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Building products & equipment · Industrials · Fiscal year ends Dec 31
AAON reported revenue of $1.4B in the fiscal year ended Dec 2025, up 20.1% from the year before. Operating income was $146M, an operating margin of 10.1%, and net income was $108M.
Ranks among the 14 building products & equipment companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 535 | 889 | 1,169 | 1,201 | 1,442 |
| Cost of revenue | 397 | 651 | 769 | 804 | 1,056 |
| Gross profit | 138 | 238 | 399 | 397 | 386 |
| Research & development | 16.6 | 46.8 | 43.7 | 47.3 | 58.2 |
| Selling, general & admin | 68.6 | 111 | 172 | 188 | 239 |
| Operating income | 69.3 | 127 | 227 | 209 | 146 |
| Net interest incomeBanks | −0.1 | −2.6 | −4.8 | −2.9 | −17.7 |
| Pre-tax income | 69.2 | 125 | 223 | 207 | 129 |
| Income tax | 10.4 | 24.2 | 45.5 | 38.0 | 21.2 |
| Net income | 58.8 | 100 | 178 | 169 | 108 |
| Diluted EPS | 0.73 | 1.24 | 2.13 | 2.02 | 1.29 |
| Diluted shares | 80.6 | 81.1 | 83.3 | 83.6 | 83.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2.9 | 5.5 | 0.3 | 0.0 | 0.0 |
| Receivables | 70.8 | 127 | 138 | 147 | 314 |
| Inventory | 130 | 199 | 214 | 187 | 261 |
| Current assets | 218 | 349 | 409 | 488 | 869 |
| Net PP&E | 258 | 305 | 370 | 510 | 631 |
| Goodwill | 85.7 | 81.9 | 81.9 | – | – |
| Total assets | 650 | 814 | 941 | 1,175 | 1,687 |
| Payables | 29.0 | 45.5 | 27.5 | 44.6 | 110 |
| Deferred revenue | 7.5 | 21.4 | 13.8 | 14.9 | 80.7 |
| Current liabilities | 86.8 | 146 | 127 | 175 | 331 |
| Short-term debt | – | – | 0.0 | 16.0 | 0.0 |
| Total liabilities | 184 | 253 | 206 | 351 | 792 |
| Shareholders' equity | 466 | 561 | 735 | 825 | 895 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 61.2 | 61.3 | 159 | 193 | 0.5 |
| Capital expenditure | 55.4 | 54.0 | – | – | – |
| Free cash flow | 5.8 | 7.3 | – | – | – |
| Depreciation & amortisation | 30.3 | 35.1 | 46.5 | 62.7 | 79.2 |
| Stock-based compensation | 11.8 | 13.7 | 16.4 | 16.7 | 18.0 |
| Acquisitions | 103 | 0.2 | 0.0 | 0.0 | – |
| Dividends paid | 19.9 | 22.9 | 26.4 | 26.1 | 32.6 |
| Dividend per share | 0.25 | 0.29 | 0.32 | 0.32 | 0.40 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 66.3% | 31.5% | 2.7% | 20.1% |
| Operating income growth (YoY) | – | 83.0% | 79.5% | −8.1% | −30.1% |
| EPS growth (YoY) | – | 69.9% | 71.8% | −5.2% | −36.1% |
| Gross margin | 25.8% | 26.7% | 34.1% | 33.1% | 26.7% |
| Operating margin | 13.0% | 14.3% | 19.5% | 17.4% | 10.1% |
| Net margin | 11.0% | 11.3% | 15.2% | 14.0% | 7.5% |
| Return on equityBlank when equity is negative | 12.6% | 17.9% | 24.2% | 20.4% | 12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.3% | 19.0% | 27.9% | 20.9% | 10.8% |
| Free cash flow margin | 1.1% | 0.8% | – | – | – |
| Cash conversion (CFO ÷ net income) | 1.04x | 0.61x | 0.89x | 1.14x | 0.00x |
| Receivable days | 48 | 52 | 43 | 45 | 80 |
| Inventory days | 120 | 112 | 101 | 85 | 90 |
| Payable days | 27 | 26 | 13 | 20 | 38 |
| Current ratio | 2.51x | 2.40x | 3.23x | 2.79x | 2.63x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.