What is Algonquin Power's earnings per share (EPS)?

Algonquin Power (AQN) reported diluted earnings per share of $0.22 for fiscal year 2025. This represents a 111.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Algonquin Power Financials

AQN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Algonquin Power (AQN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Algonquin Power has an operating margin of 20.7%, meaning the company retains $21 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is up from 19.2% the prior year.

Growth

Algonquin Power's revenue grew a modest 4.9% year-over-year to $2.4B. This slow but positive growth earns a score of 42/100.

Leverage

Algonquin Power carries a low D/E ratio of 1.33, meaning only $1.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 75/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Algonquin Power's current ratio of 1.00 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 15/100, which could limit financial flexibility.

Cash Flow

While Algonquin Power generated $593.6M in operating cash flow, capex of $771.9M consumed most of it, leaving -$178.3M in free cash flow. This results in a low score of 7/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Algonquin Power generates a 3.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 20/100. This is up from -29.3% the prior year.

Altman Z-Score Distress

0.30

Algonquin Power scores 0.30, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.8B) relative to total liabilities ($9.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

6/9

Algonquin Power passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

3.28x

For every $1 of reported earnings, Algonquin Power generates $3.28 in operating cash flow ($593.6M OCF vs $180.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.8x

Algonquin Power earns $1.8 in operating income for every $1 of interest expense ($504.7M vs $282.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.4B

YoY+4.9%

5Y CAGR+7.7%

Algonquin Power generated $2.4B in revenue in fiscal year 2025. This represents an increase of 4.9% from the prior year.

EBITDA

$905.0M

YoY+7.5%

5Y CAGR+5.3%

Algonquin Power's EBITDA was $905.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.5% from the prior year.

Net Income

$180.8M

YoY+113.1%

5Y CAGR-25.4%

Algonquin Power reported $180.8M in net income in fiscal year 2025. This represents an increase of 113.1% from the prior year.

EPS (Diluted)

$0.22

YoY+111.6%

5Y CAGR-30.6%

Algonquin Power earned $0.22 per diluted share (EPS) in fiscal year 2025. This represents an increase of 111.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$178.3M

YoY+54.4%

Algonquin Power generated -$178.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 54.4% from the prior year.

Cash & Debt

$32.7M

YoY-6.0%

5Y CAGR-20.3%

Algonquin Power held $32.7M in cash against $6.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.26

YoY-25.1%

5Y CAGR-15.6%

Algonquin Power paid $0.26 per share in dividends in fiscal year 2025. This represents a decrease of 25.1% from the prior year.

Shares Outstanding

768M

YoY+0.1%

5Y CAGR+5.2%

Algonquin Power had 768M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

20.7%

YoY+1.5pp

5Y CAGR-2.2pp

Algonquin Power's operating margin was 20.7% in fiscal year 2025, reflecting core business profitability. This is up 1.5 percentage points from the prior year.

Net Margin

7.4%

YoY+67.0pp

5Y CAGR-39.2pp

Algonquin Power's net profit margin was 7.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 67.0 percentage points from the prior year.

Return on Equity

3.9%

YoY+33.2pp

5Y CAGR-11.1pp

Algonquin Power's ROE was 3.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 33.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$771.9M

YoY-11.5%

5Y CAGR-0.4%

Algonquin Power invested $771.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 11.5% from the prior year.

AQN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.4B+4.9%	$2.3B-3.5%	$2.4B-13.1%	$2.8B+21.6%	$2.3B+35.6%	$1.7B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$520.5M
Gross Profit	N/A	N/A	N/A	N/A	N/A	$1.2B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	$90.4M+12.6%	$80.2M+20.2%	$66.7M+5.7%	$63.1M
Operating Income	$504.7M+13.1%	$446.1M-4.5%	$467.3M+16.2%	$402.0M-2.7%	$413.1M+7.6%	$384.0M
Interest Expense	$282.5M-22.3%	$363.6M+17.9%	$308.4M+10.7%	$278.6M+32.9%	$209.6M+15.2%	$181.9M
Income Tax	$65.0M-65.2%	$186.8M+604.1%	-$37.1M+39.8%	-$61.5M-41.7%	-$43.4M-167.2%	$64.6M
Net Income	$180.8M+113.1%	-$1.4B-4914.5%	$28.7M+113.5%	-$212.0M-180.0%	$264.9M-66.2%	$782.5M
EPS (Diluted)	$0.22+111.6%	$-1.90-6433.3%	$0.03+109.1%	$-0.33-180.5%	$0.41-70.1%	$1.37

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	$527.8M	N/A	$515.3M	N/A	$627.9M	N/A	$619.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	$25.7M	N/A	$20.1M
Operating Income	N/A	$64.8M	N/A	$85.5M	N/A	$93.7M	N/A	$107.0M
Interest Expense	N/A	$67.8M	N/A	$93.2M	N/A	$89.7M	N/A	$64.6M
Income Tax	N/A	$7.0M	N/A	$25.3M	N/A	-$56.0M	N/A	-$22.8M
Net Income	N/A	$24.1M	N/A	$200.7M	N/A	-$253.2M	N/A	-$33.4M
EPS (Diluted)	N/A	$0.03	N/A	$0.28	N/A	$-0.37	N/A	$-0.05

