) % Bolzoni 79.4 85.4 (6.0) (7.0) % Eliminations 1.7 — 1.7 n.m. $ 632.8 $ 895.5 $ (262.7) (29.3) % Selling, general and administrative expenses Americas $ 387.9 $ 401.0 $ 13.1 3.3 % EMEA 115.8 117.1 1.3 1.1 % JAPIC 36.9 38.0 1.1 2.9 % Lift truck business 540.6 556.1 15.5 2.8 % Bolzoni 75.9 72.0 (3.9) (5.4) % $ 616.5 $ 628.1 $ 11.6 1.8 % Restructuring and impairment charges Americas $ 28.8 $ 7.3 $ (21.5) (294.5) % EMEA 4.5 2.4 (2.1) (87.5) % JAPIC 1.9 8.6 6.7 77.9 % Lift truck business 35.2 18.3 (16.9) (92.3) % Bolzoni 3.2 4.3 1.1 25.6 % $ 38.4 $ 22.6 $ (15.8) (69.9) % Operating profit (loss) Americas $ 68.3 $ 277.1 $ (208.8) (75.4) % EMEA (66.2) (11.4) (54.8) (480.7) % JAPIC (26.2) (30.0) 3.8 12.7 % Lift truck business (24.1) 235.7 (259.8) (110.2) % Bolzoni 0.3 9.1 (8.8) (96.7) % Eliminations 1.7 — 1.7 n.m. $ (22.1) $ 244.8 $ (266.9) (109.0) % 20 Table of Contents Favorable / (Unfavorable) For the Years Ended December 31, $ Change % Change 2025 2024 2025 vs. 2024 2025 vs. 2024 Interest expense 31.2 33.8 2.6 7.7 % Other income (10.4) (8.0) (2.4) 30.0 % Income (loss) before income taxes (42.9) 219.0 (261.9) (119.6) % Net income (loss) attributable to stockholders $ (60.1) $ 142.3 $ (202.4) (142.2) % Diluted earnings (loss) per share $ (3.40) $ 8.04 $ (11.44) (142.3) % Reported income tax rate (35.2) % 34.2 % n.m. - not meaningful The following is the detail of the approximate sales value of the Company's lift truck unit bookings and backlog, reflected in millions of dollars.
Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the imposition of tariffs on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) impacts resulting from increased trade barriers and restrictions on international trade, including as a result of previously announced, and potentially new, changes to U.S. trade policy and tariffs as well as retaliatory tariffs imposed by other countries where the Company does business, (3) delays in manufacturing and delivery schedules, (4) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, including any cyclical reduction in demand in the lift truck industry, (5) customer acceptance of pricing, (6) customer acceptance of, changes in the costs of, or delays in the development of new products, (7) the ability of the Company and its dealers, suppliers and end-users to access credit, or obtain financing at reasonable rates, or at all, as a result of interest rate volatility and current economic and market conditions, including inflation, (8) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, including the Uyghur Forced Labor Prevention Act (the “UFLPA”) which could impact the Company's imports from China, as well as armed conflicts, including the Russia/Ukraine conflict, the Israel and Gaza conflict and/or the conflict in the Red Sea, and their regional effects, (9) exchange rate fluctuations, interest rate volatility and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (10) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives and restructuring programs, (11) the successful commercialization of Nuvera's technology, (12) political and economic uncertainties in the countries where the Company does business, as well as the effects of any withdrawals from such countries, (13) bankruptcy of or loss of major dealers, retail customers or suppliers, (14) introduction of new products by, more favorable product pricing offered by or shorter lead times available through competitors, (15) product liability or other litigation, warranty claims or returns of products, (16) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, (17) the ability to attract, retain, and replace workforce and administrative employees, (18) disruptions resulting from natural disasters, public health crises, political crises or other catastrophic events, and (19) the ability to protect the Company’s information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network breaches.
Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the effects of tariffs on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) impacts resulting from increased trade barriers and restrictions on international trade, including as a result of previously announced, and potentially new, changes to U.S. trade policy and tariffs as well as retaliatory or other tariffs imposed by other countries where the Company does business, (3) delays in manufacturing and delivery schedules, (4) reduction in demand for lift trucks, attachments and related parts and service on a global basis, including any cyclical reduction in demand in the lift truck industry, (5) customer acceptance of pricing, (6) customer acceptance of, changes in the costs of, or delays in the development of new products, (7) the ability of the Company and its dealers, suppliers and end-users to access credit, or obtain financing at reasonable rates, or at all, as a result of interest rate volatility and current economic and market conditions, including inflation, (8) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, including the Uyghur Forced Labor Prevention Act (the “UFLPA”) which could impact the Company's imports from China, as well as armed conflicts, including the Russia/Ukraine conflict, the Israel and Gaza conflict and/or the conflict in the Red Sea, and their regional effects, (9) exchange rate fluctuations, interest rate volatility and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (10) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives and restructuring programs, (11) the successful commercialization of products and technology related to the energy solutions program, (12) political and economic uncertainties in the countries where the Company does business, as well as the effects of any withdrawals from such countries, (13) bankruptcy of or loss of major dealers, retail customers or suppliers, (14) introduction of new products by, more favorable product pricing offered by or shorter lead times available through competitors, (15) product liability or other litigation, warranty claims or returns of products, (16) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, (17) the ability to attract, retain, and replace workforce and administrative employees, (18) disruptions resulting from natural disasters, public health crises, political crises or other catastrophic events, and (19) the ability to protect the Company’s information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network breaches.
Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and aftermarket parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck.
Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck.
The Company's aftermarket parts offerings compete with parts manufactured by other lift truck manufacturers, as well as companies that focus solely on the sale of generic parts.
