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AAON
AAON (AAON) investor relations material
AAON Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
Executive summary
Achieved record sales and backlog in 2025, driven by robust demand for data center cooling solutions and market share gains for both AAON- and BASX-branded equipment.
BASX branded sales surged 143% to $548 million, with backlog up 141% to $1.3 billion and a book-to-bill ratio of 2.4; AAON branded sales declined 8% despite a 16% industry volume drop, indicating market share gains.
Significant investments in leadership, manufacturing capacity, supply chain, and IT infrastructure, including ERP rollout, to support future growth.
Expanded manufacturing footprint by over 25% in 18 months, with Memphis facility achieving profitability for the first time in Q4 and doubling BASX data center equipment capacity.
Introduced industry-first rooftop units with Cold Climate Heat Pumps and advanced ERP upgrades to support scalability.
Financial highlights
Q4 2025 net sales rose 42.5% year-over-year to $424.2 million, driven by 138.8% BASX sales growth and 9.5% AAON sales growth.
Full-year net sales were $1.44 billion, up 20.1%; Q4 gross margin was 25.9%, down from 26.1% a year ago, mainly due to unabsorbed fixed costs at Memphis.
Adjusted EBITDA margin for Q4 was 15.2% (down from 15.8%); diluted EPS was $0.39, up 30% year-over-year; full-year adjusted EBITDA was $231.3 million.
Cash and equivalents at year-end were $1.2 million; debt at $398.3 million; leverage ratio 1.77.
2025 operating cash flow was $0.5 million (vs. $192.5 million in 2024); CapEx down 3.9% to $204.9 million.
Outlook and guidance
2026 sales growth expected at 18–20% with gross margin of 29–31%; SG&A to be about 16% of sales; D&A forecasted at $95–$100 million; CapEx planned at $190 million.
Margin progression to be uneven by quarter as capacity ramps and product mix normalizes.
BASX revenue growth for 2026 guided at about half of 2025’s rate, with AAON segment expected to drive meaningful growth.
Commercial HVAC market expected to remain flat in 2026; growth driven by product innovation and national account strategy.
BASX liquid cooling demand drivers
Memphis plant margin impact resolution plan
AAON-branded market share gain drivers
Detail 2026 gross margin expansion drivers
2026 cash flow improvement and debt reduction
BASX growth impact on overall product mix & strategy
Strategy to exceed $1.5B BASX capacity
AAON lead times vs. strong bookings: How to balance
ERP rollout revised: What's the strategic benefit
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Next AAON earnings date
Q1 202630 Apr, 2026
AAON
Next AAON earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
AAON, Inc. a leading US manufacturer of commercial heating and cooling equipment, was founded in 1988 by Norman H. Asbjornson. From its roots in Tulsa, Oklahoma, AAON continues to grow with manufacturing facilities in Tulsa, Texas and Mississippi. With over 6 million square feet under roof, AAON is one of the largest manufacturers by square footage in the United States. The company was incorporated in 1987 and is based in Tulsa, Oklahoma.
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