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AAON (AAON) Financials

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$78.15 -1.63 (-2.04%)
Closing price 04:00 PM Eastern
Extended Trading
$78.88 +0.73 (+0.93%)
As of 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for AAON

Annual Income Statements for AAON

This table shows AAON's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
46 53 54 42 54 79 59 100 178 169 108
Consolidated Net Income / (Loss)
46 53 54 42 54 79 59 100 178 169 108
Net Income / (Loss) Continuing Operations
46 53 54 42 54 79 59 100 178 169 108
Total Pre-Tax Income
71 80 75 56 67 102 69 125 223 207 129
Total Operating Income
71 80 74 55 67 102 69 127 227 209 146
Total Gross Profit
109 118 124 104 119 156 138 238 399 397 386
Total Revenue
359 384 405 434 469 515 535 889 1,169 1,201 1,442
Operating Revenue
359 384 405 434 469 515 535 889 1,169 1,201 1,442
Total Cost of Revenue
250 266 282 330 350 359 397 651 769 804 1,056
Operating Cost of Revenue
250 266 282 330 350 359 397 651 769 804 1,056
Total Operating Expenses
37 38 49 48 52 54 69 111 172 188 239
Selling, General & Admin Expense
37 39 49 48 52 60 69 111 172 188 239
Other Special Charges / (Income)
-0.06 -0.02 0.05 -0.01 0.34 -6.48 -0.02 -0.01 -0.01 -0.02 -0.00
Total Other Income / (Expense), net
0.04 0.40 0.39 0.15 0.02 0.14 -0.07 -2.23 -4.34 -2.53 -17
Interest Expense
-0.16 -0.29 -0.30 -0.20 -0.07 -0.09 0.13 2.63 4.84 2.91 18
Other Income / (Expense), net
-0.12 0.11 0.09 -0.05 -0.05 0.05 0.06 0.40 0.50 0.38 0.23
Income Tax Expense
26 27 21 13 13 23 10 24 46 38 21
Basic Earnings per Share
$0.85 $1.01 $1.02 $0.81 $1.03 $1.51 $0.75 $1.26 $2.19 $2.07 $1.32
Weighted Average Basic Shares Outstanding
54.05M 52.92M 52.57M 52.28M 52.08M 52.17M 78.61M 79.58M 81.16M 81.47M 81.53M
Diluted Earnings per Share
$0.84 $1.00 $1.01 $0.80 $1.02 $1.49 $0.73 $1.24 $2.13 $2.02 $1.29
Weighted Average Diluted Shares Outstanding
54.48M 53.45M 53.08M 52.67M 52.64M 53.06M 80.59M 81.15M 83.30M 83.63M 83.11M
Weighted Average Basic & Diluted Shares Outstanding
53.80M 52.80M 52.40M 51.98M 52.09M 52.29M 52.53M 53.48M 81.58M 81.60M 81.50M
Cash Dividends to Common per Share
$0.22 $0.24 $0.26 $0.32 $0.32 $0.38 $0.25 $0.29 $0.32 $0.32 $0.40

Quarterly Income Statements for AAON

This table shows AAON's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders
47 39 52 53 25 29 15 31 32 40 57
Consolidated Net Income / (Loss)
47 39 52 53 25 29 15 31 32 40 57
Net Income / (Loss) Continuing Operations
47 39 52 53 25 29 15 31 32 40 57
Total Pre-Tax Income
63 47 67 65 28 32 20 38 38 52 63
Total Operating Income
64 47 67 66 29 35 24 44 44 57 69
Total Gross Profit
112 92 113 114 78 86 83 107 110 125 152
Total Revenue
307 262 314 327 298 322 312 384 424 497 627
Operating Revenue
307 262 314 327 298 322 312 384 424 497 627
Total Cost of Revenue
195 170 200 213 220 236 229 277 314 372 474
Operating Cost of Revenue
195 170 200 213 220 236 229 277 314 372 474
Total Operating Expenses
48 45 46 49 48 51 59 63 66 68 84
Selling, General & Admin Expense
48 45 46 49 48 51 59 63 66 68 84
Other Special Charges / (Income)
- -0.02 0.00 0.00 -0.01 -0.04 0.00 0.04 - 0.00 0.00
Total Other Income / (Expense), net
-0.75 -0.16 -0.19 -1.01 -1.16 -2.63 -4.08 -5.15 -5.64 -4.98 -6.04
Interest Expense
- - - - - 2.80 4.01 - - 5.06 6.20
Other Income / (Expense), net
0.13 0.08 0.18 0.08 0.05 0.17 -0.07 0.00 0.12 0.08 0.16
Income Tax Expense
16 7.79 15 12 3.58 3.19 4.02 7.66 6.29 12 6.19
Basic Earnings per Share
$0.58 $0.48 $0.64 $0.65 $0.30 $0.36 $0.19 $0.38 $0.39 $0.49 $0.69
Weighted Average Basic Shares Outstanding
81.16M 81.66M 81.79M 81.09M 81.47M 81.47M 81.44M 81.54M 81.53M 81.76M 82.19M
Diluted Earnings per Share
$0.58 $0.46 $0.62 $0.63 $0.30 $0.35 $0.19 $0.37 $0.38 $0.48 $0.68
Weighted Average Diluted Shares Outstanding
83.30M 84.04M 83.79M 83.11M 83.63M 83.35M 82.96M 82.95M 83.11M 83.18M 83.72M
Weighted Average Basic & Diluted Shares Outstanding
81.58M 82.21M 81.01M 81.28M 81.60M 81.37M 81.53M 81.63M 81.50M 81.91M 82.45M
Cash Dividends to Common per Share
$0.08 $0.08 $0.08 $0.08 $0.08 $0.10 $0.10 $0.10 $0.10 $0.10 $0.10

