AAON (AAON) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and AAON published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. AAON reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• AAON restated its first and second quarter 2026 financial statements in this release after finding errors in its percent-of-completion revenue calculation and its accounting for software subscriptions. Q1 2026 net sales went from $496.9 million to $492.5 million and Q2 2026 from $627.0 million to $642.1 million. AAON also reported a material weakness in internal control over financial reporting.
• Segment net sales are external sales after inter-segment eliminations, so the three segments add up to total net sales.

Source: AAON Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How AAON splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• AAON's AAON Oklahoma revenue was $283 million in Q3 2026, up 19% from $239 million in Q3 2025, 40% of total revenue.
• AAON's AAON Coil Products revenue was $193 million in Q3 2026, up 174% from $70.2 million in Q3 2025, 27% of total revenue.
• AAON's BASX revenue was $231 million in Q3 2026, up 207% from $75.2 million in Q3 2025, 33% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, AAON said:

“2026 outlook now reflects net sales growth of 72%-75%, gross margins of approximately 26%, and SG&A as a percent of sales of about 13%, supported by strong backlog, expanded capacity, and improving operational execution”

“The Company continues to see strong customer engagement and a healthy pipeline of opportunities across the data center market, and expects order strength to continue in the fourth quarter and as we enter 2027.”

Source: AAON Q3 2026 release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AAON forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP figures. Q1 and Q2 2026 are AAON's restated figures from its Forms 10-Q/A filed November 9, 2026. As first reported, Q1 2026 was $496.9 million of net sales and diluted EPS of $0.48, and Q2 2026 was $627.0 million and $0.68. Other quarters are as first reported in that quarter's release.

We do not hold a confirmed date for AAON's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

AAON, which now presents itself as The Aaon Group, had record net sales of $707.4 million in Q3 2026, up 84.1% from $384.2 million. It reports three segments: AAON Oklahoma ($283.5 million), AAON Coil Products ($192.6 million) and BASX ($231.3 million). Sorted by brand, BASX-branded products brought in $397.2 million, up 218.3%, and AAON-branded products $310.2 million, up 19.6%. (AAON Q3 2026 release, Nov 9, 2026)

AAON Oklahoma makes rooftop units and sells aftermarket parts. AAON Coil Products makes condensing units, air handling products, data center cooling solutions and geothermal and water-source heat pumps. BASX makes data center cooling solutions, cleanroom products and air handling products. Aftermarket part sales were $26.9 million in the quarter, against $24.9 million a year earlier. (AAON Form 10-Q, Q3 2026, Nov 9, 2026)

Data center cooling drove most of the growth. AAON Coil Products sales rose 174.2%, mainly on BASX-branded liquid cooling sales of $165.5 million, up 255.6%. BASX segment sales rose 207.4%, which AAON attributed to backlog conversion, data center investment activity and more production capacity, including the Memphis facility. AAON Oklahoma sales rose 18.7%, helped by higher pricing, while AAON said it continues to gain share despite softer conditions in the broader commercial HVAC market. (AAON Q3 2026 release, Nov 9, 2026)

Because many of AAON's products are custom with no alternative use, it recognizes revenue over time as each unit is produced. Errors in that percent-of-completion calculation and in accounting for software subscriptions led AAON to restate Q1 and Q2 2026. In aggregate the restatements raised first-half 2026 net sales by $10.7 million. Foreign sales were about 2.6% of AAON's net sales in 2025. (AAON Form 10-Q, Q3 2026, Nov 9, 2026; AAON Q3 2026 release, Nov 9, 2026; AAON Form 10-K, 2025, Mar 2, 2026)

AAON's total backlog was $1,854.5 million at September 30, 2026, up 40.5% from $1,320.1 million a year earlier and down 5.9% from $1,960.3 million at June 30. BASX-branded backlog was $1,355.2 million, up 51.1%, and AAON-branded backlog $499.3 million, up 18.0%. AAON put the sequential decline down to faster backlog conversion and the timing of large BASX project awards. (AAON Q3 2026 release, Nov 9, 2026)

AAON's GAAP diluted EPS was $0.83 in Q3 2026, up 124.3% from $0.37, and its non-GAAP adjusted EPS was the same $0.83 because nothing was adjusted in the quarter. AAON's adjusted net income only removes infrequent items such as litigation settlements and the Memphis incentive fee owed to a real estate broker, which was $1.4 million in the first half of 2026. Net income was $69.0 million against $30.8 million, and operating income rose 129.3% to $100.0 million. (AAON Q3 2026 release, Nov 9, 2026)

AAON's effective tax rate rose to 26.9% from 19.9% a year earlier, and it estimates its 2026 annual rate at about 25.7% excluding discrete events. Diluted weighted average shares were 83,557,784, against 82,952,049. AAON made no open-market buybacks in the first nine months of 2026, after $30.0 million in the same period of 2025, and it declared a dividend of $0.10 per share. (AAON Form 10-Q, Q3 2026, Nov 9, 2026; AAON Q3 2026 release, Nov 9, 2026)

AAON's restatement moved earlier EPS in both directions. Q1 2026 diluted EPS went from $0.48 to $0.44 and Q2 2026 from $0.68 to $0.80, so first-half diluted EPS rose $0.09 in total. AAON said it found no evidence of fraud or misconduct. (AAON Q3 2026 release, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

AAON gives a full-year outlook in its release, not a quarterly one. After Q3 2026 it raised its 2026 net sales growth outlook to 72%-75%, from 55%-60%, its gross profit margin outlook to about 26%, from 25%-26%, and its SG&A outlook to about 13% of sales, from 13%-14%. It expects depreciation and amortization of about $100 million, against $95M-$100M before. (AAON Q3 2026 release, Nov 9, 2026)

AAON said it expects order strength to continue in the fourth quarter and into 2027 and that it sees a healthy pipeline of opportunities across the data center market. It does not give an EPS outlook. (AAON Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover AAON, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones AAON's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AAON is on is AAON a buy or a sell?, what analysts expect next is on the AAON forecast, and what the company does is on the AAON (AAON) stock page.

Every number on this page can be traced to a document AAON published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.