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Aaon cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$21.0M in Q2 2026 · $86.5M over twelve months

Operating cash flow$21.0M
Free cash flow+$21.0M
Cash / net income0.4×
Cash conversion cycle77 days

Analysis

In Q2 2026, Aaon generated $21.0M of operating cash flow. That is $42.8M more than in Q2 2025 (−$21.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was $86.5M; the largest uses were other investing ($204M), dividends ($32.7M), taxes on employees’ shares ($5.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($118M), shares issued ($36.2M); the cash balance rose by $11.4M.

Operating cash flow was $21.0M against net income of $56.7M — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$70.7M, deferred revenue −$42.5M, contract assets +$39.5M.

Its cash conversion cycle was 77 days (receivables 47 + inventory 62 − payables 32).

Free cash flow

Aaon: free cash flow by quarterAaon: free cash flow by quarter$63.8MQ3 2024$845KQ4 2024−$9.2MQ1 2025−$21.8MQ2 2025$12.3MQ3 2025$19.3MQ4 2025$34.0MQ1 2026$21.0MQ2 2026
Operating cash flow less capital spending.
Aaon: operating cash flow against capital spendingAaon: operating cash flow against capital spendingOperating cash flowCapital spending$63.8M$0Q3 2024$845K$0Q4 2024−$9.2M$0Q1 2025−$21.8M$0Q2 2025$12.3M$0Q3 2025$19.3M$0Q4 2025$34.0M$0Q1 2026$21.0M$0Q2 2026
Latest (Q2 2026): Operating cash flow $21.0M, Capital spending $0.

Capital allocation, year by year

Aaon: where the cash came from (up) and went (down), by fiscal yearAaon: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $61.2MFY2021: Net borrowing $40.0MFY2021: Shares issued $21.1MFY2021: Asset sales $19KFY2021: Capital spending −$55.4MFY2021: Acquisitions −$103MFY2021: Buybacks −$20.9MFY2021: Dividends −$19.9M$122MFY2021FY2022: Operating cash flow $61.3MFY2022: Net borrowing $30.9MFY2022: Shares issued $23.1MFY2022: Asset sales $12KFY2022: Capital spending −$54.0MFY2022: Acquisitions −$249KFY2022: Buybacks −$12.7MFY2022: Dividends −$22.9M$115MFY2022FY2023: Operating cash flow $159MFY2023: Net borrowing −$32.7MFY2023: Shares issued $33.3MFY2023: Asset sales $129KFY2023: Buybacks −$25.0MFY2023: Dividends −$26.4M$192MFY2023FY2024: Operating cash flow $193MFY2024: Net borrowing $117MFY2024: Shares issued $31.9MFY2024: Asset sales $25KFY2024: Buybacks −$100MFY2024: Dividends −$26.1M$341MFY2024FY2025: Operating cash flow $534KFY2025: Net borrowing $243MFY2025: Shares issued $17.1MFY2025: Asset sales $40KFY2025: Buybacks −$30.0MFY2025: Dividends −$32.6M$261MFY2025
Over these 5 years operating cash flow totalled $474M; the largest uses were buybacks ($189M) and dividends ($128M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13K
Debtnone
Net cash$13K

Aaon funds itself: free cash flow was $86.5M over the last twelve months, with $13K of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Aaon: sources (+) and uses (−) of cash, Q2 2026Aaon: sources (+) and uses (−) of cash, Q2 2026Other investing−$49.6MShares issued$26.0MOperating cash flow$21.0MOther financing$13.9MCash drawn (+) / kept (−)−$11.6MNet borrowing (+) / repaid (−)$9.8MDividends−$8.2MTaxes on employees’ shares−$1.3M
Aaon: sources (+) and uses (−) of cash, TTM to Q2 2026Aaon: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$204MNet borrowing (+) / repaid (−)$118MOperating cash flow$86.5MShares issued$36.2MDividends−$32.7MOther financing$12.5MCash drawn (+) / kept (−)−$11.4MTaxes on employees’ shares−$5.0MBuybacks−$3K

From profit to cash

Aaon: net income to operating cash flow, Q2 2026Aaon: net income to operating cash flow, Q2 2026Net income$56.7MDepreciation & amortization$23.8MStock-based pay$3.0MDeferred taxes$4.7MReceivables−$70.7MInventory−$18.6MPayables$13.5MAccrued liabilities$1.4MDeferred revenue−$42.5MContract assets$39.5MPrepaid and other assets$7.8MOperating cash flow$21.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202647623277
Q1 202655693391
Q4 2025637532106
Q3 2025528132101
Q2 2025498632104
Q1 202544742394
Q4 2024457615106
Q3 2024417812107

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$21.0M—−$8.2M$9.8M$26.0M−$11.6M$21.0M
Q1 2026$34.0M—−$8.1M$26.8M$3.1M$139K$34.0M
Q4 2025$19.3M—−$8.2M$38.2M$3.9M$1.0M$19.3M
Q3 2025$12.3M—−$8.2M$42.9M$3.2M−$946K$12.3M
Q2 2025−$21.8M$1.5M−$8.2M$64.6M$5.7M$1.1M−$21.8M
Q1 2025−$9.2M−$31.5M−$8.1M$97.5M$4.4M$4.1M−$9.2M
Q4 2024$845K—−$6.5M$99.5M$6.2M$151K$845K
Q3 2024$63.8M—−$6.5M−$30.2M$9.8M$5.4M$63.8M

Aaon: income statement and cash flow

Aaon, Q2 2026: revenue $627M (+101% year over year), operating margin 11.0%. The chart follows the revenue to costs, profit and cash.

Aaon: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.