Annual Cash Flow Statements for AAON

This table details how cash moves in and out of AAON's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
-14 16 -2.70 -19 42 38 -79 2.46 3.07 -2.51 -5.28
Net Cash From Operating Activities
55 64 58 55 98 129 61 61 159 193 0.53
Net Cash From Continuing Operating Activities
55 64 58 55 98 129 61 61 159 193 0.53
Net Income / (Loss) Continuing Operations
46 53 54 42 54 79 59 100 178 169 108
Consolidated Net Income / (Loss)
46 53 54 42 54 79 59 100 178 169 108
Depreciation Expense
12 13 15 18 23 26 30 35 46 63 79
Amortization Expense
0.27 0.25 0.05 0.01 0.01 0.04 0.12 0.37 0.41 0.34 0.56
Non-Cash Adjustments To Reconcile Net Income
3.12 4.91 6.72 8.20 14 6.09 14 6.97 -12 -74 -93
Changes in Operating Assets and Liabilities, net
-5.50 -7.65 -18 -13 7.81 18 -42 -81 -53 35 -93
Net Cash From Investing Activities
-23 -17 -31 -35 -37 -61 -159 -76 -109 -213 -192
Net Cash From Continuing Investing Activities
-23 -17 -31 -35 -37 -61 -159 -76 -109 -213 -192
Purchase of Property, Plant & Equipment
-21 -27 -42 -37 -37 -68 -55 -76 -104 -196 -191
Acquisitions
- 0.00 0.00 -6.38 0.00 0.00 -103 -0.25 -5.20 -17 -14
Sale of Property, Plant & Equipment
0.06 0.03 0.01 0.01 0.07 0.06 0.02 0.01 0.13 0.03 0.04
Sale and/or Maturity of Investments
19 24 29 25 6.05 0.05 0.05 0.05 0.05 0.05 0.44
Other Investing Activities, net
- - - 0.00 0.00 6.42 - - 0.00 0.00 12
Net Cash From Financing Activities
-46 -31 -30 -40 -19 -30 19 17 -47 18 187
Net Cash From Continuing Financing Activities
-46 -31 -30 -40 -19 -30 19 17 -47 18 187
Repayment of Debt
0.00 -0.76 - - - 0.00 0.00 -195 -630 -601 -672
Repurchase of Common Equity
-37 -19 -17 -27 -20 -30 -21 -13 -25 -100 -30
Payment of Dividends
-12 -13 -14 -17 -17 -20 -20 -23 -26 -26 -33
Issuance of Debt
0.00 0.76 0.00 0.00 0.00 0.00 40 226 597 718 915
Other Financing Activities, net
2.21 1.24 0.65 3.89 18 20 20 22 38 27 6.02

Quarterly Cash Flow Statements for AAON

This table details how cash moves in and out of AAON's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents
-14 19 -16 -5.41 -0.15 -4.13 -1.06 0.95 -1.03 -0.14 12
Net Cash From Operating Activities
52 92 36 64 0.85 -9.21 -22 12 19 34 21
Net Cash From Continuing Operating Activities
52 92 36 64 0.85 -9.21 -22 12 19 34 21
Net Income / (Loss) Continuing Operations
47 39 52 53 25 29 15 31 32 40 57
Consolidated Net Income / (Loss)
47 39 52 53 25 29 15 31 32 40 57
Depreciation Expense
13 13 14 17 18 19 20 20 20 21 24
Amortization Expense
0.18 0.04 0.10 0.10 0.10 0.08 0.12 0.17 0.19 0.08 0.10
Non-Cash Adjustments To Reconcile Net Income
-19 -0.04 -11 -22 -41 -49 -40 32 -37 -43 43
Changes in Operating Assets and Liabilities, net
11 40 -20 15 -0.96 -8.46 -18 -70 3.39 16 -103
Net Cash From Investing Activities
-27 -39 -37 -38 -99 -50 -39 -49 -54 -51 -50
Net Cash From Continuing Investing Activities
-27 -39 -37 -38 -99 -50 -39 -49 -54 -51 -50
Purchase of Property, Plant & Equipment
-21 -35 -31 -34 -96 -47 -36 -46 -62 -45 -52
Acquisitions
-5.20 -4.06 -6.00 -4.38 -3.06 -3.72 -3.33 -3.83 -3.46 -7.81 2.52
Net Cash From Financing Activities
-39 -34 -15 -31 98 55 60 38 33 17 40
Net Cash From Continuing Financing Activities
-39 -34 -15 -31 98 55 60 38 33 17 40
Repayment of Debt
-193 -154 -72 -168 -208 -138 -116 -200 -217 -226 -335
Payment of Dividends
-6.50 -6.56 -6.52 -6.49 -6.51 -8.10 -8.18 -8.16 -8.17 -8.15 -8.23
Issuance of Debt
153 115 153 138 312 236 179 243 257 253 358
Other Financing Activities, net
7.51 11 9.71 5.86 0.78 -2.41 12 3.25 -7.26 -1.54 26

