Aaon Stock Jumps 19% After Record Third-Quarter Results and Raised Outlook

Aaon (Nasdaq: AAON) shares rose 19.3% on Tuesday, Nov. 10, 2026, closing at $75.01 from a previous close of $62.87, while the S&P 500 ETF (SPY) fell 0.37%. The move followed the company's third-quarter report, released after the close on Monday, Nov. 9, in an 8-K and a press release filed with it.

Record sales and a higher outlook

Net sales rose 84.1% to a record $707.4 million, and operating income rose 129.3% to $100.0 million. Diluted EPS was $0.83, up 124.3% from $0.37 a year earlier. BASX-branded sales grew 218.3% to $397.2 million, and AAON-branded sales rose 19.6% to $310.2 million. Gross margin was 26.7%, down from 27.8% a year earlier but up 60 basis points from the second quarter.

The company raised its 2026 outlook to net sales growth of 72% to 75%, from 55% to 60% previously, and said it expects gross margin of about 26%.

Restatement and material weakness

The filing said Aaon had restated its first- and second-quarter 2026 results after finding errors in revenue recognition and software subscription accounting. In aggregate, the restatements raised first-half net sales by $10.7 million and diluted EPS by $0.09. The company also disclosed a material weakness in its internal control over financial reporting and said it is moving to remediate it.

Analyst view

Baird kept its Outperform rating on Aaon but cut its price target to $104 from $110, in a note logged before the open on Tuesday.