The Company's parts offerings compete with parts manufactured by other lift truck manufacturers, as well as companies that focus solely on the sale of generic parts.
Losses anticipated under the terms of the recourse or repurchase obligations were not significant at December 31, 2024 and reserves have been provided for such losses in the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. See also “Related-Party Transactions” below.
Losses anticipated under the terms of the recourse or repurchase obligations were not significant at December 31, 2025 and reserves have been provided for such losses in the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. See also “Related-Party Transactions” below.
The Facility also requires the Company to achieve a minimum fixed charge coverage ratio when total excess availability is less than the greater of 10% of the total borrowing base, as defined in the Facility, and $20.0 million. At December 31, 2024, the Company was in compliance with the covenants in the Facility.
The Facility also requires the Company to achieve a minimum fixed charge coverage ratio when total excess availability is less than the greater of 10% of the total borrowing base, as defined in the Facility, and $20.0 million. At December 31, 2025, the Company was in compliance with the covenants in the Facility.
Goodwill: Goodwill is tested for impairment annually as of May 1, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The Company completed the annual goodwill impairment testing as of May 1, 2024 at the reporting unit level for the related goodwill.
Goodwill: Goodwill is tested for impairment annually as of May 1, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The Company completed the annual goodwill impairment testing as of May 1, 2025 at the reporting unit level for the related goodwill.
The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, U.S. material real property, fixtures and general intangibles consisting of intellectual property and a second priority lien on U.S. working capital assets of the borrowers and guarantors of the Term Loan, which includes, but is not limited to cash and 25 Table of Content s cash equivalents, accounts receivable and inventory.
The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, U.S. material real property, fixtures and general intangibles consisting of intellectual property and a second priority lien on U.S. working capital assets of the borrowers and guarantors of the Term Loan, which includes, but is not limited to cash and cash equivalents, accounts receivable and inventory.
See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2023 Annual Report on Form 10-K for discussion of financial condition and results of operations for 2023 compared with 2022.
See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2024 Annual Report on Form 10-K for discussion of financial condition and results of operations for 2024 compared with 2023.
The approximate book value of assets held as collateral under the Facility was $1.2 billion as of December 31, 2024. The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Facility.
The approximate book value of assets held as collateral under the Facility was $1.1 billion as of December 31, 2025. The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Facility.
To the extent the Company would be required to provide funding as a result of these commitments, the Company believes the value of its perfected security interest and amounts available under existing credit facilities are adequate to meet these commitments in the foreseeable future.
To the extent the Company would be required to provide funding as a result of these commitments, the Company 25 Table of Contents believes the value of its perfected security interest and amounts available under existing credit facilities are adequate to meet these commitments in the foreseeable future.
The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in the Company's financial statements or tax 19 Table of Content s returns and future profitability. The Company's accounting for deferred tax consequences represents its best estimate of those future events.
The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in the Company's financial statements or tax returns and future profitability. The Company's accounting for deferred tax consequences represents its best estimate of those future events.
The Company measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which it expects the temporary differences to be recovered or paid.
The Company measures deferred tax assets 18 Table of Contents and liabilities using enacted tax rates that will apply in the years in which it expects the temporary differences to be recovered or paid.
It strives to do this through its two customer promises: first, to provide optimal solutions for our customers, and second, to provide exceptional customer care.
It strives to do this through its two customer promises: first, to provide optimal customer solutions, and second, to provide exceptional customer care.
As of December 31, 2024, Bolzoni had $51.9 million of goodwill. Based on the most recent interim impairment test, Bolzoni's fair value of equity exceeded the carrying value by approximately $100 million or 60%. Factors which could result in future impairment charges include, but are not limited to, changes in worldwide economic conditions, changes in competitive conditions and customer preferences.
As of December 31, 2025, Bolzoni had $52.9 million of goodwill. Based on the most recent interim impairment test, Bolzoni's fair value of equity exceeded the carrying value by approximately $67 million or 36%. Factors which could result in future impairment charges include, but are not limited to, changes in worldwide economic conditions, changes in competitive conditions and customer preferences.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS HYSTER-YALE, INC. AND SUBSIDIARIES (Dollars in Millions, Except Per Share Data) OVERVIEW Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company, Hyster-Yale Materials Handling, Inc.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS HYSTER-YALE, INC. AND SUBSIDIARIES (Dollars in Millions, Except Per Share Data) OVERVIEW Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating companies, Hyster-Yale Materials Handling, Inc. ("HYMH") and Bolzoni S.p.A.
The approximate book value of assets held as collateral under the Term Loan was $870 million as of December 31, 2024. In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan.
The approximate book value of assets held as collateral under the Term Loan was $0.8 billion as of December 31, 2025. In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan.
EFFECTS OF FOREIGN CURRENCY The Company operates internationally and enters into transactions denominated in foreign currencies. As a result, the Company is subject to the variability that arises from exchange rate movements. The effects of foreign currency fluctuations on revenues, operating profit and net income are addressed in the previous discussions of operating results.
As a result, the Company is subject to the variability that arises from exchange rate movements. The effects of foreign currency fluctuations on revenues, operating profit and net income are addressed in the previous discussions of operating results.
The Company, through HYMH, designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster ® and Yale ® brand names, mainly to independent, exclusive Hyster ® and Yale ® retail dealerships.
Through HYMH, the Company designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, parts, fleet management services, technology and energy solutions marketed globally, primarily under the Hyster ® , Yale ® and Nuvera® brand names, mainly to independent Hyster ® and Yale ® retail dealerships.