Annual Balance Sheets for AAON

This table presents AAON's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
233 257 297 308 371 449 650 814 941 1,175 1,687
Total Current Assets
124 141 154 141 188 220 218 349 409 488 869
Cash & Equivalents
7.91 24 21 1.99 27 79 2.86 5.45 0.29 0.01 0.01
Restricted Cash
- - - 0.00 18 3.26 0.63 0.50 8.74 6.50 1.23
Accounts Receivable
50 43 50 54 67 47 71 127 138 147 314
Inventories, net
38 47 71 78 74 82 130 199 214 187 261
Prepaid Expenses
0.53 0.62 0.52 1.05 1.38 3.77 2.07 1.92 3.10 7.31 18
Current Deferred & Refundable Income Taxes
4.70 6.24 1.64 5.90 0.77 4.59 5.72 - 0.00 4.12 27
Other Current Assets
- - - - - 0.00 5.75 15 45 135 247
Plant, Property, & Equipment, net
101 115 142 163 178 223 258 305 370 510 631
Total Noncurrent Assets
7.58 0.66 0.68 4.33 5.78 5.42 174 160 163 177 186
Goodwill
- - 0.00 3.23 3.23 3.23 86 82 150 160 166
Other Noncurrent Operating Assets
1.88 - - 0.00 1.68 2.15 18 14 13 16 20
Total Liabilities & Shareholders' Equity
233 257 297 308 371 449 650 814 941 1,175 1,687
Total Liabilities
54 51 60 59 81 98 184 253 206 351 792
Total Current Liabilities
43 39 50 47 56 59 87 146 127 175 331
Accounts Payable
6.18 7.10 11 11 12 12 29 46 27 45 110
Accrued Expenses
37 32 39 37 44 47 50 79 86 99 132
Other Current Liabilities
- - - - - 0.00 7.54 21 14 15 88
Total Noncurrent Liabilities
11 12 9.49 11 25 39 97 108 79 176 461
Long-Term Debt
- - - 0.00 6.32 0.00 40 71 38 139 398
Noncurrent Deferred & Payable Income Tax Liabilities
8.71 9.53 7.98 9.26 15 28 32 19 12 0.00 30
Other Noncurrent Operating Liabilities
1.12 0.56 0.00 1.80 3.64 11 25 18 29 37 32
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
179 206 237 249 290 351 466 561 735 825 895
Total Preferred & Common Equity
179 206 237 249 290 351 466 561 735 825 895
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
179 206 237 249 290 351 466 561 735 825 895
Common Stock
0.21 0.21 0.21 0.21 3.84 5.37 82 99 122 69 65
Retained Earnings
179 206 237 249 286 345 384 462 613 755 830

Quarterly Balance Sheets for AAON

This table presents AAON's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets
868 930 945 953 1,011 1,031 1,300 1,399 1,534 1,790 1,864
Total Current Assets
384 424 425 392 423 428 572 654 759 944 995
Cash & Equivalents
2.52 5.24 0.21 8.39 0.01 0.02 0.99 0.01 1.04 0.01 0.01
Restricted Cash
0.47 22 22 20 12 6.65 1.39 1.31 1.23 1.09 13
Accounts Receivable
161 154 160 110 149 144 165 171 266 290 361
Inventories, net
200 215 215 196 183 178 199 235 251 313 331
Prepaid Expenses
5.54 4.47 2.84 7.37 5.74 3.39 9.44 6.79 7.67 21 12
Current Deferred & Refundable Income Taxes
- 2.70 - - 4.97 1.13 7.44 7.30 26 20 19
Other Current Assets
15 20 25 51 68 95 189 233 207 298 259
Plant, Property, & Equipment, net
325 347 357 391 413 428 552 559 592 655 683
Total Noncurrent Assets
159 158 162 170 174 175 176 186 183 191 186
Goodwill
82 82 82 82 82 159 161 162 164 172 168
Other Noncurrent Operating Assets
7.17 7.38 12 17 16 16 15 18 17 19 18
Total Liabilities & Shareholders' Equity
868 930 945 953 1,011 1,031 1,300 1,399 1,534 1,790 1,864
Total Liabilities
259 270 262 168 270 234 484 567 671 856 853
Total Current Liabilities
138 154 140 125 141 140 207 211 250 360 330
Accounts Payable
30 32 30 15 29 27 77 82 110 160 172
Accrued Expenses
86 101 91 93 85 96 97 95 120 137 138
Other Current Liabilities
22 20 20 17 27 16 16 34 20 63 20
Total Noncurrent Liabilities
121 116 122 43 129 94 278 356 421 496 523
Long-Term Debt
84 79 78 16 102 72 253 333 376 425 435
Noncurrent Deferred & Payable Income Tax Liabilities
20 14 15 5.03 5.81 1.66 5.14 - 22 35 38
Other Noncurrent Operating Liabilities
17 24 28 22 21 21 20 22 22 36 50
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
609 660 682 785 740 797 816 833 863 934 1,010
Total Preferred & Common Equity
609 660 682 785 740 797 816 833 863 934 1,010
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
609 660 682 785 740 797 816 833 863 934 1,010
Common Stock
117 129 110 140 49 60 39 49 57 72 100
Retained Earnings
492 531 572 645 691 737 777 784 806 862 910

