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 riskFor 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 riskOrders 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 fromExamples 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 fromExamples 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 fromExamples 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 fromExamples of companies in this space include Microsoft, Amazon Web Services, Google Cloud, QTS and Applied Digital.Business (Item 1)
Applied Digital
earns fromExamples 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 riskOur 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 riskOur 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 riskWe 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 riskFor 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 withThe 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 withOur 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 riskWe 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 riskWe expect California and Washington state to release similar rules as well as several other states.Risk factors (Item 1A)
Tulsa, Oklahoma
concentrated innamed as a riskOur 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 inAAON 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 inBASX operates from our manufacturing facilities in Redmond, Oregon, with additional support from facilities in Memphis, Tennessee, and Longview, Texas.Business (Item 1)
Hazards
Commodities and inputs
Steel
exposed to its pricenamed as a riskWe 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 riskWe 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 riskWe 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 riskSpecifically, 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 riskDue 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 onWe 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 riskWe 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 toThese 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 riskTariffs 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)
Dodd-Frank Act conflict minerals rules
subject tonamed as a riskThe implementation of these rules could adversely affect the sourcing, supply, and pricing of materials used in our products.Risk factors (Item 1A)
New York State refrigerant GWP rule
subject tonamed as a riskNew 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 riskAdditionally, 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 toLaws 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)