CHART INDUSTRIES INCGTLS
CHART INDUSTRIES INC Segments Disclosure
Segment and Geographic Information
_______________
_______________
_______________
We have four reportable segments which reflect the manner in which our chief operating decision maker (“CODM”) reviews results and allocates resources. Each segment is organized and managed based upon the nature of our markets and customers and consists of similar products and services. Each of our four reportable segments operate globally and are also our operating segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products and Repair, Service & Leasing. Our Cryo Tank Solutions segment, which has principal operations in the United States, Europe and Asia, serves most geographic regions around the globe, supplying bulk, microbulk and mobile equipment used in the storage, distribution, vaporization, and application of industrial gases and certain hydrocarbons. Our Heat Transfer Systems segment, with principal operations in the
United States and Europe, also serves most geographic regions globally, supplying mission-critical engineered equipment and systems used in the recovery, separation, liquefaction, and purification of hydrocarbons, LNG and industrial gases that span gas-to-liquid applications. Our Specialty Products segment supplies products used in specialty end-market applications including engineered liquefaction, storage and compression equipment for hydrogen and helium, LNG for over-the-highway vehicles, biofuels, carbon capture, food and beverage, aerospace, nuclear, marine, mining, lasers and water treatment end markets. Our Repair, Service & Leasing segment provides installation, retrofitting and refurbishment, services and repairs, preventative and contractual maintenance, and digital solutions of Chart’s stationary (liquefaction, fueling stations, among other products) and rotating equipment (compression, fans, among other products) globally in addition to providing targeted equipment leasing solutions.
Corporate includes certain unallocated operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology (“IT”), investor relations, legal, internal audit, and risk management. Corporate support functions are not currently allocated to the segments.
As previously disclosed in our Current Report on Form 8-K dated November 17, 2025, Jillian C. Evanko, our former President, Chief Executive Officer and a former member of our board of directors, resigned from her position effective as of January 6, 2026. During the periods presented, our CODM, who was our Chief Executive Officer and President, Ms. Evanko, evaluated each segment’s performance and allocated resources based on operating income as determined in our consolidated statements of income. The CODM used operating income for each segment predominantly in the annual budget and forecasting process. The CODM considered budget-to-actual and current-to-prior period actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. Furthermore, the CODM used segment operating income for evaluating pricing strategy and assessing the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
Segment Financial Information
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Cryo Tank Solutions | Heat Transfer Systems | Specialty Products | Repair, Service & Leasing | Total Segments | Corporate & Intersegment Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
| Sales | $ | 624.2 | $ | 1,237.7 | $ | 1,098.4 | $ | 1,303.7 | $ | 4,264.0 | $ | — | $ | 4,264.0 | |||||||||||||||||||||||||||
| Cost of sales | 480.9 | 802.8 | 816.1 | 726.4 | 2,826.2 | — | 2,826.2 | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 67.8 | 50.7 | 128.2 | 161.6 | 408.3 | 210.8 | 619.1 | ||||||||||||||||||||||||||||||||||
