Filing Flows › Aaon (AAON) › Q1 2026
Aaon (AAON) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Aaon (AAON) reported revenue of $497M for the first quarter 2026 (Q1 2026), +54% from a year earlier and +17% from the quarter before. Operating margin was 11.5%, net earnings $39.8M (8.0% of revenue).
Aaon, Q1 2026: revenue $497M (+54% year over year), operating margin 11.5%, net earnings $39.8M, operating cash flow $34.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $497M | +17% | +54% |
| Gross profit | $125M | +14% | +45% |
| Operating profit | $57.1M | +30% | +63% |
| Net earnings | $39.8M | +24% | +36% |
| Operating cash flow | $34.0M | +76% | — |
What changed
Revenue was $496.9M in Q1 2026, up 54% year over year and up 17% from the previous quarter. AAON Oklahoma was the largest line at 49% of revenue. AAON Oklahoma added $82.1M year over year (up 51%), 47% of the total change.
Gross margin was 25.1%, down 1.7 points from Q1 2025. Operating profit was $57.1M, a 11.5% margin (up 0.6 points year over year). Of the extra revenue versus Q1 2025, 13% reached operating profit, above the 11% margin then. Operating expenses grew 32% against revenue growth of 54%. Net earnings were $39.8M, up 36% year over year. The effective tax rate was 23.6%.
Operating cash flow was $34.0M, 85% of net earnings. Non-cash charges added back $20.9M of depreciation and amortization and $7.7M of share-based compensation. Working capital and other items used $34.4M. Capital expenditures of $45.1M exceeded it, leaving free cash flow of −$11.1M.
Questions
What was Aaon's revenue in the first quarter 2026?
Aaon (AAON) reported revenue of $497M for the first quarter 2026 (Q1 2026), +54% from a year earlier and +17% from the quarter before.
Was Aaon profitable in the first quarter 2026?
Operating profit was $57.1M (11.5% of revenue) and net earnings $39.8M.
Source: Aaon 10-Q on SEC EDGAR.