Aaon(MX:AAON)
MX$1,210.00+71.00 (+13.62%)
MX:AAON
Aaon earnings date
MX$1,210.00
At close:+71.00 (+13.62%)
Aaon (AAON) Q3 2026 Earnings Report
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MX:AAON Q3 2026 EPS Results
- Actual EPS
- MXN 15.43
- Consensus EPS
- MXN 10.65
- Beat/Miss
- Beat by +MXN 4.78
- One Year Ago EPS
- MXN 6.88
MX:AAON Q3 2026 Revenue Results
- Actual Revenue
- MXN 13.15B
- Expected Revenue
- MXN 11.18B
- Beat/Miss
- Beat by +MXN 1.98B
- YoY Revenue Growth
- +84.11%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/09/2026
- Time
- After Close
- Conference Call
- Monday, November 9, 2026
MX:AAON Upcoming Earnings
Aaon's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:AAON Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall, supported by record revenue, substantial growth across both AAON and BASX, improved profitability and cash generation, a large backlog, stronger operating execution, and raised full-year guidance. The main negatives were the disclosed material weakness and accounting restatement, the year-over-year gross-margin decline from brand mix, AAON Oklahoma margins remaining below target, the early-stage Memphis utilization ramp, and continued softness in commercial construction.
Company Guidance
The company raised its 2026 outlook to sales growth of 72% to 75%, up from its previous expectation of 55% to 60%, with gross margin of approximately 26%, SG&A of approximately 13% of sales, and depreciation and amortization approximately $100 million; it expects BASX Q4 bookings to be at or above what it saw in the same quarter in 2025, strong seasonal demand in Q4, similar or better than what it saw in a year ago period, and BASX growth of around 140% for the overall year, while 2027 guidance was not provided, capital expenditures are expected to step down meaningfully next year, and strong earnings growth, improved working capital turns, and lower capital expenditures are expected to drive significantly stronger free cash flow generation for next year.
- Record Quarterly Results and Improved Cash GenerationThird-quarter net sales reached a record $707 million, up 84% year-over-year and 10% sequentially. Operating income more than doubled to $100 million, diluted EPS more than doubled to $0.83, gross profit increased 76% to $189 million, and adjusted EBITDA increased 100% year-over-year to $127 million. Adjusted EBITDA margin improved to 18% from 16.5% a year ago. Gross margin improved sequentially to 26.7%. Through nine months, operating cash flow was $147 million compared with a use of $19 million in the prior-year period.
- AAON Brand Gains Share in a Soft Commercial MarketAAON-branded revenue increased 20% year-over-year to a record $310 million, orders grew 10%, backlog was approximately 18% above last year at $499 million, and national account orders increased nearly 70%. Management stated that the commercial construction market remains soft, but AAON is taking share through differentiated products, a strong sales channel, customer relationships, and improved speed and service.
- Strong BASX Growth and BacklogBASX-branded sales increased 218% year-over-year to a record $397 million. Order activity increased 116% sequentially, and BASX-branded backlog ended the quarter at approximately $1.4 billion, up 51% year-over-year. In the BASX segment, sales grew 207% to $231 million, gross profit increased 227% to $66.4 million, and gross margin expanded to 28.7% from 27% in the prior-year period.
- Broad-Based Demand and Continued BASX Booking MomentumManagement said BASX customer engagement and the opportunity pipeline remain strong, with expectations for strong seasonal fourth-quarter demand similar to or better than the year-ago period. Fourth-quarter BASX bookings were expected to be at or above the same quarter in 2025. Order growth was broad-based across liquid cooling and airside products, existing and new customers, and a diversifying customer base.
- Large and Diverse BacklogTotal backlog ended the quarter at approximately $1.9 billion, up 40% year-over-year. Management stated that BASX projects are geographically diverse, less than one-third of BASX backlog is in states with any level of data-center pressure, the projects in backlog are permitted rather than speculative, and well over 80% of the backlog is with customers with strong balance sheets.
