Detailed financial statements for Algonquin Power & Utilities Corp. (AQN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Algonquin Power & Utilities Corp. operates in the power and utility industries. It owns and operates a portfolio of regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations. As of December 31, 2025, it operated a portfolio of regulated utility systems in the United States, Canada, Bermuda, and Chile, serving approximately 1,272,000 customer connections.
Analysis Summary
Algonquin Power & Utilities Corp. reported revenue of $2.43B in the most recent fiscal year, growing at a 5-year CAGR of 7.7%. Net income reached $180.8M, with a -25.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.4%, operating margin 20.5%, net margin 5.9%.
At the current price of $5.07, AQN trades at a P/E of 27.68 and an ROE of 3.90%. Market capitalisation stands at $3.9B.
Balance sheet quality for AQN: current ratio of 1.0, net debt of $6.50B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$181.4M represents -100% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $815.4M | $1.57B | $1.65B | $1.63B | $1.68B | $2.27B | $2.77B | $2.40B | $2.32B | $2.43B |
| Cost of Revenue | $219.7M | $405.9M | $484.1M | $443.3M | $401.0M | $713.9M | $866.4M | $743.5M | $594.3M | $639.8M |
| Gross Profit | $595.7M | $1.17B | $1.16B | $1.18B | $1.28B | $1.56B | $1.90B | $1.66B | $1.73B | $1.79B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $34.5M | $51.3M | $56.6M | $56.8M | $75.8M | $66.7M | $80.2M | $90.4M | 0 | 0 |
| Operating Expenses | $421.3M | $786.9M | $789.9M | $816.2M | $892.0M | $1.15B | $1.50B | $1.19B | $1.28B | $1.27B |
| Operating Income | $174.8M | $379.7M | $377.4M | $366.8M | $384.0M | $413.1M | $402.0M | $467.3M | $446.1M | $523.1M |
| EBITDA | $334.1M | $602.7M | $520.5M | $1.02B | $1.29B | $772.9M | $379.6M | $733.0M | $1.04B | $927.0M |
| Interest Expense | $97.9M | $155.8M | $152.1M | $181.5M | $181.9M | $227.7M | $293.7M | $328.1M | $346.1M | $315.7M |
| Pre-tax Income | $96.4M | $179.8M | $132.5M | $555.1M | $792.4M | $142.2M | -$369.7M | -$62.1M | $177.2M | $211.0M |
| Income Tax | $27.6M | $75.7M | $53.4M | $70.1M | $64.6M | -$43.4M | -$61.5M | -$37.1M | $186.8M | $65.0M |
| Net Income | $97.4M | $153.6M | $185.0M | $530.9M | $782.5M | $264.9M | -$212.0M | $28.7M | -$1.38B | $180.8M |
| EPS | $0.33 | $0.38 | $0.40 | $1.06 | $1.38 | $0.41 | $-0.49 | $0.03 | $-1.81 | $0.23 |
| EPS (Diluted) | $0.33 | $0.37 | $0.40 | $1.06 | $1.37 | $0.41 | $-0.49 | $0.03 | $-1.81 | $0.23 |
| Shares Outstanding (Diluted) | $274.1M | $386.0M | $466.0M | $499.9M | $564.4M | $628.9M | $628.9M | $690.8M | $731.7M | $772.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $582.7M | $630.7M | $792.4M | $543.9M |
| Gross Profit | $456.4M | $446.8M | $532.0M | $411.8M |
| Operating Income | $149.7M | $114.1M | $180.8M | $83.6M |
| EBITDA | $252.1M | $229.7M | $284.9M | $174.9M |
| Net Income | $38.9M | $21.0M | $86.2M | $3.6M |
| EPS | $0.05 | $0.02 | $0.11 | $0.00 |
