Filing Flows › Aaon (AAON) › Q1 2025
Aaon (AAON) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Aaon (AAON) reported revenue of $322M for the first quarter 2025 (Q1 2025), +23% from a year earlier and +8% from the quarter before. Operating margin was 10.9%, net earnings $29.3M (9.1% of revenue).
Aaon, Q1 2025: revenue $322M (+23% year over year), operating margin 10.9%, net earnings $29.3M, operating cash flow −$9.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $322M | +8% | +23% |
| Gross profit | $86.4M | +11% | -6% |
| Operating profit | $35.1M | +19% | -25% |
| Net earnings | $29.3M | +19% | -25% |
| Operating cash flow | −$9.2M | -1190% | — |
What changed
Revenue was $322.1M in Q1 2025, up 23% year over year and up 8% from the previous quarter. AAON Oklahoma was the largest line at 50% of revenue. AAON Coil Products added $69.8M year over year (up 288%), 116% of the total change. AAON Oklahoma declined 23%.
Gross margin was 26.8%, down 8.4 points from a year earlier. Operating profit was $35.1M, a 10.9% margin (down 7.0 points year over year). Operating profit fell $11.9M even though revenue rose $60.0M versus a year earlier, so costs grew faster than sales. Operating expenses grew 13% against revenue growth of 23%. Net earnings were $29.3M, down 25% year over year. The effective tax rate was 9.8%.
Operating cash flow was −$9.2M. Non-cash charges added back $18.9M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items used $61.5M. Capital expenditures of $46.7M exceeded it, leaving free cash flow of −$55.9M.
Questions
What was Aaon's revenue in the first quarter 2025?
Aaon (AAON) reported revenue of $322M for the first quarter 2025 (Q1 2025), +23% from a year earlier and +8% from the quarter before.
Was Aaon profitable in the first quarter 2025?
Operating profit was $35.1M (10.9% of revenue) and net earnings $29.3M.
Source: Aaon 10-Q on SEC EDGAR.