AAON Inc (NASDAQ: AAON) is an HVAC manufacturing company that engineers and manufactures semi-custom and custom heating, ventilation, and air conditioning equipment for commercial, industrial, data center, and cleanroom markets. Revenue is transactional, generated through the sale of equipment and related parts and services across three operating units: AAON Oklahoma, AAON Coil Products, and BASX. AAON-branded rooftop units and packaged systems serve commercial and industrial buildings, while BASX targets hyperscale data centers and cleanroom environments in biopharmaceutical, semiconductor, medical, and agricultural sectors. For the year ended December 31, 2025, three customers each represented 10 percent or greater of revenue, and three customers each represented 10 percent or greater of accounts receivable, indicating material customer concentration. The company is headquartered in Tulsa, Oklahoma, with manufacturing facilities in Tulsa; Longview, Texas; and Redmond, Oregon, with additional support in Memphis, Tennessee. AAON pays cash dividends, repurchases shares, and carries revolving credit borrowings, with capital expenditures of $190.6 million in FY2025.

Revenue model

Transactional revenue from the sale of semi-custom and custom HVAC equipment, heating and cooling coils, liquid cooling systems, and controls. Supplemental revenue from parts sales through representative offices and two Tulsa-based retail stores, factory service organizations, and extended warranties.

Products and services

AAON-branded packaged rooftop units (RTUs) with cooling capacities from 2 to 261 tons and heating capacities from 24,000 to 4,500,000 BTUs, achieving up to 18.0 SEER2 and 22.8 IEER (as stated in the FY2025 10-K). VCCX Controls and controls integration solutions certified to UL 916, UL 60730, and BACnet standards. AAON Coil Products heating and cooling coils for HVAC systems. BASX-branded custom cooling solutions for hyperscale data centers including Coolant Distribution Units (CDUs) and water-free Free Cooling Chillers introduced in 2025, plus cleanroom ventilation and custom air handlers.

Customers and end markets

Commercial and industrial building owners and operators (new construction and replacement markets). Hyperscale data center operators for high-density AI and HPC deployments. Cleanroom operators in biopharmaceutical, semiconductor, medical, and agricultural sectors. For FY2025, three customers each accounted for 10 percent or greater of revenue; the remainder of business is distributed across thousands of customers through independent representatives.

Value-chain role

Vertically oriented manufacturer: engineers, manufactures, and sells finished HVAC equipment and sub-components (coils, controls) directly and through a network of independent representative sales offices. Provides factory service, warranty support, and parts supply through representatives and two Tulsa-based retail stores.

Geographic exposure

Primary manufacturing in the United States: Tulsa, Oklahoma (AAON Oklahoma); Longview, Texas (AAON Coil Products and BASX); Redmond, Oregon (BASX); and Memphis, Tennessee (BASX support). The filing references a North American representative network. No specific international revenue breakdown is provided in the excerpts.

Source: SEC 10-K, filed 2026-03-02

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