AAON reports record $2.1 billion backlog and 50% year-over-year sales growth amid AI infrastructure expansion.
AAON (NASDAQ:AAON) closed at $102.67 on July 24, 2026, reflecting an $8.41 billion market capitalization. The company’s shares rose 20.22% over the past year despite a one-month decline of 19.75%.
Demand for data centre cooling systems, fueled by AI infrastructure growth, drove AAON’s net sales up over 50% year-over-year. The company’s backlog reached a record $2.1 billion, a 107.4% increase, as commercial HVAC demand accelerated.
Hedge fund holdings in AAON dropped to 30 in Q1 2026 from 36 in the prior quarter, though the stock remains a key player in high-efficiency HVAC solutions for industrial and commercial markets.