Aaon, Inc. Q1 2026 results

Matt will start with some opening remarks, Andy will follow with a walkthrough of the quarterly results, and Matt will finish up with our updated outlook for 2026. This led to strong customer demand and translated into solid growth and share gains during the quarter. Demand remained exceptionally strong at BASX, supported by the strength of the data center market and our differentiated solutions that deliver improved performance, greater efficiency, and ease of maintenance. BASX-branded sales grew 72% year-over-year, even against a lofty comparison, and sales in the prior year period nearly 5x.

Increased production from our expanded facilities in Longview and Memphis supported a higher throughput, while we also continued to increase output from our Redmond site. Operationally, we executed well for our customers with all three facilities delivering record BASX-branded sales during the quarter. This performance reflects not just strong demand, but improving execution driven by deeper leadership benches, clear accountability, and more disciplined operating processes as capacity scales with a more mature operating structure. BASX posted a book-to-bill ratio over two, driving a record backlog of BASX-branded orders up 160% from a year ago and 24% sequentially.

Against the data center thermal management market growing at approximately 30%, our revenue and order growth rates supported continued market share gains at BASX. A key positive during the quarter was a notable improvement in production rates, which drove AAON-branded sales growth of 42% year-over-year and 11% sequentially. These improvements contributed to shorter lead times and a sequential reduction in backlog, though further progress is necessary. In the quarter, growth was driven by strength in our traditional transactional business, while national account bookings were comparable with the prior year period.