Chart Industries (GTLS) Q1 2026 earnings summary

Executive summary

• Sales for Q1 2026 were $884.8 million, down 11.7% year-over-year, with declines across all segments due to lower volumes and unfavorable product mix.

• Net loss attributable to shareholders was $17.1 million, compared to net income of $42.7 million in Q1 2025.

• Gross profit margin fell to 28.4% from 33.9% year-over-year, primarily due to reduced volumes, unfavorable mix, and tariff impacts.

• The company is in the process of being acquired by Baker Hughes, with closing expected in Q2 2026 pending regulatory approvals.

Financial highlights

• Operating income for Q1 2026 was $52.6 million, down 65.5% from $152.3 million in Q1 2025.

• Interest expense, net, decreased to $73.0 million from $77.1 million year-over-year.

• Cash used in operating activities was $248.0 million, up from $60.0 million in Q1 2025, mainly due to timing of billings and vendor payments.

• Ending cash and equivalents were $269.4 million as of March 31, 2026.

• Backlog increased to $6,282.9 million from $5,143.6 million year-over-year.

Outlook and guidance

• Management expects to meet ongoing cash requirements with existing resources and available borrowings.

• No unusual cash needs are anticipated for the remainder of 2026.

• The timing of the Baker Hughes merger closing may evolve as regulatory reviews progress.