Revenue: As of FY2026 Q2, the actual value is USD 626.98 M, beating the estimate of USD 503 M.

EPS: As of FY2026 Q2, the actual value is USD 0.68, beating the estimate of USD 0.5025.

EBIT: As of FY2026 Q2, the actual value is USD 69.04 M.

Consolidated Financial Performance

AAON, Inc. reported that net sales increased by 101.2% to a record $627.0 million in the second quarter of 2026, up from $311.6 million in the prior-year period. Gross profit rose by 84.3% to $152.5 million, compared to $82.7 million in the second quarter of 2025, though the gross profit margin decreased to 24.3% from 26.6%. Operating income saw a significant increase of 192.1% to $68.9 million, up from $23.6 million in the prior-year period. Selling, general and administrative expenses as a percent of sales declined by 570 basis points to 13.3%. Net income for the quarter was $56.659 million.

Segment Performance (Three Months Ended June 30, 2026 vs 2025)

AAON Oklahoma

Net sales for AAON Oklahoma were $262.3 million, marking a 41.7% increase from $185.120 million in the second quarter of 2025. Gross profit grew by 18.9% to $63.6 million from $53.5 million, while the gross profit margin was 24.3%, down from 28.9%. Adjusted AAON Oklahoma Gross profit reached $81.739 million, with an adjusted gross profit margin of 31.2%, compared to $56.517 million and 30.5% in the prior-year period.

AAON Coil Products

AAON Coil Products reported net sales of $146.7 million, a 150.9% increase from $58.465 million in the second quarter of 2025. BASX-branded liquid cooling sales contributed $126.6 million, an increase of 208.4%. Gross profit increased by 130.1% to $23.5 million from $10.2 million, with a gross profit margin of 16.0%, down from 17.5%.

BASX

BASX segment net sales were $218.0 million, an increase of 220.7% from $67.982 million in the second quarter of 2025. Gross profit surged by 244.2% to $65.3 million from $19.0 million, and the gross profit margin improved to 30.0% from 27.9%.

Backlog

Total backlog for AAON, Inc. increased by 98.0% year-over-year to $2.0 billion as of June 30, 2026, compared to $995.3 million in the prior year. BASX-branded backlog increased by 185.4% year-over-year, while AAON-branded backlog grew by 9.4% from the prior-year period. Compared to the first quarter of 2026, the total backlog decreased by 7.4%.

Cash Flow and Balance Sheet (Six Months Ended June 30, 2026 vs 2025)

Operating cash flow improved to $55.0 million, compared with - $31.0 million a year ago. As of June 30, 2026, AAON, Inc. held cash, cash equivalents, and restricted cash of $12.7 million, with a balance of $435.0 million on its revolving credit facility. Net cash used in investing activities was - $100.924 million, compared to - $89.492 million in the prior-year period. Net cash provided by financing activities was $57.444 million, compared to $115.339 million in the prior-year period.

2026 Outlook

AAON, Inc. updated its full-year 2026 outlook, projecting net sales growth of 55%-60% and gross margins of approximately 25-26%. SG&A as a percentage of sales is expected to be 13%-14%, supported by a strong backlog, expanded capacity, and improving operational execution. Management anticipates sequential margin improvement in the second half of the year due to higher production volumes, better utilization, pricing actions, and sourcing initiatives, despite near-term costs from rapid scaling.