AQN revenueFY2025$2.43B
- FY YoY
- +4.9%
- 5Y CAGR
- +7.7%
AQN revenue was $2.43B for fiscal 2025 (ended Dec 31, 2025), up 4.9% from fiscal 2024. Compound annual growth was +7.7% over 5 years. It rose in 5 of the last 8 fiscal years.
Algonquin Power & Utilities Corp. (AQN) financials
For fiscal 2025 (ended Dec 31, 2025), Algonquin Power & Utilities Corp. reported $2.43B of revenue and $180.80M of net income.
- Revenue, FY2025
- $2.43B
- Revenue growth, YoY
- +4.9%
- Net income, FY2025
- $180.80M
- Net margin
- 7.4%
- Free cash flow, FY2025
- -$178.30M
- EPS, diluted, FY2025
- $0.22
- Cash
- $32.70M
- Total debt
- $6.53B
- P/E
- 23.99
- P/S
- 1.78
- Market cap
- $4.34B
FY2017FY2025
FY2017FY2025
FY2017FY2025
AQN revenue and earnings growth
AQN net incomeFY2025$180.80M
- 5Y CAGR
- -25.4%
AQN net income was $180.80M for fiscal 2025 (ended Dec 31, 2025), compared with -$1.38B in fiscal 2024. Compound annual growth was -25.4% over 5 years.
AQN EPSFY2025$0.22
- 5Y CAGR
- -30.6%
AQN diluted EPS was $0.22 for fiscal 2025 (ended Dec 31, 2025), compared with -$1.90 in fiscal 2024. Compound annual growth was -30.6% over 5 years.
AQN free cash flowFY2025-$178.30M
AQN free cash flow was -$178.30M for fiscal 2025 (ended Dec 31, 2025), compared with -$390.70M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.43B | $2.32B | $2.40B | $2.77B | $2.27B | $1.68B | $1.63B | $1.65B | $1.52B |
| Cost of revenue | - | - | - | - | - | $520.45M | $471.99M | $472.47M | $450.23M |
| Gross profit | - | - | - | - | - | $1.16B | $1.15B | $1.18B | $1.07B |
| Selling, general and admin | - | - | $90.36M | $80.23M | $66.73M | $63.12M | $56.80M | $52.71M | $49.64M |
| Operating income | $504.70M | $446.10M | $467.29M | $402.05M | $413.10M | $384.03M | $366.85M | $378.44M | $377.20M |
| Interest expense | $282.50M | $363.60M | $308.44M | $278.57M | $209.55M | $181.93M | $181.49M | $152.12M | $155.82M |
| Pre-tax income | $211.00M | $177.20M | -$62.12M | -$369.67M | $142.23M | $792.41M | $555.07M | $132.46M | $175.13M |
| Income tax | $65.00M | $186.80M | -$37.05M | -$61.51M | -$43.42M | $64.58M | $70.12M | $53.37M | $73.43M |
| Net income | $180.80M | -$1.38B | $28.67M | -$211.99M | $264.86M | $782.46M | $530.88M | $184.99M | $149.47M |
| EPS, basic | $0.22 | -$1.90 | $0.03 | -$0.33 | $0.41 | $1.38 | $1.05 | $0.38 | $0.37 |
| EPS, diluted | $0.22 | -$1.90 | $0.03 | -$0.33 | $0.41 | $1.37 | $1.04 | $0.38 | $0.37 |
| Diluted shares | 772.4M | 734.0M | 690.8M | 677.9M | 628.9M | 564.4M | 504.7M | 466.0M | 386.0M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $32.70M | $34.80M | $76.10M | $101.19M | $161.39M | $130.02M | $87.27M | $65.77M | $59.42M |
| Receivables | - | - | - | - | - | $325.64M | $259.14M | $245.73M | $244.62M |
| Current assets | $1.20B | $1.14B | $1.07B | $1.09B | $938.74M | $695.20M | $513.19M | $491.61M | $498.37M |
| Goodwill | $1.32B | $1.31B | $1.32B | $1.32B | $1.20B | $1.21B | $1.03B | $954.28M | $954.28M |
| Total assets | $14.14B | $16.96B | $18.37B | $17.63B | $16.80B | $13.22B | $10.92B | $9.40B | $8.40B |
| Current liabilities | $1.20B | $1.50B | $1.69B | $1.53B | $1.36B | $955.40M | $872.07M | $498.98M | $564.03M |
| Short-term debt | $364.00M | $491.70M | $621.86M | $423.27M | $356.40M | $139.87M | $225.01M | $13.05M | $12.36M |
| Long-term debt | $6.17B | $6.21B | $6.88B | $7.09B | $5.85B | $4.40B | $3.71B | $3.32B | $3.07B |
| Total debt | $6.53B | $6.70B | $7.50B | $7.51B | $6.21B | $4.54B | $3.93B | $3.34B | $3.08B |
| Total liabilities | $9.09B | $10.79B | $11.75B | $10.79B | $9.08B | $7.23B | $6.18B | $5.70B | $5.08B |
| Shareholders' equity | $4.64B | $4.71B | $6.62B | $6.84B | $7.38B | $5.66B | $4.41B | $3.70B | $3.32B |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $593.60M | $481.70M | $628.03M | $619.10M | $157.47M | $505.22M | $611.26M | $530.35M | $326.57M |
