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Aaon vs CARRIER GLOBAL: revenue, profit, margins and growth compared

Aaon brought in $1.4B of revenue in fiscal 2025, CARRIER GLOBAL $21.7B in fiscal 2025. Revenue changed by +20.1% at Aaon and -3.3% at CARRIER GLOBAL on the year before, so Aaon grew faster. Aaon kept 7.5% of its revenue as net profit, CARRIER GLOBAL 6.8%.

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Side by side, latest fiscal year

AAONCARR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.4B$21.7B
Revenue growth+20.1%-3.3%
Net income$107.6M$1.5B
Net margin7.5%6.8%
Free cash flown/a$2.1B
Free cash flow marginn/a9.8%
Earnings per share (diluted)$1.29$1.72
Cash$13K$1.6B
Debtn/a$11.5B
Price to earnings69.132.8
Market value$7.3B$46.5B
Dividend yield0.45%1.20%
Rank by revenue in sector#247 of 451 · Industrials#30 of 451 · Industrials

Over the years

Revenue
AAON FY2018: $433.9MAAON FY2019: $469.3MAAON FY2020: $514.6MAAON FY2021: $534.5MAAON FY2022: $888.8MAAON FY2023: $1.2BAAON FY2024: $1.2BAAON FY2025: $1.4BCARR FY2018: $18.9BCARR FY2020: $18.6BCARR FY2020: $17.5BCARR FY2021: $20.6BCARR FY2022: $17.3BCARR FY2023: $19BCARR FY2024: $22.5BCARR FY2025: $21.7BFY18FY19FY20FY21FY22FY23FY24FY25
AAON $1.4BCARR $21.7B
Net income
AAON FY2018: $42.3MAAON FY2019: $53.7MAAON FY2020: $79MAAON FY2021: $58.8MAAON FY2022: $100.4MAAON FY2023: $177.6MAAON FY2024: $168.6MAAON FY2025: $107.6MCARR FY2018: $2.7BCARR FY2020: $2.1BCARR FY2020: $2BCARR FY2021: $1.7BCARR FY2022: $3.5BCARR FY2023: $1.3BCARR FY2024: $5.6BCARR FY2025: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25
AAON $107.6MCARR $1.5B
Net margin
AAON FY2018: 9.8%AAON FY2019: 11.4%AAON FY2020: 15.4%AAON FY2021: 11.0%AAON FY2022: 11.3%AAON FY2023: 15.2%AAON FY2024: 14.0%AAON FY2025: 7.5%CARR FY2018: 14.5%CARR FY2020: 11.4%CARR FY2020: 11.4%CARR FY2021: 8.1%CARR FY2022: 20.4%CARR FY2023: 7.1%CARR FY2024: 24.9%CARR FY2025: 6.8%FY18FY19FY20FY21FY22FY23FY24FY25
AAON 7.5%CARR 6.8%
Revenue growth
AAON FY2019: +8.2%AAON FY2020: +9.6%AAON FY2021: +3.9%AAON FY2022: +66.3%AAON FY2023: +31.5%AAON FY2024: +2.7%AAON FY2025: +20.1%CARR FY2020: -1.6%CARR FY2020: -6.2%CARR FY2021: +18.1%CARR FY2022: -16.1%CARR FY2023: +9.6%CARR FY2024: +18.7%CARR FY2025: -3.3%FY19FY20FY21FY22FY23FY24FY25
AAON +20.1%CARR -3.3%
Free cash flow
AAON FY2018: $17.6MAAON FY2019: $60.8MAAON FY2020: $61MAAON FY2021: $5.8MAAON FY2022: $7.3MCARR FY2018: $1.8BCARR FY2020: $1.8BCARR FY2020: $1.4BCARR FY2021: $1.9BCARR FY2022: $1.4BCARR FY2023: $2.2BCARR FY2024: $44MCARR FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
AAON $7.3MCARR $2.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Aaon and CARRIER GLOBAL

Which is bigger by revenue, Aaon or CARRIER GLOBAL?

CARRIER GLOBAL is bigger by revenue: $21.7B in fiscal 2025, against $1.4B for Aaon in fiscal 2025.

Which keeps more of its revenue as profit, Aaon or CARRIER GLOBAL?

Aaon had a net margin of 7.5% in fiscal 2025; CARRIER GLOBAL had 6.8% in fiscal 2025.

Which grew revenue faster, Aaon or CARRIER GLOBAL?

In their latest fiscal years revenue changed by +20.1% at Aaon and -3.3% at CARRIER GLOBAL.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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