AAON on Nasdaq

AAON

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons5

HVAC manufacturing company

AAON, Inc. manufactures heating, ventilation, and air conditioning equipment for commercial and industrial indoor environments.3 From Wikipedia, CC BY-SA 4.0

$77.53 down 3.00 (3.73%)Price as of Oct 15, 2026 at 14:59 UTC

Last updated Oct 16, 2026.

Overview

1988Founded1

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  • TickerAAON on Nasdaq1
  • Industrycentral heating1
  • HeadquartersTulsa1
  • Websitewww.aaon.com
  • Incorporated inNV6
  • Business address2425 South Yukon Ave., Tulsa, Ok 741076
  • Filer categoryLarge accelerated filer6

AAON, Inc. manufactures heating, ventilation, and air conditioning equipment for commercial and industrial indoor environments. AAON is headquartered in Tulsa, Oklahoma and has manufacturing facilities in Longview, TX, Parkville, MO, and Redmond, OR. AAON employs approximately 4,000 people worldwide and has annual sales in excess of $880 million.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

26.7%Gross margin8
10.1%Operating margin8
7.5%Net margin8
20.1%Revenue growth, 20258
12.0%Return on equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

AAON Products brought in 59% of the revenue AAON broke down this way in fiscal 2025.

  1. AAON Products$894.3M859%down 8% from 2024
  2. BASX Products$547.8M836%up 143% from 2024
  3. Part Sales$80.2M85%up 4% from 2024
Products and services by year
Products and services202320242025
AAON Products$1.0B$975.6M$894.3M
BASX Products$166.5M$225.0M$547.8M
Part Sales$67.7M$76.9M$80.2M

Business segments

AAON Oklahoma brought in 56% of the revenue AAON broke down this way in fiscal 2025.

  1. AAON Oklahoma$801.2M856%down 7% from 2024
  2. AAON Coil Products$325.4M823%up 126% from 2024
  3. BasX$315.5M822%up 59% from 2024
Business segments by year
Business segments202320242025
AAON Oklahoma$897.9M$858.7M$801.2M
AAON Coil Products$112.3M$143.9M$325.4M
BasX$158.3M$198.1M$315.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue71¢$1.1B
  • Research and development4¢$58.2M
  • Selling, general and admin16¢$239.5M
  • Income tax1¢$21.2M
  • Profit7¢$107.6M

Out of $1.4B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid100¢$32.6M

Out of $534.0K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue91011128$1.4B in 2025+207% since 2019
0$500.0M$1.0B$1.5B2019: $469.3M$469.3M20192020: $514.6M$514.6M2020+10%2021: $534.5M$534.5M2021+4%2022: $888.8M$888.8M2022+66%2023: $1.2B$1.2B2023+31%2024: $1.2B$1.2B2024+3%2025: $1.4B$1.4B2025+20%
Gross profit91011128$385.7M in 2025+223% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $119.4M$119.4M20192020: $155.8M$155.8M2020+30%2021: $137.8M$137.8M2021−12%2022: $237.6M$237.6M2022+72%2023: $399.0M$399.0M2023+68%2024: $397.1M$397.1M2024−0%2025: $385.7M$385.7M2025−3%
Operating income91011128$146.2M in 2025+118% since 2019
0$100.0M$200.0M$300.0M2019: $67.0M$67.0M20192020: $101.8M$101.8M2020+52%2021: $69.3M$69.3M2021−32%2022: $126.8M$126.8M2022+83%2023: $227.5M$227.5M2023+79%2024: $209.1M$209.1M2024−8%2025: $146.2M$146.2M2025−30%
Net income91011128$107.6M in 2025+100% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $53.7M$53.7M20192020: $79.0M$79.0M2020+47%2021: $58.8M$58.8M2021−26%2022: $100.4M$100.4M2022+71%2023: $177.6M$177.6M2023+77%2024: $168.6M$168.6M2024−5%2025: $107.6M$107.6M2025−36%

Every line of the income statement in the latest annual report, as filed.8

Period ending2025-12-312024-12-312023-12-31
Net sales$1.4B$1.2B$1.2B
Cost of sales$1.1B$803.5M$769.5M
Gross profit$385.7M$397.1M$399.0M
Selling, general and administrative expenses$239.5M$188.0M$171.5M
Gain on disposal of assets-$4.0K-$23.0K-$13.0K
Income from operations$146.2M$209.1M$227.5M
Interest expense-$17.7M-$2.9M-$4.8M
Other income, net$230.0K$378.0K$503.0K
Income before taxes$128.8M$206.6M$223.2M
Income tax provision$21.2M$38.0M$45.5M
Net income$107.6M$168.6M$177.6M
Basic (usd per share)$1.32$2.07$2.19
Diluted (usd per share)$1.29$2.02$2.13
Cash dividends declared per common share (in dollars per share)$0.40$0.32$0.32
Basic (in shares)81.5M shares81.5M shares81.2M shares
Diluted (in shares)83.1M shares83.6M shares83.3M shares

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The story

AAON was founded in 1988 when Norman H. Asbjornson set out to create a commercial HVAC company that designed and manufactured semi-custom equipment. Asbjornson purchased the heating and air-conditioning division of John Zink and created a new company called AAON. The name ensured the company would be listed first in the phone directories.

In 2000, AAON began to manufacture equipment in Longview and in 2019, broke ground on a facility expansion as part of a $28-million-dollar investment in the plant. Further expansion in Longview commenced in 2019 with the completion of a 220,000-square foot building, an additional $40 million investment. In 2023, the Longview Economic Development Corp. approved a second $40 million expansion and is scheduled to be completed in 2024.

From Wikipedia’s article on AAON, shared under CC BY-SA 4.0.7

Acquisitions

In 1991, AAON acquired Coils Plus in Longview, TX, initially only committed to manufacturing HVAC coils.

In 2018, AAON acquired Missouri-based WattMaster Controls (WCI) and entered a lease of the facility previously occupied by WCI.

In 2021, AAON acquired Oregon-based BASX Solutions (BASX). BASX designs and manufactures premium, highly customized commercial HVAC equipment for data centers, clean rooms, and other niche applications.

From Wikipedia’s article on AAON, shared under CC BY-SA 4.0.7

Former names

  • AAON INCNov 13, 1995 to Jul 1, 20196

Timeline

  1. 1988Founded Founded1

Recent filings

  1. Sep 16, 20264
  2. Sep 8, 2026SCHEDULE 13G/A
  3. Sep 2, 20264
  4. Sep 1, 20264
  5. Sep 1, 20264
  6. Aug 31, 20264
  7. Aug 28, 20268-K
  8. Aug 13, 20268-K
  9. Aug 13, 2026SCHEDULE 13G/A
  10. Aug 10, 20268-K
  11. Aug 10, 202610-Q
  12. Aug 6, 20263
  13. Aug 6, 20263
  14. Jul 30, 20268-K
  15. Jun 8, 20268-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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