The presentation reinforces AAON's strong data center growth trajectory and record backlog, but contains no new financial disclosures beyond previously stated 2026 guidance. Monitor upcoming quarterly results for execution on the 40-45% sales growth target and gross margin expansion to 27-28%.
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Executive Summary
AAON presented at the William Blair Growth Stock Conference on June 2, 2026, providing an investor update with a strong 2026 outlook: 40-45% sales growth and gross margin of 27-28%. The presentation highlighted a record $2.13B backlog (up 160% YoY at BASX), significant data center exposure, and continued market share gains. This is a routine conference presentation with no new material financial disclosures beyond previously stated guidance.
Key Facts
- 2026 outlook: sales growth of 40% to 45%, gross margin of 27% to 28%
- Record backlog of $2.13B as of Q1 2026
- BASX brand backlog of $1.62B at Q1 2026, up 160% year-over-year
- TTM net sales of $1.617B, TTM EPS of $1.43, TTM adjusted EBITDA of $252.6M
- Data center pipeline of ~240 GW in development; BASX TTM sales of $643.8M
- Added 1M+ sq ft of BASX production capacity since 2024, up nearly 6x
- Alpha Class heat pump category ~24% of rooftop sales, ~11% of total company sales
Financial Impact
2026 guidance implies ~$2.26B-$2.34B in sales (40-45% growth from TTM $1.617B); gross margin guided 27-28% vs TTM 26.2%
Risk Factors
- Execution risk on ramping BASX production capacity (currently 20-60% utilization at new facilities)
- Gross margin compression from product mix shift toward lower-margin data center equipment
- Potential slowdown in data center capex or shift in cooling technology away from air-side solutions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000824142-26-000044 |
| Document: aaon-20260602.htm | 0000824142-26-000044 |
| Document: 0000824142-26-000044-index-headers.html | 0000824142-26-000044 |
| Document: 0000824142-26-000044-index.html | 0000824142-26-000044 |
| Document: 0000824142-26-000044.txt | 0000824142-26-000044 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 28, 2026 5w ago | 8-K | $75.87 $79.40 | ▲ +4.65% | ▲ +4.54% | $84.43 (+11.28%) |
Aug 13, 2026 7w ago | Press Release | $87.67 $80.84 | ▼ −7.79% | ▼ −5.83% | $84.43 (−3.70%) |
Aug 10, 2026 7w ago | 8-K | $89.24 $88.09 | ▼ −1.29% | ▼ −1.24% | $84.43 (−5.39%) |
Jul 31, 2026 9w ago | Institutional Cluster | $89.06 $94.83 | ▲ +6.48% | ▲ +2.97% | $84.43 (−5.20%) |
Jul 30, 2026 9w ago | 8-K | $87.59 $90.28 | ▲ +3.07% | ▼ −0.55% | $84.43 (−3.61%) |
Jul 23, 2026 10w ago | ANALYST-UPGRADE | $107.68 $87.59 | ▼ −18.66% | ▼ −19.13% | $84.43 (−21.59%) |
Jun 8, 2026 16w ago | 8-K | $132.05 $131.26 | ▼ −0.60% | ▼ −2.71% | $84.43 (−36.06%) |
Jun 5, 2026 17w ago | Insider Cluster | $132.62 $127.19 | ▼ −4.09% | ▼ −4.66% | $84.43 (−36.34%) |
May 27, 2026 18w ago | Insider Cluster | $139.54 $143.50 | ▲ +2.84% | ▲ +1.63% | $84.43 (−39.49%) |
May 27, 2026 18w ago | Insider Cluster | $139.54 $143.50 | ▲ +2.84% | ▲ +1.63% | $84.43 (−39.49%) |
US Market Status
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