CHART INDUSTRIES INC

CIK:0000892553|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Sales	$ 884.8	$ 1,001.5
Cost of sales	633.4	661.7
Gross profit	251.4	339.8
Selling, general and administrative expenses	152.0	141.0
Amortization expense	46.8	46.5
Operating expenses	198.8	187.5
Operating income	52.6	152.3
Interest expense, net	73.0	77.1
Other expense, net	6.3	3.3
(Loss) income from continuing operations before income taxes and equity in loss of unconsolidated affiliates, net	(26.7)	71.9
Income tax (benefit) expense	(12.5)	17.6
(Loss) income from continuing operations before equity in loss of unconsolidated affiliates, net	(14.2)	54.3
Equity in loss of unconsolidated affiliates, net	(0.3)	0.0
Net (loss) income from continuing operations	(14.5)	54.3
Loss from discontinued operations, net of tax	0.0	(2.0)
Net (loss) income	(14.5)	52.3
Less: Income attributable to noncontrolling interests of continuing operations, net of taxes	2.6	2.8
Net (loss) income attributable to Chart Industries, Inc.	(17.1)	49.5
Amounts attributable to Chart common shareholders
(Loss) income from continuing operations	(17.1)	51.5
Less: Mandatory convertible preferred stock dividend requirement	0.0	6.8
(Loss) income from continuing operations attributable to Chart	(17.1)	44.7
Loss from discontinued operations, net of tax	0.0	(2.0)
Net (loss) income attributable to Chart common shareholders — basic	(17.1)	42.7
Net (loss) income attributable to Chart common shareholders — diluted	$ (17.1)	$ 42.7
Basic earnings per common share attributable to Chart Industries, Inc.
(Loss) income from continuing operations (usd per share)	$ (0.36)	$ 0.99
Loss from discontinued operations (usd per share)	0	(0.04)
Net (loss) income attributable to Chart Industries, Inc. — basic (usd per share)	(0.36)	0.95
Diluted earnings per common share attributable to Chart Industries, Inc.
(Loss) income from continuing operations (usd per share)	(0.36)	0.99
Loss from discontinued operations (usd per share)	0	(0.05)
Net (loss) income attributable to Chart Industries, Inc. — diluted (usd per share)	$ (0.36)	$ 0.94
Weighted-average number of common shares outstanding:
Basic (shares)	47,850	44,930
Diluted (shares)	47,850	45,200
Other comprehensive (loss) income:
Net (loss) income	$ (14.5)	$ 52.3
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net	(56.9)	128.1
Pension liability adjustments, net of taxes	(0.2)	0.3
Other comprehensive (loss) income, net of tax	(57.1)	128.4
Comprehensive (loss) income, net of taxes	(71.6)	180.7
Less: Comprehensive income attributable to noncontrolling interests, net of taxes	2.6	8.4
Comprehensive (loss) income attributable to Chart Industries, Inc., net of taxes	$ (74.2)	$ 172.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
OPERATING ACTIVITIES
Net (loss) income	$ (14.5)	$ 52.3
Less: Loss from discontinued operations, net of tax	0.0	(2.0)
Net (loss) income from continuing operations	(14.5)	54.3
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	71.5	66.2
Employee share-based compensation expense	5.4	6.2
Financing costs amortization	4.9	4.8
Other non-cash operating activities	7.6	(0.6)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	25.1	23.3
Inventories	(16.6)	(8.9)
Unbilled contract revenue	(63.7)	(89.0)
Prepaid expenses and other current assets	(7.6)	(16.6)
Accounts payable and other current liabilities	(203.7)	(62.9)
Customer advances and billings in excess of contract revenue	(40.1)	(41.9)
Long-term assets and liabilities	(16.3)	5.1
Net Cash Used In Continuing Operating Activities	(248.0)	(60.0)
Net Cash Provided By Discontinued Operating Activities	0.0	0.0
Net Cash Used In Operating Activities	(248.0)	(60.0)
INVESTING ACTIVITIES
Acquisition of businesses, net of cash acquired	29.1	0.0
Capital expenditures	(24.8)	(20.1)
Investments	(3.3)	(1.4)
Other investing activities	(0.3)	0.4
Net Cash Used In Investing Activities	(57.5)	(21.1)
FINANCING ACTIVITIES
Borrowings on credit facilities	803.8	746.2
Repayments on credit facilities	(584.5)	(666.6)
Common stock repurchases from share-based compensation plans	(5.2)	(3.9)
Dividend distribution to noncontrolling interests	9.5	0.0
Dividends paid on mandatory convertible preferred stock	0.0	(6.8)
Other financing activities	(0.7)	(3.2)
Net Cash Provided By Financing Activities	203.9	65.7
Effect of exchange rate changes on cash and cash equivalents	1.2	2.9
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	(100.4)	(12.5)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	369.8	310.5
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD	$ 269.4	$ 298.0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 267.9	$ 366.0
Accounts receivable, net	763.4	782.1
Inventories, net	587.5	572.3
Unbilled contract revenue	1,045.6	986.4
Other current assets	195.4	192.7
Total Current Assets	2,859.8	2,899.5
Property, plant, and equipment, net	917.6	918.6
Goodwill	3,061.8	3,067.6
Identifiable intangible assets, net	2,450.9	2,511.7
Other assets	401.5	409.0
TOTAL ASSETS	9,691.6	9,806.4
Current Liabilities
Accounts payable	1,114.8	1,236.5
Customer advances and billings in excess of contract revenue	285.0	324.4
Accrued interest	62.6	104.6
Termination fee paid by Baker Hughes Company	258.0	258.0
Other current liabilities	154.3	205.1
Total Current Liabilities	1,874.7	2,128.6
Long-term debt	3,786.7	3,565.0
Deferred tax liabilities	554.4	553.7
Other long-term liabilities	170.7	183.4
Total Liabilities	6,386.5	6,430.7
Equity
Common stock, par value $0.01 per share — 150,000,000 shares authorized, 48,629,858 and 48,557,490 shares issued at March 31, 2026 and December 31, 2025, respectively	0.5	0.5
Additional paid-in capital	1,903.3	1,902.1
Treasury stock; 760,782 shares at both March 31, 2026 and December 31, 2025	(19.3)	(19.3)
Retained earnings	1,109.8	1,127.0
Accumulated other comprehensive income	162.9	220.0
Total Chart Industries, Inc. Shareholders’ Equity	3,157.2	3,230.3
Noncontrolling interests	147.9	145.4
Total Equity	3,305.1	3,375.7
TOTAL LIABILITIES AND EQUITY	$ 9,691.6	$ 9,806.4