Algonquin Power Financials
Algonquin Power (AQN) reported $2.4B in revenue for fiscal year 2025, up 4.9% from the prior fiscal year. This page shows its 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).
Core utility earnings are funding more of the business, while asset sales and lower distributions do the balance-sheet repair.
FY2025 looks less like growth funding and more like a balance-sheet reset: investing cash flow turned into a$1.16B inflow even with capex of$771.9M . Because financing cash flow was-$1.81B and total assets fell to$14.1B , the company appears to have used asset monetizations to reduce obligations rather than relying on operations alone.
The core operation is still producing cash before reinvestment: operating cash flow was
The 2024 earnings collapse does not match the shape of the operating line, because operating margin held at
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Algonquin Power's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Algonquin Power scores 0.27, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.4B) relative to total liabilities ($9.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Algonquin Power passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
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.
Algonquin Power earns $1.79 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
Earnings & Revenue
Algonquin Power generated $2.4B in revenue in fiscal year 2025. This represents an increase of 4.9% from the prior year.
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.
Algonquin Power reported $180.8M in net income in fiscal year 2025. This represents an increase of 113.1% from the prior year.
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
Algonquin Power recorded an outflow of $178.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 54.4% from the prior year.
Algonquin Power held $32.7M in cash against $6.2B in long-term debt as of fiscal year 2025.
Algonquin Power paid $0.26 per share in dividends in fiscal year 2025. This represents a decrease of 25.1% from the prior year.
Margins & Returns
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.
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.
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.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
AQN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B+4.9% | $2.3B-3.5% | $2.4B-13.1% | $2.8B+21.6% | $2.3B+35.6% | $1.7B+3.1% | $1.6B-1.3% | $1.6B+8.3% | $1.5B+84.9% | $823.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | $520.5M+10.3% | $472.0M-0.1% | $472.5M+4.9% | $450.2M | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | $1.2B+0.2% | $1.2B-1.8% | $1.2B+9.7% | $1.1B | N/A |
| SG&A Expenses | N/A | N/A | $90.4M+12.6% | $80.2M+20.2% | $66.7M+5.7% | $63.1M+11.1% | $56.8M+7.8% | $52.7M+6.2% | $49.6M+41.4% | $35.1M |
| Operating Income | $504.7M+13.1% | $446.1M-4.5% | $467.3M+16.2% | $402.0M-2.7% | $413.1M+7.6% | $384.0M+4.7% | $366.8M-3.1% | $378.4M+0.3% | $377.2M+114.4% | $175.9M |
| Interest Expense | $282.5M-22.3% | $363.6M+17.9% | $308.4M+10.7% | $278.6M+32.9% | $209.6M+15.2% | $181.9M+0.2% | $181.5M+19.3% | $152.1M-2.4% | $155.8M+56.5% | $99.6M |
| Income Tax | $65.0M-65.2% | $186.8M+604.1% | -$37.1M+39.8% | -$61.5M-41.7% | -$43.4M-167.2% | $64.6M-7.9% | $70.1M+31.4% | $53.4M-27.3% | $73.4M+164.7% | $27.7M |
| Net Income | $180.8M+113.1% | -$1.4B-4914.5% | $28.7M+113.5% | -$212.0M-180.0% | $264.9M-66.2% | $782.5M+47.4% | $530.9M+187.0% | $185.0M+23.8% | $149.5M+52.7% | $97.9M |
| EPS (Diluted) | $0.22+111.6% | -$1.90-6433.3% | $0.03+109.1% | -$0.33-180.5% | $0.41-70.1% | $1.37+31.7% | $1.04+173.7% | $0.38+2.7% | $0.37+12.1% | $0.33 |
Not reported in any period shown, so not listed: R&D Expenses.
