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NASDAQ · AIR-COND & WARM AIR HEATG EQUIP & COMM & INDL REFRIG EQUIP · LARGE CAP

Aaon, Inc. AAON

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.4B
▲ 20.1% YoY
$107.6M
▼ 36.2% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

AAON, Inc. designs and manufactures heating, ventilation, air conditioning and liquid cooling equipment for commercial and industrial indoor environments. As of February 24, 2026, it employed approximately 5,897 employees. For the years ended December 31, 2025, 2024 and 2023, the company had three, two and three customers, respectively, that accounted for 10 percent or more of revenue. AAON operates through three reportable business segments, AAON Oklahoma, AAON Coil Products and BASX, based on differences in products, manufacturing processes and end markets. The AAON Oklahoma segment engineers, manufactures and sells highly configurable HVAC systems, designs and manufactures controls solutions, and sells aftermarket parts through retail part stores and online, with manufacturing facilities in Tulsa, Oklahoma; Memphis, Tennessee; and Parkville, Missouri. The AAON Coil Products segment engineers, manufactures and sells semi-custom and custom HVAC systems, as well as heating and cooling coils for use in HVAC systems, and operates from manufacturing facilities in Longview, Texas. The BASX segment engineers, manufactures and sells cooling solutions for the hyperscale data center market, ventilation solutions for cleanroom environments in the biopharmaceutical, semiconductor, medical and agricultural sectors, and air handlers and modular solutions for other markets, operating from a manufacturing facility in Redmond, Oregon. AAON, Inc., a Nevada corporation, was incorporated on August 18, 1987, and its operating subsidiaries include AAON, Inc., an Oklahoma corporation, AAON Coil Products, Inc., a Texas corporation, and BASX, Inc., an Oregon corporation.

Written from the business description in AAON, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 2 March 2026. Every sentence was checked against that document before publication.

Growth

USD 1.4B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.4 · Net income 0.1
1B2B
2009201220152018202120242025
Compound annual growth
+17.5%
+22.9%
+14.9%
+12.6%
+2.3%
+6.4%
+8.9%
+11.2%
+1.3%
+11.3%
+12.5%
+10.5%
+10.6%
+8.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +22.9% a year over the five years to FY2025 — but profit grew slower: net income at +6.4%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

7 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 10.1% · Net 7.5%
10%20%
200920172025
ROE
FY2025 · ROE 12.5%
10%20%
200920172025
Three returns, three denominators.

Each USD of equity produced 13 cents of profit this year.

Cash & shareholders

USD 32.6M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2022 · FCF 7.3
25.0M50.0M-4.0M-8.0M
200920172025
Net buybacks $M Dividends $M
FY2025 · Dividends 32.6 · Net buybacks ·
15M30M
200920112013201520172019202120232025

USD 32.6M in dividends — 30% of the year's profit went back to shareholders.

Total assetsUSD 1.7B
CashUSD 13,000.00
Gross debtUSD 0.00
Net debtUSD -13,000.00
Current ratio2.63×

Net debt stands at -0% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
AAON, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B1.41.21.20.90.50.50.50.40.40.40.40.40.30.30.30.20.2
Operating income $B0.10.20.20.10.10.10.10.10.10.10.10.10.10.00.00.00.0
EBITDA $B0.20.30.30.20.10.10.10.10.10.10.10.10.10.10.00.00.1
Income tax $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Net income $B0.10.20.20.10.10.10.10.00.10.10.00.00.00.00.00.00.0
Free cash flow $B◌◌◌0.00.00.10.10.00.00.00.00.00.00.0−0.00.00.0
EPS, diluted $1.292.022.131.240.731.491.020.801.011.000.840.800.680.490.370.871.07
Dividend / sh $0.400.320.320.290.250.380.320.320.260.240.220.180.130.160.160.240.24
Payout %3015152334253139252426222032424221
ROE %12.521.627.419.514.424.719.917.324.127.625.926.124.821.111.718.723.5
Shares out B0.080.080.080.080.050.050.050.050.050.050.050.050.060.040.020.02◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityAir-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
Listed onNASDAQ
Incorporated inNevada
Fiscal year endsDecember 31
Data on record since2009

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