The Company believes funds available from cash on hand, the Facility, other available lines of credit and operating cash flows will provide sufficient liquidity to meet its operating needs and commitments during the next twelve months and until the expiration of the Facility in June 2026.
The Company believes funds available from cash on hand, the Facility, other available lines of credit and operating cash flows will provide sufficient liquidity to meet its operating needs and commitments during the next twelve months and the foreseeable future thereafter.
As the Company continues to generate cash, it will continue to follow its disciplined capital allocation framework to further reduce leverage, make strategic investments to support profitable business growth, and continue to generate strong returns for its shareholders. Long-Term Objectives The Company's vision is to transform the way the world moves materials from Port to Home.
As the Company continues to generate cash, it will maintain its disciplined capital allocation framework, reducing leverage, pursuing strategic investments to support profitable growth and delivering strong long‑term returns to shareholders. Long-Term Objectives The Company's vision is to transform the way the world moves materials from Port to Home.
The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property.
The Facility can be increased up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders. 23 Table of Contents The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property.
FORWARD-LOOKING STATEMENTS The statements contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere throughout this Annual Report on Form 10-K that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
The Company's use of foreign currency derivative contracts is discussed in Item 7A, "Quantitative and Qualitative Disclosures About Market Risk,” of this Form 10-K. 29 Table of Contents FORWARD-LOOKING STATEMENTS The statements contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere throughout this Annual Report on Form 10-K that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
The change in net cash used for investing activities during the year ended December 31, 2024 compared with the same period in 2023 was mainly due to higher capital expenditures in 2024. 2024 2023 Change Financing Activities: Net decrease in long-term debt and revolving credit agreements $ (60.8) $ (76.0) $ 15.2 Cash dividends paid (24.0) (23.6) (0.4) Purchase of treasury stock (14.0) — (14.0) Other (1.3) (0.9) (0.4) Net cash used for financing activities $ (100.1) $ (100.5) $ 0.4 The change in net cash used for financing activities was primarily due to lower debt payments during the year ended December 31, 2024 compared to 2023.
The change in net cash used for investing activities in 2025 compared with 2024 was mainly due to higher capital expenditures in 2025. 2025 2024 Change Financing Activities: Net increase (decrease) in long-term debt and revolving credit agreements $ 32.5 $ (60.8) $ 93.3 Cash dividends paid (25.4) (24.0) (1.4) Purchase of treasury stock (4.5) (14.0) 9.5 Other (3.4) (1.3) (2.1) Net cash used for financing activities $ (0.8) $ (100.1) $ 99.3 The change in net cash used for financing activities was primarily due to net borrowings under the Company's revolving credit facilities during 2025 compared to net repayments in 2024.
No such event of default has occurred or is anticipated under these agreements. The purchase and other obligations are primarily for accounts payable, open purchase orders and accrued payroll and incentive compensation. In addition, the Company has recourse and repurchase obligations with a maximum undiscounted potential liability of $219.2 million at December 31, 2024.
The purchase and other obligations are primarily for accounts payable, open purchase orders and accrued payroll and incentive compensation. In addition, the Company has recourse and repurchase obligations with a maximum undiscounted potential liability of $134.5 million at December 31, 2025.
("HYMH"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks.
("Bolzoni"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments, parts, fleet management services, technology and energy solutions.
At December 31, 2024, the Company had gross deferred tax assets of $168.7 million which were reduced by valuation allowances of $144.3 million and gross deferred tax liabilities of $26.1 million.
At December 31, 2025, the Company had gross deferred tax assets of $187.7 million which were reduced by valuation allowances of $165.9 million and gross deferred tax liabilities of $23.2 million.
The following table identifies the components of change in operating profit (loss) for 2024 compared with 2023: Operating Profit (Loss) Lift truck HY Americas EMEA JAPIC 2023 $ 208.7 $ 233.1 $ 12.1 $ (15.6) Increase (decrease) in 2024 from: Lift truck gross profit and eliminations 108.1 130.1 (12.9) (8.9) Lift truck selling, general and administrative expenses (43.4) (38.3) (8.2) 3.1 Restructuring and impairment charges (17.8) (6.8) (2.4) (8.6) Bolzoni operations (6.2) Nuvera operations (4.6) 2024 $ 244.8 $ 318.1 $ (11.4) $ (30.0) During the year ended December 31, 2024, the Company recognized an operating profit of $244.8 million compared to $208.7 million during 2023 which represents an increase of 17.3%.
During the year ended December 31, 2025, Bolzoni revenues decreased compared with 2024 primarily due to lower unit volume. 21 Table of Contents The following table identifies the components of change in operating profit (loss) for 2025 compared with 2024: Operating Profit (Loss) Lift truck HY Americas EMEA JAPIC 2024 $ 244.8 $ 277.1 $ (11.4) $ (30.0) Increase (decrease) in 2025 from: Lift truck gross profit and eliminations (256.7) (200.4) (54.0) (4.0) Lift truck selling, general and administrative expenses 15.5 13.1 1.3 1.1 Restructuring and impairment charges (16.9) (21.5) (2.1) 6.7 Bolzoni operations (8.8) 2025 $ (22.1) $ 68.3 $ (66.2) $ (26.2) During the year ended December 31, 2025, the Company recognized an operating loss of $22.1 million compared to $244.8 million of operating profit during 2024.
