AAON reported Q4 2025 net sales of USD 424.2 million (+42.5% y/y) and gross margin of 25.9% (from 26.1% in Q4 2024). Non-GAAP adjusted EBITDA was USD 64.4 million in Q4 2025 (15.2% margin; from 15.8% in Q4 2024), and non-GAAP adjusted EPS was USD 0.39 in Q4 2025 (from USD 0.30 in Q4 2024). GAAP net income was USD 32.0 million in Q4 2025 (vs. USD 24.7 million in Q4 2024). For FY 2025, GAAP net income was USD 107.6 million and non-GAAP adjusted net income was USD 111.8 million (non-GAAP adjusted EPS USD 1.35). FY 2025 adjusted EBITDA was USD 231.3 million (16.0% margin). Year-end 2025 cash and cash equivalents were USD 6.5 million and debt was USD 398.3 million; the company reported a leverage ratio of 1.77 and said the debt increase was driven by working capital and capex investments. Total backlog at year-end 2025 was USD 1.83 billion (+110.9% y/y; +38.5% q/q), including BASX-branded backlog of USD 1.30 billion (+141.3% y/y; +45.2% q/q) and AAON-branded backlog of USD 526.4 million (+60.8% y/y; +24.3% q/q). Operationally, AAON said Q4 results were driven by 138.8% y/y growth in BASX-branded sales and a 9.5% increase in AAON-branded sales, with BASX demand supported by the data center market, including USD 75.3 million of liquid cooling equipment in Q4. The company cited y/y margin contraction as primarily reflecting unabsorbed costs at the Memphis plant, including USD 6.4 million of unabsorbed costs impacting the AAON Oklahoma segment in Q4. AAON also provided an FY 2026 outlook calling for 18%–20% y/y sales growth, gross margin of 29%–31%, SG&A at about 16% of sales, and D&A expenses of USD 95 million–USD 100 million, and said it expects capex of about USD 190 million in 2026.

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