Chart Industries’ 2025 Orders Increase 13.4% to $5.68B, Backlog Hits $5.89B
Chart Industries’ 2025 orders rose 13.4% to $5.68B with backlog up 21.5% at $5.89B, boosted by carbon capture, data center and small-scale LNG projects. Adjusted operating income was $884.4M (20.7% margin) for the year, while fourth-quarter margin fell 290bps to 19.1%, producing $66.2M in free cash flow.
1. Full-Year 2025 Performance
Chart Industries reported full-year 2025 orders of $5.68 billion, up 13.4%, and sales of $4.26 billion, a 2.5% increase (4.1% ex large lifecycle and aftermarket projects). Reported operating income was $358.4 million (8.4% margin) or $884.4 million adjusted (20.7% margin), with adjusted EBITDA of $1.01 billion (23.8% margin).
2. Fourth-Quarter 2025 Results
In Q4 2025, orders declined 23.8% to $1.18 billion reflecting absence of several large LNG awards, while sales dipped 2.5% to $1.08 billion. Adjusted operating income was $206.0 million (19.1% margin, down 290 bps) and the quarter generated $66.2 million in free cash flow, from $88.8 million net operating cash less $22.6 million in capex.
3. Backlog Growth and Segment Trends
Backlog reached $5.89 billion, up 21.5% year-over-year, with 44% expected to ship in the next 12 months. Demand was driven by carbon capture, data center LNG peak shaving, nuclear, marine and industrial gas markets. Specialty Products orders hit $491.4 million and Repair, Service & Leasing saw increased spares and retrofit demand.