YEAR ENDED NINE MONTHS ENDED YEAR ENDED December 31, 2024 September 31, 2024 December 31, 2023 Bookings, approximate sales value $ 1,670 $ 1,270 $ 2,430 Backlog, approximate sales value $ 1,930 $ 2,300 $ 3,330 2024 Compared with 2023 The following table identifies the components of change in revenues for 2024 compared with 2023: Revenues Lift truck HY Americas EMEA JAPIC 2023 $ 4,118.3 $ 2,899.3 $ 820.5 $ 201.1 Increase (decrease) in 2024 from: Lift Truck Price 126.9 121.9 5.2 (0.2) Other 78.4 75.1 2.3 0.9 Foreign currency 7.4 (6.3) 13.9 (0.2) Parts (14.6) (4.2) (8.0) (2.4) Unit volume and product mix (5.2) 136.7 (126.3) (15.5) Bolzoni revenues 3.8 Nuvera revenues (2.9) Eliminations (3.9) 2024 $ 4,308.2 $ 3,222.5 $ 707.6 $ 183.7 During the year ended December 31, 2024, revenues increased to $4,308.2 million, or 5%, compared to $4,118.3 million in 2023.
YEAR ENDED YEAR ENDED NINE MONTHS ENDED December 31, 2025 December 31, 2024 September 30, 2025 Bookings, approximate sales value $ 1,840 $ 1,670 $ 1,300 Backlog, approximate sales value $ 1,280 $ 1,930 $ 1,350 2025 Compared with 2024 The following table identifies the components of change in revenues for 2025 compared with 2024: Revenues Lift truck HY Americas EMEA JAPIC 2024 $ 4,308.2 $ 3,223.4 $ 707.6 $ 183.7 Increase (decrease) in 2025 from: Lift Truck Unit volume and product mix (601.2) (479.4) (122.1) 0.3 Price 9.6 20.7 (11.1) — Parts (3.7) 1.8 (7.3) 1.8 Foreign currency 0.6 (5.0) 7.4 (1.8) Other 49.3 54.4 (4.6) (0.5) Bolzoni revenues (46.0) Eliminations 52.5 2025 $ 3,769.3 $ 2,815.9 $ 569.9 $ 183.5 During the year ended December 31, 2025, revenues decreased to $3,769.3 million, or 12.5%, compared to $4,308.2 million in 2024.
LIQUIDITY AND CAPITAL RESOURCES Cash Flows The following tables detail the change in cash flow for the years ended December 31: 2024 2023 Change Operating activities: Net income $ 144.2 $ 128.1 16.1 Depreciation and amortization 47.6 45.1 2.5 Dividends from unconsolidated affiliates 4.4 10.5 (6.1) Stock-based compensation 23.6 29.3 (5.7) Restructuring and impairment charges 22.6 — 22.6 Other operating activities 26.0 36.1 (10.1) Changes in assets and liabilities: Accounts receivable (14.2) 26.8 (41.0) Inventories 35.3 (4.3) 39.6 Accounts payable and other liabilities (121.6) (112.5) (9.1) Other current assets 2.8 (8.4) 11.2 Net cash provided by operating activities 170.7 150.7 20.0 Investing activities: Expenditures for property, plant and equipment (47.8) (35.4) (12.4) Other investing activities 0.2 0.9 (0.7) Net cash used for investing activities (47.6) (34.5) (13.1) Cash flow before financing activities $ 123.1 $ 116.2 $ 6.9 During the year ended December 31, 2024, net cash provided by operating activities increased by $20.0 million compared to 2023 as a result of net cash adjusted for non-cash items, primarily related to restructuring and impairment charges and higher net income.
The decrease was driven by lower operating profit as discussed above. 22 Table of Contents LIQUIDITY AND CAPITAL RESOURCES Cash Flows The following tables detail the change in cash flow for the years ended December 31: 2025 2024 Change Operating activities: Net income (loss) $ (58.0) $ 144.2 $ (202.2) Depreciation and amortization 45.8 47.6 (1.8) Dividends from unconsolidated affiliates 8.0 4.4 3.6 Stock-based compensation 7.5 23.6 (16.1) Restructuring and impairment charges 38.4 22.6 15.8 Other operating activities 17.2 26.0 (8.8) Changes in assets and liabilities: Accounts receivable 25.3 (14.2) 39.5 Inventories 156.6 35.3 121.3 Accounts payable and other liabilities (158.7) (121.6) (37.1) Other current assets 4.0 2.8 1.2 Net cash provided by operating activities 86.1 170.7 (84.6) Investing activities: Expenditures for property, plant and equipment (62.5) (47.8) (14.7) Other investing activities (0.2) 0.2 (0.4) Net cash used for investing activities (62.7) (47.6) (15.1) Cash flow before financing activities $ 23.4 $ 123.1 $ (99.7) During the year ended December 31, 2025, net cash provided by operating activities decreased by $84.6 million compared to the same period in 2024.
Capital Structure December 31 2024 2023 Change Cash and cash equivalents $ 96.6 $ 78.8 $ 17.8 Other net tangible assets 750.5 729.4 21.1 Intangible assets 33.1 39.3 (6.2) Goodwill 54.6 53.3 1.3 Net assets 934.8 900.8 34.0 Total debt (440.7) (494.0) 53.3 Total temporary and permanent equity $ 494.1 $ 406.8 $ 87.3 Debt to total capitalization 47 % 55 % (8) % RELATED-PARTY TRANSACTIONS See Note 18, Debt and Equity Investments and Related-Party Transactions , to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion of related-party transactions. 27 Table of Content s PERSPECTIVE AND OUTLOOK Consolidated Strategic Perspective The Company’s strong 2023 and 2024 financial performances were largely due to a strong backlog and strategic actions taken in recent years.
