v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company has determined that it has three reportable segments for financial reporting purposes.
AAON Oklahoma: AAON Oklahoma engineers, manufactures, and sells highly configurable HVAC systems, designs and manufactures controls solutions, and sells aftermarket parts to customers through retail part stores and online. AAON Oklahoma includes operations at the Company’s manufacturing facilities in Tulsa, Oklahoma; Memphis, Tennessee; and Parkville, Missouri, as well as two retail locations, the Norman Asbjornson Innovation Center (“NAIC”), and the Gary D. Fields Customer Exploration Center.
The NAIC is a world-class research and development laboratory accredited by the Air Movement and Control Association International, Inc. ("AMCA"), where our products are continuously tested under extreme environmental conditions to ensure optimal performance, efficiency, and value. The Gary D. Fields Customer Exploration Center showcases the engineering, design attributes, and premium build quality of our equipment alongside market alternatives.
AAON Coil Products: AAON Coil Products engineers and manufactures and sells semi-custom and custom HVAC systems as well as heating and cooling coils for use in HVAC systems, primarily for AAON Oklahoma, AAON Coil Products, and BASX. AAON Coil Products operates from our Longview, Texas manufacturing facilities, which also produce BASX-branded products.
BASX: BASX engineers, manufactures, and sells a wide range of custom, high-performance cooling solutions for the rapidly growing hyperscale data center market; ventilation solutions for cleanroom environments in the biopharmaceutical, semiconductor, medical, and agricultural sectors; and highly customized air handlers and modular solutions for a variety of markets. BASX operates from our manufacturing facilities in Redmond, Oregon, with additional support from facilities in Memphis, Tennessee, and Longview, Texas.
The Company’s chief decision maker (“CODM”), our CEO, allocates resources and assesses the performance of each operating segment using information about the operating segment’s net sales, cost of sales, and gross profit directly attributable to our segments. The CODM does not evaluate operating segments using asset or liability information.
Due to the integrated nature of our Company as well as the increasing production of both AAON and BASX- branded products across different segments, other costs and expenses, such as selling, general and administrative including corporate expense, are evaluated and resources allocated at a consolidated level.
The following table summarizes certain financial data related to our segments and significant segment expenses and other segment items regularly reviewed by our CODM. During the fourth quarter of 2025, the Company modified the reporting of sales of coils from AAON Coil Products to AAON Oklahoma to report at cost to be consistent with our other intercompany sales between segments. The revised methodology is intended to better reflect the manner in which the CODM evaluates segment performance and makes resource allocation decisions. As a result of this change, prior period segment results have been recast to conform to the current period presentation. The change did not affect consolidated net sales, cost of sales or gross profit. The cost of sales and gross profit amounts shown below are presented after elimination entries.

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
AAON Oklahoma
External sales$262,276 $185,120 $506,243 $346,958 
Inter-segment sales91,359 5,318 135,868 9,157 
Eliminations(91,359)(5,318)(135,868)(9,157)
     Net sales262,276 185,120 506,243 346,958 
     Cost of sales1
198,659 131,603 378,354 252,841 
     Gross profit63,617 53,517 127,889 94,117 
AAON Coil Products
External sales$146,680 $58,465 $264,291 $152,488 
Inter-segment sales7,660 3,439 14,478 7,018 
Eliminations(7,660)(3,439)(14,478)(7,018)
     Net sales146,680 58,465 264,291 152,488 
     Cost of sales1
123,142 48,236 212,451 112,401 
     Gross profit23,538 10,229 51,840 40,087 
BASX
External sales$218,020 $67,982 $353,378 $134,175 
Inter-segment sales558 507 556 550 
Eliminations(558)(507)(556)(550)
     Net sales218,020 67,982 353,378 134,175 
     Cost of sales1
152,684 48,999 255,651 99,286 
     Gross profit65,336 18,983 97,727 34,889 
Consolidated gross profit$152,491 $82,729 $277,456 $169,093 
1 Presented after intercompany eliminations.

The reconciliation between consolidated gross profit to consolidated income from operations is as follows:
Consolidated gross profit$152,491 $82,729 $277,456 $169,093 
Less: Selling, general and administrative expenses83,607 59,147 151,513 110,440 
Add: loss on disposal of assets— — — 40 
Consolidated income from operations$68,884 $23,582 $125,943 $58,693 
The following table presents long-lived assets by reportable segment, which includes property and equipment, net and operating lease assets:
June 30, 2026December 31, 2025
Long-lived assets(in thousands)
AAON Oklahoma$444,514 $400,316 
AAON Coil Products158,116 157,752 
BASX96,339 91,182 
Total long-lived assets$698,969 $649,250 

The following table presents intangible assets and goodwill, net, by reportable segment:
June 30, 2026December 31, 2025
Intangible assets and goodwill(in thousands)
AAON Oklahoma$28,607 $25,600 
AAON Coil Products5,043 4,235 
BASX134,243 135,964 
Total intangible assets and goodwill$167,893 $165,799