| Capital expenditures | $771.90M | $872.40M | $1.03B | $1.09B | $1.35B | $786.03M | $581.33M | $466.37M | $565.10M |
| Free cash flow | -$178.30M | -$390.70M | -$398.14M | -$469.93M | -$1.19B | -$280.81M | $29.93M | $63.98M | -$238.54M |
| Investing cash flow | $1.16B | $132.80M | -$1.10B | -$1.79B | -$1.80B | -$1.23B | -$1.32B | -$1.46B | -$2.07B |
| Financing cash flow | -$1.81B | -$556.40M | $442.81M | $1.11B | $1.67B | $766.86M | $733.37M | $931.94M | $213.04M |
| Dividends paid | $201.30M | $285.10M | $322.47M | $378.60M | $307.12M | $253.76M | $196.39M | $166.38M | $127.53M |
| Stock-based compensation | $13.00M | $18.40M | $10.40M | $10.92M | $8.39M | $24.64M | $11.04M | $7.50M | $8.29M |
| Depreciation and amortization | $400.30M | $395.70M | $354.08M | $455.52M | $402.96M | $314.12M | $284.30M | $260.77M | $251.31M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 4.9% | -3.5% | -13.1% | 21.6% | 35.6% | 3.1% | -1.3% | 8.3% | - |
| Net income growth, YoY | - | - | - | - | -66.2% | 47.4% | 187.0% | 23.8% | - |
| EPS growth, YoY | - | - | - | - | -70.1% | 31.7% | 173.7% | 2.7% | - |
| Gross margin | - | - | - | - | - | 69.0% | 71.0% | 71.3% | 70.4% |
| Operating margin | 20.7% | 19.2% | 19.4% | 14.5% | 18.2% | 22.9% | 22.6% | 23.0% | 24.8% |
| Net margin | 7.4% | -59.5% | 1.2% | -7.7% | 11.6% | 46.7% | 32.6% | 11.2% | 9.8% |
| Free cash flow margin | -7.3% | -16.8% | -16.6% | -17.0% | -52.2% | -16.7% | 1.8% | 3.9% | -15.7% |
| Return on equity | 3.9% | -29.3% | 0.4% | -3.1% | 3.6% | 13.8% | 12.0% | 5.0% | 4.5% |
| Return on assets | 1.3% | -8.1% | 0.2% | -1.2% | 1.6% | 5.9% | 4.9% | 2.0% | 1.8% |
| Current ratio | 1.00 | 0.76 | 0.63 | 0.71 | 0.69 | 0.73 | 0.59 | 0.99 | 0.88 |
| Debt to equity | 1.41 | 1.42 | 1.13 | 1.10 | 0.84 | 0.80 | 0.89 | 0.90 | 0.93 |
Source: XBRL data Algonquin Power & Utilities Corp. files with the SEC, latest filing dated Mar 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
AQN peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| AQN | $2.43B | +4.9% | $180.80M | 7.4% | $4.34B |
| NEE | $27.87B | +10.3% | $8.18B | 29.4% | $180.93B |
| SO | $30.17B | +7.9% | $4.34B | 14.4% | $109.03B |
| CEG | $31.27B | +26.0% | $3.48B | 11.1% | $94.87B |
| AEP | $22.43B | +9.3% | $3.72B | 16.6% | $69.61B |
| D | $17.52B | +17.5% | $2.95B | 16.9% | $60.14B |
| ETR | $13.29B | +11.4% | $1.79B | 13.4% | $53.38B |
| VST | $20.97B | +19.8% | $2.71B | 12.9% | $44.68B |
| FTS | C$12.17B | +5.8% | C$1.71B | 14.1% | $30.79B |
AQN FAQ
8 questionsWhat is AQN revenue?
Algonquin Power & Utilities Corp. (AQN) reported $2.43B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 4.9% from the year before.Is AQN profitable?
Yes. Algonquin Power & Utilities Corp. earned $180.80M in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 7.4%.How much cash and debt does AQN have?
Algonquin Power & Utilities Corp. reported $32.70M in cash and cash equivalents and $6.53B of debt on its most recent balance sheet in SEC filings.How fast is AQN revenue growing?
Algonquin Power & Utilities Corp.'s revenue changed +4.9% in fiscal 2025, to $2.43B. Its compound annual growth rate was +7.7% over 5 years.What is AQN free cash flow?
Algonquin Power & Utilities Corp. generated -$178.30M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of $593.60M less capital expenditures.What is AQN earnings per share?
Diluted earnings per share were $0.22 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did AQN last report financial results?
The latest statements here come from Algonquin Power & Utilities Corp.'s 40-F filed on Mar 6, 2026, covering the period ended Dec 31, 2025.Where does this AQN financial data come from?
Quantisnow builds these statements from the structured XBRL data Algonquin Power & Utilities Corp. files with the SEC. It is provided for information only and is not investment advice.