$AAON

AAON INC

CIK:0000824142|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 626,976	$ 311,567	$ 1,123,912	$ 633,621
Cost of sales	474,485	228,838	846,456	464,528
Gross profit	152,491	82,729	277,456	169,093
Selling, general and administrative expenses	83,607	59,147	151,513	110,440
Gain on disposal of assets	0	0	0	(40)
Income from operations	68,884	23,582	125,943	58,693
Interest expense	(6,195)	(4,009)	(11,250)	(6,811)
Other income (expense), net	158	(68)	235	106
Income before taxes	62,847	19,505	114,928	51,988
Income tax provision	6,188	4,018	18,454	7,209
Net income	$ 56,659	$ 15,487	$ 96,474	$ 44,779
Earnings per share:
Basic (usd per share)	$ 0.69	$ 0.19	$ 1.17	$ 0.55
Diluted (usd per share)	0.68	0.19	1.15	0.54
Cash dividends declared per common share (in dollars per share)	$ 0.10	$ 0.10	$ 0.20	$ 0.20
Weighted average shares outstanding:
Basic (in shares)	82,189,734	81,441,511	82,213,148	81,456,845
Diluted (in shares)	83,721,199	82,956,213	83,690,556	83,153,788

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 96,474	$ 44,779
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization	44,716	38,879
Amortization of debt issuance costs	84	128
Amortization of right of use assets	91	69
(Recoveries of) Provision for losses on accounts receivable, net of adjustments	(62)	270
Provision for losses on contract assets, net of adjustments	0	200
Provision for excess and obsolete inventories, net of write-offs	1,225	288
Share-based compensation	10,702	8,795
Other	0	(71)
Deferred income taxes	7,823	(2,423)
Changes in assets and liabilities:
Accounts receivable	(46,314)	(23,409)
Income tax receivable	8,233	(3,187)
Inventories	(71,402)	(47,848)
Contract assets	(11,836)	(97,963)
Prepaid expenses and other long-term assets	6,284	(68)
Accounts payable	63,877	36,397
Contract liabilities	(67,918)	18,839
Extended warranties	7,075	(148)
Accrued liabilities and other long-term liabilities	5,916	(4,567)
Net cash provided by (used in) operating activities	54,968	(31,040)
Investing Activities
Capital expenditures	(97,282)	(82,515)
Grant proceeds received	1,650	0
Proceeds from sale of property, plant and equipment	0	40
Acquisition of intangible assets	(5,292)	(7,042)
Principal payments from note receivable	0	25
Net cash used in investing activities	(100,924)	(89,492)
Financing Activities
Borrowings of debt	597,485	415,126
Payments of debt	(560,805)	(252,982)
Proceeds from financing obligation, net of issuance costs	12,908	0
Payment related to financing costs	(399)	(1,395)
Stock options exercised	29,100	10,025
Repurchase of stock - open market	0	(29,992)
Repurchases of stock - LTIP plans (Note 17)	(4,468)	(9,167)
Cash dividends paid to stockholders	(16,377)	(16,276)
Net cash provided by financing activities	57,444	115,339
Net increase (decrease) in cash, cash equivalents, and restricted cash	11,488	(5,193)
Cash, cash equivalents, and restricted cash, beginning of period	1,239	6,514
Cash, cash equivalents, and restricted cash, end of period	$ 12,727	$ 1,321