Q1 25 EPS
$0.37
BEAT +56.98%
Est. $0.24
Q1 25 Revenue
$322.1M
BEAT +10.88%
Est. $290.4M
vs S&P Since Q1 25
-20.0%
TRAILING MARKET
AAON +13.4% vs S&P +33.4%
Market Reaction
Did AAON Beat Earnings? Q1 2025 Results
AAON delivered a sharp earnings beat in the first quarter of 2025, with adjusted EPS of $0.37 clearing the $0.24 consensus estimate by 56.98% and revenue of $322.05 million topping expectations by 10.88% as total net sales climbed 22.9% year-over-yea… Read more AAON delivered a sharp earnings beat in the first quarter of 2025, with adjusted EPS of $0.37 clearing the $0.24 consensus estimate by 56.98% and revenue of $322.05 million topping expectations by 10.88% as total net sales climbed 22.9% year-over-year. The headline driver was a 374.8% surge in BASX-branded data center equipment sales to $132.56 million, which more than offset a 19.1% decline in AAON-branded products tied to weak prior-quarter order flow and supply chain constraints around the new R454B refrigerant. Gross margin compressed to 26.8% from 35.2% a year ago on lower AAON Oklahoma production volumes, though a record backlog of $1.03 billion, up 83.9% year-over-year, provides substantial revenue visibility heading into the back half. Management expects AAON Oklahoma volumes to recover considerably as R454B supply constraints ease, while BASX bookings continue to build on data center demand; the company plans $220 million in capital investment for 2025 and raised its quarterly dividend 25% to $0.10 per share.
Key Takeaways
- • BASX-branded data center equipment sales surged 374.8% YoY driven by air-side and liquid cooling demand
- • AAON Coil Products segment revenue grew 287.8% YoY
- • AAON Oklahoma segment net sales declined 23.0% due to weak Q4 orders and R454B supply chain issues
- • Gross margin contracted to 26.8% from 35.2% due to lower AAON Oklahoma production volumes
- • Improved operational efficiencies at Longview and Redmond facilities partially offset margin pressure
- • Higher SG&A expenses from depreciation, amortization, and technology consulting costs
AAON YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
AAON Revenue by Segment
With YoY comparisons, source: SEC Filings
“We had a strong first quarter. Net sales, gross margin and earnings all experienced quarter-over-quarter improvement. Production of BASX-branded equipment made solid progress as we accelerated backlog conversion, utilizing all four of our major locations, including our new facility in Memphis. The resulting net sales of BASX-branded products for the quarter were up year-over-year 374.8%. Bookings for BASX-branded equipment were also strong, driven by demand for both our air-side and liquid cooling data center equipment, with total backlog at the end of the quarter up 83.9% from a year ago and up 18.4% from the end of last year.”
— Gary Fields, Q1 2025 Earnings Press Release
AAON Earnings Trends
AAON vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AAON EPS Trend
Earnings per share: estimate vs actual
AAON Revenue Trend
Quarterly revenue: estimate vs actual
AAON Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.29 | $0.48 | +63.27% | $496.9M | +29.55% |
| Q4 25 MISS FY | $0.46 | $0.39 | -15.22% | $424.2M | +13.40% |
| FY Full Year | $1.42 | $1.29 | -9.15% | $1.44B | +3.60% |
| Q3 25 BEAT | $0.32 | $0.37 | +14.91% | $384.2M | +13.84% |
| Q2 25 MISS | $0.33 | $0.22 | -32.52% | $311.6M | -7.60% |
| Q1 25 BEAT | $0.24 | $0.37 | +56.98% | $322.1M | +10.88% |