Chart Industries, Inc. reported a significant decline in financial performance for the first quarter of 2026, with consolidated sales of $884.8 million, down 11.7% from $1,001.5 million in the same period of 2025. The company's gross profit also decreased to $251.4 million, a drop of 26% compared to $339.8 million a year earlier, resulting in a gross profit margin of 28.4%, down from 33.9%. The decline in revenue and profitability was attributed to reduced sales across all segments, unfavorable product mix, and the impact of tariffs on certain products.
In terms of operational metrics, Chart Industries experienced a decrease in orders, totaling $1,280.3 million for the first quarter of 2026, compared to $1,315.6 million in the same quarter of 2025. The company's backlog increased to $6,282.9 million as of March 31, 2026, up from $5,143.6 million a year prior, indicating a strong pipeline of future work. The company’s employee headcount remained stable, with no significant changes reported in staffing levels.
Strategically, Chart Industries is in the process of merging with Baker Hughes Company, a move that was approved by shareholders in October 2025. The merger is expected to close in the second quarter of 2026, pending regulatory approvals. The company also made an acquisition during the quarter, spending approximately $29.1 million on Cryotek Holding B.V., a provider of cryogenic engineered systems. This acquisition is part of Chart's strategy to enhance its capabilities in the clean energy sector.
The financial outlook for Chart Industries remains cautious, with management noting the potential impacts of geopolitical instability and macroeconomic conditions on future performance. The company is actively monitoring these factors, including inflation and supply chain disruptions, which could affect operations and demand for its products. Despite the challenges, Chart Industries continues to focus on its core markets, including liquefied natural gas, hydrogen, and carbon capture technologies, as it aims to position itself as a leader in the energy transition.
About CHART INDUSTRIES INC
Chart Industries, Inc. designs, engineers, and manufactures process technologies and equipment for gas and liquid molecule handling across clean energy sectors. Its core segments include Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing. Serving global producers and distributors of industrial, hydrocarbon, and hydrogen gases, Chart offers integrated solutions for storage, liquefaction, purification, and lifecycle services, leveraging advanced technology and a broad global footprint.
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