AAONHIGH SIGNALOPERATIONAL10-K

AAON experienced massive 256% revenue growth but suffered a catastrophic 99.7% collapse in operating cash flow despite maintaining profitability.

This dramatic disconnect between revenue growth and cash generation suggests severe working capital management issues or potential revenue quality problems that require immediate investor attention. The company appears to be growing rapidly but burning through cash at an alarming rate, which could threaten its ability to fund operations and growth initiatives.

Comparing 2026-03-02 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

AAON delivered explosive revenue growth of 256% to $405.2M and expanded its asset base by 44% to $1.7B, with accounts receivable more than doubling and inventory growing 39%. However, despite maintaining solid profitability with $107.6M in net income, operating cash flow collapsed from $192.5M to just $534K, indicating the company is essentially converting all its earnings into working capital rather than generating cash. This extreme working capital absorption, evidenced by the doubling of both receivables and current liabilities, signals either rapid business expansion outpacing cash collection or potential quality issues with the revenue growth.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+256.5%
$113.7M→$405.2M

Strong top-line growth of 256.5% — accelerating demand or successful expansion into new markets.

Accounts Receivable
Balance Sheet
+113.2%
$147.4M→$314.4M

Receivables surged 113.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Operating Cash Flow
Cash Flow
-99.7%
$192.5M→$534K

Operating cash flow fell 99.7% — earnings quality concerns; investigate working capital changes and non-cash items.

Current Liabilities
Balance Sheet
+89.2%
$174.9M→$330.9M

Current liabilities surged 89.2% — significant near-term obligations; verify ability to meet short-term debt.

Interest Expense
P&L
-84.1%
$277K→$44K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Current Assets
Balance Sheet
+78%
$488.2M→$869.2M

Current assets grew 78% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+43.5%
$1.2B→$1.7B

Asset base grew 43.5% — expansion through organic growth, acquisitions, or capital deployment.

Inventory
Balance Sheet
+39.3%
$187.4M→$261.2M

Inventory surged 39.3% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Net Income
P&L
-36.2%
$168.6M→$107.6M

Net income declined 36.2% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-30.1%
$209.1M→$146.2M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-27
ADDED
As of February 26, 2026, registrant had an outstanding total of 81,499,853 shares of its $ .004 par value Common Stock.
Overview AAON, Inc., a Nevada corporation ("AAON Nevada"), was incorporated on August 18, 1987.
Our operating subsidiaries include AAON, Inc., an Oklahoma corporation ("AAON Oklahoma"), AAON Coil Products, Inc., a Texas corporation ("AAON Coil Products"), and BASX, Inc., an Oregon corporation ("BASX").
Unless the context otherwise requires, references in this Annual Report to "AAON", the "Company", "we", "us", "our", or "ours" refer to AAON Nevada and our subsidiaries.
AAON is a leader in heating, ventilation, air conditioning, and liquid cooling solutions for commercial and industrial indoor environments.
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REMOVED
As of February 24, 2025, registrant had an outstanding total of 81,597,289 shares of its $ .004 par value Common Stock.
Overview AAON, Inc., a Nevada corporation, ( AAON Nevada ) was incorporated on August 18, 1987.
Our operating subsidiaries include AAON, Inc., an Oklahoma corporation ( AAON Oklahoma ), AAON Coil Products, Inc., a Texas corporation ( AAON Coil Products ), and BASX, Inc., an Oregon corporation ( BASX ).
Unless the context otherwise requires, references in this Annual Report to AAON , the Company , we , us , our , or ours refer to AAON Nevada and our subsidiaries.
AAON is a leader in heating, ventilation, and air conditioning ( HVAC ) solutions for commercial and industrial indoor environments.
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