NYSE : AQN
Algonquin Power & Utilities Corp. — Financial statements
Utilities · Utilities - Diversified · Canada
Last price 5.46 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.21B
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Financial statements
Algonquin Power & Utilities Corp. (AQN) reported revenue of 2.55B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.48B | 2.37B | 2.26B | 2.35B | 2.68B | 2.20B |
| Other Revenue | 65.90M | 63.40M | 55.60M | 53.88M | 84.18M | 73.34M |
| Revenue | 2.55B | 2.43B | 2.32B | 2.40B | 2.77B | 2.27B |
| Fuel & Purchased Power | 633.80M | 584.80M | 548.90M | 697.41M | 848.05M | 701.25M |
| Selling, General & Admin | 80.23M | 66.73M | ||||
| Depreciation & Amortization | 412.20M | 400.30M | 395.70M | 354.08M | 455.52M | 402.96M |
| Other Operating Expenses | 979.80M | 929.10M | 939.40M | 889.89M | 880.75M | 747.42M |
| Total Operating Expenses | 2.03B | 1.91B | 1.88B | 1.94B | 2.26B | 1.92B |
| Operating Income | 523.90M | 519.40M | 435.50M | 462.54M | 500.47M | 355.78M |
| Interest Expense | -293.00M | -282.50M | -363.60M | -308.44M | -278.57M | -209.55M |
| Net Interest Expense | -293.00M | -282.50M | -363.60M | -308.44M | -278.57M | -209.55M |
| Currency Exchange Gain (Loss) | -4.30M | -18.40M | -3.50M | -13.66M | -13.83M | -4.37M |
| Other Non-Operating Income (Expenses) | 16.50M | 9.60M | 28.30M | 34.46M | 18.64M | 12.27M |
| EBT Excluding Unusual Items | 243.10M | 228.10M | 96.70M | 174.90M | 226.70M | 154.13M |
| Restructuring Charges | -55.20M | -38.70M | -27.00M | |||
| Total Merger & Restructuring Charges | -34.54M | -17.44M | -14.51M | |||
| Gain (Loss) on Sale of Investments | 24.80M | 21.60M | 107.50M | -123.24M | -483.38M | -26.46M |
| Gain (Loss) on Sale of Assets | 64.03M | 29.06M | ||||
| Asset Writedown | -7.20M | -159.57M | ||||
| Other Unusual Items | -17.20M | -72.03M | ||||
| Pretax Income | 195.50M | 211.00M | 177.20M | -62.12M | -369.67M | 142.23M |
| Income Tax Expense | 69.60M | 65.00M | 186.80M | -37.05M | -61.51M | -43.42M |
| Earnings From Continuing Ops. | 125.90M | 146.00M | -9.60M | -25.06M | -308.15M | 185.66M |
| Earnings From Discontinued Ops. | -49.20M | -37.70M | -1.45B | 43.12M | ||
| Net Income to Company | 76.70M | 108.30M | -1.46B | 18.06M | -308.15M | 185.66M |
| Minority Interest in Earnings | 73.00M | 72.50M | 74.90M | 10.62M | 96.17M | 79.20M |
| Net Income | 149.70M | 180.80M | -1.38B | 28.67M | -211.99M | 264.86M |
| Preferred Dividends & Other Adjustments | 10.50M | 10.50M | 10.50M | 8.36M | 8.72M | 9.00M |
| Net Income to Common | 139.20M | 170.30M | -1.39B | 20.32M | -220.71M | 255.86M |
| Shares Outstanding (Basic) | 768.81M | 768.10M | 731.72M | 688.74M | 677.86M | 622.35M |
| Shares Outstanding (Diluted) | 773.12M | 772.41M | 734.05M | 690.76M | 677.86M | 628.95M |
| EPS (Basic) | 0.18 | 0.22 | -1.90 | 0.03 | -0.33 | 0.41 |
| EPS (Diluted) | 0.18 | 0.22 | -1.90 | 0.03 | -0.33 | 0.41 |
| Free Cash Flow | -58.70M | -178.30M | -390.70M | -398.14M | -469.93M | -1.19B |
| Free Cash Flow Per Share | -0.08 | -0.23 | -0.53 | -0.58 | -0.69 | -1.89 |
| Dividend Per Share | 0.26 | 0.26 | 0.35 | 0.43 | 0.71 | 0.67 |
| Profit Margin | 5.46% | 7.00% | -59.97% | 0.84% | -7.98% | 11.25% |
