Filing Flows › Aaon (AAON) › Q1 2026 › vs Q1 2025
Aaon (AAON) Q1 2026 vs Q1 2025 (year over year)
Aaon's revenue rose $175M (+54%) from $322M in Q1 2025 to $497M in Q1 2026. The biggest changes: AAON Oklahoma +$82.1M (+51%); BasX +$69.2M (+104%); AAON Coil Products +$23.6M (+25%). Gross margin 25.1% against 26.8% (-1.7 pts).
Aaon, Q1 2026: revenue $497M (+54% year over year), operating margin 11.5%, net earnings $39.8M, operating cash flow $34.0M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Gross margin | 25.1% | 26.8% | -1.7 pts |
| Operating margin | 11.5% | 10.9% | +0.6 pts |
| Net margin | 8.0% | 9.1% | -1.1 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| AAON Oklahoma | $244M | $162M | $82.1M | +51% |
| BasX | $135M | $66.2M | $69.2M | +104% |
| AAON Coil Products | $118M | $94.0M | $23.6M | +25% |
| Revenue | $497M | $322M | $175M | +54% |
| Gross profit | $125M | $86.4M | $38.6M | +45% |
| Cost of revenue | $372M | $236M | $136M | +58% |
| Operating profit | $57.1M | $35.1M | $21.9M | +63% |
| Operating expenses | $67.9M | $51.3M | $16.7M | +32% |
| Pre-tax earnings | $52.1M | $32.5M | $19.6M | +60% |
| Other expense, net | $5.0M | $2.6M | $2.4M | +89% |
| Net earnings | $39.8M | $29.3M | $10.5M | +36% |
| Income tax | $12.3M | $3.2M | $9.1M | +284% |
| Depreciation & amortization | $20.9M | $18.9M | $2.0M | +10% |
| Share-based compensation | $7.7M | $4.0M | $3.7M | +91% |
| Working capital & other | $34.4M | $61.5M | −$27.1M | -44% |
| Operating cash flow | $34.0M | −$9.2M | $43.2M | — |
| Capital expenditures | $45.1M | $46.7M | −$1.6M | -3% |
| Negative free cash flow (OCF − capex) | $11.1M | $55.9M | −$44.8M | -80% |
Questions
How much did Aaon's revenue grow year over year in Q1 2026?
Aaon's revenue rose $175M (+54%) from $322M in Q1 2025 to $497M in Q1 2026.
What drove Aaon's revenue change in Q1 2026?
AAON Oklahoma +$82.1M (+51%); BasX +$69.2M (+104%); AAON Coil Products +$23.6M (+25%).