Capital Structure December 31 2025 2024 Change Cash and cash equivalents $ 123.2 $ 96.6 $ 26.6 Other net tangible assets 775.5 750.5 25.0 Intangible assets 32.3 33.1 (0.8) Goodwill 55.7 54.6 1.1 Net assets 986.7 934.8 51.9 Total debt (494.3) (440.7) (53.6) Total temporary and permanent equity $ 492.4 $ 494.1 $ (1.7) Debt to total capitalization 50 % 47 % 3 % RELATED-PARTY TRANSACTIONS See Note 18, Debt and Equity Investments and Related-Party Transactions , to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion of related-party transactions.
Key terms of the Facility as of December 31, 2024 were as follows: FACILITY U.S. borrowing capacity $ 210.0 Non-U.S. borrowing capacity 90.0 Outstanding 52.5 Availability restrictions 4.8 Availability $ 242.7 FACILITY Applicable margins, as defined in agreement U.S. base rate loans 0.25% to 0.75% SOFR, EURIBOR and non-U.S. base rate loans 1.25% to 1.75% SOFR adjustment, as defined in agreement 0.10% Applicable margins, for amounts outstanding U.S. base rate loans 0.50% SOFR loans 1.50% Non-U.S. base rate loans 1.50% Applicable interest rate, for amounts outstanding U.S. base rate 8.00% SOFR 6.08% Facility fee, per annum on unused commitment 0.25% The Term Loan requires quarterly principal payments on the last day of each March, June, September and December, which commenced September 30, 2021, in an amount equal to $0.6 million and the final principal repayment is due in May 2028.
Key terms of the Facility as of December 31, 2025 were as follows: FACILITY U.S. borrowing capacity $ 210.0 Non-U.S. borrowing capacity 90.0 Outstanding 103.3 Availability restrictions 4.6 Availability $ 192.1 FACILITY Applicable margins, as defined in agreement U.S. base rate loans 0.25% to 0.75% SOFR, EURIBOR and non-U.S. base rate loans 1.25% to 1.75% Applicable margins, for amounts outstanding U.S. base rate loans 0.50% SOFR loans 1.50% Non-U.S. base rate loans 1.50% Applicable interest rate, for amounts outstanding U.S. base rate 7.25% SOFR 5.30% Facility fee, per annum on unused commitment 0.25% The Company also has a $225.0 million term loan (the "Term Loan"), which matures in May 2028.
In addition, selling, general and administrative expenses increased primarily from higher sales and marketing costs. The operating loss in 2024 includes restructuring and impairment charges of $2.4 million. JAPIC's operating loss was $30.0 million in 2024 compared to $15.6 million in 2023. The change was primarily due to lower gross profit from material cost inflation and lower unit volume.
JAPIC's operating loss was $26.2 million in 2025 compared to $30.0 million in 2024. The change was primarily due to lower selling, general and administrative expenses and restructuring and impairment charges, partially offset by lower gross profit due to unfavorable foreign currency, higher material and freight costs and lower unit volume.
Key terms of the Term Loan as of December 31, 2024 were as follows: TERM LOAN Outstanding $ 217.1 Discounts and unamortized deferred financing fees 2.5 Net amount outstanding $ 214.6 Applicable margins, as defined in agreement U.S. base rate loans 2.50% SOFR 3.50% SOFR adjustment, as defined in the agreement 0.11% SOFR floor 0.50% Applicable interest rate, for amounts outstanding 7.97% The Company incurred fees of $0.8 million in 2023 related to amending the Facility and the Term Loan.
At December 31, 2025, the Company was in compliance with the covenants in the Term Loan. 24 Table of Contents Key terms of the Term Loan as of December 31, 2025 were as follows: TERM LOAN Outstanding $ 214.9 Discounts and unamortized deferred financing fees 1.8 Net amount outstanding $ 213.1 Applicable margins, as defined in agreement U.S. base rate loans 2.50% SOFR 3.50% SOFR adjustment, as defined in the agreement 0.11% SOFR floor 0.50% Applicable interest rate, for amounts outstanding 7.33% The Company had other debt outstanding excluding finance leases, of approximately $150.7 million and $6.3 million of revolving credit facilities at December 31, 2025.
Contractual Obligations, Contingent Liabilities and Commitments Following is a table summarizing the Company's material cash requirements from contractual obligations as of December 31, 2024: Payments Due by Period Contractual Obligations Total 2025 2026 2027 2028 2029 Thereafter Term Loan $ 217.1 $ 2.2 $ 2.2 $ 2.3 $ 210.4 $ — $ — Variable interest payments on Term Loan 55.0 17.1 17.0 16.9 4.0 — — Revolving credit agreements 54.2 54.2 — — — — — Variable interest payments on revolving credit agreements 5.7 3.9 1.8 — — — — Other debt 148.5 131.9 16.6 — — — — Variable interest payments on other debt 4.7 4.2 0.4 0.1 — — — Finance lease obligations including principal and interest 25.6 12.9 6.9 3.9 1.7 0.2 — Operating leases 135.2 21.1 19.4 17.5 16.0 11.3 49.9 Purchase and other obligations 759.7 746.2 4.1 5.1 4.3 — — Total contractual cash obligations $ 1,405.7 $ 993.7 $ 68.4 $ 45.8 $ 236.4 $ 11.5 $ 49.9 The principal sources of financing for these material contractual obligations are expected to be internally generated funds and bank financing. 26 Table of Content s An event of default, as defined in the agreements governing the Facility, the Term Loan, other debt agreements, and in operating and capital lease agreements, could cause an acceleration of the payment schedule.
