Filing Flows › Aaon (AAON) › Q4 2025
Aaon (AAON) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Aaon (AAON) reported revenue of $424M for the fourth quarter 2025 (Q4 2025), +42% from a year earlier and +10% from the quarter before. Operating margin was 10.4%, net earnings $32.0M (7.6% of revenue).
Aaon, Q4 2025: revenue $424M (+42% year over year), operating margin 10.4%, net earnings $32.0M, operating cash flow $19.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $424M | +10% | +42% |
| Gross profit | $110M | +3% | +41% |
| Operating profit | $44.0M | +0.8% | +49% |
| Net earnings | $32.0M | +4% | +30% |
| Operating cash flow | $19.3M | +58% | 23× |
What changed
Revenue was $424.2M in Q4 2025, up 42% year over year and up 10% from the previous quarter. AAON Oklahoma was the largest line at 51% of revenue.
Gross margin was 25.9%, down 0.2 points from Q4 2024. Operating profit was $44.0M, a 10.4% margin (up 0.5 points year over year). Of the extra revenue versus Q4 2024, 11% reached operating profit, above the 10% margin then. Operating expenses grew 37% against revenue growth of 42%. Net earnings were $32.0M, up 30% year over year. The effective tax rate was 16.4%.
Operating cash flow was $19.3M (up 2186% year over year), 60% of net earnings. Non-cash charges added back $20.4M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $37.6M. Capital expenditures of $62.5M exceeded it, leaving free cash flow of −$43.2M.
Questions
What was Aaon's revenue in the fourth quarter 2025?
Aaon (AAON) reported revenue of $424M for the fourth quarter 2025 (Q4 2025), +42% from a year earlier and +10% from the quarter before.
Was Aaon profitable in the fourth quarter 2025?
Operating profit was $44.0M (10.4% of revenue) and net earnings $32.0M.
Source: Aaon 10-K on SEC EDGAR.