Oppenheimer analyst Noah Kaye III reiterated an Outperform rating on AAON Inc (NASDAQ: AAON).

The analyst comments "AAON beat 2Q26 top/bottom line consensus and raised FY26 sales/implied EBIT guidance midpoints 9%/2% above the Street. BASX sales (+216.2% y/y) paced the revenue beat, including 208.4% growth in liquid cooling sales; while BASX segment backlog declined ldd q/q on accelerated revenue conversion and orders more comparable to 1H25 run rates, management indicated strong engagement and healthy data center pipeline. Consolidated margins contracted 230bps y/y, below consensus, reflecting Memphis ramp (690bps impact to Oklahoma segment), outsourcing and temporary cost absorption. AAON-branded backlog grew q/q despite increased production, reflecting share gains, with outlook for increased production likely tabling further ERP implementation to 2027. OCF remained positive, with balance sheet metrics (+A/R q/q, -contract assets) indicative of further improvement in 2H. We look for color on accelerated revenue outlook and production run rates, drivers of expected 2H margin improvement, BASX pipeline/orders timing, and capital allocation on the earnings call (5 p.m. ET today)."

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Shares of AAON Inc closed at $94.83 yesterday.