Contractual Obligations, Contingent Liabilities and Commitments Following is a table summarizing the Company's material cash requirements from contractual obligations as of December 31, 2025: Payments Due by Period Contractual Obligations Total 2026 2027 2028 2029 2030 Thereafter Term Loan $ 214.9 $ 2.3 $ 2.2 $ 210.4 $ — $ — $ — Variable interest payments on Term Loan 39.0 15.8 15.5 7.7 — — — Revolving credit agreements 109.6 109.6 — — — — — Variable interest payments on revolving credit agreements 4.8 3.2 1.5 0.1 — — — Other debt 150.7 123.2 27.5 — — — — Variable interest payments on other debt 4.0 2.8 1.2 — — — — Finance lease obligations including principal and interest 22.8 9.4 7.4 4.1 1.3 0.2 0.4 Operating leases 201.0 26.9 25.5 23.9 18.8 14.3 91.6 Purchase and other obligations 662.2 650.2 5.1 4.4 2.5 — — Total contractual cash obligations $ 1,409.0 $ 943.4 $ 85.9 $ 250.6 $ 22.6 $ 14.5 $ 92.0 The principal sources of financing for these material contractual obligations are expected to be internally generated funds and bank financing.
Capital Expenditures The following table summarizes actual and planned capital expenditures: Planned 2025 Actual 2024 Actual 2023 Lift truck business $ 33-65 $ 37.5 $ 26.8 Bolzoni 5-10 6.9 5.1 Nuvera 2-5 3.4 3.5 $ 40-80 $ 47.8 $ 35.4 Planned expenditures in 2025 are primarily for improvements at manufacturing locations and manufacturing equipment, product development and improvements to information technology infrastructure.
Capital Expenditures The following table summarizes actual and planned capital expenditures: Planned 2026 Actual 2025 Actual 2024 Lift truck business $ 45-55 $ 54.3 $ 40.9 Bolzoni 10-20 8.2 6.9 $ 55-75 $ 62.5 $ 47.8 Planned expenditures in 2026 are primarily for investments in modular development and critical capital equipment central to the Company’s ongoing transformation, enabling progress in advanced product development, manufacturing efficiency, and information-technology enhancements.
The Company had other debt outstanding, excluding finance leases, of approximately $150.2 million at December 31, 2024. In addition to the excess availability under the Facility of $242.7 million, the Company had remaining availability of $47.8 million related to other non-U.S. revolving credit agreements.
In addition to the excess availability under the Facility of $192.1 million, the Company had remaining availability of $54.3 million related to other non-U.S. revolving credit agreements.
The Company encourages investors to review this material to ensure a clear understanding of the Company's future direction. 29 Table of Content s RECENTLY ISSUED ACCOUNTING STANDARDS For information regarding recently issued accounting standards refer to Note 2, Significant Accounting Policies , to the Consolidated Financial Statements in this Annual Report on Form 10-K.
RECENTLY ISSUED ACCOUNTING STANDARDS For information regarding recently issued accounting standards refer to Note 2, Significant Accounting Policies , to the Consolidated Financial Statements in this Annual Report on Form 10-K. EFFECTS OF FOREIGN CURRENCY The Company operates internationally and enters into transactions denominated in foreign currencies.
The materials handling business historically has been cyclical because the order rate for lift trucks fluctuates depending on the economic activity level in the various industries and countries its customers serve. The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment.
The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.
Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling. The Company operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on the design, manufacture and sale of hydrogen fuel cell stacks and engines.
Bolzoni products are manufactured in Italy, the U.S., China, Germany, Finland and Brazil. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the lift-truck attachments market and industrial material handling.
The primary sources of financing for these capital expenditures are expected to be internally generated funds and bank financing.
The final level of 2026 capital expenditures is dependent on the pace of production improvements. The Company will closely monitor spending throughout the year and may accelerate investments as production levels and market share improve as anticipated. The primary sources of financing for these capital expenditures are expected to be internally generated funds and bank financing.
Operating profit in 2024 was partially offset by restructuring and impairment charges of $6.8 million. EMEA reported an operating loss of $11.4 million in 2024 compared to an operating profit of $12.1 million in 2023, mainly due to manufacturing inefficiencies tied to lower production volumes and higher material and freight costs.
EMEA's operating loss increased to $66.2 million in 2025 compared to $11.4 million in 2024, primarily due to lower unit volume partially driven by a market shift toward lighter-duty, lower-priced truck models and unfavorable pricing. In addition, manufacturing inefficiencies tied to lower production volumes, higher material and freight costs and increased restructuring charges also contributed to the increased operating loss.
Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets. Lift trucks and component parts are manufactured and assembled in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.
The materials handling business historically has been cyclical because the order rate for lift trucks fluctuates depending on the economic activity level in the various industries and countries its customers serve. Lift trucks and component parts are manufactured and assembled in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.
Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni ® , Auramo ® and Meyer ® brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the U.S., Italy, China, Germany and Finland.
Bolzoni manufactures precision-engineered lift truck attachments, forks, masts and lift tables designed for handling delicate and specialized loads. These solutions are marketed under the Bolzoni ® , Auramo ® and Meyer ® brand names and the Silver Line product portfolio. Bolzoni also produces components for lift truck manufacturers.
The increase in lift truck operating profit was primarily due to improved gross profit from higher pricing of $126.9 million, mainly in the Americas, partially offset by lower unit volumes and higher freight costs. The increase in gross profit was also partially offset by higher selling, general and administrative expenses related to higher sales and marketing and product development costs.
The decrease in operating profit was partially offset by lower selling, general and administrative expenses mainly due to lower employee-related expenses, including lower incentive compensation expenses and savings from Nuvera's strategic realignment.
The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan.
The Term Loan requires quarterly principal payments on the last day of each March, June, September and December, which commenced September 30, 2021, in an amount equal to $0.6 million and the final principal repayment is due in May 2028. The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan.