| Free Cash Flow Margin | -2.30% | -7.33% | -16.84% | -16.56% | -17.00% | -52.22% |
| EBITDA | 936.10M | 919.70M | 831.20M | 816.62M | 955.99M | 758.75M |
| EBITDA Margin | 36.71% | 37.79% | 35.84% | 33.97% | 34.57% | 33.36% |
| D&A For EBITDA | 412.20M | 400.30M | 395.70M | 354.08M | 455.52M | 402.96M |
| EBIT | 523.90M | 519.40M | 435.50M | 462.54M | 500.47M | 355.78M |
| EBIT Margin | 20.55% | 21.34% | 18.78% | 19.24% | 18.10% | 15.65% |
| Effective Tax Rate | 35.60% | 30.81% | 105.42% | |||
| Revenue as Reported | 2.55B | 2.43B | 2.32B | 2.40B | 2.77B | 2.27B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 55.00M | 32.70M | 34.80M | 25.05M | 57.62M | 125.16M |
| Accounts Receivable | 359.80M | 494.80M | 422.60M | 401.44M | 528.06M | 403.43M |
| Inventory | 208.70M | 226.50M | 223.60M | 222.41M | 224.92M | 177.76M |
| Prepaid Expenses | 63.00M | 89.20M | 68.80M | 65.79M | 58.65M | 54.55M |
| Other Current Assets | 262.60M | 360.90M | 385.30M | 351.66M | 225.23M | 177.85M |
| Total Current Assets | 949.10M | 1.20B | 1.14B | 1.07B | 1.09B | 938.74M |
| Property, Plant & Equipment | 9.78B | 9.75B | 9.45B | 9.13B | 11.94B | 11.04B |
| Regulatory Assets | 1.18B | 1.19B | 1.13B | 1.18B | 1.08B | 1.01B |
| Goodwill | 1.32B | 1.32B | 1.31B | 1.32B | 1.32B | 1.20B |
| Other Intangible Assets | 71.80M | 69.70M | 69.10M | 72.46M | 96.68M | 105.12M |
| Long-Term Investments | 198.40M | 207.50M | 67.80M | 1.19B | 1.81B | 2.34B |
| Long-Term Deferred Tax Assets | 24.30M | 26.30M | 11.20M | 151.58M | 84.42M | 31.59M |
| Other Long-Term Assets | 400.20M | 367.80M | 3.79B | 4.25B | 198.93M | 124.66M |
| Total Assets | 13.92B | 14.14B | 16.96B | 18.37B | 17.63B | 16.80B |
| Accounts Payable | 83.60M | 145.40M | 164.20M | 180.41M | 186.08M | 185.29M |
| Accrued Expenses | 300.00M | 396.70M | 503.30M | 480.69M | 555.79M | 428.73M |
| Short-Term Debt | 460.00M | 337.00M | 383.00M | 481.72M | 407.00M | 338.70M |
| Current Portion of Long-Term Debt | 60.60M | 27.80M | 110.30M | 140.14M | 16.27M | 17.70M |
| Current Unearned Revenue | 2.00M | |||||
| Other Current Liabilities | 168.80M | 290.00M | 336.70M | 402.22M | 369.31M | 394.29M |
| Total Current Liabilities | 1.07B | 1.20B | 1.50B | 1.69B | 1.53B | 1.36B |
| Long-Term Debt | 6.12B | 6.18B | 6.22B | 6.88B | 7.09B | 5.87B |
| Long-Term Leases | 10.10M | 10.50M | 10.70M | 7.74M | 21.83M | 22.51M |
| Long-Term Unearned Revenue | 131.00M | |||||
| Pension & Post-Retirement Benefits | 71.80M | 72.60M | 73.60M | 96.50M | 125.58M | 238.05M |
| Long-Term Deferred Tax Liabilities | 720.00M | 688.90M | 577.20M | 566.26M | 565.64M | 530.19M |
| Other Long-Term Liabilities | 956.00M | 801.20M | 2.40B | 2.20B | 1.14B | 1.07B |
| Total Liabilities | 8.95B | 9.09B | 10.78B | 11.43B | 10.47B | 9.10B |
| Preferred Stock, Redeemable | 184.30M | 184.30M | 184.30M | 184.30M | 184.30M | 184.30M |
| Common Stock | 7.41B | 7.40B | 7.39B | 6.23B | 6.18B | 6.03B |
| Additional Paid-In Capital | 7.25M | 9.41M | 2.01M | |||
| Retained Earnings | -2.97B | -2.96B | -2.93B | -1.28B | -997.95M | -288.42M |
| Comprehensive Income & Other | 2.00M | 16.40M | 62.20M | -102.29M | -160.06M | -71.68M |
| Total Common Equity | 4.44B | 4.46B | 4.52B | 4.86B | 5.04B | 5.67B |
