Hyster-Yale (HY) risk factors, FY2025 10-K

Hyster-Yale's FY2025 10-K, filed Mar 03, 2026, lists 22 risk factors in 5 groups. Against the prior year's 23: 2 new, 3 dropped, 6 substantially reworded.

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Risk factors listed
225 groups
New this year
2vs 23 last year
Dropped
3since the prior 10-K
Substantially reworded
6of those kept
Section length
6k wordsItem 1A

What the changes say

  • Tariffs added $100 million in inventory costs, driven by new 2025 US trade policies and duties.

What changed since the prior 10-K

New

  • NewRisks Related to Our Business and Operations

    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

    Geopolitical conflicts, international shipping disruptions, and evolving non-U.S. tax regulations or tariffs could severely impact our effective tax rate and profitability.

  • NewRisks Related to Our Business and Operations

    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

    Expanding automation, machine learning, and artificial intelligence in customer-facing products introduces risks regarding data privacy, algorithmic bias, intellectual property, and competitive disadvantage.

Dropped

  • DroppedRisks Related to Our Business and Operations

    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

  • DroppedRisks Related to Our Business and Operations

    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

    Risks of expanding non-U.S. distribution networks and sourcing basic components in lower-cost countries.

  • DroppedRisks Related to Our Business and Operations

    Other products may be introduced to the market by competitors, making the Nuvera technology less marketable

Reworded

  • 83% rewrittenRisks Related to Our Business and Operations

    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

    Updated to reflect substantial new 2025 US and retaliatory international tariffs on materials and industries, replacing general trade uncertainty.

    Was: Changes in existing free trade laws and regulations or tariffs could materially reduce the Company's profitability

  • 59% rewrittenRisks Related to Our Business and Operations

    The Company is subject to risks relating to its global operations

    Expanded to include currency exchange fluctuations and the strategy of strengthening the non-U.S. distribution network.

  • 48% rewrittenRisks Related to Our Business and Operations

    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

    Added specific mention of potential inability to commercialize new products on economically efficient terms or in response to changing demand.

    Was: 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

  • 29% rewrittenRisks Related to Our Business and Operations

    Failure to compete effectively within the Company's industry could result in a significant decrease in revenues and profitability

    Removed detailed list of competitor advantages and financial resources in the lift truck industry.

  • 27% rewrittenRisks Related to Our Business and Operations

    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

    Added that 2025 tariffs unfavorably affected operating results by leading to approximately $100 million in tariff-related inventory costs.

  • 21% rewrittenRisks Related to Our Business and Operations

    The lift truck business is cyclical. Any downturn in the general economy could result in significant decreases in the Company's revenue and profitability and an inability to sustain or grow the business

    Replaced references to fuel-cell technology with emerging technology regarding cyclical capital investment decisions.

All 22 risk factors

Headings as the filing states them, in filing order.

Risks Related to Our Business and Operations

  1. 01The Company is subject to risks relating to its global operations59% rewritten
  2. 02operations and there can be no assurance that such risks will not have an adverse effect on the Company's revenues, profitability or market shareNew
  3. 03Changes 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 operations83% rewritten
  4. 04If the global capital goods market declines, the cost saving efforts the Company has implemented may not be sufficient to achieve the benefits expected
  5. 05Failure to compete effectively within the Company's industry could result in a significant decrease in revenues and profitability29% rewritten
  6. 06The cost of raw materials used by the Company's products has fluctuated and may continue to fluctuate, which could materially reduce the Company's profitability27% rewritten
  7. 07The Company depends on a limited number of suppliers for specific critical components
  8. 08The 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
  9. 09If 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 reduced48% rewritten
  10. 10The lift truck business is cyclical. Any downturn in the general economy could result in significant decreases in the Company's revenue and profitability and an inability to sustain or grow the business21% rewritten
  11. 11The 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
  12. 12The integration and use of artificial intelligence and similar technology in our business may impact the Company’s business, products, reputation and results of operationNew

Risks Related to Cybersecurity

  1. 13Security 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

Risks Related to Legal and Regulatory Matters

  1. 14The 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
  2. 15Actual liabilities relating to pending lawsuits may exceed the Company's expectations
  3. 16Actual liabilities relating to environmental matters may exceed the Company's expectations
  4. 17The Company may become subject to claims under non-U.S. laws and regulations, which may require expensive, time-consuming and distracting litigation

Risks Related to Key Personnel and Ownership

  1. 18The Company is dependent on key personnel, and the loss of these key personnel could significantly reduce profitability
  2. 19Certain members of the Company’s extended founding family own a substantial amount of its Class A and Class B common stock and, if they were to act in concert, could control the outcome of director elections and other stockholder votes on significant corporate actions
  3. 20The Company’s stock repurchase program could affect the price of its Class A common stock and increase volatility and may not enhance long-term shareholder value

Risks Related to Financing

  1. 21The Company is subject to recourse or repurchase obligations with respect to the financing arrangements of some of its customers
  2. 22The Company may be unable to fund its operations at competitive rates, on commercially reasonable terms or in sufficient amounts

Other Hyster-Yale 10-Ks

  • FY2024 10-K risk factors
    23 risks

    Lift truck manufacturing cyclicality and raw material cost fluctuations dominate the company risk profile.

    Filed Feb 25, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.