The raised guidance and record backlog signal sustained data center demand and improving operational execution. Monitor gross margin progression through 2026 as capacity utilization improves; the stock may re-rate higher on the growth acceleration.
Price Chart
Executive Summary
AAON reported record Q1 2026 sales of $496.9M (+54.3% YoY) and GAAP diluted EPS of $0.48 (+37.1% YoY), significantly beating the $0.31 consensus. Backlog reached a record $2.13B (+107.4% YoY), and the company raised its full-year revenue growth guidance to 40-45% from prior 18-20%. A $100M share buyback was also authorized.
Key Financial Metrics
Key Facts
- Q1 2026 net sales $496.9M, +54.3% YoY; GAAP diluted EPS $0.48, +37.1% YoY.
- EPS of $0.48 beat consensus of $0.31 by 54.8%.
- Record total backlog of $2.13B, up 107.4% YoY and 16.5% sequentially.
- Raised FY2026 revenue growth guidance to 40-45% from 18-20%.
- Board authorized $100M share repurchase program.
- Operating cash flow improved to $34.0M, highest since Q3 2024.
Financial Impact
Strong earnings beat and raised guidance; $100M buyback represents ~1.25% of market cap.
Risk Factors
- Gross margin compression from capacity ramp (25.1% vs 26.8% YoY) may persist near-term.
- Elevated debt ($425.2M revolver balance) and capex ($52.9M) strain balance sheet.
- Tariff and raw material cost risks could impact margins.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000824142-26-000034 |
| Document: aaon-20260507.htm | 0000824142-26-000034 |
| Document: 0000824142-26-000034-index-headers.html | 0000824142-26-000034 |
| Document: 0000824142-26-000034-index.html | 0000824142-26-000034 |
| Document: 0000824142-26-000034.txt | 0000824142-26-000034 |
| 8-K Data (Synthetic) | 0000824142-26-000034 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access