Annual Metrics And Ratios for AAON

This table displays calculated financial ratios and metrics derived from AAON's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - - - - - - - - 81,634,058.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 81,634,058.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - 1.32
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
46 53 54 42 54 79 59 102 181 171 122
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - 16.17% 23.41% 17.42% 9.45%
Earnings before Interest and Taxes (EBIT)
71 80 74 55 67 102 69 127 228 209 146
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
83 93 89 73 90 128 100 163 275 273 226
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
32 34 8.89 1.58 49 62 -175 -21 42 -38 -197
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
143 162 207 247 252 269 503 626 765 973 1,292
Increase / (Decrease) in Invested Capital
13 19 45 41 4.64 16 234 123 139 208 319
Book Value per Share
$3.31 $3.90 $4.52 $4.79 $5.57 $6.72 $8.89 $10.54 $9.05 $10.15 $10.96
Tangible Book Value per Share
$3.31 $3.90 $4.52 $4.72 $5.50 $6.65 $5.92 $7.79 $7.20 $8.17 $8.93
Total Capital
179 206 237 249 296 351 506 632 774 979 1,293
Total Debt
0.00 0.00 0.00 0.00 6.32 0.00 40 71 38 155 398
Total Long-Term Debt
0.00 0.00 0.00 0.00 6.32 0.00 40 71 38 139 398
Net Debt
-35 -44 -30 -1.99 -38 -82 37 65 29 148 397
Capital Expenditures (CapEx)
21 27 42 37 37 68 55 76 104 196 191
Debt-free, Cash-free Net Working Capital (DFCFNWC)
50 58 73 91 87 79 128 198 273 323 537
Debt-free Net Working Capital (DFNWC)
81 102 104 93 132 161 131 204 282 329 538
Net Working Capital (NWC)
81 102 104 93 132 161 131 204 282 313 538
Net Nonoperating Expense (NNE)
-0.02 -0.26 -0.28 -0.11 -0.02 -0.11 0.06 1.80 3.45 2.06 15
Net Nonoperating Obligations (NNO)
-35 -44 -30 -1.99 -38 -82 37 65 29 148 397
Total Depreciation and Amortization (D&A)
12 13 15 18 23 26 30 35 47 63 80
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.57 $0.67 $0.69 $0.54 $0.00 $1.01 $0.75 $1.26 $2.19 $2.07 $1.32
Adjusted Weighted Average Basic Shares Outstanding
81.07M 79.39M 78.86M 78.43M 0.00 78.25M 78.61M 79.58M 81.16M 81.47M 81.53M
Adjusted Diluted Earnings per Share
$0.56 $0.67 $0.69 $0.54 $0.00 $0.99 $0.73 $1.24 $2.13 $2.02 $1.29
Adjusted Weighted Average Diluted Shares Outstanding
81.72M 80.17M 79.62M 79.00M 0.00 79.59M 80.59M 81.15M 83.30M 83.63M 83.11M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
79.57M 78.96M 78.65M 77.96M 0.00 78.43M 78.79M 80.22M 81.58M 81.60M 81.50M
Normalized Net Operating Profit after Tax (NOPAT)
46 53 54 42 54 74 59 102 181 171 122
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Quarterly Metrics And Ratios for AAON

