AAON Expects FY26 Sales Growth of 18%-20%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 02 2026
0mins
Should l Buy AAON?
FY26 consensus $1.56B. Dr. Tobolski concluded, "As we enter early 2026, we are positioned to build on the investments made throughout 2025 in our people, products, manufacturing capabilities, and working capital. While these initiatives carried upfront costs and impacted near-term results, they have meaningfully strengthened AAON's operating foundation and positioned the Company to meet the growing demand in the data center market. Our ERP upgrade presented short-term challenges, which are now largely behind us, and is expected to deliver lasting benefits through improved production throughput, operating efficiency, and margin expansion. We begin 2026 with record backlog, allowing us to remain sharply focused on execution and customer delivery. To support a disciplined ramp in production throughput and accelerate margin improvement, we have moderated the pace of near-term ERP rollouts, enhancing returns on our recent investments while ensuring the Company remains well positioned for future IT system upgrade. With these actions in place, and with operational execution continuing to improve, we expect 2026 sales to grow 18%-20%, with gross margin of 29%-31%. We also anticipate SG&A expenses as a percentage of sales will be approximately 16% and expect depreciation and amortization expenses of $95-$100 million."
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Analyst Views on AAON
Wall Street analysts forecast AAON stock price to rise
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 90.540
Low
115.00
Averages
119.00
High
125.00
Current: 90.540
Low
115.00
Averages
119.00
High
125.00
About AAON
AAON, Inc. provides heating, ventilation and air conditioning (HVAC) solutions for commercial, industrial and data center indoor environments. The Company's segments include AAON Oklahoma, AAON Coil Products and BASX. Its AAON Oklahoma segment engineers, manufactures and sells semi-custom and custom HVAC systems, designs and manufactures controls solutions, and sells aftermarket parts to customers through retail part stores and online. The Company's AAON Coil Products segment engineers and manufactures a selection of its semi-custom, and custom HVAC systems as well as a variety of heating and cooling coils to be used in HVAC systems. Its BASX segment engineers, manufactures, and sells an array of custom, high-performance cooling solutions for hyperscale data center market, ventilation solutions for cleanroom environments in the bio-pharmaceutical, semiconductor, medical and agriculture markets, and highly custom, air handlers and modular solutions for a vast array of markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
AAON Declares Quarterly Cash Dividend
- Dividend Announcement: AAON's Board of Directors has declared a quarterly cash dividend of $0.10 per share, translating to an annual dividend of $0.40, payable on March 30, 2026, reflecting the company's commitment to shareholder returns.
- Record Date for Shareholders: The record date for shareholders to qualify for this dividend is March 18, 2026, ensuring that investors holding shares by this date will receive the dividend, thereby enhancing investor confidence in holding the stock.
- Company Background: Founded in 1988, AAON is a global leader in HVAC solutions, focusing on indoor environments for commercial, industrial, and data centers, showcasing its strong competitive position in the industry.
- Innovation Capability: AAON's world-class innovation center and testing lab in Tulsa, Oklahoma, continuously push the boundaries of equipment design and manufacturing, enhancing the company's technological edge in the market.
See More
AAON Declares Quarterly Cash Dividend
- Dividend Announcement: AAON's Board of Directors has declared a quarterly cash dividend of $0.10 per share, amounting to an annual dividend of $0.40, reflecting the company's stable cash flow and commitment to shareholder returns.
- Record Date for Shareholders: The record date for this dividend is set for March 18, 2026, ensuring that shareholders who own stock by this date will receive the dividend, thereby enhancing investor confidence in holding shares.
- Company Background: Founded in 1988, AAON is a global leader in HVAC solutions for commercial, industrial, and data center indoor environments, enhancing customer experience and long-term value through highly configurable and custom-made equipment.
- Innovation Center: Headquartered in Tulsa, Oklahoma, AAON features a world-class innovation center and testing lab that continuously drives technological advancements in the industry, ensuring the company maintains a competitive edge in a rapidly evolving market.
