Risk Sleuth
AAON · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

AAON

33 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Customers

Major customer concentration

concentrated in · three, two and three customersnamed as a risk
For the years ended December 31, 2025, 2024, and 2023, the Company had three, two and three customers, respectively, that were 10 percent or greater concentrations of revenue.Business (Item 1)

Hyperscale data center market

earns fromnamed as a risk
Orders for the data center market have more risk and we often see shifts in timing, cancellations and re-issuances of orders, all subject to various cancellation terms and charges.Business (Item 1)

Amazon Web Services

earns from
Examples of companies in this space include Microsoft, Amazon Web Services, Google Cloud, QTS and Applied Digital.Business (Item 1)

Also named by ABNB, ADSK, AIOT, BLK, CARR, CG, COF, COMP and 56 more

Microsoft

earns from
Examples of companies in this space include Microsoft, Amazon Web Services, Google Cloud, QTS and Applied Digital.Business (Item 1)

Also named by AAOI, AES, AJG, AMD, BLK, CDW, CEG, CG and 13 more

Google Cloud

earns from
Examples of companies in this space include Microsoft, Amazon Web Services, Google Cloud, QTS and Applied Digital.Business (Item 1)

Also named by CME, DGX, ETSY, FTNT, GTLB, LBTYA, MSTR, NTAP and 4 more

QTS

earns from
Examples of companies in this space include Microsoft, Amazon Web Services, Google Cloud, QTS and Applied Digital.Business (Item 1)

Applied Digital

earns from
Examples of companies in this space include Microsoft, Amazon Web Services, Google Cloud, QTS and Applied Digital.Business (Item 1)

Partners and platforms

Texas AirSystems

earns fromnamed as a risk
Our channel partners and customers support the design, construction and service of such facilities including independent sales representatives like Texas AirSystems and related portfolio groups through sole or common ownership like Meriton, Ambient and Air Control Concepts.Business (Item 1)

Meriton

earns fromnamed as a risk
Our channel partners and customers support the design, construction and service of such facilities including independent sales representatives like Texas AirSystems and related portfolio groups through sole or common ownership like Meriton, Ambient and Air Control Concepts.Business (Item 1)

Independent sales representatives

depends onnamed as a risk
We are dependent on our third-party representatives to market and sell our products.Risk factors (Item 1A)

Other companies

Revolving credit facility

depends on · $398.3 million outstanding balancenamed as a risk
For each one percentage point increase in the interest rate applicable to our outstanding debt, our annual income before taxes would decrease by approximately $4.0 million.Market risk (Item 7A)

Also named by BRO, BX, CG, CRGY, FIVE, FIX, HEI, IR and 22 more

Competitors

Trane Technologies

competes with
The Company’s comfort cooling products primarily compete with Lennox (Lennox International, Inc.), Trane (Trane Technologies plc), York Light Commercial (Bosch Home Comfort Group), Johnson Controls (Johnson Controls International PLC), Carrier (Carrier Global Corporation), and Daikin (Daikin Industries).Business (Item 1)

Vertiv

competes with
Our thermal management products primarily compete with Vertiv (Vertiv Holdings Co.), STULZ (STULZ Air Technology Systems, Inc.), Munters, Silent Aire (Johnson Controls International PLC), Nortek (Nortek Air Solutions), and Modine (Modine Manufacturing Co.).Business (Item 1)

Places

California

subject tonamed as a risk
We expect California and Washington state to release similar rules as well as several other states.Risk factors (Item 1A)

Also named by A, AFRM, ALK, ALLY, AN, ARE, AVAV, AWK and 88 more

Washington

subject tonamed as a risk
We expect California and Washington state to release similar rules as well as several other states.Risk factors (Item 1A)

Also named by ALK, BBSI, COST, MDU

Tulsa, Oklahoma

concentrated innamed as a risk
Our facilities are in areas where tornadoes are likely to occur, and the majority of our operations are at our Tulsa, Oklahoma facilities.Risk factors (Item 1A)

Longview, Texas

operates in
AAON Coil Products operates from our Longview, Texas manufacturing facilities, which also produce BASX-branded products.Business (Item 1)