This table displays calculated financial ratios and metrics derived from AAON's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding
- - - - - - - - 81,634,058.00 81,499,853.00 81,911,710.00
DEI Adjusted Shares Outstanding
- - - - - - - - 81,634,058.00 81,499,853.00 81,911,710.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - 0.39 0.49 0.69
Growth Metrics
- - - - - - - - - - -
Revenue Growth
20.44% -1.45% 10.43% 4.90% -2.91% 22.87% -0.64% 17.41% - 54.30% 101.23%
EBITDA Growth
37.11% 10.79% 24.33% 7.63% -38.98% -10.28% -46.84% -23.19% - 43.85% 113.33%
EBIT Growth
37.08% 6.15% 22.71% 1.30% -53.96% -25.00% -65.10% -33.55% - 61.93% 193.62%
NOPAT Growth
20.22% 3.86% 11.77% 9.15% -46.01% -19.13% -64.25% -34.69% - 37.77% 231.67%
Net Income Growth
20.95% 5.98% 14.33% 9.46% -47.52% -24.92% -70.35% -41.51% - 35.92% 265.85%
EPS Growth
18.37% 4.55% 12.73% 8.62% -48.28% -23.91% -69.35% -41.27% - 37.14% 257.89%
Operating Cash Flow Growth
189.04% 1,815.20% -35.52% 35.10% -98.37% -109.98% -161.41% -80.78% - 468.94% 196.10%
Free Cash Flow Firm Growth
-9.18% 61.94% 11.26% 30.24% -100.46% -543.59% -371.54% -385.38% - 16.31% 34.87%
Invested Capital Growth
22.17% 11.93% 16.79% 16.74% 27.26% 40.08% 40.29% 43.54% - 25.53% 22.99%
Revenue Q/Q Growth
-1.71% -14.52% 19.64% 4.36% -9.02% 8.17% -3.26% 23.32% - 17.14% 26.17%
EBITDA Q/Q Growth
0.19% -21.63% 35.41% 1.22% -43.20% 15.24% -19.77% 46.26% - 20.87% 18.99%
EBIT Q/Q Growth
-1.14% -26.51% 43.21% -2.63% -55.07% 19.72% -33.36% 85.40% - 29.61% 20.84%
NOPAT Q/Q Growth
-2.77% -17.76% 33.78% 2.05% -51.91% 23.17% -40.86% 86.43% - 18.71% 42.37%
Net Income Q/Q Growth
-2.14% -17.07% 33.86% 0.76% -53.08% 18.64% -47.13% 98.76% - 24.30% 42.31%
EPS Q/Q Growth
0.00% -20.69% 34.78% 1.61% -52.38% 16.67% -45.71% 94.74% - 26.32% 41.67%
Operating Cash Flow Q/Q Growth
9.63% 78.49% -61.52% 79.44% -98.68% -1,190.41% -136.88% 156.15% - 75.97% -38.30%
Free Cash Flow Firm Q/Q Growth
9.32% 58.21% -55.09% -4.70% -160.57% -52.11% -13.63% -7.77% - 17.62% 11.57%
Invested Capital Q/Q Growth
3.54% -0.55% 7.50% 3.81% 12.88% 11.21% 7.66% 6.21% - 5.12% 5.48%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
36.44% 35.19% 36.07% 34.88% 26.07% 26.82% 26.55% 27.81% - 25.15% 24.32%
EBITDA Margin
25.19% 23.09% 26.14% 25.35% 15.83% 16.86% 13.98% 16.58% - 15.72% 14.83%
Operating Margin
20.83% 17.92% 21.43% 20.02% 9.88% 10.90% 7.57% 11.35% - 11.48% 10.99%
EBIT Margin
20.88% 17.95% 21.49% 20.05% 9.90% 10.96% 7.55% 11.35% - 11.50% 11.01%
Profit (Net Income) Margin
15.34% 14.89% 16.66% 16.08% 8.29% 9.10% 4.97% 8.01% - 8.01% 9.04%
Tax Burden Percent
74.52% 83.35% 77.94% 81.58% 87.35% 90.18% 79.40% 80.07% - 76.45% 90.15%
Interest Burden Percent
98.62% 99.49% 99.46% 98.34% 95.90% 92.06% 82.95% 88.18% - 91.15% 91.03%
Effective Tax Rate
25.48% 16.65% 22.06% 18.42% 12.65% 9.82% 20.60% 19.93% - 23.55% 9.85%
Return on Invested Capital (ROIC)
26.10% 23.79% 25.89% 24.69% 11.93% 13.37% 7.58% 11.39% - 11.63% 14.74%
ROIC Less NNEP Spread (ROIC-NNEP)
24.91% 23.40% 25.67% 23.33% 10.79% 11.50% 6.05% 9.51% - 10.53% 13.29%
Return on Net Nonoperating Assets (RNNOA)
1.81% 1.15% 2.58% 1.91% 1.23% 1.82% 1.62% 2.52% - 4.15% 5.44%
Return on Equity (ROE)
27.91% 24.94% 28.46% 26.60% 13.16% 15.19% 9.20% 13.90% - 15.79% 20.18%
Cash Return on Invested Capital (CROIC)
6.09% 13.71% 8.92% 8.63% -4.35% -15.82% -20.55% -25.16% - -11.66% -6.96%
Operating Return on Assets (OROA)
27.80% 22.96% 26.44% 24.55% 11.23% 12.26% 7.88% 11.64% - 12.03% 13.04%
Return on Assets (ROA)
20.43% 19.04% 20.50% 19.70% 9.41% 10.18% 5.19% 8.22% - 8.39% 10.70%
Return on Common Equity (ROCE)
27.91% 24.94% 28.46% 26.60% 13.16% 15.19% 9.20% 13.90% - 15.79% 20.18%
Return on Equity Simple (ROE_SIMPLE)
0.00% 22.91% 25.17% 23.96% 0.00% 19.47% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
48 39 52 53 26 32 19 35 37 44 62
NOPAT Margin
15.53% 14.94% 16.70% 16.33% 8.63% 9.83% 6.01% 9.09% - 8.78% 9.90%
Net Nonoperating Expense Percent (NNEP)