See More
AAON's Rooftop Unit Passes DOE Evaluation
- Successful Evaluation: AAON's Alpha Class EXTREME SERIES rooftop unit has successfully completed the laboratory evaluation phase of the U.S. Department of Energy's Commercial Building HVAC Technology Challenge, showcasing its leadership in high-performance and energy-efficient solutions.
- Dual Fuel Capability: The unit features true simultaneous dual fuel capability, allowing it to utilize two fuel types concurrently, thereby enhancing energy efficiency and reducing operational costs, aligning with market demands for environmentally friendly and energy-saving products.
- Competitive Market Advantage: This evaluation not only strengthens AAON's competitive position in the HVAC sector but also lays a solid foundation for future product promotion and market expansion, likely attracting more commercial clients.
- Strategic Implications: The successful evaluation signifies AAON's ongoing commitment to technological innovation and product development, further solidifying its leadership in the efficient HVAC solutions market and supporting the company's long-term growth objectives.
See More
AAON Launches Extreme Series Rooftop Unit, Surpassing HVAC Technology Challenge
- Technological Breakthrough: AAON's Alpha Class EXTREME SERIES has successfully passed the laboratory evaluation phase of the U.S. Department of Energy's Commercial Building HVAC Technology Challenge, showcasing true simultaneous dual fuel capability at -20°F, making it the only AHRI-certified product that offers building owners flexible heating options.
- Market Leadership: Designed to meet the upcoming AHRI 1340 standard, EXTREME SERIES is available for commercial buildings from 3 to 40 tons, enabling existing structures to achieve the latest performance standards without requiring a complete infrastructure overhaul, thereby enhancing AAON's competitive edge in the HVAC market.
- Field Validation: The series is already operational in various commercial buildings across North America, particularly in Canada, demonstrating its reliability under extreme climate conditions and further solidifying AAON's leadership in high-performance HVAC solutions.
- American Manufacturing Advantage: AAON's commitment to engineering and manufacturing in the U.S., along with its investment in the Norman Asbjornson Innovation Center, which features the world's only HVAC lab capable of testing equipment performance from -20°F to 130°F, ensures its continuous technological innovation leadership.
See More
AAON, INC.: Oppenheimer Increases Price Target to $118, Up from $115
- Target Price Increase: Oppenheimer raises the target price for a stock from $115 to $118.
- Market Implications: This adjustment reflects a positive outlook on the company's performance and potential growth.
See More
Wall Street Rebounds at Midday, Driven by Strong Tech Stocks
- Market Rebound: Wall Street traded higher at midday on Monday, with the Nasdaq 100 gaining 0.3% to 25,025, indicating a recovery in investor sentiment as concerns over Middle East tensions eased.
- Tech Stocks Lead Gains: Palantir Technologies surged 6.5%, becoming the top performer in the S&P 500, suggesting a renewed confidence in tech stocks that could attract more investment into the sector.
- Energy Market Volatility: Oil prices rallied 5.1% to $70 per barrel, although they cooled after briefly hitting $75, with the energy sector rising 1.3% and Marathon Petroleum Corp. leading the group with a 4.5% gain.
- Rising Treasury Yields: The 10-year Treasury yield jumped 11 basis points to 4.07%, marking the largest one-day increase since April, reflecting heightened concerns about future economic prospects that may influence investor risk appetite.
See More
AAON Declares Quarterly Cash Dividend
- Dividend Announcement: AAON's Board of Directors has declared a quarterly cash dividend of $0.10 per share, translating to an annual dividend of $0.40, payable on March 30, 2026, reflecting the company's commitment to shareholder returns.
- Record Date for Shareholders: The record date for shareholders to qualify for this dividend is March 18, 2026, ensuring that investors holding shares by this date will receive the dividend, thereby enhancing investor confidence in holding the stock.
- Company Background: Founded in 1988, AAON is a global leader in HVAC solutions, focusing on indoor environments for commercial, industrial, and data centers, showcasing its strong competitive position in the industry.
- Innovation Capability: AAON's world-class innovation center and testing lab in Tulsa, Oklahoma, continuously push the boundaries of equipment design and manufacturing, enhancing the company's technological edge in the market.
