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Nasdaq · Industrials

AAON, INC. (AAON)

As-reported financials and SEC filings for AAON, INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About AAON, INC.

AAON, Inc. designs and manufactures heating, ventilation, air conditioning, and liquid cooling equipment for commercial, industrial, data center, and cleanroom environments. Its main products include highly configurable rooftop units, air handling units, coils, and controls systems, serving customers who require customized climate management solutions. The company operates through three segments—AAON Oklahoma, AAON Coil Products, and BASX—each focusing on different product lines and markets.

Snapshot

Revenue
$1.44B
Revenue growth (YoY)
20.1%
Net income
$107.6M
Diluted EPS
$1.29
Gross margin
26.7%
Operating margin
10.1%
Net margin
7.5%
FCF margin
ROE
12.0%
net income / fiscal-year-end equity
P/E
39.9×
trailing when available, otherwise FY EPS
Market cap
$6.26B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Aaon

  • Revenue grew 20.1% to $1.4B in FY2025, faster than the 2.7% the year before.
  • Operating margin is 10.1% in FY2025, -2.8 pp against 13.0% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $627M, up 101.2% from Q2 FY2025.
  • Net income fell 36.2% to $108M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Aaon’s fundamentals sit among the 684 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin26.7%
47th percentile of 466
Operating margin10.1%
67th percentile of 605
Net margin7.5%
67th percentile of 645
Revenue growth (YoY)+20.1%
83rd percentile of 668
ROE12.0%
66th percentile of 600
P/E39.9×
79th percentile of 434
Short interest3.22d
50th percentile of 676

1 reported insider purchase (code P) totaling $34,924 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+5 quant / multi-strat
Initiated / added
6
3 new, 3 added
Reduced / exited
2
2 trimmed, 0 exited
Combined position
$127.1M
reported long value
InvestorAs ofPosition valueSharesChange
D. E. ShawquantQ2 2026$39.7M313.2KAdded
Two Sigma InvestmentsquantQ2 2026$29.6M233.4KReduced
Citadel AdvisorsquantQ2 2026$26.3M207.6KReduced
Giverny CapitalQ2 2026$26.0M204.8KAdded
Gotham Asset ManagementQ2 2026$2.1M16.3KNew
AQR Capital ManagementquantQ2 2026$1.9M14.8KAdded
Bridgewater AssociatesQ2 2026$1.2M9.1KNew
Millennium ManagementquantQ2 2026$323,1122.5KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
1
1 insider
Bought (90d)
$35K
code P value
Sells (90d)
0
Reported activity
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-28
filed 2026-08-31
Shaub MatthewExecutive Vice PresidentBuy457$76.42$35K
2026-06-02
filed 2026-06-05
Thompson RebeccaChief Accounting OfficerSell4.2K$143.42$607K
2026-05-29
filed 2026-06-01
Fields Gary DDirectorSell19.0K$140.20$2.7M
2026-05-26
filed 2026-05-27
Fields Gary DDirectorSell21.2K$140.34$3.0M
2026-05-26
filed 2026-05-27
Wichman Gordon DouglasExecutive Vice PresidentSell3.0K$140.39$421K
2026-05-14
filed 2026-05-15
Kidwell CaseyChief Administration OfficerSell2.1K$138.30$288K
2026-05-14
filed 2026-05-15
Kidwell CaseyChief Administration OfficerSell1.1K$138.31$148K
2026-05-13
filed 2026-05-14
Fields Gary DDirectorSell19.1K$137.60$2.6M
2026-05-13
filed 2026-05-14
Tobolski Matthew JosephChief Executive OfficerSell8.0K$135.37$1.1M
2026-05-12
filed 2026-05-13
Fields Gary DDirectorSell26.0K$134.07$3.5M
2026-05-12
filed 2026-05-13
Fields Gary DDirectorSell5.3K$134.05$704K
2026-05-07
filed 2026-05-11
Thompson RebeccaChief Accounting OfficerSell9.7K$136.59$1.3M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
4.3M
settled 2026-08-14
Change vs prior
+6.7%
vs previous settlement
Days to cover
3.22
at avg daily volume
Avg daily volume
1.3M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-144.3M+6.7%3.22
2026-07-314.0M+0.1%3.26
2026-07-154.0M-0.6%4.28
2026-06-304.0M+2.1%4.47
2026-06-153.9M-16.5%3.80
2026-05-294.7M-13.2%4.74
2026-05-155.4M-20.3%2.90
2026-04-306.8M-5.1%7.51

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$1.44B$1.20B$1.17B$888.8M$534.5M
Gross profit$385.7M$397.1M$399.0M$237.6M$137.8M
Operating income$146.2M$209.1M$227.5M$126.8M$69.3M
Net income$107.6M$168.6M$177.6M$100.4M$58.8M
Diluted EPS$1.29$2.02$2.13$1.24$0.73

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$13,000$14,000$287,000$5.5M$2.9M
Current assets$869.2M$488.2M$409.0M$349.1M$218.1M
Total assets$1.69B$1.18B$941.4M$813.9M$650.2M
Current liabilities$330.9M$174.9M$126.7M$145.6M$86.8M
Long-term debt
Total liabilities$791.5M$350.7M$206.2M$253.2M$184.0M
Total equity$895.0M$824.6M$735.2M$560.7M$466.2M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$534,000$192.5M$158.9M$61.3M$61.2M
Capital expenditure$54.0M$55.4M
Free cash flow$7.3M$5.8M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$627.0M101.2%$56.7M$0.68
Q1 FY2026$496.9M54.3%$39.8M$0.48
Q4 FY2025$424.2M42.5%$32.0M$0.39
Q3 FY2025$384.2M17.4%$30.8M$0.37
Q2 FY2025$311.6M-0.6%$15.5M$0.19
Q1 FY2025$322.1M22.9%$29.3M$0.35
Q4 FY2024$297.7M-2.9%$24.7M$0.29
Q3 FY2024$327.3M4.9%$52.6M$0.63

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorIndustrials
SIC industryAir-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2016
SEC CIK824142

Selected SEC filings

10-Q2026-08-10
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
8-K2026-08-28
View on EDGAR →
8-K2026-08-13
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-07-30
View on EDGAR →

Largest Industrials peers

All Industrials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.