AAON, Inc. announced that Andy Cheung will join the company as Executive Vice President and Chief Financial Officer, effective April 20 2026. Cheung brings more than 25 years of senior financial leadership experience from the HVAC and automotive industries, most recently serving as CFO of Commercial Vehicle Group Inc. The appointment follows a planned transition in which current CFO Rebecca Thompson will move to the role of Chief Accounting Officer.
Rebecca Thompson’s move to Chief Accounting Officer is part of AAON’s broader strategy to reinforce financial discipline and support the company’s rapid growth in both its legacy HVAC business and the high‑margin BASX data‑center segment. The change is intended to align the company’s financial leadership with its evolving operational priorities and to strengthen oversight of accounting and reporting functions.
AAON’s recent financial results underscore the strategic rationale for the CFO change. In the fourth quarter of 2025, the company reported revenue of $424.2 million, up 42.5 % year‑over‑year, driven by a 138.8 % increase in the BASX segment and a 9.5 % rise in AAON‑branded sales. Gross margin fell slightly to 25.9 % from 26.1 % in the prior year, reflecting the absorption of fixed costs at new manufacturing facilities. Earnings per share were $0.39, missing analyst estimates of $0.45, a miss attributed to the impact of strategic investments and ERP implementation costs.
For the full year 2025, AAON’s net sales increased 20.1 % to $1.44 billion, while gross margin declined to 26.7 % from 33.1 % in 2024. GAAP diluted EPS fell to $1.29 from $2.02, a decline driven by capital expenditures for production expansion and an enterprise‑resource‑planning upgrade. The company’s backlog reached $1.83 billion as of December 31 2025, up 110.9 % year‑over‑year, providing strong visibility into 2026 demand.
AAON’s 2026 outlook projects revenue growth of 18‑20 % and gross margins of approximately 29‑31 %. The guidance reflects confidence in the company’s ability to convert its record backlog into revenue while managing the cost impact of recent investments. Management highlighted that the backlog growth and expanded manufacturing capacity position the company to meet the growing demand in the data‑center market.
Matt Tobolski, President and CEO, said, "2025 represented a year of record growth for AAON, driven by strong bookings and sales reflecting expanding market share and growing demand for our products and custom solutions." He added, "As we enter early 2026, we are positioned to build on the investments made throughout 2025 in our people, products, manufacturing capabilities, and working capital." Rebecca Thompson noted, "In 2025, we made substantial capacity and working‑capital investments to support our expanding backlog and ongoing market share gains." Andy Cheung expressed his enthusiasm, saying, "I'm excited to join the Company at an important time in its growth. Their focus on innovation and delivering high‑quality, customer‑driven solutions has created a strong foundation, and I look forward to partnering with the team to support its next phase of disciplined growth and value creation."
Analysts have reiterated an Outperform rating for AAON, reflecting confidence in the company’s strategic investments and the leadership transition.
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