Aaon
AAON is a Tulsa-based manufacturer of commercial and industrial HVAC equipment, operating two brands—AAON for configurable rooftop units and heat pumps, and BASX for data center cooling and cleanroom systems—distributed exclusively through an independent sales representative network across North America.
- Company typePublic
- Founded1988
- HeadquartersTulsa, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Aaon does
AAON, Inc. (NASDAQ: AAON) is a Tulsa, Oklahoma-based manufacturer of commercial and industrial HVAC equipment founded in 1988. The company operates through two brands: the legacy AAON brand, which offers configurable packaged rooftop units (RQ, RN, RZ Series), self-contained systems (SA, SB), heat pumps (H3, Alpha Class), air handling units (M2, V3), and condensing units (CF), and BASX Solutions, acquired in December 2021 to address data center cooling and cleanroom markets. The technology stack spans air-source heat pumps operating to -20°F (Alpha Class EXTREME SERIES), simultaneous dual fuel packaged rooftop technology certified under AHRI 1340, water-free cooling chillers for AI data centers, and DOAS systems (Delta Class). AAON operates the Norman Asbjornson Innovation Center (NAIC), the world's only HVAC lab capable of testing thermal and acoustic performance from -20°F to 130°F for equipment up to 540 tons.
AAON sells exclusively through an independent sales representative network serving light commercial, industrial, data center, and clean environment customers across the United States and Canada, with quote-based pricing on highly configurable equipment. Revenue streams consist primarily of one-time HVAC equipment sales under both AAON and BASX brands, supplemented by aftermarket parts and warranty service through authorized representatives. The company maintains five manufacturing facilities (Tulsa headquarters, Longview TX, Memphis TN, Redmond OR, and others) with active capacity expansions underway to support a record $2.13 billion backlog. FY2025 net sales reached $1.44 billion (+20.1% YoY), and Q1 2026 revenue of $496.9 million (+54.3% YoY) drove management to raise 2026 growth guidance to 40-45%.
The business model is configuration-driven rather than standardized: customers specify equipment to exact requirements, generating higher unit pricing and lifecycle value but also exposing the business to short-term margin compression during facility ramp periods (Q1 2026 gross margin of 25%, down 170 bps due to Memphis ramp costs and outsourcing). Strategic positioning has shifted decisively toward AI data center thermal management through the BASX brand and flagship partnerships such as Applied Digital's Polaris Forge campus, while the AAON brand continues to penetrate decarbonization-driven commercial retrofit demand with cold-climate heat pump and dual fuel technology meeting evolving federal efficiency standards.
Aaon firmographics
Firmographics- Name
- Aaon
- Legal name
- AAON, Inc.
- Website
- https://aaon.com
- Company type
- Public
- Founded year
- 1988
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- AAON is a Tulsa-based manufacturer of commercial and industrial HVAC equipment, operating two brands—AAON for configurable rooftop units and heat pumps, and BASX for data center cooling and cleanroom systems—distributed exclusively through an independent sales representative network across North America.
- Ownership category
- akta.pro rank
Aaon industry classification
Industry- Product category
- Commercial and Industrial HVAC Equipment
- NAICS
- Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512), Electrical Equipment Manufacturing (33531)
- SIC
- Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Electronic & Other Electrical Equipment (No Computer Equip) (3600), Industrial Instruments For Measurement, Display, And Control (3823)
- akta.pro primary industry
- HVAC Equipment (Heating, Cooling & Air Handling) (IMAHAKAB)
- akta.pro secondary industries
- Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), HVAC, Water Heaters & Indoor Air Quality Distribution (CRAOAFAJ), Smart Thermostats & HVAC Controls Retail (CRAIAMAC)
Keywords
Where Aaon is headquartered
LocationHeadquarters
- HQ city
- Tulsa
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Aaon business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- HVAC Equipment Sales: AAON generates primary revenue through the sale of commercial and industrial HVAC equipment including rooftop units, air handling units, heat pumps, split systems, and data center cooling solutions under AAON and BASX brands. Equipment sales are one-time transactions with configurable semi-custom and custom solutions.
- Aftermarket Parts and Service: AAON generates revenue from aftermarket parts, warranty services, and technical support. The company maintains a parts store accessible through authorized representatives and provides warranty coverage with options for extended coverage on compressors and complete units.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Custom quote-based pricing through authorized representatives |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Aaon product offering
Product offeringCore offering
AAON designs, engineers, and manufactures highly configurable commercial and industrial HVAC equipment — including packaged rooftop units, heat pumps, air handling units, self-contained systems, condensing units, and DOAS — under the AAON brand, plus data center cooling solutions, liquid cooling systems, and cleanroom environmental equipment under the BASX brand. Products are sold exclusively through an independently-owned network of authorized sales representatives, with direct enterprise sales for large national accounts and data center customers.
