AAON (NASDAQ:AAON) Shares Gap Up After Strong Earnings

AAON, Inc. (NASDAQ:AAON) shares gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $62.87, but opened at $71.64. AAON shares last traded at $77.3580, with a volume of 813,722 shares trading hands.

The construction company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.26. The company had revenue of $707.43 million during the quarter, compared to analyst estimates of $601.19 million. AAON had a net margin of 8.24% and a return on equity of 17.32%. AAON’s revenue was up 84.1% compared to the same quarter last year. During the same period last year, the business earned $0.37 earnings per share.

AAON Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Friday, September 4th. AAON’s dividend payout ratio (DPR) is presently 20.83%.

AAON News Roundup

Here are the key news stories impacting AAON this week:

• Positive Sentiment: Third-quarter revenue rose 84.1% year over year to a record $707.4 million, beating the roughly $601 million consensus. EPS of $0.83 also topped the $0.57 estimate and more than doubled from $0.37 a year earlier. AAON third-quarter results and outlook
• Positive Sentiment: AAON raised its 2026 sales-growth outlook to 72%–75%, with revenue guidance of about $2.5 billion versus analyst expectations near $2.3 billion. Backlog increased 40.5% year over year to $1.9 billion, and year-to-date operating cash flow improved to $146.9 million. AAON Q3 revenue and operating metrics
• Positive Sentiment: The board declared a quarterly cash dividend of $0.10 per share, payable December 17 to shareholders of record November 25. AAON quarterly dividend announcement
• Neutral Sentiment: Robert W. Baird lowered its price target to $104 from $110 but maintained an “outperform” rating, indicating continued analyst optimism despite the reduced target. Baird rating and price-target update
• Negative Sentiment: AAON restated its first- and second-quarter 2026 financial statements after identifying errors in revenue recognition and software subscriptions. Although the changes increased first-half reported sales and EPS, the company also disclosed a material weakness in internal controls and said remediation is ongoing. AAON restatement and internal-control disclosure

Wall Street Analyst Weigh In

AAON has been the topic of several research analyst reports. KeyCorp reaffirmed a “sector weight” rating on shares of AAON in a report on Thursday, August 13th. Robert W. Baird dropped their price objective on AAON from $110.00 to $104.00 and set an “outperform” rating for the company in a research note on Tuesday. DA Davidson began coverage on AAON in a research report on Tuesday, September 15th. They set a “buy” rating and a $110.00 target price for the company. Oppenheimer restated an “outperform” rating on shares of AAON in a research report on Tuesday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of AAON in a research note on Monday, October 12th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $109.67.

Insider Activity at AAON

In other AAON news, Director David Stewart acquired 1,000 shares of the stock in a transaction dated Tuesday, September 15th. The stock was purchased at an average cost of $74.66 per share, for a total transaction of $74,660.00. Following the acquisition, the director owned 4,000 shares in the company, valued at $298,640. The trade was a 33.33% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Matthew Shaub acquired 457 shares of the stock in a transaction dated Friday, August 28th. The stock was acquired at an average price of $76.42 per share, with a total value of $34,923.94. Following the completion of the acquisition, the executive vice president owned 3,136 shares in the company, valued at approximately $239,653.12. The trade was a 17.06% increase in their position. The SEC filing for this purchase provides additional information. 18.09% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AAON

A number of large investors have recently added to or reduced their stakes in AAON. SBI Securities Co. Ltd. boosted its position in AAON by 363.1% during the third quarter. SBI Securities Co. Ltd. now owns 477 shares of the construction company’s stock valued at $39,000 after buying an additional 374 shares during the period. Eurizon Capital SGR S.p.A. increased its holdings in shares of AAON by 422.3% in the third quarter. Eurizon Capital SGR S.p.A. now owns 491 shares of the construction company’s stock worth $42,000 after buying an additional 397 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of AAON by 48.0% in the first quarter. EverSource Wealth Advisors LLC now owns 549 shares of the construction company’s stock worth $45,000 after buying an additional 178 shares during the period. NI Acquisitions Company LLC bought a new stake in shares of AAON in the 2nd quarter valued at about $102,000. Finally, Central Pacific Bank Trust Division bought a new stake in shares of AAON in the 3rd quarter valued at about $103,000. Hedge funds and other institutional investors own 70.81% of the company’s stock.

AAON Stock Performance

The company has a market cap of $6.55 billion, a P/E ratio of 40.98, a price-to-earnings-growth ratio of 1.08 and a beta of 1.45. The business has a 50 day moving average price of $76.73 and a two-hundred day moving average price of $96.81. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.01 and a current ratio of 3.01.

AAON Company Profile

AAON, Inc designs and manufactures heating, ventilation and air-conditioning (HVAC) equipment for commercial and industrial buildings. Founded in 1988, the company is headquartered in Tulsa, Oklahoma, and sells products under the AAON and BASX brands.

Its products include rooftop units, chillers, air-handling units, heat pumps and other custom HVAC systems. BASX specializes in equipment for data centers and other demanding applications, while AAON also offers controls and related services.

AAON serves customers primarily in North America, with products also reaching international markets through its sales and distribution network.