AAON (AAON) financial statements
AAON reported revenue of $1.4B in fiscal 2025, up 15.8% a year over 9 years.
Net income was $108M and the operating margin 10.1%, against 20.7% in 2016.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from AAON's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $384M | $405M | $434M | $469M | $515M | $535M | $889M | $1.2B | $1.2B | $1.4B |
| Cost of revenue | $266M | $282M | $330M | $350M | $359M | $397M | $651M | $769M | $804M | $1.1B |
| Gross profit | $118M | $124M | $104M | $119M | $156M | $138M | $238M | $399M | $397M | $386M |
| Research and development | $12M | $13M | $14M | $15M | $17M | $17M | $47M | $44M | $47M | $58M |
| Selling, general and admin | $39M | $49M | $48M | $52M | $60M | $69M | $111M | $172M | $188M | $239M |
| Operating income | $80M | $74M | $55M | $67M | $102M | $69M | $127M | $227M | $209M | $146M |
| Pre-tax income | $80M | $75M | $56M | $67M | $102M | $69M | $125M | $223M | $207M | $129M |
| Income tax | $27M | $21M | $13M | $13M | $23M | $10M | $24M | $46M | $38M | $21M |
| Net income | $53M | $54M | $42M | $54M | $79M | $59M | $100M | $178M | $169M | $108M |
| EPS (diluted) | $0.67 | $0.67 | $0.53 | $0.68 | $0.99 | $0.73 | $1.24 | $2.13 | $2.02 | $1.29 |
| Diluted shares | 80M | 80M | 79M | 79M | 80M | 81M | 81M | 83M | 84M | 83M |
| Gross margin | 30.8% | 30.5% | 23.9% | 25.4% | 30.3% | 25.8% | 26.7% | 34.1% | 33.1% | 26.7% |
| Operating margin | 20.7% | 18.3% | 12.8% | 14.3% | 19.8% | 13.0% | 14.3% | 19.5% | 17.4% | 10.1% |
| Net margin | 13.9% | 13.3% | 9.8% | 11.4% | 15.4% | 11.0% | 11.3% | 15.2% | 14.0% | 7.5% |
Balance sheet
Fiscal years, from AAON's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $24M | $21M | $2M | $27M | $79M | $3M | $5M | $287,000 | $14,000 | $13,000 |
| Receivables | $43M | $50M | $54M | $67M | $47M | $71M | $127M | $138M | $147M | $314M |
| Inventory | $47M | $71M | $78M | $74M | $82M | $130M | $199M | $214M | $187M | $261M |
| Total current assets | $141M | $154M | $141M | $188M | $220M | $218M | $349M | $409M | $488M | $869M |
| Property, plant and equipment | $115M | $142M | $163M | $178M | $223M | $258M | $305M | $370M | $510M | $631M |
| Goodwill | — | $0 | $3M | $3M | $3M | $86M | $82M | $82M | — | — |
| Total assets | $257M | $297M | $308M | $371M | $449M | $650M | $814M | $941M | $1.2B | $1.7B |
| Total current liabilities | $39M | $50M | $47M | $56M | $59M | $87M | $146M | $127M | $175M | $331M |
| Total liabilities | $48M | $58M | $59M | $81M | $98M | $184M | $253M | $206M | $351M | $792M |
| Shareholders' equity | $208M | $239M | $249M | $290M | $351M | $466M | $561M | $735M | $825M | $895M |
| Net debt | -$24M | -$21M | -$2M | -$27M | -$79M | -$3M | -$5M | -$287,000 | $16M | -$13,000 |
Cash flow
Fiscal years, from AAON's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $64M | $58M | $55M | $98M | $129M | $61M | $61M | $159M | $193M | $534,000 |
| Capital spending | $27M | $42M | $37M | $37M | $68M | $55M | $54M | — | — | — |
| Free cash flow | $37M | $16M | $18M | $61M | $61M | $6M | $7M | — | — | — |
| Stock-based compensation | $4M | $6M | $8M | $12M | $11M | $12M | $14M | $16M | $17M | $18M |
| Dividends paid | $13M | $14M | $17M | $17M | $20M | $20M | $23M | $26M | $26M | $33M |
| Free cash flow margin | 9.7% | 4.0% | 4.1% | 12.9% | 11.9% | 1.1% | 0.8% | — | — | — |
| Dividends per share | $0.16 | $0.17 | $0.21 | $0.21 | $0.25 | $0.25 | $0.28 | $0.32 | $0.31 | $0.39 |
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What was AAON's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
From AAON's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.