Product overview
AAON is a commercial and industrial HVAC manufacturer operating through two distinct brands: the legacy AAON brand covering standard, semi-custom, and custom rooftop units (RQ, RN, RZ Series), self-contained systems (SA, SB Series), heat pumps (H3 Series), air handling units (M2, V3 Series), and condensing units (CF Series), along with next-generation product lines including Alpha Class heat pumps and Delta Class DOAS; and the BASX brand (acquired in 2021) which provides data center cooling solutions, liquid cooling systems, cleanroom systems, and chillers for high-growth markets including AI data centers and clean environments. The company also offers AAON Controls for building automation and aftermarket parts and service support. Both brands focus on semi-custom and custom solutions delivering superior total cost of ownership for commercial, industrial, and data center customers.
Differentiator
Problem solved
Functional benefit
Brands
- Alpha Class: Next-generation heat pump technology product line for commercial HVAC applications.
- Delta Class
Products and services
- RQ Series Packaged rooftop unit offering 2-5 tons of cooling capacity for small commercial applications, sold through authorized representatives.
- RN Series Packaged rooftop unit offering 6-140 tons of cooling capacity for medium to large commercial applications, sold through authorized representatives.
- RZ Series Large-capacity packaged rooftop unit offering 45-261 tons for industrial and large commercial applications, sold through authorized representatives.
- SA Series Self-contained HVAC unit for commercial applications requiring integrated heating and cooling in a single package.
- SB Series Self-contained HVAC unit variant for commercial applications with integrated systems.
- H3 Series Heat pump rooftop unit providing both heating and cooling for commercial applications with energy-efficient heat transfer.
- CF Series Condensers and condensing units for commercial HVAC systems with energy-efficient heat rejection.
- M2 Series Modular indoor air handling unit for commercial and industrial applications requiring flexible air distribution.
- V3 Series Vertical indoor air handling unit for commercial applications with space-efficient vertical configuration.
- Split Systems Commercial split HVAC systems pairing condensing units with air handling units for flexible configuration in small-to-medium commercial spaces.
- Air Handling Units Indoor and outdoor air handling units providing flexible, high-performance solutions with options for humidification, dehumidification, and heat recovery.
- Alpha Class Next-generation commercial heat pump technology featuring industry-leading performance, cold climate operation down to -20°F, and variable-speed compressors for superior efficiency and decarbonization.
- Alpha Class EXTREME SERIES Packaged rooftop unit with simultaneous dual fuel capability combining air source heat pump with natural gas furnace, operating at -20°F. First AHRI-certified unit meeting DOE Commercial Building HVAC Technology Challenge requirements, available in 3 to 40 ton configurations.
- Delta Class Dedicated Outdoor Air Systems (DOAS) product line offering highly configurable fresh air ventilation with precision engineering for greater flexibility and efficiency.
- AAON Controls Building automation controls with over 30 years of lab-tested, field-proven experience, using Direct Digital Control (DDC) platforms designed for modern HVAC systems.
- BASX Liquid Cooling Data Center Solutions Advanced liquid cooling systems designed for AI data center applications, including water-free cooling chiller systems enabling free cooling through extreme temperature swings.
- Aftermarket Parts & Service Premium aftermarket parts, warranty support, and technical support services distributed exclusively through authorized representatives and a dedicated parts portal.
Quantifiable outcome
- BASX liquid cooling sales grew 186.8% year-over-year to $93.2 million in Q1 2026
- +4 more outcomes
Companies that use Aaon
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
Aaon technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Feature6 records
Aaon partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- Applied DigitalcoreAAON's BASX brand is powering advanced cooling innovation for Applied Digital's purpose-built AI data center campus (Polaris Forge). AAON is supplying water-free cooling chiller systems enabling free cooling through extreme temperature swings in North Dakota. This is a flagship customer relationship in the AI data center thermal management space.
- CopelandcoreStrategic technology partnership where Copeland innovation powers AAON's next-generation Alpha Class heat pump technology. Copeland provides compressor and related technology expertise for AAON's advanced heat pump products.
