Short answer
CHART INDUSTRIES INC (GTLS) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $4.3B (+2.5% year over year) and net income of $41M.
- Top risk flagged: Termination payment $266M to Flowserve for abandoned merger, reflecting significant legal contract risk under Merger Agreement provisions
FY2025 key financial metrics · XBRL
- Revenue
- $4.3B
- +2.5% YoY
- Net income
- $41M
- −81.4% YoY
- Operating margin
- 8.4%
- −7.2 pp YoY
- Gross margin
- 33.7%
- +0.3 pp YoY
- EPS (diluted)
- $0.30
- −92.7% YoY
- ROE
- 1.3%
- −6.5 pp YoY
- Operating cash flow
- $293M
- −41.8% YoY
Source: XBRL data from the CHART INDUSTRIES INC (GTLS) FY2025 10-K on SEC EDGAR. USD.
CHART INDUSTRIES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Design, engineering, manufacturing of process technologies and equipment for gas and liquid molecule handling in clean energy and industrial markets
- New segment: Acquisition of Howden for $4.4B in March 2023, expanding global air and gas handling product offerings
- Strategic shift: Terminated $266M Flowserve merger in July 2025; entered Baker Hughes merger agreement expected Q2 2026 closing
- Notable metric: Sales growth to $4.3B in 2025, up from $4.2B in 2024 and $3.4B in 2023, reflecting robust expansion
- Unusual fact: Paid $266M termination fee to Flowserve, highlighting significant strategic transaction pivot within filing year
Management Discussion & Analysis
- Revenue $4,264M, up 2.5% YoY from $4,160M, driven by Heat Transfer Systems (+$202M) sales increase
- Operating margin 8.4% vs 15.6% YoY, decline mainly due to $266M termination fee expense on Flowserve merger termination
- Best segment: Heat Transfer Systems sales $1,238M (+19.5%), operating margin 29.4% vs 22.5%, operating income up 56.2% to $364M
- Worst segment: Repair, Service & Leasing sales $1,304M (-5%), operating margin 20.6% vs 25.5%, operating income down 23.2% to $269M
- Cash from operations $293M, down $210M YoY; Capex $90M; financing activities used $155M; cash increased $57.4M to $366M
- 2026 capex guidance approx. $120M; management expects cash flows, available credit facilities sufficient for working capital and debt repayments
- Key risks: $266M termination fee, integration and costs related to proposed Baker Hughes merger, potential Put Option exercise on HTEC shares not expected before 2028
Risk Factors
- Termination payment $266M to Flowserve for abandoned merger, reflecting significant legal contract risk under Merger Agreement provisions
- Geopolitical exposure to Russia-Ukraine conflict, US-China tensions, Middle East unrest impacting supply chains and project timing globally
- Dependence on global supply chains with 62 manufacturing sites and 50 service centers, vulnerable to global trade policy unpredictability and tariffs
- Merger integration risk with Baker Hughes pending regulatory approvals, closing delayed beyond stockholder approval in Oct 2025, now expected Q2 2026
- Potential financial strain from $266M termination fee affecting liquidity and capital structure during transition period
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