1.19% 0.40% 0.21% 1.36% 1.14% 1.87% 1.53% 1.88% - 1.10% 1.44%
Return On Investment Capital (ROIC_SIMPLE)
6.15% - - - 2.62% 2.92% 1.61% 2.82% 2.84% 3.21% 4.30%
Cost of Revenue to Revenue
63.56% 64.81% 63.93% 65.12% 73.93% 73.18% 73.45% 72.19% - 74.85% 75.68%
SG&A Expenses to Revenue
15.61% 17.28% 14.64% 14.86% 16.19% 15.93% 18.98% 16.46% - 13.66% 13.34%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue
15.61% 17.27% 14.64% 14.86% 16.19% 15.91% 18.98% 16.47% - 13.66% 13.34%
Earnings before Interest and Taxes (EBIT)
64 47 67 66 29 35 24 44 44 57 69
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
77 61 82 83 47 54 44 64 65 78 93
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
8.13 9.11 9.69 10.96 11.60 7.81 7.21 8.83 - 7.22 10.28
Price to Tangible Book Value (P/TBV)
10.22 11.31 12.30 13.69 14.40 9.73 8.95 10.90 - 8.85 12.33
Price to Revenue (P/Rev)
5.12 6.14 6.01 7.22 7.97 5.06 4.77 5.79 - 4.17 5.38
Price to Earnings (P/E)
33.67 39.76 38.48 45.76 56.75 40.14 49.15 75.99 - 57.10 65.24
Dividend Yield
0.43% 0.36% 0.37% 0.30% 0.27% 0.44% 0.49% 0.41% - 0.48% 0.32%
Earnings Yield
2.97% 2.52% 2.60% 2.19% 1.76% 2.49% 2.03% 1.32% - 1.75% 1.53%
Enterprise Value to Invested Capital (EV/IC)
7.86 9.24 8.75 10.21 9.98 6.14 5.44 6.46 - 5.28 7.55
Enterprise Value to Revenue (EV/Rev)
5.14 6.13 6.08 7.28 8.09 5.27 5.03 6.08 - 4.43 5.60
Enterprise Value to EBITDA (EV/EBITDA)
21.86 25.42 24.47 29.08 35.64 24.93 27.78 38.29 - 28.67 36.11
Enterprise Value to EBIT (EV/EBIT)
26.36 30.93 29.86 36.07 46.37 33.59 41.16 60.61 - 42.58 50.56
Enterprise Value to NOPAT (EV/NOPAT)
33.19 39.09 38.60 45.70 56.93 40.75 48.87 71.84 - 53.53 60.95
Enterprise Value to Operating Cash Flow (EV/OCF)
37.82 28.96 32.01 36.16 50.45 73.02 188.59 0.00 - 163.87 124.95
Enterprise Value to Free Cash Flow (EV/FCFF)
142.01 71.21 105.58 127.53 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.05 0.02 0.14 0.09 0.19 0.33 0.40 0.44 - 0.46 0.43
Long-Term Debt to Equity
0.05 0.02 0.14 0.09 0.17 0.31 0.40 0.44 - 0.46 0.43
Financial Leverage
0.07 0.05 0.10 0.08 0.11 0.16 0.27 0.26 - 0.39 0.41
Leverage Ratio
1.35 1.31 1.39 1.34 1.36 1.41 1.53 1.55 - 1.77 1.77
Compound Leverage Factor
1.34 1.30 1.38 1.31 1.30 1.30 1.27 1.36 - 1.61 1.61
Debt to Total Capital
4.95% 2.00% 12.10% 8.26% 15.81% 24.77% 28.59% 30.37% - 31.28% 30.10%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 1.63% 1.48% 0.00% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital
4.95% 2.00% 12.10% 8.26% 14.18% 23.29% 28.59% 30.37% - 31.28% 30.10%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Common Equity to Total Capital
95.05% 98.00% 87.90% 91.74% 84.19% 75.23% 71.41% 69.63% - 68.72% 69.90%
Debt to EBITDA
0.14 0.06 0.34 0.24 0.57 1.01 1.46 1.80 - 1.70 1.45
Net Debt to EBITDA
0.11 -0.04 0.30 0.22 0.54 1.00 1.46 1.79 - 1.70 1.41
Long-Term Debt to EBITDA
0.14 0.06 0.34 0.24 0.51 0.95 1.46 1.80 - 1.70 1.45
Debt to NOPAT
0.21 0.09 0.54 0.37 0.91 1.65 2.57 3.38 - 3.17 2.45
Net Debt to NOPAT
0.16 -0.07 0.48 0.34 0.87 1.63 2.56 3.36 - 3.17 2.38
Long-Term Debt to NOPAT
0.21 0.09 0.54 0.37 0.81 1.55 2.57 3.38 - 3.17 2.45
Altman Z-Score
20.14 28.19 18.62 25.14 18.69 10.13 8.47 8.90 - 6.80 9.58
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
3.23 3.13 2.99 3.06 2.79 2.77 3.10 3.04 - 2.62 3.01
Quick Ratio
1.09 0.94 1.06 1.03 0.84 0.80 0.81 1.07 - 0.81 1.09
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-91 -43 -67 -70 -183 -278 -316 -340 -282 -233 -206
Operating Cash Flow to CapEx
241.89% 266.41% 115.80% 187.66% 0.88% -19.74% -60.98% 27.05% - 75.33% 40.21%
Free Cash Flow to Firm to Interest Expense
0.00 -180.69 0.00 0.00 0.00 0.00 0.00 0.00 - -46.01 -33.20
Operating Cash Flow to Interest Expense
0.00 386.49 0.00 0.00 0.00 0.00 0.00 0.00 - 6.72 3.39
Operating Cash Flow Less CapEx to Interest Expense
0.00 241.41 0.00 0.00 0.00 0.00 0.00 0.00 - -2.20 -5.03
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.33 1.28 1.23 1.22 1.13 1.12 1.04 1.03 - 1.05 1.18
Accounts Receivable Turnover