- Operational Execution and Faster Backlog ConversionThe company reported higher production, lower lead times, improving productivity, better utilization, stronger sourcing and supply-chain execution, and faster backlog conversion. AAON backlog declined sequentially because the company was converting backlog faster and getting products to customers sooner. Management also said lead times have come down in BASX as production capacity and operational maturity have increased.
- AAON Coil Products Margin and Profitability ImprovementAAON Coil Products sales increased 174% to $193 million, including BASX-branded liquid-cooling product sales of $166 million, up 256%. Gross profit increased 542% to $50 million, and gross margin improved to 25.8% from 11% in the prior-year period, driven by improved price-cost dynamics, higher production volume, and better overhead absorption.
- Improved AAON Oklahoma Sequential PerformanceAAON Oklahoma third-quarter sales increased 19% to $283 million, while adjusted gross profit increased 12% to $93 million. Adjusted gross margin was 32.8%, up 160 basis points sequentially, reflecting improved price-cost dynamics and higher capacity utilization.
- Leverage and Working Capital Trends ImprovedCash flow from operations improved to $147 million for the first nine months of 2026 versus a use of $19 million in the prior-year period. The third quarter was the company's first free-cash-flow-positive quarter in two years. The leverage ratio declined to 1.0 at September 30 from 1.8 at the beginning of the year, while working capital as a percentage of trailing 12-month sales declined to 30% from 39% a year ago.
- Raised Full-Year 2026 OutlookThe company raised its full-year 2026 sales-growth outlook to 72% to 75% from the previous expectation of 55% to 60%. It expects gross margin of approximately 26%, SG&A of approximately 13% of sales, and depreciation and amortization of approximately $100 million.
- Pricing and Margin Actions Supporting GrowthManagement said pricing actions on new orders and within portions of existing backlog, together with better utilization, productivity, and sourcing, are contributing to margin progress. Increased pricing relative to third-quarter production is present in the backlog, and the company expects continued movement in Oklahoma margins in the right direction as it progresses through next year.
- Capacity Expansion and Ongoing InvestmentThe company has invested in people, manufacturing capacity, supply chain, systems, and processes to support growth. BASX overall capacity is expected to exceed $2 billion, with additional production capacity planned to come online through 2027 and beyond. Capital expenditures totaled $147 million year-to-date in 2026, and the company expects spending to step down meaningfully next year as the multi-year capacity-expansion program nears completion.
- Progress Toward Greater InsourcingThe company said the amount of insourcing continues to increase while outsourcing is being balanced to support customer delivery. It expects some outsourcing to remain in 2027 but intends to bring more capacity in-house over time, with management explicitly citing the margin uplift associated with that effort.
- Planned Brand-Based Reporting and Share Repurchase AuthorizationThe accounting corrections are not expected to affect the planned resegmentation into AAON-branded and BASX-branded results. The company expects to provide the new two-brand presentation and recast historical financials with the restated first- and second-quarter results in the fourth-quarter earnings call. Management also noted that $70 million of prior board-approved share-repurchase authorization remains available and may be used opportunistically.
MX:AAON Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | 14.39- | 7.25 | ― | ― |
| Nov 09, 2026 | 2026 (Q3) | 10.6515.43 | 6.88 | 124.32% (+8.55) | |
| Aug 10, 2026 | 2026 (Q2) | 9.5412.83 | 4.09 | 213.64% (+8.74) | |
| May 07, 2026 | 2026 (Q1) | 5.438.92 | 6.88 | 29.73% (+2.04) | |
| Mar 02, 2026 | 2025 (Q4) | 8.337.25 | 5.58 | 30.00% (+1.67) | |
| Nov 06, 2025 | 2025 (Q3) | 5.996.88 | 11.71 | -41.27% (-4.83) | |
| Aug 11, 2025 | 2025 (Q2) | 6.134.09 | 11.53 | -64.52% (-7.44) | |
| May 01, 2025 | 2025 (Q1) | 4.396.88 | 8.55 | -19.57% (-1.67) | |
| Feb 27, 2025 | 2024 (Q4) | 9.915.58 | 10.41 | -46.43% (-4.83) | |
| Nov 07, 2024 | 2024 (Q3) | 10.6311.71 | 11.9 | -1.56% (-0.19) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