| EPS (Diluted) | $0.05 | $0.02 | $0.11 | $0.00 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $82.1M | $43.4M | $46.8M | $62.5M | $101.6M | $125.2M | $57.6M | $25.1M | $34.8M | $32.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $143.6M | $244.6M | $245.7M | $259.1M | $324.8M | $403.4M | $528.1M | $401.4M | $422.6M | $493.9M |
| Inventory | $16.1M | $89.3M | $95.6M | $91.1M | $134.6M | $177.8M | $224.9M | $222.4M | $223.6M | $226.1M |
| Total Current Assets | $365.9M | $497.2M | $491.6M | $513.2M | $695.2M | $938.7M | $1.09B | $1.07B | $1.14B | $1.20B |
| Property, Plant & Equipment | $3.64B | $6.29B | $6.39B | $7.24B | $8.24B | $11.04B | $11.94B | $9.13B | $9.45B | $9.73B |
| Goodwill | $228.1M | $951.3M | $954.3M | $1.03B | $1.21B | $1.20B | $1.32B | $1.32B | $1.31B | $1.32B |
| Intangible Assets | $48.4M | $51.0M | $55.0M | $47.6M | $114.9M | $105.1M | $96.7M | $72.5M | $69.1M | $69.6M |
| Total Assets | $6.14B | $8.38B | $9.39B | $10.92B | $13.22B | $16.80B | $17.63B | $18.37B | $16.96B | $14.11B |
| Accounts Payable | $67.4M | $119.9M | $89.7M | $150.3M | $192.2M | $185.3M | $186.1M | $180.4M | $164.2M | $145.1M |
| Short-term Debt | $7.5M | $12.3M | $13.0M | $225.0M | $139.9M | $356.4M | $423.3M | $621.9M | $491.7M | $363.3M |
| Total Current Liabilities | $406.6M | $562.7M | $499.0M | $872.1M | $955.4M | $1.36B | $1.53B | $1.69B | $1.50B | $1.20B |
| Long-term Debt | $3.17B | $3.06B | $3.32B | $3.71B | $4.40B | $5.85B | $7.09B | $6.88B | $6.21B | $6.16B |
| Total Liabilities | $4.27B | $5.02B | $5.35B | $6.18B | $7.23B | $9.10B | $10.47B | $11.43B | $10.78B | $9.07B |
| Retained Earnings | -$413.7M | -$491.3M | -$595.3M | -$367.1M | $45.8M | -$288.4M | -$997.9M | -$1.28B | -$2.93B | -$2.96B |
| Total Equity | $1.43B | $2.71B | $3.18B | $3.88B | $5.20B | $5.86B | $5.22B | $5.04B | $4.71B | $4.63B |
| Total Debt | $3.18B | $3.07B | $3.34B | $3.93B | $4.54B | $6.21B | $7.51B | $7.50B | $6.70B | $6.53B |
| Net Debt | $3.10B | $3.03B | $3.29B | $3.87B | $4.44B | $6.09B | $7.45B | $7.48B | $6.66B | $6.50B |
| Working Capital | -$40.7M | -$65.5M | -$7.4M | -$358.9M | -$260.2M | -$426.0M | -$440.0M | -$618.8M | -$362.3M | $5.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $62.2M | $32.6M | $55.7M | $55.0M |
| Total Assets | $13.79B | $14.11B | $14.10B | $13.92B |
| Total Liabilities | $8.71B | $9.07B | $9.04B | $8.95B |
| Total Equity | $4.64B | $4.63B | $4.67B | $4.62B |
| Total Debt | $6.43B | $6.53B | $6.71B | $6.64B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $97.6M | $154.1M | $175.6M | $543.2M | $823.8M | $262.5M | -$203.6M | $37.6M | $119.7M | $222.3M |
| Depreciation & Amortization | $139.4M | $260.5M | $247.5M | $290.9M | $330.7M | $399.4M | $437.5M | $360.6M | $376.7M | $407.3M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $2.8M | -$59.1M | -$7.7M | $61.7M | -$81.6M | -$517.4M | -$212.8M | -$87.9M | -$132.7M | -$46.5M |
| Operating Cash Flow | $214.7M | $365.4M | $503.3M | $625.5M | $531.9M | $156.1M | $594.6M | $639.6M | $458.6M | $604.0M |
| Capital Expenditure | -$302.6M | -$590.6M | -$442.6M | -$594.8M | -$827.6M | -$1.33B | -$1.05B | -$1.04B | -$830.5M | -$785.4M |
| Acquisitions | -$322.7M | -$1.55B | $319.8M | -$209.5M | -$416.2M | $1.12B | -$341.6M | $110.0M | $77.8M | $2.01B |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$14.8M | 0 | 0 |
