Chart Industries reported mixed results for Q4 2025, with declining sales and operating income compared to the prior year, primarily due to the non-repeat of large orders and projects from 2024. However, the company saw strong order growth in specific segments like carbon capture and data centers, and maintained a solid backlog, while continuing to progress towards the acquisition by Baker Hughes.
Full year 2025 orders increased 13.4% to $5.68 billion, with a book-to-bill ratio of 1.33.
positiveBacklog increased 21.5% year-over-year to $5.89 billion.
positiveHeat Transfer Systems segment sales grew 12.8% year-over-year, driven by backlog conversion.
positiveCryo Tank Solutions segment orders increased 17.0% year-over-year.
positiveGross profit margin remained strong, above 30% for the eleventh consecutive quarter and above 33% for the seventh consecutive quarter.
positiveFourth quarter 2025 sales decreased 2.5% year-over-year to $1.08 billion, with declines in Specialty Products and Repair, Service & Leasing segments.
negativeReported operating income decreased to $125.1 million from $188.3 million in Q4 2024.
negativeAdjusted operating income margin decreased by 290 basis points to 19.1% in Q4 2025 compared to Q4 2024.
negativeEBITDA decreased by 350 basis points to 22.1% of sales in Q4 2025 compared to Q4 2024.
negativeSpecialty Products segment sales decreased 18.1% year-over-year due to customer timing in hydrogen, space, and HLNG markets.
attentionCryo Tank Solutions segment adjusted operating margin decreased 570 bps due to unfavorable mix.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Cryo Tank Solutions | N/A | — | — | — |
Heat Transfer Systems | N/A | — | — | — |
Specialty Products | N/A | — | — | — |
Repair, Service & Leasing | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Increased demand from data center customers, including our first small-scale LNG solution inclusive of liquefaction and storage for this market.
While there were no Big LNG orders in fourth quarter 2025, our second half 2025 orders increased 1.8% compared to our first half 2025 orders.
Book-to-bill of 1.10 was driven by carbon capture, data center, nuclear, marine, and industrial gases and equipment markets.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.