AAON · Aaon, Inc.
$87.80
+0.13 (+0.15%)
At close · Aug 14
View the 10-K filed Mar 2, 2026
Customer concentration
— top 3 customers 10% of revenue
3 customers — 10% of revenue (the year ended December 31, 2025)
“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.”
3 customers — 10% of receivables (December 31, 2025)
“At December 31, 2025 and December 31, 2024, the Company had three customers that were 10 percent or greater concentrations of accounts receivable.”
Market Cap
$7.25B
Shares
82.45M
Named-executive compensation from the company's DEF 14A proxy statements — salary, bonus, stock and option awards, non-equity incentive, and the company-reported total per executive per fiscal year, exactly as disclosed in the Summary Compensation Table.
Fiscal 2025
| Executive | Role | Total |
|---|---|---|
| Matthew Tobolski | Chief Executive Officer | $3,656,082 |
| Gary Fields | Special Advisor to the Board | $1,607,673 |
| Rebecca A. Thompson | Chief Financial Officer and Treasurer | $1,080,735 |
| Stephen E. Wakefield | Executive Vice-President and General Manager, AAON Business Unit | $906,044 |
| Casey Kidwell | Chief Administrative Officer | $794,681 |
| Matthew Shaub | Executive Vice-President and General Manager, BASX Business Unit All amounts relate to our Annual Cash Incentive Bonus Plan and are accrued at December 31st and paid in March of the following year. See details in the above discussion under Annual Cash Incentive Bonuses. All Other Compensation consists of the following amounts: | $734,630 |
Fiscal 2024
| Executive | Role | Total |
|---|---|---|
| Gary Fields | Chief Executive Officer | $4,148,634 |
| Matthew Tobolski | President and Chief Operating Officer | $1,497,672 |
| Rebecca A. Thompson | VP, Finance, Chief Financial Officer and Treasurer | $1,180,316 |
| Stephen E. Wakefield | VP, Executive Vice-President of AAON, Inc. (an Oklahoma Corp.) | $1,076,691 |
| David E. Benson | VP, BASX President Mr. Tobolski was promoted from BASX President and Co-Founder to President and Chief Operating Officer, effective January 1, 2024. Mr. Benson was promoted from BASX Chairman and Co-Founder to VP and BASX President, effective January 1, 2024. All amounts relate to our Annual Cash Incentive Bonus Plan and are accrued at December 31st and paid in March of the following year. See details in the above discussion under Annual Cash Incentive Bonuses. All Other Compensation consists of the following amounts: | $1,058,041 |
Fiscal 2023
| Executive | Role | Total |
|---|---|---|
| Gary Fields | Chief Executive Officer | $5,006,785 |
| Rebecca A. Thompson | VP, Finance, Chief Financial Officer and Treasurer | $1,447,171 |
| Stephen E. Wakefield | VP, Executive Vice-President of AAON, Inc. (an Oklahoma Corp.) | $1,169,574 |
| Gordon D. Wichman | VP, President of AAON Coil Products | $1,014,758 |
| Robert P. Teis | VP, Sales and Marketing Ms. Thompson was promoted from Chief Accounting Officer to Vice President, Finance, Chief Financial Officer and Treasurer effective April 30, 2021. Mr. Wichman was promoted to Vice President and Executive Vice President of AAON Coil Products, Inc. effective January 1, 2022 and subsequently promoted to President of AAON Coil Products effective February 24, 2023. Mr. Teis was promoted to Vice President, Sales and Marketing effective August 3, 2022. All amounts relate to our Annual Cash Incentive Bonus Plan and are accrued at December 31st and paid in March of the following year. See details in the above discussion under Annual Cash Incentive Bonuses. All Other Compensation consists of the following amounts: | $985,942 |
Fiscal 2022
| Executive | Role | Total |
|---|---|---|
| Gary Fields | Chief Executive Officer | $3,401,462 |
| Rebecca A. Thompson | VP, Finance, Chief Financial Officer and Treasurer | $987,862 |
| Stephen E. Wakefield | VP, Executive Vice-President of AAON, Inc. (an Oklahoma Corp.) | $911,819 |
| Gordon D. Wichman | VP, President of AAON Coil Products | $690,641 |
| Robert P. Teis | VP, Sales and Marketing Ms. Thompson was promoted from Chief Accounting Officer to Vice President, Finance, Chief Financial Officer and Treasurer effective April 30, 2021. Mr. Wichman was promoted to Vice President and Executive Vice President of AAON Coil Products, Inc. effective January 1, 2022 and subsequently promoted to President of AAON Coil Products effective February 24, 2023. Mr. Teis was promoted to Vice President, Sales and Marketing effective August 3, 2022. All amounts relate to our Annual Cash Incentive Bonus Plan and are accrued at December 31st and paid in March of the following year. See details in the above discussion under Annual Cash Incentive Bonuses. All Other Compensation consists of the following amounts: | $492,658 |
