Chart Industries Pivots to Clean Tech Amid Baker Hughes Takeover

HOUSTON, TX – February 27, 2026 – By Matthew Richardson

Chart Industries today announced full-year 2025 financial results that paint a picture of a company in successful transition, leveraging a strategic pivot to emerging clean energy markets to build a formidable order book, even as it prepares for a transformative acquisition by energy technology giant Baker Hughes.

While fourth-quarter figures showed a predictable dip in orders due to the lumpy nature of large-scale energy projects, the company’s full-year performance underscored the strength of its diversification strategy. Full-year orders surged 13.4% to $5.68 billion, and the company ended 2025 with a record backlog of $5.89 billion, a 21.5% increase over the previous year. This performance highlights a clear shift in the company’s revenue streams, validating its focus on what it calls the “Nexus of Clean” — clean power, water, food, and industrials.

A Story of Strategic Growth

At first glance, Chart’s fourth-quarter results appeared mixed. Orders for the quarter declined 23.8% to $1.18 billion compared to the same period in 2024. However, this was largely anticipated, as the prior-year period included a massive order for the Woodside Louisiana Big LNG project, with no comparable large-scale LNG orders booked in the final quarter of 2025. Similarly, quarterly sales saw a modest 2.5% decrease to $1.08 billion.

Beneath these headline numbers, however, lies a story of robust and diversifying demand. The company posted a healthy book-to-bill ratio of 1.10 in the fourth quarter, indicating that demand continues to outpace current sales. This was driven not by a single mega-project, but by a broad base of customers across high-growth sectors. Full-year sales reached $4.26 billion, a 2.5% increase, or a more impressive 4.1% rise when excluding non-repeating large projects from 2024. The company's adjusted operating income for the full year stood at $884.4 million, demonstrating continued profitability.

This resilience is a direct result of Chart's strategic expansion into new markets. The company reported burgeoning demand from data center customers, securing its first order for a small-scale LNG solution to provide behind-the-meter power. This represents a significant new frontier, as power-hungry data centers seek reliable and more sustainable alternatives to traditional diesel generators. Further strength was seen in orders for carbon capture technologies, nuclear applications, and marine systems, painting a picture of a company deeply embedded in the infrastructure of the future.

The Baker Hughes Endgame Looms

Chart's strong performance and strategic positioning did not go unnoticed. The company is currently navigating the final stages of its acquisition by Baker Hughes, a deal that underscores the value of Chart's portfolio. On October 6, 2025, Chart shareholders voted to approve the acquisition, which will see them receive $210 per share in cash.

The strategic rationale for Baker Hughes is clear. The acquisition accelerates its own Industrial & Energy Technology (IET) strategy, immediately expanding its exposure to non-oil and gas markets from 15% to 30% of its IET revenue. Chart’s leadership in cryogenic equipment for LNG, hydrogen, and carbon capture complements Baker Hughes' expertise in rotating equipment and digital solutions. The merger is expected to create a formidable end-to-end provider for the energy transition, with Baker Hughes anticipating $325 million in annual cost synergies.

For Chart shareholders, the deal provides a significant and immediate cash return. It also explains the current “Hold” consensus among Wall Street analysts, as the company’s stock price is now effectively anchored to the $210 acquisition price. With regulatory reviews underway, the transaction is expected to close in the second quarter of 2026.

Leading the Clean Energy Charge

The growth in Chart’s Specialty Products and Heat Transfer Systems segments, despite some quarterly fluctuations, points to the long-term viability of its strategy. The global push for decarbonization is creating massive new markets, and Chart has positioned itself as a key ‘picks-and-shovels’ supplier. For example, the global green hydrogen market, a key area for Chart's cryogenic storage and transport technologies, is projected to grow at a compound annual rate of over 60% through 2032.

The company’s Heat Transfer Systems segment saw full-year sales jump 19.5% to $1.24 billion, driven by the conversion of its large LNG and data center backlog. The Specialty Products segment, which includes hydrogen and carbon capture equipment, booked over $2 billion in orders for the year, a 33.2% increase.

While facing intense competition from industrial gas giants like Linde and Air Products, Chart has carved out a unique niche. The 2023 acquisition of Howden expanded its capabilities from cryogenic equipment into compression, allowing it to offer integrated solutions across the entire liquid gas value chain. This integrated approach, combined with a massive installed base and proprietary technology, provides a significant competitive advantage.

As Chart Industries prepares to be integrated into Baker Hughes, its final independent earnings report serves as a testament to its successful transformation. The company has navigated the cyclical nature of its traditional markets by becoming an indispensable supplier to the burgeoning clean energy economy. The robust backlog and growing demand in sectors from data centers to hydrogen fuel indicate that the technologies and expertise Chart has cultivated will continue to play a critical role in building the industrial and energy systems of tomorrow.