AQN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$14.1B-16.7%	$17.0B-7.7%	$18.4B+4.2%	$17.6B+4.9%	$16.8B+27.0%	$13.2B
Current Assets	$1.2B+6.1%	$1.1B+6.4%	$1.1B-2.6%	$1.1B+16.6%	$938.7M+35.0%	$695.2M
Cash & Equivalents	$32.7M-6.0%	$34.8M+38.9%	$25.1M-56.5%	$57.6M-54.0%	$125.2M+23.2%	$101.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$325.9M
Goodwill	$1.3B+0.6%	$1.3B-0.9%	$1.3B+0.3%	$1.3B+9.9%	$1.2B-0.6%	$1.2B
Total Liabilities	$9.5B-22.5%	$12.3B-8.1%	$13.3B+7.5%	$12.4B+36.6%	$9.1B+25.6%	$7.2B
Current Liabilities	$1.2B-19.9%	$1.5B-11.1%	$1.7B+9.8%	$1.5B+12.4%	$1.4B+42.8%	$955.4M
Long-Term Debt	$6.2B-0.6%	$6.2B-9.8%	$6.9B-3.0%	$7.1B+21.1%	$5.9B+33.1%	$4.4B
Total Equity	$4.6B-1.4%	$4.7B-6.6%	$5.0B-3.5%	$5.2B-10.9%	$5.9B+12.6%	$5.2B
Retained Earnings	-$3.0B-1.1%	-$2.9B-129.0%	-$1.3B-28.2%	-$997.9M-246.0%	-$288.4M-730.4%	$45.8M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$14.1B+3.2%	$13.7B-19.3%	$17.0B-10.1%	$18.9B+2.7%	$18.4B+2.3%	$18.0B+1.9%	$17.6B-0.6%	$17.7B
Current Assets	$1.2B+18.9%	$1.0B-10.8%	$1.1B-5.8%	$1.2B+13.0%	$1.1B+1.7%	$1.0B-4.2%	$1.1B+15.8%	$945.1M
Cash & Equivalents	$32.7M-39.8%	$54.3M+56.0%	$34.8M-73.6%	$131.6M+425.5%	$25.1M-75.0%	$100.3M+74.0%	$57.6M-32.2%	$85.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.3B+0.1%	$1.3B+0.5%	$1.3B-0.4%	$1.3B-0.5%	$1.3B-0.5%	$1.3B+0.8%	$1.3B+1.8%	$1.3B
Total Liabilities	$9.5B+5.4%	$9.0B-26.5%	$12.3B-3.4%	$12.7B-4.9%	$13.3B+4.3%	$12.8B+3.0%	$12.4B+19.4%	$10.4B
Current Liabilities	$1.2B+29.4%	$926.8M-38.1%	$1.5B+20.7%	$1.2B-26.3%	$1.7B+14.5%	$1.5B-4.1%	$1.5B+25.6%	$1.2B
Long-Term Debt	$6.2B+2.5%	$6.0B-3.0%	$6.2B-23.7%	$8.1B+18.3%	$6.9B-9.1%	$7.6B+6.8%	$7.1B-2.5%	$7.3B
Total Equity	$4.6B-0.9%	$4.7B-0.6%	$4.7B-23.8%	$6.2B+22.6%	$5.0B-2.8%	$5.2B-0.7%	$5.2B-6.9%	$5.6B
Retained Earnings	-$3.0B-1.6%	-$2.9B+0.5%	-$2.9B-120.0%	-$1.3B-4.1%	-$1.3B-12.6%	-$1.1B-13.9%	-$997.9M-109.9%	-$475.4M

