AAON Inc (AAON) financial statements: income statement, balance sheet and cash flow
AAON Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), AAON Inc reported revenue of $1.4B (+20.1% year on year) and net income of $107.6M (-36.2% year on year).
Income statement
AAON Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net sales
$1.4B
$1.2B
$1.2B
$888.8M
Cost of sales
$1.1B
$803.5M
$769.5M
$651.2M
Gross profit
$385.7M
$397.1M
$399.0M
$237.6M
Selling, general and administrative expenses
$239.5M
$188.0M
$171.5M
$110.8M
Gain on disposal of assets
($4.0K)
($23.0K)
($13.0K)
($12.0K)
Income from operations
$146.2M
$209.1M
$227.5M
$126.8M
Interest expense
($17.7M)
($2.9M)
($4.8M)
($2.6M)
Other income, net
$230.0K
$378.0K
$503.0K
$399.0K
Income before taxes
$128.8M
$206.6M
$223.2M
$124.5M
Income tax provision
$21.2M
$38.0M
$45.5M
$24.2M
Net income
$107.6M
$168.6M
$177.6M
$100.4M
Basic (usd per share)
$1.32
$2.07
$2.19
$1.89
Diluted (usd per share)
$1.29
$2.02
$2.13
$1.86
Cash dividends declared per common share (in dollars per share)
$0.40
$0.32
$0.32
$0.43
Basic (in shares)
81.5M
81.5M
81.2M
53.1M
Diluted (in shares)
83.1M
83.6M
83.3M
54.1M
AAON Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q4
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net sales
$627.0M
$496.9M
$384.2M
$311.6M
Cost of sales
$474.5M
$372.0M
$277.4M
$228.8M
Gross profit
$152.5M
$125.0M
$106.9M
$82.7M
Selling, general and administrative expenses
$83.6M
$67.9M
$63.2M
$59.1M
Gain on disposal of assets
$0
$0
$36.0K
$0
Income from operations
$68.9M
$57.1M
$43.6M
$23.6M
Interest expense
($6.2M)
($5.1M)
—
—
Other income (expense), net
$158.0K
$77.0K
$0
($68.0K)
Income before taxes
$62.8M
$52.1M
$38.4M
$19.5M
Income tax provision
$6.2M
$12.3M
$7.7M
$4.0M
Net income
$56.7M
$39.8M
$30.8M
$15.5M
Basic (usd per share)
$0.69
$0.49
$0.38
$0.19
Diluted (usd per share)
$0.68
$0.48
$0.37
$0.19
Cash dividends declared per common share (in dollars per share)
$0.10
$0.10
$0.10
$0.10
Basic (in shares)
82.2M
81.8M
81.5M
81.4M
Diluted (in shares)
83.7M
83.2M
83.0M
83.0M
Balance sheet
AAON Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$13.0K
$14.0K
$287.0K
$5.5M
Restricted cash
$1.2M
$6.5M
$8.7M
$498.0K
Accounts receivable, net
$314.4M
$147.4M
$138.1M
$127.2M
Income tax receivable
$27.4M
$4.1M
—
$0
Inventories, net
$261.2M
$187.4M
$213.5M
$198.9M
Contract assets, net
$247.0M
$135.4M
$45.2M
$15.2M
Prepaid expenses and other
$17.9M
$7.3M
$3.1M
$1.9M
Total current assets
$869.2M
$488.2M
$409.0M
$349.1M
Property, plant and equipment, net
$631.3M
$510.4M
$369.9M
$304.7M
Intangible assets, net and goodwill
$165.8M
$160.2M
—
—
Right of use assets
$18.0M
$15.4M
$11.8M
$7.1M
Other long-term assets
$2.3M
$242.0K
$816.0K
$6.4M
Deferred tax assets
$0
$836.0K
—
—
Total assets
$1.7B
$1.2B
$941.4M
$813.9M
Debt, short-term
$0
$16.0M
—
—
Short-term obligations of NMTC
$7.5M
—
—
—
Accounts payable
$110.4M
$44.6M
$27.5M
$45.5M
Accrued liabilities
$132.2M
$99.3M
$85.5M
$78.6M
Contract liabilities
$80.7M
$14.9M
$13.8M
$21.4M
Total current liabilities
$330.9M
$174.9M
$126.7M
$145.6M
Debt, long-term
$398.3M
$138.9M
$38.3M
$71.0M
Deferred tax liabilities
$30.3M
$0
$12.1M
$18.7M
Other long term liabilities
$23.3M
$20.7M
$16.8M
$11.5M
New market tax credit obligation
$8.7M
$16.1M
$12.2M
$6.4M
Preferred stock
$0
$0
$0
$0
Common stock
$327.0K
$326.0K
$326.0K
$214.0K
Additional paid-in capital