| Dividends Paid | -$95.9M | -$144.1M | -$165.5M | -$209.6M | -$276.0M | -$313.3M | -$372.0M | -$336.9M | -$281.4M | -$215.5M |
| Free Cash Flow | -$87.9M | -$225.3M | $60.7M | $30.6M | -$295.6M | -$1.18B | -$451.3M | -$405.4M | -$371.9M | -$181.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $98.6M | $178.8M | $42.1M | $279.2M |
| Capital Expenditure | -$150.8M | -$223.6M | -$127.2M | -$155.5M |
| Free Cash Flow | -$52.2M | -$44.8M | -$85.1M | $123.7M |
| Dividends Paid | -$53.2M | -$53.7M | -$51.9M | -$52.6M |
| Stock-based Compensation | $3.6M | 0 | 0 | $2.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +92.9% | +4.7% | -1.3% | +3.1% | +35.6% | +21.6% | -13.1% | -3.5% | +4.9% | |
| Net Income Growth (YoY) | +57.6% | +20.5% | +187.0% | +47.4% | -66.2% | -180.0% | +113.5% | -4,914.5% | +113.1% | |
| EPS Growth (YoY) | +15.2% | +5.3% | +165.0% | +30.2% | -70.3% | -219.5% | +106.1% | -6,133.3% | +112.7% | |
| Shares Change (YoY) | +40.8% | +20.7% | +7.3% | +12.9% | +11.4% | +0.0% | +9.8% | +5.9% | +5.6% | |
| FCF Growth (YoY) | -156.4% | +127.0% | -49.6% | -1,065.4% | -298.2% | +61.7% | +10.2% | +8.3% | +51.2% | |
| Gross Margin | 73.1% | 74.2% | 70.6% | 72.7% | 76.1% | 68.6% | 68.7% | 69.1% | 74.4% | 73.7% |
| Operating Margin | 21.4% | 24.1% | 22.9% | 22.6% | 22.9% | 18.2% | 14.5% | 19.4% | 19.2% | 21.5% |
| EBITDA Margin | 41.0% | 38.3% | 31.6% | 62.8% | 76.8% | 34.0% | 13.7% | 30.5% | 45.0% | 38.1% |
| Net Margin | 11.9% | 9.8% | 11.2% | 32.6% | 46.7% | 11.6% | -7.7% | 1.2% | -59.5% | 7.4% |
| FCF Margin | -10.8% | -14.3% | 3.7% | 1.9% | -17.6% | -51.8% | -16.3% | -16.9% | -16.0% | -7.5% |
| Effective Tax Rate | 28.7% | 42.1% | 40.3% | 12.6% | 8.2% | -30.5% | 16.6% | 59.7% | 105.4% | 30.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.32 | $-0.58 | $0.13 | $0.06 | $-0.52 | $-1.87 | $-0.72 | $-0.59 | $-0.51 | $-0.23 |
| Dividends Per Share | $0.35 | $0.37 | $0.36 | $0.42 | $0.49 | $0.50 | $0.59 | $0.49 | $0.38 | $0.28 |
| Shares Outstanding (Basic) | $271.8M | $382.3M | $461.8M | $499.9M | $559.6M | $622.3M | $628.9M | $688.7M | $731.7M | $768.1M |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | 3.90% |
| Return on Invested Capital | 2.73% |
| Return on Assets | 1.28% |
| Gross Margin | 45.39% |
| Operating Margin | 20.50% |
| Net Margin | 5.86% |
Financial Health
| Debt / Equity | 1.44 |
| Current Ratio | 0.88 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 25.70 | 29.26 | 25.12 | 13.35 | 11.93 | 35.24 | -13.31 | 210.67 | -2.46 | 26.74 |
| P/B | 1.61 | 1.57 | 1.46 | 1.83 | 1.77 | 1.53 | 0.79 | 0.86 | 0.69 | 1.02 |
| P/S | 2.83 | 2.70 | 2.82 | 4.35 | 5.49 | 3.95 | 1.48 | 1.81 | 1.40 | 1.94 |
| Gross Margin | 73.1% | 74.2% | 70.6% | 72.7% | 76.1% | 68.6% | 68.7% | 69.1% | 74.4% | 73.7% |
| Operating Margin | 21.4% | 24.1% | 22.9% | 22.6% | 22.9% | 18.2% | 14.5% | 19.4% | 19.2% | 21.5% |
| Net Margin | 11.9% | 9.8% | 11.2% | 32.6% | 46.7% | 11.6% | -7.7% | 1.2% | -59.5% | 7.4% |
Related companies: ALE · BKH · DTW · EE · ENLT · NJR · NWE
Explore sector: Utilities · Diversified Utilities
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