| Minority Interest | 356.30M | 407.20M | 1.47B | 1.90B | 1.94B | 1.84B |
| Shareholders' Equity | 4.98B | 5.05B | 6.18B | 6.94B | 7.16B | 7.70B |
| Total Liabilities & Equity | 13.92B | 14.14B | 16.96B | 18.37B | 17.63B | 16.80B |
| Total Debt | 6.65B | 6.56B | 6.73B | 7.51B | 7.53B | 6.25B |
| Net Cash (Debt) | -6.59B | -6.53B | -6.69B | -7.48B | -7.48B | -6.12B |
| Net Cash Per Share | -8.52 | -8.45 | -9.12 | -10.83 | -11.03 | -9.73 |
| Filing Date Shares Outstanding | 769.90M | 768.69M | 767.45M | 689.44M | 688.20M | 673.69M |
| Total Common Shares Outstanding | 769.75M | 768.35M | 767.34M | 689.27M | 683.61M | 671.96M |
| Working Capital | -123.90M | 5.20M | -362.40M | -618.84M | -439.98M | -425.97M |
| Book Value Per Share | 5.76 | 5.80 | 5.90 | 7.04 | 7.37 | 8.44 |
| Tangible Book Value | 3.05B | 3.07B | 3.14B | 3.46B | 3.62B | 4.37B |
| Tangible Book Value Per Share | 3.96 | 3.99 | 4.10 | 5.02 | 5.29 | 6.50 |
| Land | 119.50M | 117.70M | 118.30M | 113.15M | 114.82M | |
| Machinery | 11.01B | 10.37B | 9.33B | 8.75B | 7.57B | |
| Construction In Progress | 412.50M | 433.80M | 742.16M | 1.02B | 758.44M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 149.70M | 180.80M | -1.38B | 28.67M | -211.99M | 264.86M |
| Depreciation & Amortization | 412.20M | 400.30M | 395.70M | 354.08M | 455.52M | 402.96M |
| Loss (Gain) on Sale of Investments | 38.00M | 229.99M | 499.12M | 122.42M | ||
| Loss (Gain) on Equity Investments | -1.50M | 1.00M | 42.20M | 11.73M | 23.83M | 29.82M |
| Asset Writedown | 23.49M | 235.48M | ||||
| Stock-Based Compensation | 11.50M | 13.00M | 18.40M | 10.40M | 10.92M | 8.39M |
| Change in Accounts Receivable | 116.60M | -7.20M | 15.60M | 3.86M | -124.63M | -56.75M |
| Change in Inventory | 3.90M | -2.90M | -1.80M | -2.17M | -45.23M | -43.20M |
| Change in Accounts Payable | -79.00M | 14.20M | -58.70M | 22.34M | 24.39M | -33.40M |
| Change in Income Taxes | 6.90M | -500.00K | 10.50M | -1.79M | -2.19M | 1.34M |
| Change in Other Net Operating Assets | -57.00M | -49.30M | -105.10M | -108.58M | -73.96M | -390.01M |
| Other Operating Activities | 26.00M | 44.20M | -25.50M | -56.91M | -172.17M | -148.97M |
| Net Cash from Discontinued Operations | 1.53B | 112.92M | ||||
| Operating Cash Flow | 589.30M | 593.60M | 481.70M | 628.03M | 619.10M | 157.47M |
| Capital Expenditures | -648.00M | -771.90M | -872.40M | -1.03B | -1.09B | -1.35B |
| Sale of Property, Plant & Equipment | 1.08B | |||||
| Cash Acquisitions | -632.80M | |||||
| Divestitures | 1.97B | 29.50M | ||||
| Investment in Securities | -4.90M | -92.10M | -231.99M | -218.36M | -622.10M | |
| Other Investing Activities | -20.10M | -33.10M | -9.40M | -12.22M | -26.53M | -37.28M |
| Investing Cash Flow | -668.10M | 1.16B | 132.80M | -1.10B | -1.79B | -1.80B |
| Short-Term Debt Issued | 74.72M | 68.30M | ||||
| Long-Term Debt Issued | 554.70M | 4.04B | 3.03B | 4.62B | 12.83B | |
| Total Debt Issued | 1.58B | 554.70M | 4.04B | 3.11B | 4.69B | 12.83B |
| Short-Term Debt Repaid | -46.00M | -98.60M | ||||
| Long-Term Debt Repaid | -2.09B | -5.34B | -2.30B | -3.33B | -12.90B | |
| Total Debt Repaid | -1.26B | -2.13B | -5.44B | -2.30B | -3.33B | -12.90B |
| Net Debt Issued (Repaid) | 315.40M | -1.58B | -1.41B | 810.88M | 1.36B | -61.04M |