$64.4M
$68.9M
$122.1M
$98.7M
Retained earnings
$830.3M
$755.3M
$612.8M
$461.8M
Total stockholders' equity
$895.0M
$824.6M
$735.2M
$560.7M
Total liabilities and stockholders' equity
$1.7B
$1.2B
$941.4M
$813.9M
AAON Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$13.0K
$13.0K
$1.0M
$14.0K
Restricted cash
$12.7M
$1.1M
$1.2M
$1.3M
Accounts receivable, net
$360.8M
$290.2M
$266.2M
$170.6M
Income tax receivable
$19.2M
$19.7M
$25.5M
$7.3M
Inventories, net
$331.3M
$313.2M
$250.5M
$235.0M
Contract assets, net
$258.9M
$298.4M
$207.1M
$233.2M
Prepaid expenses and other
$12.1M
$21.2M
$7.7M
$6.8M
Total current assets
$995.0M
$943.7M
$759.3M
$654.2M
Property, plant and equipment, net
$682.8M
$654.9M
$591.7M
$559.5M
Intangible assets, net and goodwill
$167.9M
$171.9M
$163.9M
$162.3M
Right of use assets
$16.2M
$17.3M
$17.1M
$17.8M
Other long-term assets
$1.8M
$1.9M
$2.2M
$2.4M
Total assets
$1.9B
$1.8B
$1.5B
$1.4B
Short-term obligations of NMTC1
$7.5M
$7.5M
—
—
Accounts payable
$171.7M
$160.1M
$109.7M
$81.6M
Accrued liabilities
$138.3M
$136.7M
$120.5M
$95.3M
Contract liabilities
$12.8M
$55.2M
$20.0M
$33.8M
Total current liabilities
$330.3M
$359.6M
$250.2M
$210.7M
Debt, long-term
$435.0M
$425.2M
$360.1M
$317.3M
Deferred tax liabilities
$38.1M
$34.9M
$22.2M
—
Other long-term liabilities
$28.5M
$27.0M
$22.2M
$22.5M
New market tax credit obligation
$21.3M
$8.8M
—
—
Preferred stock
$0
$0
$0
$0
Common stock
$330.0K
$327.0K
$326.0K
$326.0K
Additional paid-in capital
$99.7M
$71.9M
$56.4M
$48.6M
Retained earnings
$910.4M
$862.0M
$806.4M
$783.8M
Total stockholders' equity
$1.0B
$934.2M
$863.1M
$832.7M
Total liabilities and stockholders' equity
$1.9B
$1.8B
$1.5B
$1.4B
Cash flow statement
AAON Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$107.6M
$168.6M
$177.6M
$100.4M
Depreciation and amortization
$79.2M
$62.7M
$46.5M
$35.1M
Amortization of debt issuance costs
$394.0K
$154.0K
$82.0K
$43.0K
Amortization of right of use assets
$166.0K
$189.0K
$324.0K
$324.0K
Provision for (recoveries of) losses on accounts receivable, net of adjustments
$70.0K
$715.0K
($154.0K)
($72.0K)
Provision for losses on contract assets, net of adjustments
$200.0K
$399.0K
—
—
Provision for (recoveries of) excess and obsolete inventories, net of write-offs
$152.0K
($968.0K)
$1.6M
$2.7M
Share-based compensation
$18.0M
$16.7M
$16.4M
$13.7M
Other
($15.0K)
($4.0K)
—
—
Deferred income taxes
$31.1M
($6.6M)
($6.5M)
($13.3M)
Accounts receivable
($167.0M)
($10.0M)
($10.0M)
($56.3M)
Income tax receivable
($23.3M)
($5.3M)
($11.3M)
$18.2M
Inventories
($73.9M)
$27.1M
($16.2M)
($71.4M)
Contract assets
($111.8M)
($90.6M)
($30.0M)
($9.4M)
Prepaid expenses and other long-term assets
($11.7M)
($3.7M)
($1.0M)
($2.4M)
Accounts payable
$52.9M
$17.0M
($18.3M)
$11.6M
Contract liabilities
$65.8M
$1.2M
($7.7M)
$13.9M
Extended warranties
$831.0K
$1.8M
$2.6M
$1.3M
Accrued liabilities and other long-term liabilities
$31.9M
$13.3M
$15.1M
$16.9M
Net cash provided by operating activities
$534.0K
$192.5M
$158.9M
$61.3M
Capital expenditures
($190.6M)
($195.7M)
($104.3M)
($54.0M)
Proceeds from government incentive grant
$12.0M
—
—
—
Proceeds from sale of property, plant and equipment
$40.0K
$25.0K
$129.0K
$12.0K
Acquisition of intangible assets
($14.3M)
($17.5M)
($5.2M)
—
Principal payments from note receivable
$435.0K
$51.0K
$51.0K
$48.0K
Net cash used in investing activities
($192.4M)
