Chart Industries (GTLS) Q4 2025 earnings summary

Executive summary

• Full year 2025 orders rose 13.4% to $5.68B, with a book-to-bill ratio of 1.33; sales increased 2.5% to $4.26B, or 4.1% excluding non-recurring 2024 projects.

• Adjusted operating income for 2025 was $884.4M (20.7% margin), up 6.2% excluding non-recurring 2024 items; adjusted EBITDA reached $1.01B (23.8% margin).

• Fourth quarter 2025 orders fell 23.8% year-over-year due to absence of large LNG orders; backlog grew 21.5% to $5.89B.

• Q4 2025 sales declined 2.5% to $1.08B; adjusted operating margin was 19.1%, down 290 bps, with gross margin at 33.3%.

• Pending acquisition by Baker Hughes approved by shareholders, with expected close in Q2 2026.

Financial highlights

• Full year 2025 reported operating income was $358.4M (8.4% margin); adjusted for deal and amortization costs, operating income was $884.4M (20.7% margin).

• Full year adjusted EBITDA was $1.01B (23.8% margin); reported EBITDA was $625.7M (14.7% margin).

• Q4 2025 adjusted EBITDA was $238.8M (22.1% margin), down 350 bps year-over-year.

• Q4 2025 reported EPS was $1.01; adjusted EPS was $2.51.

• Free cash flow for 2025 was $204.8M; Q4 2025 FCF was $66.2M, impacted by working capital and deal costs.

Outlook and guidance

• 44% of year-end 2025 backlog expected to ship in the next 12 months.

• Management highlights growth opportunities in data centers, carbon capture, nuclear, marine, and industrial gases.

• Forward-looking statements note risks from supply chain, inflation, regulatory reviews, and global conflicts.