- U.S. Department of Energy (DOE)coreAAON partnered with DOE to accelerate commercial heat pump technology and adoption. AAON passed the DOE's Commercial Building HVAC Technology Challenge with its Alpha Class EXTREME SERIES, becoming the first manufacturer to achieve commercially available AHRI-certified packaged rooftop unit with simultaneous dual fuel capability.
- U.S. Department of Energy (DOE)coreAAON leveraged strategic partnerships with DOE to tackle the DOE Challenge with confidence, developing innovative dual fuel technology that exceeded DOE requirements.
Scale indicators14 records
Recent moves9 records
Expansion highlights5 records
Aaon competitors and assessment
Company assessmentEmerging players
- Vertiv Holdings: Critical digital infrastructure provider including thermal management for data centers. Competes with BASX in liquid and precision cooling for high-density AI and hyperscale computing deployments.
- Modine Manufacturing: Specializes in thermal management technology including data center liquid cooling solutions. Increasingly competing with AAON/BASX in AI infrastructure cooling applications.
Regional players
- Mitsubishi Electric Trane HVAC US: Joint venture offering variable refrigerant flow and commercial HVAC systems. Partial overlap with AAON in commercial climate control solutions and heat pump technology.
Direct peers
- Lennox International: Competitor in commercial and industrial HVAC equipment including rooftop units and air handling systems. Also named alongside AAON in the price-fixing litigation, indicating close competitive overlap.
Broad incumbents
- Bosch Thermotechnology: HVAC and water heating manufacturer with commercial and industrial product lines. Direct competitor in commercial HVAC and named in price-fixing litigation alongside AAON.
- Johnson Controls: Building technologies and HVAC systems provider serving commercial and industrial customers. Competes broadly in commercial HVAC, building automation controls, and integrated climate solutions.
- Daikin Applied: U.S. commercial HVAC arm of Daikin, offering chillers, air handlers, and rooftop units. Direct competitor in commercial HVAC and also named in the price-fixing litigation alongside AAON.
- Trane Technologies: Global HVAC leader offering commercial and industrial heating, cooling, and air quality solutions. Direct competitor in commercial rooftop units, heat pumps, and air handling systems across AAON's core markets.
- Carrier Global: Major HVAC and refrigeration manufacturer serving commercial, industrial, and data center customers globally. Direct competitor in commercial HVAC equipment and increasingly in data center thermal management.
- Rheem Manufacturing: Manufacturer of HVAC and water heating products for commercial and residential markets. Competes in commercial HVAC equipment and named alongside AAON in price-fixing class actions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Aaon social profiles
Digital presenceAaon compliance and trust
Trust signalCompliance4 records
Aaon financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aaon leadership team
Management profileNumber of profiles
Profiles10 records
Aaon subsidiaries and ownership
Company hierarchySubsidiaries1 record
Aaon funding detail
Funding detailFunding overview
Funding rounds1 record
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aaon M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aaon
What does Aaon do?
AAON designs, engineers, and manufactures highly configurable commercial and industrial HVAC equipment — including packaged rooftop units, heat pumps, air handling units, self-contained systems, condensing units, and DOAS — under the AAON brand, plus data center cooling solutions, liquid cooling systems, and cleanroom environmental equipment under the BASX brand. Products are sold exclusively through an independently-owned network of authorized sales representatives, with direct enterprise sales for large national accounts and data center customers.
Is Aaon a public or private company?
Aaon is a public company. It is classified as public and is currently operating.
When was Aaon founded?
Aaon was founded in 1988. It employs 1,001 to 5,000 people.
Where is Aaon based?
Aaon is headquartered in Tulsa, United States, in the North America region.
How does Aaon make money?
Two revenue lines are on record. HVAC Equipment Sales are the primary driver. The others are aftermarket Parts and Service.
Who are Aaon's main competitors?
Emerging players on record are Vertiv Holdings and Modine Manufacturing. Mitsubishi Electric Trane HVAC US is listed as a regional player. Lennox International is listed as a direct peer. Broad incumbents are Bosch Thermotechnology, Johnson Controls, Daikin Applied, Trane Technologies, Carrier Global and Rheem Manufacturing.
Does Aaon have an API?
No public API is recorded for Aaon.
What industry is Aaon in?
Aaon's product category is Commercial and Industrial HVAC Equipment. Its primary akta.pro industry code is IMAHAKAB, HVAC Equipment (Heating, Cooling & Air Handling), with a secondary code of IMADANAF, Heat Exchangers, Coils & Hydronic HVAC Components. Its NAICS code is 3334 and its SIC code is 3585.