($213.1M)
($109.3M)
($76.2M)
Borrowings of debt
$915.4M
$717.9M
$597.1M
$225.8M
Payments of debt
($672.2M)
($601.1M)
($629.8M)
($194.8M)
Proceeds from financing obligation, net of issuance costs
$0
$4.2M
$6.1M
—
Payment related to financing costs
($1.4M)
($664.0K)
($398.0K)
—
Stock options exercised
$17.1M
$31.9M
$33.3M
$23.1M
Repurchase of stock - open market
($30.0M)
($100.0M)
($25.0M)
($12.7M)
Repurchases of stock - LTIP plans (Note 18)
($9.7M)
($8.0M)
($1.3M)
($1.0M)
Cash dividends paid to stockholders
($32.6M)
($26.1M)
($26.4M)
($22.9M)
Net cash provided by (used in) financing activities
$186.6M
$18.0M
($46.5M)
$17.4M
Net (decrease) increase in cash, cash equivalents, and restricted cash
($5.3M)
($2.5M)
$3.1M
$2.5M
Cash, cash equivalents, and restricted cash, beginning of year
$6.5M
$9.0M
$5.9M
$3.5M
Cash, cash equivalents, and restricted cash, end of year
$1.2M
$6.5M
$9.0M
$5.9M
AAON Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q4
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$96.5M
$39.8M
$75.6M
$44.8M
Depreciation and amortization
$44.7M
$20.9M
$58.8M
$38.9M
Amortization of debt issuance costs
$84.0K
$40.0K
$250.0K
$128.0K
Amortization of right of use assets
$91.0K
$40.0K
$118.0K
$69.0K
(Recoveries of) Provision for losses on accounts receivable, net of adjustments
($62.0K)
($120.0K)
$92.0K
$270.0K
Provision for losses on contract assets, net of adjustments
$0
—
—
—
Provision for excess and obsolete inventories, net of write-offs
$1.2M
$701.0K
$1.0M
$288.0K
Share-based compensation
$10.7M
$7.7M
$13.4M
$8.8M
Other
$0
$0
($32.0K)
($71.0K)
Deferred income taxes
$7.8M
$4.6M
$23.0M
($2.4M)
Accounts receivable
($46.3M)
$24.3M
($118.9M)
($23.4M)
Income tax receivable
$8.2M
$7.8M
—
—
Inventories
($71.4M)
($52.8M)
($64.1M)
($47.8M)
Contract assets
($11.8M)
($51.3M)
($71.9M)
($98.0M)
Prepaid expenses and other long-term assets
$6.3M
($1.5M)
($771.0K)
($68.0K)
Accounts payable
$63.9M
$50.4M
$59.9M
$36.4M
Contract liabilities
($67.9M)
($25.4M)
$5.1M
$18.8M
Extended warranties
$7.1M
$4.4M
$431.0K
($148.0K)
Accrued liabilities and other long-term liabilities
$5.9M
$4.5M
$20.4M
($4.6M)
Net cash provided by (used in) operating activities
$55.0M
$34.0M
($18.8M)
($31.0M)
Capital expenditures
($97.3M)
($45.1M)
($128.1M)
($82.5M)
Grant proceeds received
$1.6M
$1.6M
—
—
Proceeds from sale of property, plant and equipment
$0
$0
$275.0K
$40.0K
Acquisition of intangible assets
($5.3M)
($7.8M)
($10.9M)
($7.0M)
Principal payments from note receivable
$0
$0
$37.0K
$25.0K
Net cash used in investing activities
($100.9M)
($51.3M)
($138.6M)
($89.5M)
Borrowings of debt
$597.5M
$252.9M
$658.5M
$415.1M
Payments of debt
($560.8M)
($226.0M)
($453.4M)
($253.0M)
Proceeds from financing obligation, net of issuance costs
$12.9M
—
$0
$0
Payment related to financing costs
($399.0K)
($1.4M)
($1.4M)
($1.4M)
Stock options exercised
$29.1M
$3.1M
$13.3M
$10.0M
Repurchase of stock - open market
$0
$0
$39.3M
$39.2M
Repurchases of stock - LTIP plans (Note 17)
($4.5M)
($3.2M)
—
—
Cash dividends paid to stockholders
($16.4M)
($8.1M)
$24.4M
$16.3M
Net cash provided by financing activities
$57.4M
$17.2M
$153.2M
$115.3M
Net increase (decrease) in cash, cash equivalents, and restricted cash
$11.5M
($139.0K)
—
—
Cash, cash equivalents, and restricted cash, beginning of period
$1.2M
$1.2M
$6.5M
$6.5M
Cash, cash equivalents, and restricted cash, end of period