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AAON

AAON Q2 2026 Earnings

Reported Aug 10, 2026 at 7:12 AM ET · SEC Source

Q2 26 EPS Adjusted

$0.69

BEAT +39.68%

Est. $0.49

Non-GAAP adjusted EPS excludes a $1.4 million infrequent Memphis, Tenn. facility incentive fee, net of $123K profit sharing effect and $332K tax effect

Q2 26 Revenue

$627.0M

BEAT +24.65%

Est. $503.0M

vs S&P Since Q2 26

-12.1%

TRAILING MARKET

AAON -12.2% vs S&P -0.1%

Market Reaction

Did AAON Beat Earnings? Q2 2026 Results

AAON, Inc. Delivered a blowout second quarter for fiscal 2026, as data center demand drove the company's revenue to more than double year-over-year, landing at $626.98 million against a consensus estimate of $503.00 million, a beat of 24.65%. Adjuste… Read more AAON, Inc. Delivered a blowout second quarter for fiscal 2026, as data center demand drove the company's revenue to more than double year-over-year, landing at $626.98 million against a consensus estimate of $503.00 million, a beat of 24.65%. Adjusted non-GAAP EPS of $0.69, which excludes a $1.45 million Memphis facility incentive fee net of profit sharing and tax effects, topped the $0.49 consensus by 39.68%, with the figure more than doubling compared to a year ago. The singular driver of the quarter's outperformance was BASX, AAON's data center solutions brand, which grew 216.2% to $345.00 million and carried a gross margin of 30.0%, up from 27.9% a year ago, even as consolidated gross margin compressed to 24.3% from 26.6% amid the costs of rapidly scaling capacity. Total backlog stood at $1.97 billion, up 98% year-over-year, providing substantial revenue visibility. Management raised its full-year 2026 net sales growth outlook to 55%-60% from 40%-45%, while guiding gross margin to 25%-26% and expressing confidence in sequential margin improvement through the back half of the year as utilization rates rise and pricing actions flow through the backlog.

Key Takeaways

  • • Strong data center demand driving BASX-branded sales growth of 216.2%
  • • Accelerated backlog conversion through expanded manufacturing capacity and improved throughput
  • • AAON-branded sales growth of 39.3% supported by healthy backlog and production improvements
  • • SG&A as a percent of sales declined 570 basis points to 13.3% reflecting operating leverage
  • • BASX liquid cooling sales of $126.6 million, up 208.4%
  • • BASX segment gross margin improved to 30.0% from 27.9% year-over-year

AAON Forward Guidance & Outlook

AAON raised its full-year 2026 outlook: net sales growth now expected at 55%-60% (up from 40%-45%), gross margin at 25%-26% (down from 27%-28%), SG&A as a percent of sales at 13%-14% (improved from 14%-15%), and depreciation & amortization maintained at $95M-$100M. Management expects sequential margin improvement in the second half driven by higher utilization, productivity improvements, sourcing initiatives, pricing actions, and a more favorable backlog profile. The company remains confident in long-term earnings power and expects improved profitability and stronger cash generation as the year progresses.

24/7 Wall St

AAON YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

AAON Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Our second quarter results demonstrate the continued strength of demand for our solutions and the progress we are making scaling the company to meet that demand. Net sales increased 101.2% to a fourth consecutive quarterly record, operating income increased 192.1%, and diluted EPS increased 257.9%, reflecting the power of higher throughput, strong backlog conversion, and continued execution across the business.”

— Matt Tobolski, Q2 2026 Earnings Press Release

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