See More
AAON Declares Quarterly Cash Dividend
- Dividend Announcement: AAON's Board of Directors has declared a quarterly cash dividend of $0.10 per share, amounting to an annual dividend of $0.40, reflecting the company's stable cash flow and commitment to shareholder returns.
- Record Date for Shareholders: The record date for this dividend is set for March 18, 2026, ensuring that shareholders who own stock by this date will receive the dividend, thereby enhancing investor confidence in holding shares.
- Company Background: Founded in 1988, AAON is a global leader in HVAC solutions for commercial, industrial, and data center indoor environments, enhancing customer experience and long-term value through highly configurable and custom-made equipment.
- Innovation Center: Headquartered in Tulsa, Oklahoma, AAON features a world-class innovation center and testing lab that continuously drives technological advancements in the industry, ensuring the company maintains a competitive edge in a rapidly evolving market.
See More
AAON's Rooftop Unit Passes DOE Evaluation
- Successful Evaluation: AAON's Alpha Class EXTREME SERIES rooftop unit has successfully completed the laboratory evaluation phase of the U.S. Department of Energy's Commercial Building HVAC Technology Challenge, showcasing its leadership in high-performance and energy-efficient solutions.
- Dual Fuel Capability: The unit features true simultaneous dual fuel capability, allowing it to utilize two fuel types concurrently, thereby enhancing energy efficiency and reducing operational costs, aligning with market demands for environmentally friendly and energy-saving products.
- Competitive Market Advantage: This evaluation not only strengthens AAON's competitive position in the HVAC sector but also lays a solid foundation for future product promotion and market expansion, likely attracting more commercial clients.
- Strategic Implications: The successful evaluation signifies AAON's ongoing commitment to technological innovation and product development, further solidifying its leadership in the efficient HVAC solutions market and supporting the company's long-term growth objectives.
See More
AAON Launches Extreme Series Rooftop Unit, Surpassing HVAC Technology Challenge
- Technological Breakthrough: AAON's Alpha Class EXTREME SERIES has successfully passed the laboratory evaluation phase of the U.S. Department of Energy's Commercial Building HVAC Technology Challenge, showcasing true simultaneous dual fuel capability at -20°F, making it the only AHRI-certified product that offers building owners flexible heating options.
- Market Leadership: Designed to meet the upcoming AHRI 1340 standard, EXTREME SERIES is available for commercial buildings from 3 to 40 tons, enabling existing structures to achieve the latest performance standards without requiring a complete infrastructure overhaul, thereby enhancing AAON's competitive edge in the HVAC market.
- Field Validation: The series is already operational in various commercial buildings across North America, particularly in Canada, demonstrating its reliability under extreme climate conditions and further solidifying AAON's leadership in high-performance HVAC solutions.
- American Manufacturing Advantage: AAON's commitment to engineering and manufacturing in the U.S., along with its investment in the Norman Asbjornson Innovation Center, which features the world's only HVAC lab capable of testing equipment performance from -20°F to 130°F, ensures its continuous technological innovation leadership.
See More
AAON, INC.: Oppenheimer Increases Price Target to $118, Up from $115
- Target Price Increase: Oppenheimer raises the target price for a stock from $115 to $118.
- Market Implications: This adjustment reflects a positive outlook on the company's performance and potential growth.
See More
Wall Street Rebounds at Midday, Driven by Strong Tech Stocks
- Market Rebound: Wall Street traded higher at midday on Monday, with the Nasdaq 100 gaining 0.3% to 25,025, indicating a recovery in investor sentiment as concerns over Middle East tensions eased.
- Tech Stocks Lead Gains: Palantir Technologies surged 6.5%, becoming the top performer in the S&P 500, suggesting a renewed confidence in tech stocks that could attract more investment into the sector.
- Energy Market Volatility: Oil prices rallied 5.1% to $70 per barrel, although they cooled after briefly hitting $75, with the energy sector rising 1.3% and Marathon Petroleum Corp. leading the group with a 4.5% gain.
- Rising Treasury Yields: The 10-year Treasury yield jumped 11 basis points to 4.07%, marking the largest one-day increase since April, reflecting heightened concerns about future economic prospects that may influence investor risk appetite.
See More
