Aaon, Inc. Q4 2025 results

The press release announcing our fourth quarter and full year 2025 financial results was issued earlier this morning and can be found on our corporate website, aaon.com. Rebecca will follow with a walkthrough of the quarterly results, and Matt will then finish up with our outlook for 2026 and some closing remarks. Robust bookings and revenue momentum underscore demand for our products and custom solutions as customers seek greater operational efficiency, supporting continued market share gains. As we enter 2026, we have clear visibility into growth drivers and a well-defined plan that positions us for improved operating performance and margin expansion as temporary headwinds fade.

The data center market continues to represent our most robust and dynamic growth opportunity. In 2025, BASX branded sales increased 143% to $548 million, while backlog grew 141% to $1.3 billion. Strong demand resulted in a book-to-bill of 2.4 for the BASX brand on the year. Our focus is now squarely on converting this demand into sustained profitable growth through disciplined program execution and capacity readiness.

This sales growth represents deliberate market share gains as customers increasingly recognize the total cost of ownership advantages our products deliver across their building portfolios. Building on the operational foundation established in prior years, we advanced several initiatives designed to drive margins to optimal levels and support durable long-term growth. Our investments in supply chain management will improve supply reliability, help reduce material costs, and improve working capital discipline going forward. These actions are practical, execution-focused, and designed to improve throughput, reduce variability, and enhance margin performance over time.