Algonquin Power & Utilities Corp. (AQN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.03	$0.04	+33.3%	—	$543.9M	—
Q4 25	$0.05	$0.06	+20.0%	—	$630.7M	—
Q2 25	$0.01	$0.04	+300.0%	—	$527.8M	—
Q1 25	$0.1	$0.14	+40.0%	—	$692.4M	—
Q4 24	$0.09	$0.06	-33.3%	—	$584.8M	—
Q3 24	$0.09	$0.08	-11.1%	—	$573.2M	—
Q2 24	$0.08	$0.09	+12.5%	—	$598.6M	—
Q1 24	$0.16	$0.14	-12.5%	—	$737.1M	—
Q4 23	$0.15	$0.16	+6.7%	—	$666.8M	—
Q3 23	$0.12	$0.11	-8.3%	—	$564.8M	—
Q2 23	$0.1	$0.08	-20.0%	—	$627.9M	—
Q1 23	$0.16	$0.17	+6.3%	—	$778.6M	—
Q4 22	$0.19	$0.22	+15.8%	—	$738.5M	—
Q3 22	$0.16	$0.11	-31.3%	—	$664.4M	—
Q2 22	$0.15	$0.16	+6.7%	—	$619.4M	—
Q1 22	$0.2	$0.21	+5.0%	—	$733.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.27	—	—	$2.4B	—
FY24	—	-$1.9	—	—	$2.3B	—
FY23	—	$0.03	—	—	$2.7B	—
FY22	—	-$0.33	—	—	$2.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$815.4M	$1.5B	$1.6B	$1.6B	$1.7B	$2.3B	$2.8B	$2.7B	$2.3B	$2.4B
YoY change	+10.1%	+86.6%	+8.31%	-1.34%	+3.11%	+35.6%	+21.6%	-2.42%	-14%	+4.92%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	815.4M	1.5B	1.6B	1.6B	1.7B	2.3B	2.8B	2.7B	2.3B	2.4B
Cost of revenue	219.7M	393.2M	484.1M	443.3M	401M	713.9M	866.4M	735.9M	594.3M	639.8M
Gross profit	595.7M	1.1B	1.2B	1.2B	1.3B	1.6B	1.9B	2B	1.7B	1.8B
Gross margin	73.1%	74.2%	70.6%	72.7%	76.1%	68.6%	68.7%	72.7%	74.4%	73.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	34.5M	49.6M	57.7M	56.8M	75.8M	66.7M	80.2M	90.4M	—	—
Operating expenses	282.2M	499.9M	530.2M	528.8M	592.6M	768.9M	931.7M	997.3M	880M	870.4M
Operating income	174.4M	377.5M	373.4M	370M	357.6M	388.4M	511.4M	497.7M	449.6M	523.1M
Operating margin	21.4%	24.8%	22.7%	22.7%	21.3%	17.1%	18.5%	18.4%	19.4%	21.5%
Non-operating income, net	12M	-55.1M	-105.8M	338.8M	603.4M	-57.4M	-608.4M	-270.8M	86M	-41.2M
Pretax income	96.4M	175.1M	132.5M	555.1M	792.4M	142.2M	-369.7M	-119.6M	177.2M	211M
Income tax	27.6M	73.4M	53.4M	70.1M	64.6M	-43.4M	-61.5M	-86.3M	186.8M	65M
Net income	68.7M	101.7M	79.1M	484.9M	727.8M	185.7M	-308.2M	-33.3M	-1.5B	108.3M
Net margin	8.43%	6.68%	4.8%	29.8%	43.4%	8.16%	-11.1%	-1.23%	-65.4%	4.45%
EBITDA	336.7M	633.8M	645.3M	640.5M	648.4M	779.2M	969.9M	991.5M	953.6M	982.4M
EPS	0.33	0.38	0.38	1.05	1.38	0.41	-0.33	0.03	-1.9	0.27
Diluted EPS	0.33	0.37	0.38	1.04	1.37	0.41	-0.33	0.03	-1.9	0.27

