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

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp Financials

AQNB

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

This page shows Algonquin Power & Utilities Corp (AQNB) 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).

Rhea AI AQNB FY2025 2026-04-22

Positive operating cash flow is repeatedly absorbed by heavy reinvestment, so AQNB runs as an asset-heavy business rather than a cash-surplus one.

By FY2025, operating cash flow reached $593.6M while free cash flow stayed at -$178.3M. Net income also returned to $180.8M, so the business looked profitable on paper without yet producing cash left after reinvestment; because that gap also existed in FY2023 and FY2024, the rebound from FY2024's loss reflects lower financing and other non-operating pressure more than a business suddenly turning into a self-funding operation.

Core operations were far steadier than reported earnings: operating margin held near 19.4% in FY2023 and 20.7% in FY2025. The much larger swing in net results points to interest, taxes, and other below-operating-line charges as the main source of earnings volatility, so the bottom line is a noisier guide to the underlying business than operating profit or EBITDA.

Even after the dividend cut to $0.26 per share in FY2025 from $0.71 in FY2022, payouts still sat on top of negative free cash flow. With cash on hand of only $32.7M and a current ratio just above 1.0x, liquidity depends more on ongoing inflows and financing flexibility than on a large balance-sheet cushion.

Financial Health Signals

Financial Health Score 36/100

Scored against operating companies 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 & Utilities Corp'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.

Profitability

Algonquin Power & Utilities Corp 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 85/100, reflecting efficient cost management and pricing power. This is up from 19.2% the prior year.

Growth

Algonquin Power & Utilities Corp's revenue grew a modest 4.9% year-over-year to $2.4B. This slow but positive growth earns a score of 34/100.

Leverage

Algonquin Power & Utilities Corp has elevated debt relative to equity (D/E of 1.33), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 8/100, reflecting increased financial risk.

Liquidity

Algonquin Power & Utilities Corp's current ratio of 1.00 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Algonquin Power & Utilities Corp 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 15/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Algonquin Power & Utilities Corp's ROE of 3.9% shows moderate profitability relative to equity, earning a score of 57/100. This is up from -29.3% the prior year.

Piotroski F-Score Partial

6/8

Algonquin Power & Utilities Corp 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.

Earnings Quality Cash-Backed

3.28x

For every $1 of reported earnings, Algonquin Power & Utilities Corp 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 & Utilities Corp 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 & Utilities Corp 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 & Utilities Corp'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 & Utilities Corp 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 & Utilities Corp 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 & Utilities Corp 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 & Utilities Corp 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 & Utilities Corp 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 & Utilities Corp 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 & Utilities Corp'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 & Utilities Corp'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 & Utilities Corp'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 & Utilities Corp 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.

AQNB 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

AQNB 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

AQNB 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

AQNB 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%

Frequently Asked Questions

What is Algonquin Power & Utilities Corp's annual revenue?

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp's revenue growing?

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

Is Algonquin Power & Utilities Corp profitable?

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

What is Algonquin Power & Utilities Corp's EBITDA?

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

How much debt does Algonquin Power & Utilities Corp have?

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

What is Algonquin Power & Utilities Corp's operating margin?

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp's net profit margin?

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp pay dividends?

Yes, Algonquin Power & Utilities Corp (AQNB) paid $0.26 per share in dividends during fiscal year 2025.

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

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp's free cash flow?

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp's operating cash flow?

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

What are Algonquin Power & Utilities Corp's total assets?

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

What are Algonquin Power & Utilities Corp's capital expenditures?

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

How many shares does Algonquin Power & Utilities Corp have outstanding?

Algonquin Power & Utilities Corp (AQNB) had 768M shares outstanding as of fiscal year 2025.

What is Algonquin Power & Utilities Corp's current ratio?

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

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

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp's return on assets (ROA)?

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp's Piotroski F-Score?

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp's earnings high quality?

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp cover its interest payments?

Algonquin Power & Utilities Corp (AQNB) 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 & Utilities Corp?

Algonquin Power & Utilities Corp (AQNB) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its operating companies 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.