8.81 8.61 7.88 7.96 8.41 9.18 7.87 6.42 - 7.11 7.27
Inventory Turnover
3.73 3.79 3.82 3.97 4.01 4.40 4.30 4.49 - 4.66 5.08
Fixed Asset Turnover
3.46 3.26 3.14 3.08 2.73 2.67 2.59 2.58 - 2.68 3.11
Accounts Payable Turnover
21.08 33.36 24.89 27.25 22.28 18.78 16.23 14.05 - 10.05 11.35
Days Sales Outstanding (DSO)
41.43 42.40 46.34 45.86 43.40 39.76 46.36 56.88 - 51.37 50.18
Days Inventory Outstanding (DIO)
97.82 96.25 95.53 91.97 91.07 82.94 84.97 81.24 - 78.36 71.86
Days Payable Outstanding (DPO)
17.31 10.94 14.67 13.39 16.38 19.44 22.48 25.98 - 36.31 32.15
Cash Conversion Cycle (CCC)
121.94 127.71 127.21 124.43 118.09 103.27 108.85 112.14 - 93.41 89.89
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
765 772 830 862 973 1,082 1,165 1,237 1,292 1,358 1,433
Invested Capital Turnover
1.68 1.59 1.55 1.51 1.38 1.36 1.26 1.25 - 1.33 1.49
Increase / (Decrease) in Invested Capital
139 82 119 124 208 310 335 375 319 276 268
Enterprise Value (EV)
6,009 7,137 7,262 8,802 9,713 6,641 6,333 7,992 - 7,168 10,814
Market Capitalization
5,980 7,150 7,172 8,736 9,565 6,375 6,001 7,618 - 6,744 10,391
Book Value per Share
$9.05 $9.61 $9.01 $9.84 $10.15 $10.00 $10.23 $10.59 $10.96 $11.46 $12.34
Tangible Book Value per Share
$7.20 $7.74 $7.09 $7.88 $8.17 $8.03 $8.24 $8.58 $8.93 $9.35 $10.29
Total Capital
774 801 842 869 979 1,084 1,166 1,239 1,293 1,359 1,445
Total Debt
38 16 102 72 155 269 333 376 398 425 435
Total Long-Term Debt
38 16 102 72 139 253 333 376 398 425 435
Net Debt
29 -12 90 65 148 266 332 374 397 424 422
Capital Expenditures (CapEx)
21 35 31 34 96 47 36 45 63 45 52
Debt-free, Cash-free Net Working Capital (DFCFNWC)
273 239 270 281 323 379 442 507 537 583 652
Debt-free Net Working Capital (DFNWC)
282 267 282 288 329 381 443 509 538 584 665
Net Working Capital (NWC)
282 267 282 288 313 365 443 509 538 584 665
Net Nonoperating Expense (NNE)
0.56 0.14 0.15 0.82 1.02 2.37 3.24 4.13 4.71 3.81 5.44
Net Nonoperating Obligations (NNO)
29 -12 90 65 148 266 332 374 397 424 422
Total Depreciation and Amortization (D&A)
13 13 15 17 18 19 20 20 21 21 24
Debt-free, Cash-free Net Working Capital to Revenue
23.38% 20.49% 22.58% 23.26% 26.89% 30.05% 35.13% 38.53% - 36.05% 33.74%
Debt-free Net Working Capital to Revenue
24.15% 22.93% 23.59% 23.81% 27.43% 30.23% 35.23% 38.70% - 36.12% 34.40%
Net Working Capital to Revenue
24.15% 22.93% 23.59% 23.81% 26.10% 28.96% 35.23% 38.70% - 36.12% 34.40%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.58 $0.48 $0.64 $0.65 $0.30 $0.36 $0.19 $0.38 $0.39 $0.49 $0.69
Adjusted Weighted Average Basic Shares Outstanding
81.16M 81.66M 81.79M 81.09M 81.47M 81.47M 81.44M 81.54M 81.53M 81.76M 82.19M
Adjusted Diluted Earnings per Share
$0.58 $0.46 $0.62 $0.63 $0.30 $0.35 $0.19 $0.37 $0.38 $0.48 $0.68
Adjusted Weighted Average Diluted Shares Outstanding
83.30M 84.04M 83.79M 83.11M 83.63M 83.35M 82.96M 82.95M 83.11M 83.18M 83.72M
Adjusted Basic & Diluted Earnings per Share
$0.58 $0.00 $0.00 $0.00 $0.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
81.58M 82.21M 81.01M 81.28M 81.60M 81.37M 81.53M 81.63M 81.50M 81.91M 82.45M
Normalized Net Operating Profit after Tax (NOPAT)
48 39 52 53 26 32 19 35 37 44 62
Normalized NOPAT Margin
15.53% 14.93% 16.70% 16.33% 8.63% 9.82% 6.01% 9.09% - 8.78% 9.90%
Pre Tax Income Margin
20.59% 17.86% 21.37% 19.71% 9.49% 10.09% 6.26% 10.00% - 10.48% 10.02%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 196.85 0.00 0.00 0.00 0.00 0.00 0.00 - 11.30 11.14
NOPAT to Interest Expense
0.00 163.81 0.00 0.00 0.00 0.00 0.00 0.00 - 8.63 10.02
EBIT Less CapEx to Interest Expense
0.00 51.78 0.00 0.00 0.00 0.00 0.00 0.00 - 2.38 2.73
NOPAT Less CapEx to Interest Expense
0.00 18.74 0.00 0.00 0.00 0.00 0.00 0.00 - -0.30 1.61
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
14.89% 14.76% 14.23% 13.66% 15.47% 17.39% 23.98% 30.87% - 27.65% 20.53%
Augmented Payout Ratio
28.97% 14.76% 81.32% 66.05% 74.82% 100.23% 53.19% 62.63% - 26.34% 20.53%

