AAON says first-half 2026 financial statements must be restated after accounting errors found

AAON, Inc. disclosed in an 8-K filed on 9 November 2026 that management, with oversight from the Audit Committee of the Board of Directors, concluded on 3 November 2026 that its previously issued unaudited condensed consolidated financial statements in its Quarterly Reports on Form 10-Q for the periods ended 31 March 2026 and 30 June 2026 should no longer be relied upon. The filing states the non-reliance conclusion resulted from errors in the company's calculation of revenue under the percentage of completion method and in its accounting for software subscriptions.

The filing sets out the dollar impact of the restatement on net income. For the three months ended 31 March 2026, net income is now $36.5 million, a decrease of $3.4 million from the $39.8 million previously reported. For the six months ended 30 June 2026, net income is now $103.6 million, an increase of $7.1 million from the $96.5 million previously reported.

The company said it re-evaluated the effectiveness of its disclosure controls and procedures and its internal control over financial reporting for the relevant periods and determined that a material weakness existed. AAON said it will report the material weakness in its Quarterly Report on Form 10-Q for the quarter ended 30 September 2026. The Audit Committee discussed the matters with Grant Thornton LLP, the company's independent registered accounting firm, according to the filing. AAON said it is concurrently filing amendments on Form 10-Q/A for the periods ended 31 March 2026 and 30 June 2026 to reflect the corrections.

The same 8-K also reported AAON's financial and operating results and backlog for the third quarter ended 30 September 2026 under Item 2.02, furnished via a press release as Exhibit 99.1. The filing does not say what caused the errors in the percentage of completion and software subscription calculations beyond identifying them as the source of the non-reliance conclusion.