| Termination fee expense | — | — | — | — | — | 266.0 | 266.0 | ||||||||||||||||||||||||||||||||||
| Amortization expense | 7.6 | 19.8 | 20.4 | 146.5 | 194.3 | — | 194.3 | ||||||||||||||||||||||||||||||||||
| Operating income (loss) | 67.9 | 364.4 | 133.7 | 269.2 | 835.2 | (476.8) | 358.4 | ||||||||||||||||||||||||||||||||||
Depreciation expense (1) | 15.4 | 17.0 | 24.8 | 17.2 | 74.4 | 12.6 | 87.0 | ||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Cryo Tank Solutions | Heat Transfer Systems | Specialty Products | Repair, Service & Leasing | Total Segments | Corporate & Intersegment Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
| Sales | $ | 637.9 | $ | 1,035.3 | $ | 1,114.3 | $ | 1,372.7 | $ | 4,160.2 | $ | 0.1 | $ | 4,160.3 | |||||||||||||||||||||||||||
| Cost of sales | 494.4 | 736.3 | 813.2 | 727.5 | 2,771.4 | 0.1 | 2,771.5 | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 61.2 | 45.6 | 106.6 | 150.0 | 363.4 | 184.0 | 547.4 | ||||||||||||||||||||||||||||||||||
| Amortization expense | 7.7 | 20.1 | 21.4 | 144.7 | 193.9 | — | 193.9 | ||||||||||||||||||||||||||||||||||
| Operating income (loss) | 74.6 | 233.3 | 173.1 | 350.5 | 831.5 | (184.0) | 647.5 | ||||||||||||||||||||||||||||||||||
Depreciation expense (1) | 14.3 | 17.7 | 8.3 | 27.7 | 68.0 | 8.0 | 76.0 | ||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Cryo Tank Solutions | Heat Transfer Systems | Specialty Products | Repair, Service & Leasing | Total Segments | Corporate & Intersegment Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||
| Sales | $ | 640.8 | $ | 891.2 | $ | 819.9 | $ | 1,029.2 | $ | 3,381.1 | $ | (28.6) | $ | 3,352.5 | |||||||||||||||||||||||||||
| Cost of sales | 508.8 | 644.4 | 598.5 | 589.0 | 2,340.7 | (28.6) | 2,312.1 | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 70.9 | 54.1 | 82.6 | 116.1 | 323.7 | 162.6 | 486.3 | ||||||||||||||||||||||||||||||||||
| Amortization expense | 6.6 | 16.9 | 19.1 | 120.8 | 163.4 | — | 163.4 | ||||||||||||||||||||||||||||||||||
| Operating income (loss) | 54.5 | 175.8 | 119.7 | 203.3 | 553.3 | (162.6) | 390.7 | ||||||||||||||||||||||||||||||||||
Depreciation expense (1) | 16.6 | 15.7 | 5.6 | 24.3 | 62.2 | 5.5 | 67.7 | ||||||||||||||||||||||||||||||||||
(1)Depreciation disclosed by reportable segment is included within cost of sales and selling, general and administrative expenses.
Sales by Geography
Net sales by geographic area are reported by the destination of sales.
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Cryo Tank Solutions | Heat Transfer Systems | Specialty Products | Repair, Service & Leasing | Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||||||||
North America (1) | $ | 236.2 | $ | 829.2 | $ | 469.0 | $ | 408.8 | $ | — | $ | 1,943.2 | |||||||||||||||||||||||
| Europe, Middle East, Africa and India | 215.7 | 151.3 | 276.7 | 559.3 | — | 1,203.0 | |||||||||||||||||||||||||||||
Asia-Pacific (2) | 162.9 | 251.0 | 316.9 | 277.0 | — | 1,007.8 | |||||||||||||||||||||||||||||
| Rest of the World | 9.4 | 6.2 | 35.8 | 58.6 | — | 110.0 | |||||||||||||||||||||||||||||
| Total | $ | 624.2 | $ | 1,237.7 | $ | 1,098.4 | $ | 1,303.7 | $ | — | $ | 4,264.0 | |||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Cryo Tank Solutions | Heat Transfer Systems | Specialty Products | Repair, Service & Leasing | Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||||||||
North America (1) | $ | 275.7 | $ | 637.8 | $ | 441.1 | $ | 535.3 | $ | — | $ | 1,889.9 | |||||||||||||||||||||||
| Europe, Middle East, Africa and India | 223.7 | 155.5 | 319.7 | 546.0 | 0.1 | 1,245.0 | |||||||||||||||||||||||||||||