AQN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$593.6M+23.2%	$481.7M-23.3%	$628.0M+1.4%	$619.1M+293.2%	$157.5M-68.8%	$505.2M
Capital Expenditures	$771.9M-11.5%	$872.4M-15.0%	$1.0B-5.8%	$1.1B-19.0%	$1.3B+71.1%	$786.0M
Free Cash Flow	-$178.3M+54.4%	-$390.7M+1.9%	-$398.1M+15.3%	-$469.9M+60.4%	-$1.2B-322.9%	-$280.8M
Investing Cash Flow	$1.2B+776.1%	$132.8M+112.1%	-$1.1B+38.7%	-$1.8B+0.5%	-$1.8B-46.2%	-$1.2B
Financing Cash Flow	-$1.8B-225.5%	-$556.4M-225.7%	$442.8M-60.1%	$1.1B-33.7%	$1.7B+118.3%	$766.9M
Dividends Paid	$201.3M-29.4%	$285.1M-11.6%	$322.5M-14.8%	$378.6M+23.3%	$307.1M+21.0%	$253.8M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	$249.9M	N/A	$236.1M	N/A	$261.4M	N/A	$135.3M
Capital Expenditures	N/A	$185.8M	N/A	$204.4M	N/A	$245.2M	N/A	$247.5M
Free Cash Flow	N/A	$64.1M	N/A	$31.7M	N/A	$16.2M	N/A	-$112.2M
Investing Cash Flow	N/A	-$198.8M	N/A	-$256.4M	N/A	-$275.4M	N/A	-$306.9M
Financing Cash Flow	N/A	-$59.5M	N/A	$59.6M	N/A	$37.3M	N/A	$177.9M
Dividends Paid	N/A	$50.4M	N/A	$77.1M	N/A	$75.5M	N/A	$94.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AQN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	69.0%
Operating Margin	20.7%+1.5pp	19.2%-0.2pp	19.4%+4.9pp	14.5%-3.6pp	18.2%-4.7pp	22.9%
Net Margin	7.4%+67.0pp	-59.5%-60.7pp	1.2%+8.9pp	-7.7%-19.3pp	11.7%-35.0pp	46.7%
Return on Equity	3.9%+33.2pp	-29.3%-29.9pp	0.6%+4.6pp	-4.1%-8.6pp	4.5%-10.5pp	15.0%
Return on Assets	1.3%+9.4pp	-8.1%-8.3pp	0.2%+1.4pp	-1.2%-2.8pp	1.6%-4.3pp	5.9%
Current Ratio	1.00+0.2	0.76+0.1	0.63-0.1	0.71+0.0	0.69-0.0	0.73
Debt-to-Equity	1.33+0.0	1.32-0.0	1.360.0	1.36+0.4	1.00+0.2	0.85
FCF Margin	-7.3%+9.5pp	-16.8%-0.3pp	-16.6%+0.4pp	-17.0%+35.2pp	-52.2%-35.5pp	-16.8%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	12.3%	N/A	16.6%	N/A	14.9%	N/A	17.3%
Net Margin	N/A	4.6%	N/A	39.0%	N/A	-40.3%	N/A	-5.4%
Return on Equity	N/A	0.5%	N/A	3.3%	N/A	-4.9%	N/A	-0.6%
Return on Assets	N/A	0.2%	N/A	1.1%	N/A	-1.4%	N/A	-0.2%
Current Ratio	1.00-0.1	1.09+0.3	0.76-0.2	0.97+0.3	0.63-0.1	0.710.0	0.71-0.1	0.77
Debt-to-Equity	1.33+0.0	1.29-0.0	1.320.0	1.32-0.0	1.36-0.1	1.46+0.1	1.36+0.1	1.30
FCF Margin	N/A	12.1%	N/A	6.2%	N/A	2.6%	N/A	-18.1%

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Frequently Asked Questions

What is Algonquin Power's annual revenue?

Algonquin Power (AQN) reported $2.4B in total revenue for fiscal year 2025. This represents a 4.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Algonquin Power's revenue growing?

Algonquin Power (AQN) revenue grew by 4.9% year-over-year, from $2.3B to $2.4B in fiscal year 2025.

Is Algonquin Power profitable?

Yes, Algonquin Power (AQN) reported a net income of $180.8M in fiscal year 2025, with a net profit margin of 7.4%.

What is Algonquin Power's EBITDA?

Algonquin Power (AQN) had EBITDA of $905.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Algonquin Power have?

As of fiscal year 2025, Algonquin Power (AQN) had $32.7M in cash and equivalents against $6.2B in long-term debt.

What is Algonquin Power's operating margin?

Algonquin Power (AQN) had an operating margin of 20.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Algonquin Power's net profit margin?

Algonquin Power (AQN) had a net profit margin of 7.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Algonquin Power pay dividends?

Yes, Algonquin Power (AQN) paid $0.26 per share in dividends during fiscal year 2025.

What is Algonquin Power's return on equity (ROE)?

Algonquin Power (AQN) has a return on equity of 3.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Algonquin Power's free cash flow?

Algonquin Power (AQN) generated -$178.3M in free cash flow during fiscal year 2025. This represents a 54.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Algonquin Power's operating cash flow?

Algonquin Power (AQN) generated $593.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Algonquin Power's total assets?

Algonquin Power (AQN) had $14.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Algonquin Power's capital expenditures?

Algonquin Power (AQN) invested $771.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Algonquin Power have outstanding?

Algonquin Power (AQN) had 768M shares outstanding as of fiscal year 2025.

What is Algonquin Power's current ratio?

Algonquin Power (AQN) had a current ratio of 1.00 as of fiscal year 2025, which is considered adequate.

What is Algonquin Power's debt-to-equity ratio?

Algonquin Power (AQN) had a debt-to-equity ratio of 1.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Algonquin Power's return on assets (ROA)?

Algonquin Power (AQN) had a return on assets of 1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Algonquin Power's Altman Z-Score?

Algonquin Power (AQN) has an Altman Z-Score of 0.30, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Algonquin Power's Piotroski F-Score?

Algonquin Power (AQN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Algonquin Power's earnings high quality?

Algonquin Power (AQN) has an earnings quality ratio of 3.28x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Algonquin Power cover its interest payments?

Algonquin Power (AQN) has an interest coverage ratio of 1.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Algonquin Power?

Algonquin Power (AQN) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.