Net sales grew 20.1% to $1,442.1 million in 2025, primarily due to strong demand for BASX-branded products. BASX-branded product sales surged by 143.5% ($322.8 million) compared to 2024, largely from data center liquid cooling solutions. AAON-branded product sales decreased 8.3% ($81.4 million) due to a softer market (higher interest rates, slowing construction) and supply chain issues (refrigerant change, coil shortages). Gross profit decreased 2.9% to $385.7 million, with the gross profit margin falling from 33.1% in 2024 to 26.7% in 2025. Selling, General and Administrative (SG&A) expenses increased by $51.5 million, reaching $239.5 million (16.6% of sales), driven by higher salaries, benefits, depreciation, and technology consulting fees. Net income decreased to $107.6 million in 2025 from $168.6 million in 2024, resulting in diluted EPS of $1.29, down from $2.02. Total backlog increased 110.9% to $1,828.5 million at December 31, 2025, with BASX-branded backlog up 141.3% to $1,302.1 million. Capital expenditures were $204.9 million in 2025, reflecting continued investment in growth and intangible asset acquisitions. The company repurchased $39.7 million of shares in 2025. Quarterly dividends increased to $0.10 per share ($0.40 annualized) in 2025 from $0.08 ($0.32 annualized) in 2024. The company's leverage ratio was 1.77 to 1.0 at December 31, 2025, well within the covenant requirement of not being above 3 to 1. The Revolving Credit Facility was increased to $600.0 million, with $201.0 million available at year-end 2025. The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, led to a $0.8 million increase in tax provision expense and generated Federal and State net operating loss (NOL) carryforwards of $57.0 million and $22.5 million, respectively.