Also named by EMN

Redmond, Oregon

operates in
BASX operates from our manufacturing facilities in Redmond, Oregon, with additional support from facilities in Memphis, Tennessee, and Longview, Texas.Business (Item 1)

Hazards

Wildfires

operates innamed as a risk
With the acquisition of BASX in 2021, we now have operations in an area that is historically impacted by wildfires.Risk factors (Item 1A)

Also named by AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP, COST and 17 more

Tornadoes

operates innamed as a risk
Our facilities are in areas where tornadoes are likely to occur, and the majority of our operations are at our Tulsa, Oklahoma facilities.Risk factors (Item 1A)

Also named by DLTR, PAYC, PNFP, RF

Commodities and inputs

Steel

exposed to its pricenamed as a risk
We are dependent upon components purchased from third parties, as well as raw materials such as steel, copper and aluminum.Risk factors (Item 1A)

Also named by AGX, ALSN, AM, AME, AMRC, AOS, APD, APG and 104 more

Copper

exposed to its pricenamed as a risk
We are dependent upon components purchased from third parties, as well as raw materials such as steel, copper and aluminum.Risk factors (Item 1A)

Also named by AGX, AMKR, APG, APH, APLD, BMI, BWA, CARR and 58 more

Aluminum

exposed to its pricenamed as a risk
We are dependent upon components purchased from third parties, as well as raw materials such as steel, copper and aluminum.Risk factors (Item 1A)

Also named by ACHR, ALSN, AYI, BA, BALL, BF/B, BWA, CAG and 59 more

Hydrofluorocarbon refrigerants

subject tonamed as a risk
Specifically, changes in environmental and energy efficiency standards and regulations related to global climate change are being implemented to curtail the use of hydrofluorocarbons which are used in refrigerants that are essential to many of our products.Risk factors (Item 1A)

R-454B refrigerant

depends onnamed as a risk
Due to the increased flammability of the new refrigerant, the insurance industry may require higher premiums for companies in the future.Risk factors (Item 1A)

Compressors

depends on
We also purchase from other manufacturers certain components, including coils, compressors, electric motors, and electrical controls used in our products.Business (Item 1)

Also named by LII

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk
We completely transitioned to a new refrigerant with lower global warming potential for our HVAC systems which was required by the US EPA for any equipment manufactured beginning January 1, 2025.Risk factors (Item 1A)

Also named by AAP, ALSN, AMRC, APA, APD, APG, AROC, AYI and 78 more

U.S. Department of Energy (DOE)

subject to
These testing chambers allow us to meet and maintain AHRI and DOE certification and solidify the Company’s industry position as a technological leader in the manufacturing of HVAC equipment.Business (Item 1)

Also named by AMRC, AOS, BWXT, CDE, CDRE, CEG, CLF, CW and 16 more

Laws and programs

U.S. tariffs on China imports

subject tonamed as a risk
Tariffs implemented on our products (or on materials, parts or components we use to manufacture our products or to provide service for our products) have in the past increased the cost of our products manufactured in the U.S. and imported into the U.S.Risk factors (Item 1A)

Also named by AAOI, DDS, HAS, HON

Dodd-Frank Act conflict minerals rules

subject tonamed as a risk
The implementation of these rules could adversely affect the sourcing, supply, and pricing of materials used in our products.Risk factors (Item 1A)

Also named by CRS, HUBB

New York State refrigerant GWP rule

subject tonamed as a risk
New York State released a final rule on December 23, 2024, that requires that we change our products to use refrigerants with a 20-year global warming potential less than 10 beginning January 1, 2034.Risk factors (Item 1A)

Fossil fuel restrictions on natural gas and propane equipment

subject tonamed as a risk
Additionally, regulations that reduce or eliminate the use of fossil fuels such as natural gas and propane may reduce or eliminate sales of gas-fired equipment for which AAON holds a strong market position.Risk factors (Item 1A)

AIM Act

subject to
Laws concerning the environment that affect or could affect our operations include, among others, the Clean Water Act, the Clean Air Act, the Resource Conservation and Recovery Act, the Occupational Safety and Health Act, the National Environmental Policy Act, the Toxic Substances Control Act, the AIM Act, regulations promulgated under these Acts and any other federal, state or local laws or regulations governing environmental matters.Business (Item 1)