AAON, Inc. increased its revolving credit facility to $600 million by exercising the accordion feature on December 29, 2025, giving the company a larger borrowing capacity to support capital expenditures without diluting equity.
The expanded line of credit will finance the company’s Memphis plant ramp‑up and the rollout of its BASX liquid‑cooling solutions, reinforcing AAON’s strategic pivot toward high‑performance data‑center cooling. The move provides a financial buffer as the firm scales its data‑center operations and meets accelerating customer demand.
AAON’s Q3 2025 results showed revenue of $384.2 million and earnings per share of $0.37, a beat of $0.05 versus the $0.32 consensus. The earnings gain was driven by strong demand in the data‑center segment and disciplined cost management, offsetting a $174.5 million order from a major data‑center customer that will be financed through the new credit line. In contrast, Q2 2025 revenue slipped 0.6% year‑over‑year and non‑GAAP EPS fell 64.5% due to production disruptions from an ERP system go‑live, prompting a lower full‑year outlook.
Segment data show the BASX brand grew 374.8% in Q1 2025, with data‑center cooling sales up sharply. The company’s revenue mix is shifting toward higher‑margin data‑center solutions, a trend that the expanded credit facility will help sustain by enabling continued investment in manufacturing capacity and product development.
CFO Rebecca Thompson said the credit expansion “ensures we have ample liquidity to invest in growth and respond to demand while maintaining a disciplined capital structure.” She highlighted the company’s focus on scaling data‑center operations and leveraging its diversified product portfolio to generate cash flow.
Analysts at William Blair and Oppenheimer reiterated an “Outperform” rating, citing the credit expansion and robust data‑center demand as positive signals. They noted that while valuation concerns persist, the firm’s ability to secure significant orders and maintain liquidity positions it well for future growth.
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