AAON · CIK 824142
What AAON, Inc. told the SEC could break it.
AAON's disclosures center on input-cost pressure for its HVAC manufacturing. Its principal high-volume raw materials are steel, copper and aluminum, whose prices swing with the economy — copper was up 11.1% year-over-year at the end of 2025 — squeezing cost of sales. U.S. tariffs added to that in 2025 as vendors passed tariff costs through, prompting AAON to institute a 6.0% tariff surcharge on AAON-branded orders effective April 1, 2025, with significant impact first realized in the third quarter. It also notes that only a limited number of suppliers offer the 'conflict-free' minerals its products require, creating some risk to obtaining sufficient quantities at competitive prices.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- steel, copper, aluminum (HVAC raw materials)medium
Principal high-volume raw materials are steel, copper and aluminum; prices fluctuate with economic factors (copper +11.1% year-over-year at Dec 31, 2025), pressuring cost of sales.
“The principal high volume raw materials used in our manufacturing processes are steel, copper, and aluminum, and are obtained from domestic suppliers.”
Regulatory & policy
- U.S. import tariffs (6% surcharge response)medium
2025 U.S. tariffs raised input costs (vendors pass tariff costs through); AAON instituted a 6.0% tariff surcharge on AAON-branded orders effective April 1, 2025, with significant financial impact first seen in Q3 2025.
“On April 1, 2025 we instituted a 6.0% tariff surcharge on AAON-branded orders which we began to see realization of in the third quarter of 2025.”
Supplier concentration
- conflict-free minerals (limited suppliers)low
Only a limited number of suppliers offer 'conflict-free' minerals AAON's products require, creating risk to obtaining sufficient quantities at competitive prices.
“As there may be only a limited number of suppliers offering “conflict-free” conflict minerals, we cannot be sure that we will be able to obtain necessary conflict minerals from such suppliers in sufficient quantities or at competitive prices.”
SEC filing →As of 2026
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