Aaon Inc
aaon.comWhat Do They Do?
Sells configurable heating and cooling equipment, controls, and aftermarket parts to commercial and industrial building owners and contractors.
10-K for FY2025, filed Mar 2, 2026AAON Oklahoma: AAON Oklahoma engineers, manufactures, and sells highly configurable HVAC systems, designs and manufactures controls…View ↗
AAON-branded products serve commercial and industrial buildings of all sizes, installed on rooftops or alongside structures. Our…View ↗
We design and manufacture high-performance controls solutions that enhance our equipment’s unique features and capabilities. Our controls…View ↗
We sell our products to property owners and contractors mainly through a network of independent manufacturers’ Representatives. This…View ↗
How Do They Make Money?
Customers pay for HVAC systems, data-center cooling, cleanroom products, and parts; some contract work is billed at milestones as projects progress, and the company negotiates prepayments on some orders.
10-K for FY2025, filed Mar 2, 2026AAON Oklahoma: AAON Oklahoma engineers, manufactures, and sells highly configurable HVAC systems, designs and manufactures controls…View ↗
BASX: BASX engineers, manufactures, and sells a wide range of custom, high-performance cooling solutions for the rapidly growing hyperscale…View ↗
Additionally, a significant portion of our revenue is recognized over time for contracts as we satisfy performance obligations. As a…View ↗
We actively monitor contract asset aging, billing milestones and customer credit quality to manage liquidity and mitigate collection risk.…View ↗
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10-K for FY2025, filed Mar 2, 2026
FY2025 revenue by product or service ↗
$1.4B
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10-K for FY2025, filed Mar 2, 2026
$1.4B ↗
| Segment | Share | Revenue |
|---|---|---|
|
AAON-branded Products
|
62%
FY2022: 87%
|
AAON-branded Products, FY2025
$894.3M Sources
|
|
BASX-branded Products
|
38%
FY2022: 13%
|
BASX-branded Products, FY2025
$547.8M Sources
|
Who Are Their Customers?
Customers are mainly in data center cooling and commercial air conditioning. Property owners and contractors generally buy through independent manufacturers’ representatives; BASX also uses an internal sales force.
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 2, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
$56.7MView ↗
- ▲ +266%
- vs $15.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Aug 10, 2026
Raises 2026 sales-growth outlook to 55%-60%
The new outlook calls for gross margins of approximately 25-26%.
Sources
8-K, filed Aug 10, 2026
2026 outlook now reflects net sales growth of 55%-60%, gross margins of approximately 25-26%, and SG&A as a percent of sales of 13%-14%…View ↗
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May 7, 2026
Raises 2026 sales-growth outlook to 40%-45%
The prior sales-growth outlook was 18%-20%.
Sources
8-K, filed May 7, 2026
40%-45% 18%-20%View ↗
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Apr 2, 2026
Names Andy Cheung CFO; Rebecca Thompson shifts to chief accounting officer
Cheung joins on April 20, 2026.
Sources
8-K, filed Apr 2, 2026
On April 2, 2026, AAON, Inc. (the "Company") announced a transition in the Chief Financial Officer ("CFO") role. Andy Cheung will join AAON…View ↗
Growing. Revenue grew 2.7x in 4 years, from $534.5M in FY2021 to $1.4B in FY2025, about 28% a year.
Liquid cooling
The older report described BASX data-center equipment around air-cooled chillers and other cooling systems; the latest adds a liquid-cooling portfolio, including a coolant distribution unit.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Mar 2, 2026The products BASX manufactures are highly engineered and customized products, fully complementing our existing business. BASX data center…View ↗
In 2025, BASX expanded its liquid cooling portfolio with the introduction of its proprietary Coolant Distribution Unit (“CDU”). The BASX…View ↗
Colder-weather heat pumps
AAON's cold-climate heat pumps are described as operating in colder conditions than before.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Mar 2, 2026The RQ series and RN Series, 2 to 50 tons, feature the option of our Zero Degree Cold Climate Air-Source Heat Pumps. Our Zero Degree Cold…View ↗
When configured as air-source heat pumps (“ASHP”), our RQ, RN, and CF Series units operate in ambient temperatures as low as negative…View ↗
Who Do They Compete With?
Competes with Lennox, Trane, Bosch Home Comfort Group, Johnson Controls, Carrier, Daikin, Vertiv, STULZ, Munters, Nortek, and Modine
10-K for FY2025, filed Mar 2, 2026The Company’s comfort cooling products primarily compete with Lennox (Lennox International, Inc.), Trane (Trane Technologies plc), York…View ↗
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