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Aaon (AAON) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Aaon (AAON) reported revenue of $384M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +23% from the quarter before. Operating margin was 11.3%, net earnings $30.8M (8.0% of revenue).
Aaon, Q3 2025: revenue $384M (+17% year over year), operating margin 11.3%, net earnings $30.8M, operating cash flow $12.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $384M | +23% | +17% |
| Gross profit | $107M | +29% | -6% |
| Operating profit | $43.6M | +85% | -33% |
| Net earnings | $30.8M | +99% | -42% |
| Operating cash flow | $12.3M | — | -81% |
What changed
Revenue was $384.2M in Q3 2025, up 17% year over year and up 23% from the previous quarter. AAON Oklahoma was the largest line at 62% of revenue. AAON Coil Products added $35.0M year over year (up 99%), 61% of the total change.
Gross margin was 27.8%, down 7.1 points from a year earlier. Operating profit was $43.6M, a 11.3% margin (down 8.7 points year over year). Operating profit fell $21.9M even though revenue rose $57.0M versus a year earlier, so costs grew faster than sales. Operating expenses grew 30% against revenue growth of 17%. Net earnings were $30.8M, down 42% year over year. The effective tax rate was 19.9%.
Operating cash flow was $12.3M (down 81% year over year), 40% of net earnings. Non-cash charges added back $20.0M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $43.1M. Capital expenditures of $45.6M exceeded it, leaving free cash flow of −$33.3M.
Questions
What was Aaon's revenue in the third quarter 2025?
Aaon (AAON) reported revenue of $384M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +23% from the quarter before.
Was Aaon profitable in the third quarter 2025?
Operating profit was $43.6M (11.3% of revenue) and net earnings $30.8M.
Source: Aaon 10-Q on SEC EDGAR.