Fiscal 2021
| Executive | Role | Total |
|---|---|---|
| Gary Fields | President and CEO | $2,912,108 |
| Stephen E. Wakefield | VP, Chief Operating Officer | $1,086,224 |
| Rebecca A. Thompson | VP, Finance, Chief Financial Officer and Treasurer | $906,761 |
Fiscal 2020
| Executive | Role | Total |
|---|---|---|
| Norman H. Asbjornson | Executive Chairman | $2,336,581 |
| Stephen E. Wakefield | Vice President, Chief Operating Officer See discussion of assumptions made in valuing these awards in the notes to our financial statements. The values reflect grant date fair value of awards. Compensation costs are recognized for option and restricted stock awards over their requisite service period. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 15,728, 15,548 and 24,676 in 2020, 2019 and 2018, respectively; (ii) director fees in the amount of 40,000, 40,000, 40,000 in 2020, 2019 and 2018, respectively; (iii) matching contributions to a Health Savings Account in the amount of 2,259, 2,227 and 2,195 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 25,981 and 7,801, in 2020, 2019 and 2018, respectively; (ii) director fees in the amount of 40,000, 40,000 and 40,000 in 2020, 2019 and 2018, respectively; (iii) payment of personal car lease in the amount of 8,467 and 25,402 in 2019 and 2018, respectively; (iv) matching contributions to a Health Savings Account in the amount of 636, 2,864 and 2,832 in 2020, 2019 and 2018, respectively; and (v) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 29,400 and 28,875 in 2020, 2019 and 2018, respectively; (ii) matching contributions to a Health Savings Account in the amount of 4,518, 4,455 and 4,391 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 29,400 and 28,875 in 2020, 2019 and 2018, respectively; (ii) matching contributions to a Health Savings Account in the amount of 4,518, 4,455 and 4,391 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 29,400 and 21,398 in 2020, 2019 and 2018, respectively; (ii) matching contributions to a Health Savings Account in the amount of 4,336, 4,295 and 4,295 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. | $1,036,374 |
| Scott M. Asbjornson | Vice President, Finance and CFO | $961,326 |
| Rebecca A. Thompson | Chief Accounting Officer and Treasurer | $807,416 |
Fiscal 2019
| Executive | Role | Total |
|---|---|---|
| Norman H. Asbjornson | Executive Chairman | $2,722,575 |
| Stephen E. Wakefield | Vice President, Chief Operating Officer See discussion of assumptions made in valuing these awards in the notes to our financial statements. The values reflect grant date fair value of awards. Compensation costs are recognized for option and restricted stock awards over their requisite service period. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 15,728, 15,548 and 24,676 in 2020, 2019 and 2018, respectively; (ii) director fees in the amount of 40,000, 40,000, 40,000 in 2020, 2019 and 2018, respectively; (iii) matching contributions to a Health Savings Account in the amount of 2,259, 2,227 and 2,195 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 25,981 and 7,801, in 2020, 2019 and 2018, respectively; (ii) director fees in the amount of 40,000, 40,000 and 40,000 in 2020, 2019 and 2018, respectively; (iii) payment of personal car lease in the amount of 8,467 and 25,402 in 2019 and 2018, respectively; (iv) matching contributions to a Health Savings Account in the amount of 636, 2,864 and 2,832 in 2020, 2019 and 2018, respectively; and (v) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 29,400 and 28,875 in 2020, 2019 and 2018, respectively; (ii) matching contributions to a Health Savings Account in the amount of 4,518, 4,455 and 4,391 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 29,400 and 28,875 in 2020, 2019 and 2018, respectively; (ii) matching contributions to a Health Savings Account in the amount of 4,518, 4,455 and 4,391 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 29,400 and 21,398 in 2020, 2019 and 2018, respectively; (ii) matching contributions to a Health Savings Account in the amount of 4,336, 4,295 and 4,295 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. | $1,305,809 |
| Scott M. Asbjornson | Vice President, Finance and CFO | $1,119,197 |
| Rebecca A. Thompson | Chief Accounting Officer and Treasurer | $936,065 |
Fiscal 2018
| Executive | Role | Total |
|---|---|---|
| Norman H. Asbjornson | Executive Chairman | $1,946,466 |