Asia-Pacific (2) | 122.9 | 222.4 | 336.3 | 225.1 | — | 906.7 | |||||||||||||||||||||||||||||
| Rest of the World | 15.6 | 19.6 | 17.2 | 66.3 | — | 118.7 | |||||||||||||||||||||||||||||
| Total | $ | 637.9 | $ | 1,035.3 | $ | 1,114.3 | $ | 1,372.7 | $ | 0.1 | $ | 4,160.3 | |||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Cryo Tank Solutions | Heat Transfer Systems | Specialty Products | Repair, Service & Leasing | Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||||||||
North America (1) | $ | 309.5 | $ | 594.0 | $ | 307.6 | $ | 317.6 | $ | (13.1) | $ | 1,515.6 | |||||||||||||||||||||||
| Europe, Middle East, Africa and India | 210.0 | 115.3 | 230.3 | 468.4 | (9.9) | 1,014.1 | |||||||||||||||||||||||||||||
Asia-Pacific (2) | 114.4 | 163.8 | 266.3 | 203.3 | (5.1) | 742.7 | |||||||||||||||||||||||||||||
| Rest of the World | 6.9 | 18.1 | 15.7 | 39.9 | (0.5) | 80.1 | |||||||||||||||||||||||||||||
| Total | $ | 640.8 | $ | 891.2 | $ | 819.9 | $ | 1,029.2 | $ | (28.6) | $ | 3,352.5 | |||||||||||||||||||||||
(1) Consolidated sales in the United States were $1,797.3, $1,659.0 and $1,387.7 for the years ended December 31, 2025, 2024 and 2023, respectively and represent 42.2%, 39.9% and 41.4% of consolidated sales for the same periods, respectively.
(2) Consolidated sales in China were $501.4, $565.4 and $460.9 for the years ended December 31, 2025, 2024 and 2023, respectively and represent 11.8%, 13.6% and 13.7% of consolidated sales for the same periods, respectively.
No single customer accounted for more than 10% of consolidated sales for any of the periods presented in the tables above.
Total Assets
Corporate assets mainly include cash and cash equivalents and long-term deferred income taxes as well as certain corporate-specific property, plant and equipment, net and certain investments. Our allocation methodology for property, plant and equipment, net of the reportable segments differs from our allocation method of depreciation expense of a reportable segment and therefore, depreciation expense does not entirely align with the related depreciable assets of the reportable segments. Additionally, since finite-lived intangible assets are excluded from total assets of reportable segments while amortization expense is allocated to each of our reportable segments, amortization expense by segment inherently does not align with the related amortizable intangible assets of the reportable segments.
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cryo Tank Solutions | $ | 546.7 | $ | 614.0 | |||||||
| Heat Transfer Systems | 866.8 | 669.7 | |||||||||
| Specialty Products | 1,047.7 | 920.6 | |||||||||
| Repair, Service & Leasing | 1,007.2 | 889.9 | |||||||||
| Total assets of reportable segments | 3,468.4 | 3,094.2 | |||||||||
Goodwill (1) | 3,067.6 | 2,899.9 | |||||||||
Identifiable intangible assets, net (1) | 2,511.7 | 2,540.6 | |||||||||
| Corporate | 758.7 | 589.2 | |||||||||
| Total assets | $ | 9,806.4 | $ | 9,123.9 | |||||||
(1)See Note 8, “Goodwill and Intangible Assets,” for further information related to goodwill and identifiable intangible assets, net.
Geographic Information
| Property, plant and equipment, net as of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| United States | $ | 437.8 | $ | 420.9 | |||||||
| Foreign | |||||||||||
| Germany | 111.2 | 99.7 | |||||||||
| China | 92.6 | 94.0 | |||||||||
| Italy | 52.2 | 46.9 | |||||||||
| United Kingdom | 40.3 | 34.1 | |||||||||
| Czech Republic | 32.0 | 30.4 | |||||||||
| India | 29.8 | 30.7 | |||||||||
| Other foreign countries | 122.7 | 107.5 | |||||||||
| Total foreign | 480.8 | 443.3 | |||||||||
| Total | $ | 918.6 | $ | 864.2 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.