Financials Breakdown Chart

Key Financial Trends

AAON’s latest quarter shows solid profitability and strong operating cash generation, but also a heavier reliance on debt financing and a much larger working-capital drag than a year ago. Revenue and earnings improved year over year in Q1 2026, while the balance sheet expanded meaningfully after recent acquisitions and capital spending.

  • Q1 2026 revenue rose to $496.9 million, up from $322.1 million in Q1 2025, showing strong top-line growth.
  • Net income climbed to $39.8 million in Q1 2026 from $29.3 million in Q1 2025, indicating better earnings performance.
  • Operating income increased to $57.1 million from $35.1 million a year ago, reflecting improved operating leverage.
  • Gross profit improved to $125.0 million, with gross margin holding relatively steady despite higher cost of revenue.
  • Operating cash flow was $34.0 million in Q1 2026, a strong improvement versus negative $9.2 million in Q1 2025.
  • AAON’s equity base increased to $934.2 million from $815.9 million a year earlier, supported by retained earnings growth.
  • Quarterly EPS improved to $0.49 diluted from $0.35 in Q1 2025, but share count also rose modestly.
  • The company continues to pay a regular dividend, with $0.10 per share declared in Q1 2026.
  • Cash on hand remained very low at only $13,000 in Q1 2026, though restricted cash and operating liquidity help offset that headline figure.
  • Balance sheet assets expanded to $1.79 billion, up from $1.30 billion in Q1 2025, largely reflecting growth and acquisition activity.
  • Inventory rose sharply to $313.2 million from $198.9 million a year earlier, which may signal heavier working-capital needs or slower turnover.
  • Accounts receivable also increased to $290.2 million from $165.0 million, another sign of higher working capital tied up in operations.
  • Long-term debt increased to $425.2 million from $252.6 million year over year, so leverage is higher.
  • In Q1 2026, AAON issued $252.9 million of debt and repaid $226.0 million, showing continued dependence on financing activity.
  • Investing cash outflow was $51.3 million in Q1 2026, including $45.1 million of capital spending and $7.8 million of acquisitions, which may pressure free cash flow near term.

Bottom line: AAON is growing quickly and remains profitable, with improving operating income and operating cash flow. The main caution for investors is the balance sheet mix: higher debt, elevated inventories and receivables, and continued heavy capex mean execution on cash conversion will be important going forward.

08/27/26 11:48 PM ETAI Generated. May Contain Errors.

AAON Financials - Frequently Asked Questions

According to the most recent income statement we have on file, AAON's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

AAON's net income appears to be on an upward trend, with a most recent value of $107.59 million in 2025, rising from $45.73 million in 2015. The previous period was $168.56 million in 2024. View AAON's forecast to see where analysts expect AAON to go next.

AAON's total operating income in 2025 was $146.25 million, based on the following breakdown:
  • Total Gross Profit: $385.72 million
  • Total Operating Expenses: $239.48 million

Over the last 10 years, AAON's total revenue changed from $358.63 million in 2015 to $1.44 billion in 2025, a change of 302.1%.

AAON's total liabilities were at $791.53 million at the end of 2025, a 125.7% increase from 2024, and a 1,367.5% increase since 2015.

In the past 10 years, AAON's cash and equivalents has ranged from $13 thousand in 2025 to $79.03 million in 2020, and is currently $13 thousand as of their latest financial filing in 2025.

Over the last 10 years, AAON's book value per share changed from 3.31 in 2015 to 10.96 in 2025, a change of 231.5%.



Financial statements for NASDAQ:AAON last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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