AAON Raises 2026 Outlook After Sales Surge to $707.4 Million

Key Facts

AAON and Ameresco reported results for the third quarter ended September 30, revealing divergent paths for earnings and growth. AAON said net sales rose 84.1% to a record $707.4 million, compared with $384.2 million a year earlier, while earnings per share were $0.83 under both GAAP and the non-GAAP adjusted measure, up 124.3% from $0.37. Ameresco, by contrast, reported adjusted earnings per share of $0.88, compared with $1.45 in the same period of 2025, despite revenue growth and a wider margin. The companies’ results highlight demand for cooling equipment and energy infrastructure, with differing effects on earnings and margins. Both companies also announced updated outlooks for the remainder of 2026.

AAON’s sales increase came from both of its brands: sales of products bearing the company’s name rose 19.6% to a record $310.2 million. BASX sales surged 218.3% to a record $397.2 million, which the company attributed to strong data center-related demand, higher production and the use of added manufacturing capacity. AAON said overall sales growth was tied to demand for both brands, increased production and use of expanded capacity. The company raised its annual sales growth outlook to a range of 72%–75%, from its previous range of 55%–60%. It also expected a gross profit margin of about 26% and selling, general and administrative expenses of about 13% of sales.

AAON’s sales expansion did not translate into an annual increase in gross profit margin, which was 26.7%, compared with 27.8% in the third quarter of 2025. The company said the margin improved by 60 basis points sequentially, while attributing the annual decline to BASX’s larger share of revenue, given its less mature and utilized facilities. Alongside its results, AAON revised its first- and second-quarter 2026 statements after discovering errors and identified a material weakness in internal control over financial reporting. The company said the restatement increased first-half sales by $10.7 million and diluted earnings per share by $0.09. This places the revised annual outlook alongside the company’s disclosure of a restatement of first-half accounts and a financial-control issue.

At Ameresco, total revenue rose 10% to $580.3 million. Project revenue increased 9% to $446.0 million, energy asset revenue rose 21% to $75.4 million, and operations and maintenance revenue increased 20% to $37.0 million. Net income attributable to common shareholders was $31.9 million, or $0.59 per diluted share, in the same quarter that adjusted earnings per share were $0.88. Adjusted EBITDA also rose 24% to $91.7 million. Gross margin widened to 18.7%, which the company attributed to a favorable business mix, strong execution and lower depreciation after revising the useful lives of energy assets.

For future business, Ameresco recorded $875 million in new project awards during the quarter and converted $737 million of awarded work into contracted work, bringing its total project backlog to $7.154 billion at September 30. Its chief executive said more than $675 million in additional awards was driven by strength in federal infrastructure and Europe. The company also added $200 million in data center energy infrastructure awards as part of an expansion of an existing project. Ameresco changed its accounting method for transferable investment tax credit balances retrospectively from January 1, 2026, and adopted HLBV accounting for the Neogenyx Fuels transaction in the third quarter, changing how reported non-GAAP measures were calculated. The company updated its 2026 revenue guidance to a range of $2.13–$2.15 billion and adjusted earnings per share to between $1.85 and $1.95. For the fourth quarter, it set a revenue range of $625–$650 million and adjusted earnings per share of $0.95–$1.05.

In its notice about the results follow-up, Ameresco scheduled a call to discuss its third-quarter results and outlook for November 9, 2026, at 4:30 p.m. Eastern time. The company’s stock closed at $21.61 on November 6, according to EL7 data. The data did not include the session’s high and low prices, so the stock movement record here is limited to the closing price. The quarter’s results combine revenue and project-backlog growth at Ameresco with a decline in adjusted earnings per share from the year-earlier comparison. AAON raised its annual sales growth outlook while announcing a restatement of first-half results and disclosing a material weakness in financial controls.