Filing Flows › Aaon (AAON) › Q1 2026 › vs Q4 2025
Aaon (AAON) Q1 2026 vs Q4 2025 (quarter over quarter)
Aaon's revenue rose $72.7M (+17%) from $424M in Q4 2025 to $497M in Q1 2026. The biggest changes: BasX +$29.3M (+28%); AAON Oklahoma +$28.5M (+13%); AAON Coil Products +$15.0M (+15%). Gross margin 25.1% against 25.9% (-0.7 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 25.1% | 25.9% | -0.7 pts |
| Operating margin | 11.5% | 10.4% | +1.1 pts |
| Net margin | 8.0% | 7.6% | +0.5 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| AAON Oklahoma | $244M | $216M | $28.5M | +13% |
| BasX | $135M | $106M | $29.3M | +28% |
| AAON Coil Products | $118M | $103M | $15.0M | +15% |
| Revenue | $497M | $424M | $72.7M | +17% |
| Gross profit | $125M | $110M | $15.2M | +14% |
| Cost of revenue | $372M | $314M | $57.5M | +18% |
| Operating profit | $57.1M | $44.0M | $13.1M | +30% |
| Operating expenses | $67.9M | $65.8M | $2.1M | +3% |
| Pre-tax earnings | $52.1M | $38.3M | $13.8M | +36% |
| Other expense, net | $5.0M | $5.6M | −$660K | -12% |
| Net earnings | $39.8M | $32.0M | $7.8M | +24% |
| Income tax | $12.3M | $6.3M | $6.0M | +95% |
| Depreciation & amortization | $20.9M | $20.4M | $550K | +3% |
| Share-based compensation | $7.7M | $4.6M | $3.1M | +68% |
| Working capital & other | $34.4M | $37.6M | −$3.2M | -9% |
| Operating cash flow | $34.0M | $19.3M | $14.7M | +76% |
Questions
How much did Aaon's revenue grow quarter over quarter in Q1 2026?
Aaon's revenue rose $72.7M (+17%) from $424M in Q4 2025 to $497M in Q1 2026.
What drove Aaon's revenue change in Q1 2026?
BasX +$29.3M (+28%); AAON Oklahoma +$28.5M (+13%); AAON Coil Products +$15.0M (+15%).