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Aaon (AAON) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Aaon (AAON) Q2 2026 earnings results →
Q2 2026 Revenue up 101% year over year to $627M · 9¢ of every $1 of revenue kept as net profit · operating margin 11.0%
Aaon made $627M in Q2 2026 (+101% Y/Y): AAON Oklahoma $262M, BasX $218M, AAON Coil Products $147M. Operating margin 11.0%, net earnings $56.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
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What changed this quarter
Revenue was $627.0M in Q2 2026, up 101% year over year and up 26% from the previous quarter. AAON Oklahoma was the largest line at 42% of revenue. BasX added $150.0M year over year (up 221%), 48% of the total change.
Gross margin was 24.3%, down 2.2 points from Q2 2025. Operating profit was $68.9M, a 11.0% margin (up 3.4 points year over year). Of the extra revenue versus Q2 2025, 14% reached operating profit, above the 8% margin then. Operating expenses grew 41% against revenue growth of 101%. Net earnings were $56.7M, up 266% year over year. The effective tax rate was 9.8%.
Operating cash flow was $21.0M, 37% of net earnings. Non-cash charges added back $23.8M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items used $62.5M. Capital expenditures of $52.2M exceeded it, leaving free cash flow of −$31.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $627M | +101% | 11.0% | $56.7M | $21.0M |
| Q1 2026 | 10-Q | May 7, 2026 | $497M | +54% | 11.5% | $39.8M | $34.0M |
| Q4 2025 | 10-K | Mar 2, 2026 | $424M | +42% | 10.4% | $32.0M | $19.3M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $384M | +17% | 11.3% | $30.8M | $12.3M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $312M | -0.6% | 7.6% | $15.5M | −$21.8M |
| Q1 2025 | 10-Q | May 1, 2025 | $322M | +23% | 10.9% | $29.3M | −$9.2M |
| Q4 2024 | 10-K | Feb 27, 2025 | $298M | -3% | 9.9% | $24.7M | $845K |
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🔄Rotation against the market and its industry (RRG)interactive
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📈Investments: gains and what it boughtinteractive
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About Aaon
AAON, Inc., a Nevada corporation ("AAON Nevada"), was incorporated on August 18, 1987. Our operating subsidiaries include AAON, Inc., an Oklahoma corporation ("AAON Oklahoma"), AAON Coil Products, Inc., a Texas corporation ("AAON Coil Products"), and BASX, Inc., an Oregon corporation ("BASX"). Unless the context otherwise requires, references in this Annual Report to "AAON", the "Company", "we", "us", "our", or "ours" refer to AAON Nevada and our subsidiaries. AAON is a leader in heating, ventilation, air conditioning, and liquid cooling solutions for commercial and industrial indoor environments. The Company designs and manufactures highly configurable equipment to meet specific customer requirements, delivering reliable performance, efficiency, and long-term value.
In its own words, from its 10-K, filed Mar 2, 2026.
Aaon against its Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +101% against the peers' median +10%. Operating margin: 11.0% against the peers' median 11.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AAON Aaon | Q2 2026 | $627M | +101% | 11.0% |
| JCI Johnson Controls International | Q4 FY26 | $7.1B | +10% | 14.9% |
| CARR Carrier Global | Q3 2026 | $6.3B | +12% | -36.3% |
| LII Lennox International | Q3 2026 | $1.6B | +10% | 19.8% |
| TGEN Tecogen | Q2 2026 | $5.7M | -21% | -37.4% |
| EVOH EvoAir Holdings | Q4 FY26 | $107K | -14% | n/m |
Source: Aaon 10-Q on SEC EDGAR · CIK 824142 · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
13F: who owns AAON and who is buying
More on AAON
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results