The change was primarily from an increase in research and development expenses for new product development, and selling, general and administrative expenses primarily related to occupancy expenses and restructuring charges. 23 Table of Content s During the year ended December 31, 2024, the Company recognized net income attributable to stockholders of $142.3 million compared to $125.9 million during 2023.
During the year ended December 31, 2025, the Company recognized a net loss attributable to stockholders of $60.1 million compared to $142.3 million of net income attributable to stockholders during 2024.
Additionally, the increase in operating profit was partially offset by restructuring and impairment charges of $17.8 million primarily for streamlining the Company's manufacturing footprint by reducing costs and improving operational efficiency. See Note 19, Restructuring and Impairment Charges , to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion regarding the restructuring.
See Note 19, Restructuring and Impairment Charges , to the Company's Consolidated Financial Statements for further discussion. The decrease in operating profit was partially offset by lower selling, general and administrative expenses mainly due to lower employee-related expenses, including lower incentive compensation expenses and savings from Nuvera's strategic realignment.
Removed
On May 31, 2024, the Company changed its corporate name to Hyster-Yale, Inc. and the Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., changed its corporate name to Hyster-Yale Materials Handling, Inc. The Company operates Bolzoni S.p.A. ("Bolzoni").
Added
During 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025.
Removed
EMEA 2.4 — 2.4 n.m. JAPIC 8.6 — 8.6 n.m. Lift truck business 17.8 — 17.8 n.m. Bolzoni 4.3 — 4.3 n.m. Nuvera 0.5 — 0.5 n.m.
Added
As a result, the Company revised its operating segments to reflect changes in the way the chief operating decision maker (“CODM”) manages and evaluates the business. These changes did not impact the Company's Consolidated Financial Statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment.
Removed
Eliminations — — — n.m. $ 22.6 $ — $ 22.6 n.m. 21 Table of Content s Favorable / (Unfavorable) For the Years Ended December 31, $ Change % Change 2024 2023 2024 vs. 2023 2024 vs. 2023 Operating profit (loss) Americas $ 318.1 $ 233.1 $ 85.0 36.5 % EMEA (11.4) 12.1 (23.5) n.m.
Added
Refer to Note 4, Business Segments , to the Consolidated Financial Statements for additional information on the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change.
Removed
JAPIC (30.0) (15.6) (14.4) (92.3) % Lift truck business 276.7 229.6 47.1 20.5 % Bolzoni 9.1 15.3 (6.2) (40.5) % Nuvera (41.0) (36.4) (4.6) (12.6) % Eliminations — 0.2 (0.2) n.m. $ 244.8 $ 208.7 $ 36.1 17.3 % Interest expense 33.8 37.3 (3.5) 9.4 % Other income (8.0) (9.6) 1.6 (16.7) % Income before income taxes 219.0 181.0 38.0 21.0 % Net income attributable to stockholders $ 142.3 $ 125.9 $ 16.4 13.0 % Diluted earnings per share $ 8.04 $ 7.24 $ 0.80 11.0 % Reported income tax rate 34.2 % 29.2 % n.m. - not meaningful The following is the detail of the approximate sales value of the Company's lift truck unit bookings and backlog, reflected in millions of dollars.
Added
The decrease was primarily due to a decline in unit volume, mainly in the Americas and EMEA. The Company believes the lift truck market continues to reflect ongoing economic uncertainty which dampened customer booking activity over the past several quarters.
Removed
The increase was primarily due to higher lift truck revenues from improved pricing, higher fleet services and other 22 Table of Content s revenue from lower customer and dealer incentive programs in 2024 compared to 2023.
Added
The decrease was partially offset by higher other revenues, including improved fleet services revenue and the Company’s pricing actions to help offset higher costs, mainly in the Americas. The Americas' truck volumes declined compared to 2024, especially for higher-value core counterbalanced trucks.
Removed
These items were partially offset by lower parts volumes and lower lift truck shipments, which were almost fully offset by a shift in sales mix to higher priced products, mainly in the Americas. During the year ended December 31, 2024, Bolzoni revenues increased compared with 2023 mainly from higher sales volumes and improved pricing.
Added
The Company believes that customers are postponing purchases in response to lower utilization rates and ongoing efforts toward cash preservation as they navigate persistent economic uncertainty.
Removed
Nuvera revenues decreased during 2024 compared with 2023 mainly as a result of lower intercompany sales to the lift truck business.
Added
EMEA revenues decreased during 2025 compared with 2024 primarily due to lower volumes for higher-value core counterbalanced trucks which reflects a market shift toward lower-intensity trucks, especially within counterbalanced trucks standard or value configurations, leading to reduced shipment volumes for traditional models.
Removed
Operating profit in the Americas increased by $85.0 million, or 36.5%, compared to the same period in 2023, primarily due to improved gross profit from higher pricing of $121.9 million and improved margin from lower dealer and customer incentives.
Added
The decrease in Lift Truck operating profit in 2025 compared with 2024 was primarily due to lower gross profit, mainly from lower volume, the unfavorable impact of approximately $100 million of various tariff-related costs, as well as lower overhead absorption rates tied to lower production volume. Refer to Note 21, Subsequent Events, for additional information .
Removed
These improvements were partially offset by manufacturing inefficiencies tied to lower production volumes, lower parts sales and higher warranty and freight costs. In addition, operating profit was unfavorably impacted by higher selling, general and administrative expenses related to increased sales and marketing and product development costs.