AQN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $14.1B-16.7% | $17.0B-7.7% | $18.4B+4.2% | $17.6B+4.9% | $16.8B+27.0% | $13.2B+21.1% | $10.9B+16.2% | $9.4B+11.9% | $8.4B+36.6% | $6.1B |
| Current Assets | $1.2B+6.1% | $1.1B+6.4% | $1.1B-2.6% | $1.1B+16.6% | $938.7M+35.0% | $695.2M+35.5% | $513.2M+4.4% | $491.6M-1.4% | $498.4M+36.0% | $366.3M |
| Cash & Equivalents | $32.7M-6.0% | $34.8M+38.9% | $25.1M-56.5% | $57.6M-54.0% | $125.2M+23.2% | $101.6M+62.6% | $62.5M+33.5% | $46.8M+7.7% | $43.5M-47.1% | $82.2M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $325.9M+25.8% | $259.1M+5.5% | $245.7M+0.5% | $244.6M+73.2% | $141.3M |
| Goodwill | $1.3B+0.6% | $1.3B-0.9% | $1.3B+0.3% | $1.3B+9.9% | $1.2B-0.6% | $1.2B+17.1% | $1.0B+8.1% | $954.3M0.0% | $954.3M+317.9% | $228.4M |
| Total Liabilities | $9.5B-22.5% | $12.3B-8.1% | $13.3B+7.5% | $12.4B+36.6% | $9.1B+25.6% | $7.2B+17.0% | $6.2B-0.6% | $6.2B+9.6% | $5.7B+20.5% | $4.7B |
| Current Liabilities | $1.2B-19.9% | $1.5B-11.1% | $1.7B+9.8% | $1.5B+12.4% | $1.4B+42.8% | $955.4M+9.6% | $872.1M+74.8% | $499.0M-11.5% | $564.0M+38.6% | $407.1M |
| 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+18.7% | $3.7B+11.5% | $3.3B+8.4% | $3.1B+5.5% | $2.9B |
| Total Equity | $4.6B-1.4% | $4.7B-6.6% | $5.0B-3.5% | $5.2B-10.9% | $5.9B+12.6% | $5.2B+34.3% | $3.9B+21.9% | $3.2B+16.9% | $2.7B+89.7% | $1.4B |
| Retained Earnings | -$3.0B-1.1% | -$2.9B-129.0% | -$1.3B-28.2% | -$997.9M-246.0% | -$288.4M-730.4% | $45.8M+112.5% | -$367.1M+38.3% | -$595.3M-13.5% | -$524.3M-9.6% | -$478.3M |
Not reported in any period shown, so not listed: Inventory.
AQN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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-17.3% | $611.3M+15.3% | $530.4M+62.4% | $326.6M+42.3% | $229.5M |
| Capital Expenditures | $771.9M-11.5% | $872.4M-15.0% | $1.0B-5.8% | $1.1B-19.0% | $1.3B+71.1% | $786.0M+35.2% | $581.3M+24.7% | $466.4M-17.5% | $565.1M+81.2% | $311.9M |
| 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-1038.3% | $29.9M-53.2% | $64.0M+126.8% | -$238.5M-189.6% | -$82.4M |
| 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+7.1% | -$1.3B+9.0% | -$1.5B+29.8% | -$2.1B+3.9% | -$2.2B |
| 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+4.6% | $733.4M-21.3% | $931.9M+337.4% | $213.0M-88.9% | $1.9B |
| Dividends Paid | $201.3M-29.4% | $285.1M-11.6% | $322.5M-14.8% | $378.6M+23.3% | $307.1M+21.0% | $253.8M+29.2% | $196.4M+18.0% | $166.4M+30.5% | $127.5M+44.1% | $88.5M |
Not reported in any period shown, so not listed: Share Buybacks.
AQN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | 69.0%-2.0pp | 71.0%-0.4pp | 71.3%+0.9pp | 70.4% | N/A |
| Operating Margin | 20.7%+1.5pp | 19.2%-0.2pp | 19.4%+4.9pp | 14.5%-3.6pp | 18.2%-4.7pp | 22.9%+0.3pp | 22.6%-0.4pp | 23.0%-1.8pp | 24.8%+3.4pp | 21.4% |
| Net Margin | 7.4%+67.0pp | -59.5%-60.7pp | 1.2%+8.9pp | -7.7%-19.3pp | 11.7%-35.0pp | 46.7%+14.0pp | 32.6%+21.4pp | 11.2%+1.4pp | 9.8%-2.1pp | 11.9% |
| 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%+1.3pp | 13.7%+7.9pp | 5.8%+0.3pp | 5.5%-1.3pp | 6.8% |
| 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%+1.1pp | 4.9%+2.9pp | 2.0%+0.2pp | 1.8%+0.2pp | 1.6% |
| Current Ratio | 1.00+0.2x | 0.76+0.1x | 0.63-0.1x | 0.710.0x | 0.690.0x | 0.73+0.1x | 0.59-0.4x | 0.99+0.1x | 0.880.0x | 0.90 |
| Debt-to-Equity | 1.330.0x | 1.320.0x | 1.360.0x | 1.36+0.4x | 1.00+0.2x | 0.85-0.1x | 0.96-0.1x | 1.05-0.1x | 1.13-0.9x | 2.03 |
| FCF Margin | -7.3%+9.5pp | -16.8%-0.3pp | -16.6%+0.4pp | -17.0%+35.2pp | -52.2%-35.5pp | -16.8%-18.6pp | 1.8%-2.0pp | 3.9%+19.6pp | -15.7%-5.7pp | -10.0% |
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Where Algonquin Power Ranks
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) recorded an outflow of $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.
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 0.27, 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.79x, 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 36 out of 100 on our Financial Health Score, indicating weak standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.