AAON Business Summary

AAON, Inc. (AAON) operates a vertically integrated business model specializing in the engineering, manufacturing, and sale of premium, semi-custom, and custom HVAC equipment for commercial and industrial markets. The company generates revenue primarily through direct equipment sales and aftermarket parts across three core segments: AAON Oklahoma, which produces flagship rooftop units and chillers; AAON Coil Products, focused on heating and cooling coils; and BASX, a high-growth division providing specialized thermal management for data centers and cleanroom environments. AAON distinguishes itself through a focus on energy efficiency and long-term operational savings, positioning itself as a high-performance niche leader compared to diversified industry giants like Carrier Global, Trane Technologies, and Lennox International, while increasingly competing with specialized players like Vertiv in the data center cooling sector. Leadership is currently headed by CEO and President Matt J. Tobolski, PhD, who assumed the role in May 2025 following his tenure as co-founder of the acquired BASX Solutions and AAON’s COO. He is supported by Rebecca A. Thompson, who serves as Vice President, Finance, Chief Financial Officer, and Treasurer, and Roberto Giacomelli, who was appointed Senior Vice President of Operations in January 2026. The company was founded in 1988 by Norman H. Asbjornson, who remains a significant individual shareholder and Director. Governance is overseen by Independent Chair A.H. McElroy II and Independent Vice Chair Caron A. Lawhorn, with major institutional backing from Vanguard, BlackRock, and Wellington Management Group.