Added
Additionally, the Company recognized $38.4 million in restructuring and impairment charges associated with a reduction in the Company's global workforce initiated in the fourth quarter of 2025 and the strategic realignment of Nuvera initiated in the second quarter of 2025 compared to $22.6 million in 2024 to optimize the Company's manufacturing footprint.
Removed
In addition, JAPIC incurred restructuring and impairment charges of $8.6 million. During the year ended December 31, 2024, Bolzoni recognized operating profit of $9.1 million compared to $15.3 million during the same period of 2023.
Added
Operating profit in the Americas decreased by $208.8 million in 2025 compared to 2024, primarily due to decreased gross profit, mainly from lower volume, the unfavorable impact of approximately $100 million of various tariff-related costs, as well as lower overhead absorption rates tied to lower production volume.
Removed
The decrease is primarily due to restructuring and impairment charges of $4.3 million for the phase out of Bolzoni’s lower-margin legacy component manufacturing and to optimize Bolzoni's manufacturing footprint. In addition, Bolzoni's selling, general and administrative expenses increased, primarily related to higher employee-related costs in 2024 compared with 2023.
Added
Additionally, the Americas recognized $28.8 million in restructuring and impairment charges associated with a reduction in its global workforce initiated in the fourth quarter of 2025 and the strategic realignment of Nuvera initiated in second quarter of 2025 and $7.3 million in 2024 for the Company's manufacturing footprint optimization program.
Removed
Nuvera's operating loss was $41.0 million in 2024 compared to $36.4 million in 2023.
Added
Bolzoni recognized operating profit of $0.3 million compared to $9.1 million during the same period of 2024. The decrease is primarily due to lower unit volumes as well as lower overhead absorption rates tied to lower production volume. Additionally, selling general and administrative expenses were higher as a result of increased employee-related costs.
Removed
The increase was driven by higher operating profit of $36.1 million discussed above, lower interest expense partially offset by higher income taxes. See Note 6, Income Taxes, to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion.
Added
This decrease was primarily driven by net loss in 2025, compared to net income in 2024, as well as higher use of cash in other liabilities primarily due to increased employee-related payments and lower accounts payable.
Removed
The favorable net changes in assets and liabilities were mainly due to decreases in inventories and other current assets, partially offset by increases in accounts receivable and decreases in accounts payable and other liabilities during the year ended December 31, 2024 compared to the same period in 2023.
Added
This was partially offset by reduced inventory levels mainly due to inventory efficiencies and to align with lower projected shipments, which more than offset the unfavorable impact of currency and tariffs during 2025 compared to 2024. In addition, accounts receivable decreased primarily from lower revenue volume.
Removed
The decrease in inventory is due mainly to the decrease in the Company's unit backlog as well as lower purchases. The increase in accounts receivable is mainly due to higher sales to customers with longer payment terms during the year ended December 31, 2024 compared with the same period in 2023.
Added
Financing Activities During 2025, the Company entered into an amended and restated agreement for a $300.0 million secured, floating-rate revolving credit facility (the “Facility”). The Facility consists of a domestic revolving credit facility in the initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $90.0 million. The Facility matures on June 24, 2030.
Removed
Additionally, the Company purchased treasury stock during the year ended December 31, 2024 related to the Company's previously announced stock repurchase program and employee-related incentive stock compensation plans. 24 Table of Content s Financing Activities The Company has a $300.0 million secured, floating-rate revolving credit facility (the "Facility") that expires in June 2026 and a $225.0 million term loan (the "Term Loan"), which matures in May 2028.
Added
The Facility replaced the Company’s previous revolving credit facility, which was set to mature in June 2026.

… 88 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

4 edited+0 added−0 removed7 unchanged
Biggest changeThe Company assumes that a loss in fair value is either a decrease to its assets 30 Table of Content s or an increase to its liabilities. The fair value of the Company's interest rate swap agreements was a net asset of $9.9 million at December 31, 2024.
Biggest changeThe Company assumes that a loss in fair value is either a decrease to its assets or an increase to its liabilities. The fair value of the Company's interest rate swap agreements was a net asset of $3.8 million at December 31, 2025.
A hypothetical 10% decrease in interest rates would cause a decrease in the fair value of interest rate swap agreements and the asset would decrease by approximately $1.6 million. FOREIGN CURRENCY EXCHANGE RATE RISK The Company operates internationally and enters into transactions denominated in foreign currencies.
A hypothetical 10% decrease in interest rates would cause a decrease in the fair value of interest rate swap agreements and the asset would decrease by approximately $0.8 million. FOREIGN CURRENCY EXCHANGE RATE RISK The Company operates internationally and enters into transactions denominated in foreign currencies.
Assuming a hypothetical 10% weakening of the U.S. dollar compared with other foreign currencies at December 31, 2024, the fair value of the liability of foreign currency-sensitive financial instruments, which primarily represent forward foreign currency exchange contracts, would be increased by $17.8 million compared with the fair value at December 31, 2024.
Assuming a hypothetical 10% weakening of the U.S. dollar compared with other foreign currencies at December 31, 2025, the fair value of the liability of foreign currency-sensitive financial instruments, which primarily represent forward foreign currency exchange contracts, would be increased by $21.3 million compared with the fair value at December 31, 2025.
The fair value of these contracts was a net liability of $18.5 million at December 31, 2024. See Note 8, Financial Instruments and Derivative Financial Instruments, to the Consolidated Financial Statements in this Annual Report on Form 10-K.
The fair value of these contracts was a net asset of $1.8 million at 30 Table of Contents December 31, 2025. See Note 8, Financial Instruments and Derivative Financial Instruments, to the Consolidated Financial Statements in this Annual Report on Form 10-K.

Other HY 10-K year-over-year comparisons