Aaon (AAON) FY2024 results: revenue $1.2 billion, up 2.7% on the year

Aaon, Inc. (AAON) reported revenue of $1.2 billion for fiscal 2024, the year ended 31 December 2024, up 2.7% on the year before. Net income was $169 million, down 5.1%, and diluted earnings per share $2.02. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$1.2 billion

+2.7% on the year

FY2017FY2024

Operating margin

17.4%

19.5% a year earlier

FY2017FY2024

Net income

$169 million

-5.1% on the year

FY2017FY2024

Diluted EPS

$2.02

-5.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,201	1,169	889	+2.7%
Cost of revenue	804	769	651	+4.4%
Gross profit	397	399	238	-0.5%
Gross margin	33.1%	34.1%	26.7%
Research and development	47.3	43.7	46.8	+8.2%
Selling, general and administrative	188	172	111	+9.6%
Operating income	209	227	127	-8.1%
Operating margin	17.4%	19.5%	14.3%
Pre-tax income	207	223	125	-7.4%
Income tax	38.0	45.5	24.2	-16.5%
Effective tax rate	18.4%	20.4%	19.4%
Net income	169	178	100	-5.1%
Net margin	14.0%	15.2%	11.3%
Diluted EPS	$2.02	$2.13	$1.24	-5.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	193	159	61.3	+21.2%
Capital expenditure	196	104	54.0	+87.6%
Free cash flow	-3.1	54.6	7.3
Free cash flow margin	-0.3%	4.7%	0.8%
Cash from investing	-213	-109	-76.2
Cash from financing	18.0	-46.5	17.4
Depreciation and amortisation	62.7	46.5	35.1	+35.0%
Share-based compensation	16.7	16.4	13.7	+2.1%
Dividends paid	26.1	26.4	22.9	-1.1%
Dividend per share	$0.32	$0.32	$0.29	0.0%
Diluted shares, weighted	84m	83m	81m	+0.4%
Shares outstanding at period end	81m	82m	80m	-0.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	825	735	561	+12.2%
Debt	155	38.3	71.0	+304.1%
Operating lease liabilities	13.6	10.2	6.0	+33.2%
Other liabilities	182	158	176	+15.5%
Total liabilities and equity	1,175	941	814	+24.8%
Fixed assets	510	370	305	+38.0%
Goodwill	n/a	81.9	81.9
Intangible assets	78.3	68.1	64.6	+15.0%
Cash and equivalents	0.0	0.3	5.5	-95.1%
Receivables	147	138	127	+6.8%
Inventory	187	214	199	-12.2%
Other assets	252	69.6	31.1	+261.6%
Total assets	1,175	941	814	+24.8%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.