Reportable Segments

9 Months Ended

Sep. 30, 2025

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 operates 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, liquefied natural gas (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.

Our CODM, who is our Chief Executive Officer and President, evaluates each segment’s performance and allocates resources based on operating income as determined in our consolidated statements of operations. The CODM uses operating income for each segment predominantly in the annual budget and forecasting process. The CODM considers 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 uses 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


	Three Months Ended September 30, 2025
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Corporate		Consolidated
Sales	$	151.2	$	349.3	$	269.9	$	330.2	$	—	$	—	$	1,100.6
Cost of sales	118.2		214.8		205.0		187.4		—		—		725.4
Selling, general and administrative expenses	15.8		12.0		29.6		31.2		—		59.5		148.1
Termination fee expense	—		—		—		—		—		266.0		266.0
Amortization expense	1.9		4.8		5.2		37.7		—		—		49.6
Operating income (loss)	15.3		117.7		30.1		73.9		—		(325.5)		(88.5)
Depreciation expense (1)	3.7		3.6		7.0		4.7		—		2.8		21.8

	Three Months Ended September 30, 2024
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Corporate		Consolidated
Sales	$	162.5	$	256.2	$	283.3	$	360.5	$	—	$	—	$	1,062.5
Cost of sales	121.8		179.8		208.7		189.6		—		—		699.9
Selling, general and administrative expenses	15.4		10.1		28.3		31.9		—		50.0		135.7
Amortization expense	1.8		5.0		4.4		37.0		—		0.2		48.4
Operating income (loss)	23.5		61.3		41.9		102.0		—		(50.2)		178.5
Depreciation expense (1)	3.9		3.9		2.6		6.5		—		2.8		19.7

	Nine Months Ended September 30, 2025
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Corporate		Consolidated
Sales	$	460.3	$	911.9	$	838.9	$	973.3	$	—	$	—	$	3,184.4
Cost of sales	347.3		605.7		609.6		543.3		—		—		2,105.9
Selling, general and administrative expenses	48.6		33.9		92.7		105.4		—		153.8		434.4
Termination fee expense	—		—		—		—		—		266.0		266.0
Amortization expense	5.8		14.7		15.2		109.1		—		—		144.8
Operating income (loss)	58.6		257.6		121.4		215.5		—		(419.8)		233.3
Depreciation expense (1)	11.0		11.7		18.7		13.0		—		9.5		63.9

	Nine Months Ended September 30, 2024
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Corporate		Consolidated
Sales	$	487.7	$	746.5	$	797.4	$	1,022.0	$	(0.1)	$	—	$	3,053.5
Cost of sales	380.8		539.2		583.1		534.0		(0.1)		—		2,037.0
Selling, general and administrative expenses	47.8		34.7		77.7		114.2		—		139.0		413.4
Amortization expense	5.6		15.0		14.6		108.7		—		—		143.9
Operating income (loss)	53.5		157.6		122.0		265.1		—		(139.0)		459.2
Depreciation expense (1)	10.9		12.2		6.3		20.7		—		6.0		56.1

_______________

(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.


	Three Months Ended September 30, 2025
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
North America	$	57.1	$	255.5	$	112.6	$	98.8	$	—	$	524.0
Europe, Middle East, Africa and India	47.9		28.7		64.1		151.7		—		292.4
Asia-Pacific	43.1		61.4		83.1		69.1		—		256.7
Rest of the World	3.1		3.7		10.1		10.6		—		27.5
Total	$	151.2	$	349.3	$	269.9	$	330.2	$	—	$	1,100.6

	Three Months Ended September 30, 2024
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
North America	$	71.4	$	140.4	$	111.3	$	142.7	$	—	$	465.8
Europe, Middle East, Africa and India	48.7		53.6		84.4		139.2		—		325.9
Asia-Pacific	40.3		59.8		84.4		58.4		—		242.9
Rest of the World	2.1		2.4		3.2		20.2		—		27.9
Total	$	162.5	$	256.2	$	283.3	$	360.5	$	—	$	1,062.5

	Nine Months Ended September 30, 2025
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
North America	$	172.0	$	597.5	$	367.7	$	321.8	$	—	$	1,459.0
Europe, Middle East, Africa and India	160.5		118.2		201.9		408.4		—		889.0
Asia-Pacific	121.7		191.0		244.8		204.5		—		762.0
Rest of the World	6.1		5.2		24.5		38.6		—		74.4
Total	$	460.3	$	911.9	$	838.9	$	973.3	$	—	$	3,184.4

	Nine Months Ended September 30, 2024
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
North America	$	225.7	$	422.8	$	313.2	$	410.2	$	—	$	1,371.9
Europe, Middle East, Africa and India	152.7		137.5		227.5		399.4		—		917.1
Asia-Pacific	98.4		168.0		244.1		164.4		(0.1)		674.8
Rest of the World	10.9		18.2		12.6		48.0		—		89.7
Total	$	487.7	$	746.5	$	797.4	$	1,022.0	$	(0.1)	$	3,053.5

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.


	September 30, 2025		December 31, 2024
Cryo Tank Solutions	$	563.6	$	614.0
Heat Transfer Systems	822.4		669.7
Specialty Products	1,054.9		920.6
Repair, Service & Leasing	1,024.3		889.9
Total assets of reportable segments	3,465.2		3,094.2
Goodwill	3,060.8		2,899.9
Identifiable intangible assets, net	2,555.5		2,540.6
Corporate	708.3		589.2
Total	$	9,789.8	$	9,123.9

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

CHART INDUSTRIES INC 10-Q