What happened?
Shares of heating and cooling solutions company AAON (NASDAQ: AAON) jumped 23.8% in the morning session after the company delivered record third-quarter 2026 financial results and raised its full-year sales growth outlook.
According to a company press release, AAON reported that third-quarter net sales climbed 84.1% year-over-year to $707.4 million. Operating income jumped 129.3% to $100.0 million, while GAAP diluted earnings per share leaped 124.3% to $0.83. Management also lifted the full-year 2026 sales growth guidance to a range between 72% and 75%. AAON restated its first- and second-quarter financial statements, which lifted first-half net sales by $10.7 million and diluted earnings per share by $0.09, while disclosing a material weakness in internal control over financial reporting. Top-line expansion and upgraded annual guidance highlighted accelerating business momentum, driving strong market optimism that overshadowed internal control revisions.
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What is the market telling us
AAON’s shares are extremely volatile and have had 34 moves greater than 5% over the last year. But moves this big are rare even for AAON and indicate this news significantly impacted the market’s perception of the business.
The biggest move we wrote about over the last year was 6 months ago when the stock gained 38.1% on the news that the company reported first-quarter 2026 results that far surpassed analyst expectations.
The heating and air conditioning equipment maker announced that its first-quarter net sales grew 54.3% year-over-year to a record $496.9 million, crushing Wall Street's estimates of $383.6 million. Adjusted earnings per share came in at $0.48, also well above the average analyst forecast of $0.29.
Driving this performance was strong demand, which helped the company's order backlog more than double to a record $2.1 billion. AAON saw particular strength in its BASX segment, which provides climate control systems for high-demand areas like data centers.
AAON is down 2.3% since the beginning of the year, and at $77.39 per share, it is trading 47.8% below its 52-week high of $148.25 from June 2026. Despite the year-to-date decline, investors who bought $1,000 worth of AAON’s shares 5 years ago would now be looking at an investment worth $1,513.
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