AAON earnings analysis
What we found in AAON's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
AAON delivered a strong Q2, with revenue of $626.976 million and diluted EPS of $0.69, materially above both prior periods and consensus estimates of $505.34 million and $0.50. The company also raised FY2026 sales-growth expectations to 55%-60% from 40%-45%, but lowered gross-margin expectations to 25%-26% from 27%-28%. The principal balance-sheet risk is $435.0 million of debt, with a 1-percentage-point rate increase estimated to reduce annual pretax income by $4.4 million; the filing states there were no material changes to the prior annual report’s risk factors.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Record revenue and major estimate beat
- Q2 revenue was $626.976 million, up 100.9% from $312 million in Q2 2025 and 26.1% from $497 million in Q1 2026. Revenue exceeded the $505.34 million consensus estimate by $121.636 million, or 24.1%.
- EPS sharply outperformed expectations
- Diluted EPS was $0.69 versus $0.19 in Q2 2025 and $0.48 in Q1 2026, increases of 263.2% and 43.8%, respectively. EPS exceeded the $0.50 estimate by $0.19, or 38%.
- FY2026 sales outlook raised
- Management’s FY2026 sales-growth outlook was raised to 55%-60% from 40%-45%, indicating stronger expected demand despite lower margin expectations.
- No control deficiencies identified
- Disclosure controls were evaluated as effective as of the end of the quarter, and the company reported no changes in internal control that materially affected or were reasonably likely to materially affect reporting.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Debt creates interest-rate sensitivity
- AAON reported $435.0 million of outstanding debt as of June 30, 2026. A 1-percentage-point increase in the applicable interest rate would reduce annual income before taxes by approximately $4.4 million.
- Commodity-cost volatility remains
- The company remains exposed to commodity-price volatility and uses cancellable and non-cancellable supplier contracts with terms of 6 to 18 months to manage the exposure. The filing states there were no material changes to the risk factors in the 2025 Annual Report.
- Higher growth comes with margin pressure
- The previously disclosed FY2026 gross-margin outlook was lowered to 25%-26% from 27%-28%, despite the sales-growth outlook increasing to 55%-60% from 40%-45%; this implies a material near-term profitability headwind from rapid expansion and ramp costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.69
What they said about what is next.
The 10-Q does not provide numeric EPS or revenue-dollar guidance. The previously disclosed FY2026 sales-growth outlook was raised to 55%-60% from 40%-45%; gross-margin guidance was lowered to 25%-26% from 27%-28%, and SG&A guidance improved to 13%-14% from 14%-15%.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 7, 2026
- AAON reported impressive Q1 2026 results with revenue of $496.9 million, beating estimates of $384.2 million, and EPS of $0.48, significantly above the expected $0.30. The company attributed the strong performance to…
- 10-K · March 2, 2026
- AAON reported record 2025 net sales of $1,442.1 million (up 20.1% YoY) driven by strong BASX/data‑center demand and a materially larger backlog of $1,828.5 million (up 110.9%). Revenue growth was offset by margin…
- 10-Q · November 6, 2025
- AAON reported a Q3 2025 revenue beat with net sales of $384,238,000, up $56,986,000 or 17.4% versus Q3 2024, driven by strong BASX/data-center demand and a backlog surge. Despite top-line strength and an EPS beat ($0.37…
- 10-Q · May 1, 2025
- AAON reported Q1 net sales of $322,054,000, up 22.9% year-over-year, driven by strong BASX and AAON Coil Products demand, while consolidated gross margin compressed to 26.8% from 35.2% and operating income fell to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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