AAON, Inc. Reports Record Sales Growth Amid Strategic Investments

AAON, Inc. (AAON) has announced a 20.1% surge in 2025 net sales to $1.44 billion, driven by robust demand for its AAON- and BASX-branded equipment. Despite the revenue growth, shares dipped to $99.00 in pre-market trading following the earnings release. Gross margins contracted to 26.7% from 33.1% as the company prioritized production expansion and ERP system upgrades.

The company's backlog reached a record $1.83 billion, marking a 110.9% year-over-year increase. BASX revenue more than doubled, while AAON-branded sales showed steady growth. Fourth-quarter performance was particularly strong, with net sales jumping 42.5% to $424.2 million.

AAON's 2026 outlook remains bullish, projecting 18%-20% sales growth and improved margins. The company plans $190 million in capital expenditures to support its Memphis and Longview facility expansions.