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	564.8M	666.8M	737.1M	598.6M	573.2M	584.8M	692.4M	527.8M	582.7M	630.7M	792.4M	543.9M
Cost of revenue	137.7M	177.3M	201.3M	109.6M	121M	166.4M	205M	124.6M	126.3M	183.9M	260.4M	132.1M
Gross profit	427M	489.5M	535.8M	489M	452.2M	418.4M	487.4M	403.2M	456.4M	446.8M	532M	411.8M
Gross margin	75.6%	73.4%	72.7%	81.7%	78.9%	71.5%	70.4%	76.4%	78.3%	70.8%	67.1%	75.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	32.7M	19M	3.4M	4M	—	—	—	—	—	—	—	—
Operating expenses	243.2M	244.1M	265.2M	269.8M	235.4M	213.2M	209.3M	217.4M	214.3M	229.4M	243M	218.4M
Operating income	128.2M	123.2M	144.4M	86.2M	117.4M	105.6M	182.8M	78.8M	147.4M	114.1M	180.8M	87.4M
Operating margin	22.7%	18.5%	19.6%	14.4%	20.5%	18.1%	26.4%	14.9%	25.3%	18.1%	22.8%	16.1%
Non-operating income, net	-264.1M	157.4M	-175.4M	171.3M	11.6M	9.1M	-700K	-9M	6M	-23.7M	-14.2M	-24.4M
Pretax income	-215.1M	165.5M	-131.6M	153.8M	39.8M	26.3M	97.3M	6.4M	85.7M	21.6M	96.4M	-8.2M
Income tax	-40.8M	-1.2M	-11.3M	-5.2M	6.4M	153.5M	19.8M	7M	27M	11.2M	28.8M	2.6M
Net income	-187.3M	166.7M	-120.3M	159M	-1.3B	-224M	78.9M	6.1M	23.9M	-600K	68.1M	-14.7M
Net margin	-33.2%	25%	-16.3%	26.6%	-232.1%	-38.3%	11.4%	1.16%	4.1%	-0.1%	8.59%	-2.7%
EBITDA	229.8M	279.3M	254.6M	210.8M	232.5M	217.8M	281.5M	211.4M	256.8M	253.2M	303.2M	222M
EPS	-0.26	—	-0.13	0.28	-1.71	—	0.12	0.03	0.05	0.04	0.11	0
Diluted EPS	-0.26	—	-0.13	0.28	-1.71	—	0.12	0.03	0.05	0.04	0.11	0

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.3B	—	—	7.1B	—	—	4.4B	4.4B	3.3B	4.7B	3.9B
Enterprise value	5.4B	—	—	10.9B	—	—	11.9B	12.8B	9.9B	11.2B	11B
Shares outstanding	271.8M	382.3M	461.8M	499.9M	559.6M	622.3M	677.9M	688.7M	731.7M	768.1M	768.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	33.5	—	—	14.6	—	—	—	—	—	43.6	20.8
P/S	2.83	—	—	4.35	—	—	1.6	1.61	1.4	1.94	1.51
P/B	1.23	—	—	1.49	—	—	0.62	0.63	0.53	0.94	0.87
EV/EBITDA	16	—	—	17.1	—	—	12.2	12.9	10.4	11.4	11.7
EV/Sales	6.62	—	—	6.73	—	—	4.29	4.75	4.28	4.61	4.31
Earnings yield	2.98%	—	—	6.86%	—	—	—	—	—	2.29%	4.8%
FCF yield	-3.8%	—	—	0.42%	—	—	-10.6%	-9.15%	-12%	-3.77%	-2.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.21

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	73.1%	74.2%	70.6%	72.7%	76.1%	68.6%	68.7%	72.7%	74.4%	73.7%	75.7%
Operating margin	21.4%	24.8%	22.7%	22.7%	21.3%	17.1%	18.5%	18.4%	19.4%	21.5%	15.9%
Net margin	8.43%	6.68%	4.8%	29.8%	43.4%	8.16%	-11.1%	-1.23%	-65.4%	4.45%	5.87%
ROE	3.67%	3.03%	1.96%	10.2%	12.2%	2.41%	-4.31%	-0.48%	-24.5%	2.15%	2.49%
ROA	1.12%	1.21%	0.84%	4.44%	5.5%	1.11%	-1.75%	-0.18%	-8.94%	0.77%	2.37%
ROIC	2.5%	3.43%	3.04%	3.76%	3.15%	2.82%	3.5%	3.23%	0%	3.13%	2.95%
Return on tangible assets	1.23%	1.59%	1.07%	5.53%	6.88%	1.31%	-2.08%	-0.21%	-10.7%	0.95%	0.69%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.9	0.88	0.99	0.59	0.73	0.69	0.71	0.63	0.76	1	0.89
Quick ratio	0.83	0.72	0.79	0.48	0.59	0.56	0.57	0.5	0.61	0.82	0.69
Debt / equity	1.7	0.92	0.83	0.83	0.76	0.81	1.05	1.23	1.08	1.29	1.34
Debt / assets	0.52	0.37	0.36	0.36	0.34	0.37	0.43	0.46	0.39	0.46	0.48
Net debt / EBITDA	9.19	4.79	5.1	6.04	6.84	7.81	7.69	8.53	6.99	6.62	6.36
Interest coverage	1.98	2.12	1.87	4.06	5.36	1.62	-0.26	0.68	1.46	1.67	1.67
Effective tax rate	28.7%	41.9%	40.3%	12.6%	8.15%	0%	0%	0%	100%	30.8%	35.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3	3.98	3.57	3.25	3	3.65	4.08	3.92	3.17	3.17	3.32
EPS (basic)	0.33	0.38	0.38	1.05	1.38	0.41	-0.33	0.03	-1.9	0.27	0.27
EPS (diluted)	0.33	0.37	0.38	1.04	1.37	0.41	-0.33	0.03	-1.9	0.27	0.24
Book value per share	6.88	8.79	8.74	9.48	10.7	12.4	10.6	10.1	8.45	6.57	5.76
FCF per share	-0.32	-0.62	0.14	0.06	-0.5	-1.91	-0.69	-0.58	-0.53	-0.23	-0.08
Cash per share	0.3	0.11	0.1	0.12	0.18	0.2	0.09	0.08	0.05	0.04	0.07
Capex per share	1.11	1.48	1	1.16	1.4	2.16	1.61	1.49	1.19	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	37%	37.1%	28.1%	35.7%	46.9%	59.1%	39.4%	38%	37.6%	—	—
Capex / operating cash flow	121.7%	168.6%	131.3%	64.2%	71.1%	-13.4K%	-441.7%	257.3%	227.3%	—	—
Payout ratio	139.2%	133.3%	220.5%	42.2%	36%	170.3%	-125.7%	-993.3%	-19.5%	195.6%	108.3%
Dividend yield	4.15%	—	—	2.9%	—	—	8.76%	7.6%	9.08%	4.48%	5.2%

Yield

5.2%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.065

ex-dividend Jun 30, 2026

Payout ratio

108%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.065
Mar 31, 2026	$0.065
Jun 30, 2025	$0.065
Mar 31, 2025	$0.065
Dec 31, 2024	$0.065
Sep 27, 2024	$0.065

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$564.8M	$666.8M	$737.1M	$598.6M	$573.2M	$584.8M	$692.4M	$527.8M	$582.7M	$630.7M	$792.4M	$543.9M
YoY change	-15%	-9.71%	-5.33%	-4.66%	+1.49%	-12.3%	-6.06%	-11.8%	+1.66%	+7.84%	+14.4%	+3.05%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	82.1M	43.5M	46.8M	62.5M	101.6M	125.2M	57.6M	56.1M	34.8M	32.7M
Receivables	103.3M	171.9M	171.3M	183.8M	252.9M	320.1M	403.9M	447.4M	329.4M	394.9M
Inventory	27.7M	89.5M	95.6M	91.1M	134.6M	177.8M	224.9M	227.1M	223.6M	226.5M
Total current assets	365.9M	498.4M	491.6M	513.2M	695.2M	938.7M	1.1B	1.1B	1.1B	1.2B
Property, plant & equipment	-269.2M	-283.2M	-532.7M	-573.2M	-443.7M	-613M	-814.9M	-1B	-1.2B	-1.5B
Goodwill & intangibles	553M	2B	2B	2.2B	2.6B	2.6B	2.8B	2.8B	2.8B	2.8B
Total assets	6.1B	8.4B	9.4B	10.9B	13.2B	16.8B	17.6B	18.4B	17B	14.1B
Accounts payable	67.4M	119.9M	89.7M	150.3M	192.2M	185.3M	186.1M	210.4M	164.2M	145.4M
Short-term debt	7.5M	12.4M	13M	225M	139.9M	356.4M	423.3M	621.9M	491.7M	364M
Total current liabilities	406.6M	564M	499M	872.1M	955.4M	1.4B	1.5B	1.7B	1.5B	1.2B
Long-term debt	3.2B	3.1B	3.3B	3.7B	4.4B	5.9B	7.1B	7.9B	6.2B	6.2B
Total liabilities	4.3B	5B	5.4B	6.2B	7.2B	9.1B	10.5B	11.4B	10.8B	9.1B
Shareholders' equity	1.9B	3.4B	4B	4.7B	6B	7.7B	7.2B	6.9B	6.2B	5B
Total debt	3.2B	3.1B	3.3B	3.9B	4.5B	6.2B	7.5B	8.5B	6.7B	6.5B
Net debt	3.1B	3B	3.3B	3.9B	4.4B	6.1B	7.5B	8.5B	6.7B	6.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	94.8M	56.1M	86.3M	131.6M	64.3M	34.8M	72.2M	54.3M	62.2M	32.7M	55.5M	55M
Receivables	371.8M	447.4M	479.8M	377.6M	318.4M	329.4M	451.8M	426.6M	489.6M	394.9M	415.1M	308.6M
Inventory	240.4M	227.1M	230.9M	235.3M	227.5M	223.6M	210.3M	214.1M	226.6M	226.5M	202.1M	208.7M
Total current assets	1B	1.1B	1.2B	1.2B	1.1B	1.1B	1.1B	1B	1.1B	1.2B	1.2B	949.1M
Property, plant & equipment	—	-1B	—	—	—	-1.2B	—	—	—	-1.5B	—	—
Goodwill & intangibles	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B	2.8B
Total assets	18B	18.4B	18.3B	18.9B	17.8B	17B	13.7B	13.7B	13.8B	14.1B	14B	13.9B
Accounts payable	182.5M	210.4M	175.1M	138.2M	107M	164.2M	108.3M	89.9M	92.6M	145.4M	86.9M	83.6M
Short-term debt	580.5M	621.9M	240.4M	158.3M	263.8M	491.7M	295.4M	308.2M	271.6M	364M	542.5M	520.6M
Total current liabilities	1.5B	1.7B	1.2B	1.2B	1.2B	1.5B	943.3M	926.8M	934.2M	1.2B	1.1B	1.1B
Long-term debt	7.8B	7.9B	8.8B	8.1B	7.2B	6.2B	6B	6B	6.2B	6.2B	6.1B	6.1B
Total liabilities	11.1B	11.4B	11.9B	11.2B	11.4B	10.8B	8.5B	8.6B	8.7B	9.1B	9B	8.9B
Shareholders' equity	6.9B	6.9B	6.4B	7.7B	6.4B	6.2B	5.1B	5.1B	5.1B	5B	5B	5B
Total debt	8.4B	8.5B	9.1B	8.3B	7.5B	6.7B	6.3B	6.3B	6.4B	6.5B	6.7B	6.6B
Net debt	8.3B	8.5B	9B	8.2B	7.4B	6.7B	6.2B	6.3B	6.4B	6.5B	6.6B	6.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	68.7M	101.7M	79.1M	484.9M	727.8M	185.7M	-308.2M	-33.3M	-1.5B	108.3M
Depreciation & amortization	145.6M	256.8M	260.8M	284.3M	314.1M	403M	455.5M	467M	476.7M	400.3M
Stock-based compensation	4.4M	8.3M	7.5M	11M	24.6M	8.4M	10.9M	10.4M	18.4M	13M
Change in working capital	17.8M	-95.8M	-50M	61.5M	-33.2M	-557M	-341.7M	-73.7M	-163.4M	-25.2M
Operating cash flow	248M	335.3M	353M	905.6M	1.1B	-10M	-246.5M	398.8M	383.8M	593.6M
Capital expenditure	-301.9M	-565.1M	-463.5M	-581.3M	-786M	-1.3B	-1.1B	-1B	-872.4M	—
Investing cash flow	-2.2B	-2.1B	-1.5B	-1.3B	-1.2B	-1.8B	-1.8B	-1.1B	132.7M	1.9B
Dividends paid	-95.6M	-135.6M	-174.4M	-204.9M	-262.2M	-316.1M	-387.3M	-330.8M	-295.6M	-211.8M
Share repurchases	-3.9M	-3.3M	-2.1M	-5.3M	-5.3M	-3.4M	0	-14.5M	0	—
Financing cash flow	1.9B	200.2M	925.3M	728.1M	761.6M	1.7B	1.1B	442.8M	-556.4M	-1.8B
Net change in cash	7.1M	-1.5B	-177M	309.5M	622.2M	-137.8M	-924.7M	-254M	-39.9M	717.7M
Free cash flow	-87.7M	-238.5M	64M	29.9M	-280.8M	-1.2B	-469.9M	-398.1M	-390.7M	-178.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-187.3M	166.7M	-120.3M	159M	-1.3B	-224M	78.9M	6.1M	23.9M	-600K	68.1M	-14.7M
Depreciation & amortization	104.8M	122.1M	129.5M	136.9M	110.6M	99.6M	95.3M	107M	94.7M	103.3M	108.2M	106M
Stock-based compensation	3.9M	2.6M	5.1M	5.2M	4.5M	3.7M	3.1M	2.6M	3.6M	3.7M	1.4M	2.8M
Change in working capital	-16.6M	-86.1M	-21M	45.8M	-48.9M	-108.2M	-93.7M	49.2M	-36.7M	63.4M	-184M	151.4M
Operating cash flow	-85.4M	232.9M	-20.8M	377.4M	28.3M	30.1M	81M	249.9M	98.6M	176M	42.7M	279.2M
Capital expenditure	-279.1M	-332.1M	-212.5M	-204.3M	-182.3M	-273.3M	-222.6M	—	—	—	—	—
Investing cash flow	-344.7M	-256.4M	-211.6M	-256.5M	-185.3M	786.2M	1.7B	-13M	-7.9M	1.4M	-6.6M	-6.8M
Dividends paid	-77.7M	-77.5M	-76.1M	-79.8M	-86.5M	-53.2M	-52.7M	-53M	-53.2M	-52.9M	-52.6M	-52.6M
Share repurchases	-14.5M	0	—	—	0	0	—	—	—	—	—	—
Financing cash flow	209.9M	4.4M	114.4M	59.7M	126.3M	-856.8M	-1.9B	-59.5M	65M	33.5M	111.3M	-105.5M
Net change in cash	-220.1M	-19.1M	-118M	180.5M	-30.8M	-40.4M	-34.4M	177.4M	155.7M	210.9M	147.4M	166.9M
Free cash flow	-146.5M	-131.4M	-81.8M	31.9M	-115.6M	-225.1M	-148.7M	64.1M	-52.2M	-44.1M	-86.3M	123.7M

Algonquin Power & Utilities Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement