AAON, INC.

Listed Company

AAONCIK 0000824142NasdaqLarge AcceleratedAir-Cond & Warm Air Heatg Equip & Comm & Indl Refrig EquipNevadaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$107.59M

Total Assets

$1.69B

Equity

$894.99M

Shares Out

81.50M

Op. Cash Flow

$534.0K

Business

AAON, INC. designs, engineers, and manufactures heating, ventilation, and air conditioning (HVAC) equipment for commercial, industrial, data center, and cleanroom environments. It offers semi-custom and custom rooftop units (RTUs), air-source heat pumps, air handling units, condensing units, coils, controls, energy recovery solutions, and BASX-branded high-performance data center and cleanroom cooling systems. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX. Its products are sold primarily in the United States and Canada through independent representatives, direct sales, retail parts stores, and online channels, with shipments from multiple manufacturing facilities.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	1,442	1,201	1,169	889	535
Cost of sales	1,056	804	769	651	397
Gross profit	386	397	399	238	138
Selling, general and administrative expenses	239	188	172	111	69
Gain on disposal of assets	−4,000	−23,000	−13,000	−12,000	−21,000
Income from operations	146	209	227	127	69
Interest expense	−18	−3	−5	−3	−132,000
Other income, net	230,000	378,000	503,000	399,000	61,000
Income before taxes	129	207	223	125	69
Income tax provision	21	38	46	24	10
Net income	108	169	178	100	59
Basic (usd per share)	1.32	2.07	2.19	1.26	0.75
Diluted (usd per share)	1.29	2.02	2.13	1.24	0.73
Cash dividends declared per common share (in dollars per share)	0.4	0.32	0.32	0.29	0.25
Basic (in shares)	82	81	81	80	79
Diluted (in shares)	83	84	83	81	81

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-08-31	FY 2022 2022-12-31
Cash and cash equivalents	13,000	14,000	287,000	—	5
Restricted cash	1	7	9	—	498,000
Accounts receivable, net	314	147	138	—	127
Income tax receivable	27	4	0	—	0
Inventories, net	261	187	214	—	199
Contract assets, net	247	135	45	—	15
Prepaid expenses and other	18	7	3	—	2
Total current assets	869	488	409	—	349
Property, plant and equipment, net	631	510	370	—	305
Intangible assets, net and goodwill	166	160	150	—	—
Right of use assets	18	15	12	—	7
Other long-term assets	2	242,000	816,000	—	6
Deferred tax assets	0	836,000	0	—	—
Total assets	1,687	1,175	941	—	814
Debt, short-term	0	16	0	—	—
Short-term obligations of NMTC	8	0	—	—	—
Accounts payable	110	45	27	—	46
Accrued liabilities	132	99	86	—	79
Contract liabilities	81	15	14	—	21
Total current liabilities	331	175	127	—	146
Debt, long-term	398	139	38	—	71
Deferred tax liabilities	30	0	12	—	19
Other long term liabilities	23	21	17	—	12
New market tax credit obligation	9	16	12	—	6
Commitments and contingencies (Note 20)	—	—	—	—	—
Preferred stock	0	0	0	—	0
Common stock	327,000	326,000	326,000	100,000	322,000
Additional paid-in capital	64	69	122	—	99
Retained earnings	830	755	613	100,000	462
Total stockholders' equity	895	825	735	—	561
Total liabilities and stockholders' equity	1,687	1,175	941	—	814

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	79	63	46	35	30
Amortization of debt issuance costs	394,000	154,000	82,000	43,000	43,000
Amortization of right of use assets	166,000	189,000	324,000	324,000	73,000
Provision for (recoveries of) losses on accounts receivable, net of adjustments	70,000	715,000	−154,000	−72,000	43,000
Provision for losses on contract assets, net of adjustments	200,000	399,000	0	0	—
Provision for (recoveries of) excess and obsolete inventories, net of write-offs	152,000	−968,000	2	3	629,000
Share-based compensation	18	17	16	14	12
Other	−15,000	−4,000	−44,000	7,000	—
Deferred income taxes	31	−7	−7	−13	4
Accounts receivable	−167	−10	−10	−56	−10
Income tax receivable	−23	−5	−11	18	−1
Inventories	−74	27	−16	−71	−46
Contract assets	−112	−91	−30	−9	2
Prepaid expenses and other long-term assets	−12	−4	−1	−2	1
Accounts payable	53	17	−18	12	11
Contract liabilities	66	1	−8	14	−229,000
Extended warranties	831,000	2	3	1	447,000
Accrued liabilities and other long-term liabilities	32	13	15	17	−2
Net cash provided by operating activities	534,000	193	159	61	61
Capital expenditures	−191	−196	−104	−76	−55
Proceeds from government incentive grant	12	0	0	—	—
Proceeds from sale of property, plant and equipment	40,000	25,000	129,000	12,000	19,000
Acquisition of intangible assets	−14	−17	−5	0	0
Principal payments from note receivable	435,000	51,000	51,000	48,000	54,000
Net cash used in investing activities	−192	−213	−109	−76	−159
Borrowings of debt	915	718	597	226	40
Payments of debt	−672	−601	−630	−195	0
Proceeds from financing obligation, net of issuance costs	0	4	6	0	0
Payment related to financing costs	−1	−664,000	−398,000	0	0
Stock options exercised	17	32	33	23	21
Repurchase of stock - open market	−30	−100	−25	−13	−21
Repurchases of stock - LTIP plans (Note 18)	−10	−8	−1	−1	−2
Cash dividends paid to stockholders	−33	−26	−26	−23	−20
Net cash provided by (used in) financing activities	187	18	−47	17	19
Net (decrease) increase in cash, cash equivalents, and restricted cash	−5	−3	3	2	−79

Filings

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