| Issuance of Common Stock | 1.30M | 800.00K | 1.15B | 5.23M | 43.55M | 985.62M |
| Repurchase of Common Stock | -4.40M | -1.00M | -3.40M | -2.43M | -4.67M | -3.37M |
| Common Dividends Paid | -200.80M | -201.30M | -285.10M | -322.47M | -378.60M | -307.12M |
| Preferred Dividends Paid | -10.50M | -10.50M | -10.50M | -8.36M | -8.72M | -9.00M |
| Dividends Paid | -211.30M | -211.80M | -295.60M | -330.82M | -387.32M | -316.12M |
| Other Financing Activities | 3.30M | -18.90M | -3.60M | -25.52M | 93.96M | 1.07B |
| Financing Cash Flow | 104.30M | -1.81B | -556.40M | 442.81M | 1.11B | 1.67B |
| Foreign Exchange Rate Adjustments | -600.00K | 1.30M | -3.10M | -267.00K | -1.13M | -1.70M |
| Net Cash Flow | 24.90M | -52.90M | 55.00M | -25.05M | -60.20M | 31.37M |
| Free Cash Flow | -58.70M | -178.30M | -390.70M | -398.14M | -469.93M | -1.19B |
| Free Cash Flow Margin | -2.30% | -7.33% | -16.84% | -16.56% | -17.00% | -52.22% |
| Free Cash Flow Per Share | -0.08 | -0.23 | -0.53 | -0.58 | -0.69 | -1.89 |
| Levered Free Cash Flow | -80.99M | -451.74M | -531.49M | -617.57M | -604.30M | -839.01M |
| Unlevered Free Cash Flow | 102.14M | -275.18M | -304.24M | -424.79M | -430.19M | -708.04M |
| Cash Interest Paid | 299.10M | 312.10M | 432.70M | 368.51M | 272.73M | 219.03M |
| Cash Income Tax Paid | 2.80M | -73.40M | -56.70M | 7.17M | 10.96M | 5.02M |
| Change in Working Capital | -8.60M | -45.70M | -139.50M | -86.34M | -221.62M | -522.02M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.31B | 4.73B | 3.40B | 4.36B | 4.39B | 9.70B |
| Enterprise Value | 11.57B | 11.85B | 11.98B | 15.08B | 14.10B | 18.44B |
| PE Ratio | 31.19 | 27.77 | 214.71 | 37.91 | ||
| PS Ratio | 1.65 | 1.94 | 1.47 | 1.81 | 1.59 | 4.26 |
| PB Ratio | 0.85 | 0.94 | 0.55 | 0.63 | 0.61 | 1.26 |
| P/OCF Ratio | 7.14 | 7.97 | 7.06 | 6.95 | 7.10 | 61.60 |
| EV/Sales Ratio | 4.50 | 4.87 | 5.16 | 6.27 | 5.10 | 8.11 |
| EV/EBITDA Ratio | 12.25 | 12.88 | 14.41 | 18.47 | 14.75 | 24.30 |
| EV/EBIT Ratio | 21.89 | 22.81 | 27.50 | 32.60 | 28.18 | 51.82 |
| Debt / Equity Ratio | 1.33 | 1.30 | 1.09 | 1.08 | 1.05 | 0.81 |
| Debt / EBITDA Ratio | 7.10 | 7.13 | 8.09 | 9.19 | 7.88 | 8.23 |
| Net Debt / Equity Ratio | 1.32 | 1.29 | 1.08 | 1.08 | 1.04 | 0.80 |
| Net Debt / EBITDA Ratio | 7.04 | 7.10 | 8.05 | 9.16 | 7.82 | 8.07 |
| Net Debt / FCF Ratio | -112.28 | -36.61 | -17.13 | -18.80 | -15.91 | -5.16 |
| Quick Ratio | 0.39 | 0.44 | 0.30 | 0.25 | 0.38 | 0.39 |
| Current Ratio | 0.89 | 1.00 | 0.76 | 0.63 | 0.71 | 0.69 |
| Asset Turnover | 0.18 | 0.16 | 0.13 | 0.13 | 0.16 | 0.15 |
| Return on Equity (ROE) | 2.49% | 2.60% | -0.15% | -0.36% | -4.15% | 2.71% |
| Return on Assets (ROA) | 2.37% | 2.09% | 1.54% | 1.61% | 1.82% | 1.48% |
| Return on Capital Employed (ROCE) | 4.10% | 4.00% | 2.80% | 2.80% | 3.10% | 2.30% |
| Earnings Yield | 3.21% | 3.82% | -40.58% | 0.66% | -4.82% | 2.73% |
| FCF Yield | -1.39% | -3.77% | -11.48% | -9.13% | -10.69% | -12.24% |
| Dividend Yield | 4.65% | 4.22% | 7.83% | 6.86% | 11.09% | 4.62% |
| Payout Ratio | 144.84% | 117.15% | 1,153.74% | 119.35% | ||
| Buyback Yield / Dilution | -0.69% | -5.23% | -6.27% | -1.90% | -7.78% | -11.44% |
| Total Shareholder Return | 4.07% | -1.00% | 1.56% | 4.95% | 3.32% | -6.82% |