| Scott M. Asbjornson | Vice President, Finance and CFO | $766,420 |
| Rebecca A. Thompson | Chief Accounting Officer and Treasurer | $579,122 |
| Stephen E. Wakefield | Vice President, Chief Operating Officer See discussion of assumptions made in valuing these awards in the notes to our financial statements. The values reflect grant date fair value of awards. Compensation costs are recognized for option and restricted stock awards over their requisite service period. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 15,728, 15,548 and 24,676 in 2020, 2019 and 2018, respectively; (ii) director fees in the amount of 40,000, 40,000, 40,000 in 2020, 2019 and 2018, respectively; (iii) matching contributions to a Health Savings Account in the amount of 2,259, 2,227 and 2,195 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 25,981 and 7,801, in 2020, 2019 and 2018, respectively; (ii) director fees in the amount of 40,000, 40,000 and 40,000 in 2020, 2019 and 2018, respectively; (iii) payment of personal car lease in the amount of 8,467 and 25,402 in 2019 and 2018, respectively; (iv) matching contributions to a Health Savings Account in the amount of 636, 2,864 and 2,832 in 2020, 2019 and 2018, respectively; and (v) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 29,400 and 28,875 in 2020, 2019 and 2018, respectively; (ii) matching contributions to a Health Savings Account in the amount of 4,518, 4,455 and 4,391 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 29,400 and 28,875 in 2020, 2019 and 2018, respectively; (ii) matching contributions to a Health Savings Account in the amount of 4,518, 4,455 and 4,391 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. Consists of (i) contributions to our 401(k) plan by AAON in the amount of 29,925, 29,400 and 21,398 in 2020, 2019 and 2018, respectively; (ii) matching contributions to a Health Savings Account in the amount of 4,336, 4,295 and 4,295 in 2020, 2019 and 2018, respectively; and (iv) 10 PPE bonus in 2020. | $491,864 |
Fiscal 2017
| Executive | Role | Total |
|---|---|---|
| Norman H. Asbjornson | CEO | $2,027,295 |
| Scott M. Asbjornson | Vice President, Finance and CFO. Gary D. Fields President | $752,081 |
| Rebecca A. Thompson | Chief Accounting Officer and Treasurer Stephen E. Wakefield Vice President of Engineering | $579,112 |
Executive changes
| Person | Role | Change | Filed |
|---|---|---|---|
| Patrick J. Jermain | independent director | Appointed | 2026-07-30 |
| Robert L. Buttermore III | independent director | Appointed | 2026-07-30 |
| Andy Cheung | Executive Vice President and Chief Financial Officer | Appointed | 2026-04-02 |
| Doug Wichman | Executive Vice President and General Manager of its AAON business unit | Appointed | 2025-12-01 |
| Christopher D. Eason | Principal Accounting Officer | Resigned | 2025-07-02 |
| Matt J. Tobolski | Class I Director | Appointed | 2025-05-16 |
| Matt J. Tobolski | President and CEO | Appointed | 2025-05-16 |
| Matt J. Tobolski | Chief Executive Officer | Appointed | 2025-02-20 |
| Christopher Eason | Principal Accounting Officer | Appointed | 2024-11-22 |
| Casey Kidwell | Chief Administration Officer | Appointed | 2024-11-22 |
| Matthew Shaub | Executive Vice President of the Company & General Manager of the BASX products business unit | Appointed | 2024-11-22 |
| Stephen Wakefield | Executive Vice President of the Company & General Manager of the AAON products business unit | Appointed | 2024-11-22 |
| Rob Teis | Vice President of Business Technology | Appointed | 2023-11-06 |
| Stephen Wakefield | Vice President of the Company and Executive Vice President of the Company's wholly-owned subsidiary, AAON Inc. (an Oklahoma Corp | Appointed | 2023-11-06 |
| Dave Benson | Vice President of the Company and President of BASX | Appointed | 2023-11-06 |
| Doug Wichman | President of AAON Coil Products | Appointed | 2023-02-27 |
| Gene Stewart | Executive Vice President | Resigned | 2022-08-11 |
| Rob Teis | Vice President, Sales and Marketing | Appointed | 2022-08-09 |
| Xerxes Gazder | Chief Information Officer | Appointed | 2022-07-15 |
| Caron Lawhorn | Independent Vice Chair of the Board | Appointed | 2022-05-18 |
| A.H. ("Chip") McElroy II | Independent Chairman of the Board | Appointed | 2022-05-18 |
| Norman H. Asbjornson | Executive Chairman | Retired | 2022-05-18 |
| Casey R. Kidwell | Vice President of Administration | Appointed | 2022-05-18 |
| Paul K. Lackey, Jr. | Board of Directors | Retired | 2022-05-18 |
Key facts
CIK
824142
CUSIP
000360206
13F (30d)
436 filings
434 filers
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