AAON

In March 2026, AAON reported strong Q4 and full-year 2025 results, with Q4 2025 net sales increasing 42.5% to $424.2 million, driven by a 138.8% surge in BASX-branded sales due to data center demand. The company ended 2025 with a record backlog of $1.83 billion and introduced a 2026 outlook expecting 18-20% revenue growth and 29-31% gross margins, though profitability was impacted by new manufacturing facility ramp-up costs. In May 2026, AAON reported record Q1 2026 results, with net sales increasing 54.3% to $496.9 million, and BASX-branded sales growing 72.4% due to continued strength in data center cooling demand. The company reported a record Q1 2026 order backlog of $2.13 billion, largely due to a 160% surge in BASX-branded data center cooling orders, and raised its full-year 2026 revenue growth outlook to 40%-45% while adjusting gross margin expectations to 27%-28%; insider selling of approximately $22 million was also noted. In August 2026, AAON announced record Q2 2026 results, with net sales increasing 101.2% to $627.0 million and diluted EPS rising 257.9% to $0.68, as BASX-branded sales climbed 216.2% to $345 million, accounting for over half of the company's revenue due to data center demand. The total backlog reached $2.0 billion, though gross margin declined to 24.3% due to costs of scaling capacity, leading management to raise its full-year 2026 sales growth outlook to 55%-60% but lower gross margin expectations to 25%-26%. In September 2026, the stock experienced choppy trading with a negative 90-day share price return, despite recent daily and weekly gains. AAON was removed from the S&P Homebuilders Select Industry Index, and the stock had fallen approximately 50% from its January 2025 all-time high, compressing its forward P/E, with analysts noting it trades at a steep discount after a sharp pullback, fueled by rapid growth in the data center market and significant BASX brand order wins.