AAON Inc. is a manufacturer of heating, ventilation, and air conditioning (HVAC) equipment for commercial, industrial, and data center environments. Operating primarily in the United States and Canada, the company specializes in highly configurable, semi-custom HVAC systems designed for energy efficiency and performance. AAON is distinctive for its mass semi-customization approach, which combines the cost efficiency of scaled production with the precision of individual customization.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
1,442,076
1,200,635
1,168,518
888,788
Cost of Sales
1,056,352
803,526
769,498
651,216
Gross Profit
385,724
397,109
399,020
237,572
Selling, General & Administrative Expenses
239,480
188,014
171,539
110,823
Other Operating Expenses
(4)
(23)
(13)
(12)
Operating Profit
146,248
209,118
227,494
126,761
Non-Operating Income
(17,496)
(2,527)
(4,340)
(2,228)
Total Non-Operating Income
(17,496)
(2,527)
(4,340)
(2,228)
Income Before Provision for Income Taxes
128,752
206,591
223,154
124,533
Provision for Income Taxes
21,159
38,032
45,531
24,157
Consolidated Net Income
107,593
168,559
177,623
100,376
Net Income Attributable to Common Shareholders
107,593
168,559
177,623
100,376
Basic EPS
1.32
2.07
2.19
1.26
Diluted EPS
1.29
2.02
2.13
1.24
Basic Weighted Average Shares Outstanding
81,529
81,473
81,156
79,582
Diluted Weighted Average Shares Outstanding
83,106
83,630
83,295
81,146
Shares Outstanding
81,691
81,437
81,508
80,138
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,239
6,514
9,023
5,949
Total Cash and Cash Equivalents
1,239
6,514
9,023
5,949
Accounts Receivable
314,387
147,434
138,108
127,158
Other Receivables
27,445
4,115
—
—
Total Trade Receivables
341,832
151,549
138,108
127,158
Inventories
261,151
187,420
213,532
198,939
Other Current Assets
264,958
142,729
48,291
17,070
Total Current Assets
869,180
488,212
408,954
349,116
Net Property, Plant & Equipment
649,250
525,792
381,721
311,868
Net Intangible Assets
165,799
160,152
149,945
64,606
Goodwill
—
—
—
81,892
Other Long-Term Assets
2,281
1,078
816
6,421
Total Assets
1,686,510
1,175,234
941,436
813,903
Accounts Payable
110,437
44,645
27,484
45,513
Accrued Expenses
132,213
99,347
85,508
78,630
Short-Term Debt
—
16,000
—
—
Unearned Revenue
80,670
14,913
13,757
21,424
Other Current Liabilities
7,535
—
—
—
Total Current Liabilities
330,855
174,905
126,749
145,567
Long-Term Debt
398,320
138,891
38,328
71,004
Other Long-Term Liabilities
62,350
36,856
41,135
36,618
Total Long-Term Liabilities
460,670
175,747
79,463
107,622
Total Liabilities
791,525
350,652
206,212
253,189
Common Stock
327
326
326
322
Additional Paid-in Capital
64,358
68,946
122,063
98,735
Retained Earnings
830,300
755,310
612,835
461,657
Total Common Shareholders' Equity
894,985
824,582
735,224
560,714
Total Shareholders' Equity
894,985
824,582
735,224
560,714
Total Liabilities and Shareholders' Equity
1,686,510
1,175,234
941,436
813,903
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
107,593
168,559
177,623
100,376
Depreciation & Amortization
79,357
62,924
46,792
35,430
Share-Based Compensation Expense
17,994
16,729
16,384
13,700
Other Adjustments
31,950
(6,310)
(5,010)
(10,614)
Changes in Trade Receivables
(167,023)
(10,041)
(9,978)
(56,306)
Changes in Inventories
(73,883)
27,080
(16,226)
(71,409)
Changes in Accounts Payable
52,904
16,959
(18,316)
11,574
Changes in Accrued Expenses
31,873
13,259
15,086
16,945
Changes in Income Taxes Payable
(23,330)
(5,285)
(11,302)
18,195
Changes in Unearned Revenue
66,588
2,991
(5,067)
15,196
Changes in Other Operating Activities
(123,489)
(94,333)
(31,091)
(11,769)
Cash from Operating Activities
534
192,532
158,895
61,318
Capital Expenditure
(190,563)
(195,660)
(104,294)
(76,024)
Proceeds from Sale of Property, Plant & Equipment
48
25
129
12
Purchases of Intangible Assets
(14,329)
(17,491)
(5,197)
—
Payments for Business Acquisitions
—
—
—
(249)
Other Investing Activities
12,435
51
51
48
Cash from Investing Activities
(192,417)
(213,075)
(109,311)
(76,213)
Issuance of Long-Term Debt
915,391
722,083
603,172
225,758
Repayments of Long-Term Debt
(672,204)
(601,091)
(629,787)
(194,754)
Net Issuance / (Repayments) of Long-Term Debt
243,187
120,992
(26,615)
31,004
Issuance of Common Shares
17,144
31,861
33,259
23,140
Repurchases of Common Shares
(39,725)
(108,071)
(26,311)
(13,755)
Net Issuance / (Repurchases) of Common Shares
(22,581)
(76,210)
6,948
9,385
Common Share Dividends Paid
(32,603)
(26,084)
(26,445)
(22,917)
Other Financing Activities
(1,395)
(664)
(398)
(115)
Cash from Financing Activities
186,608
18,034
(46,510)
17,357
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash