Logo

AQN

Algonquin Power & Utilities Corp.

AQN

Algonquin Power & Utilities Corp. • NYSE
$6.16 ▲ 0.33% (+0.02)
Market Cap $4.73 B
52w High $6.48
52w Low $4.19
Dividend Yield 0.26%
P/E 88
Volume 1.22M
Outstanding Shares 768.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $582.7M ▲ $306.7M ▼ $38.9M ▲ 6.676% ▲ $0.031 ▲ $252.1M ▲
Q2-2025 $527.8M ▼ $338.4M ▲ $24.1M ▼ 4.566% ▼ $0.03 ▼ $199.5M ▼
Q1-2025 $692.4M ▲ $308.5M ▲ $96.8M ▲ 13.98% ▲ $0.12 ▲ $270.4M ▲
Q4-2024 $584.839M ▲ $99.35M ▼ $-186.418M ▲ -31.875% ▲ $-0.23 ▲ $120.539M ▼
Q3-2024 $573.199M $341.126M $-1.306B -227.792% $-1.71 $249.774M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $54.3M ▼ $13.693B ▲ $8.567B ▲ $4.682B ▼
Q1-2025 $72.2M ▲ $13.663B ▼ $8.514B ▼ $4.694B ▼
Q4-2024 $34.842M ▼ $16.962B ▼ $10.78B ▼ $4.708B ▼
Q3-2024 $64.341M ▼ $17.789B ▼ $11.427B ▲ $4.843B ▼
Q2-2024 $131.633M $18.866B $11.171B $6.179B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $6.1M ▼ $249.9M ▲ $-198.8M ▼ $-59.5M ▲ $-7.9M ▲ $64.1M ▲
Q1-2025 $78.9M ▲ $73.9M ▲ $1.735B ▲ $-1.85B ▼ $-40.6M ▼ $-148.7M ▲
Q4-2024 $-87.134M ▲ $48.118M ▼ $786.248M ▲ $-856.758M ▼ $-25.232M ▼ $-225.139M ▼
Q3-2024 $-1.331B ▼ $66.654M ▼ $-179.071M ▲ $126.296M ▲ $8.869M ▼ $-115.628M ▼
Q2-2024 $159.041M $236.201M $-256.516M $59.651M $45.438M $29.323M

Revenue by Products

Product Q2-2018Q2-2019Q2-2020Q2-2023
NonRegulated Energy
NonRegulated Energy
 $0 ▲$60.00M ▲$60.00M ▲$70.00M ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$10.00M ▲$20.00M ▲
Regulated Electricity
Regulated Electricity
 $0 ▲$180.00M ▲$160.00M ▼$330.00M ▲
Regulated Gas
Regulated Gas
 $0 ▲$70.00M ▲$80.00M ▲$110.00M ▲
Regulated Water
Regulated Water
 $0 ▲$30.00M ▲$30.00M ▲$100.00M ▲
Corporate and Other
Corporate and Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Liberty Power Group
Liberty Power Group
 $60.00M ▲$0 ▼$0 ▲$0 ▲
Liberty Utilities Group
Liberty Utilities Group
 $310.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Algonquin’s revenue has grown over the longer term but has been bumpy, with a noticeable step back more recently as the company reshapes its portfolio. Profitability at the operating level has generally been positive, helped by the stability of regulated utility earnings. However, net income has swung from solid profits a few years ago to modest losses and then to a very large loss in the most recent year. That big loss suggests one‑time charges or write‑downs tied to the strategic shift, rather than just day‑to‑day operations. Overall, the story is: stable underlying utility earnings, but headline profit figures are volatile and currently weak.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable asset base typical for a utility, built around long‑lived infrastructure. Debt has risen over time and sits at a fairly heavy level relative to the company’s size, which makes balance‑sheet repair and interest costs important watch points. Equity has grown over the period but has not kept pace with debt growth, pointing to a more leveraged profile than in the past. Management’s talk about de‑risking and using asset sale proceeds to pay down debt directly reflects this need to strengthen the balance sheet over the next few years.

Cash Flow

Cash Flow Cash flow from operations has generally been positive and trending up, which is a healthy sign for a regulated utility. The main pressure point is capital spending: investment in infrastructure has been very high, leading to persistently negative free cash flow. In plain terms, the business generates cash, but it spends even more on growth and upgrades, so it must rely on borrowing, equity, or asset sales to fund its plans. As the “Back to Basics” strategy progresses, a key question is whether free cash flow can move closer to break‑even as spending normalizes and earnings stabilize.

Competitive Edge

Competitive Edge As a regulated utility, Algonquin benefits from a natural monopoly in its service territories, with a captive customer base and regulated returns. This creates a stable, defensive business model that is less exposed to pure market competition than many other industries. The shift away from merchant renewables toward a pure regulated footprint reduces earnings volatility and simplifies the story, but also narrows some higher‑growth optionality. Key risks to its position include regulatory decisions, political and environmental pressures, and sensitivity to interest rates, all of which can affect allowed returns and financing costs. Overall, its moat is grounded in regulation, essential services, and scale, not in brand or pricing power.

Innovation and R&D

Innovation and R&D Innovation efforts are focused on making the grid smarter, cleaner, and more resilient rather than on flashy new products. The company is investing in smart grid technologies, automated devices, and microgrids to improve reliability and integrate more renewable power. It is experimenting with renewable natural gas from farm waste and exploring green hydrogen through partnerships, which could position it for a lower‑carbon future if these technologies scale. Customer‑facing digital tools and programs—such as advanced billing, usage tracking, behind‑the‑meter batteries, and community solar—aim to improve satisfaction and engagement. While R&D spending is not broken out like a tech company, there is a clear push to modernize infrastructure and pilot emerging clean‑energy solutions within a regulated utility framework.

Summary

Algonquin is in the middle of a major transition: moving from a mixed renewable and utility model to a more straightforward, regulated utility focus. Its core operations appear reasonably stable, but recent results are clouded by large accounting hits and restructuring effects, leading to weak reported earnings. The balance sheet carries meaningful debt, making deleveraging and disciplined capital allocation central to the story. Cash generation from operations is solid but currently outweighed by heavy investment needs, keeping free cash flow under pressure. On the positive side, the company operates in a sector with built‑in stability and enjoys regulatory protection, while also investing in grid modernization, digital customer tools, and early‑stage clean fuels. The next few years will likely be about execution: simplifying the business, strengthening the balance sheet, and demonstrating that this “Back to Basics” strategy can deliver steadier, more predictable results.

NEWS

November 7, 2025 · 6:30 AM UTC

Algonquin Power & Utilities Corp. Announces 2025 Third Quarter Financial Results

Read more

October 8, 2025 · 5:00 PM UTC

Algonquin Power & Utilities Corp. Announces Date for Third Quarter 2025 Financial Results and Conference Call

Read more