AQNB

MKT CAP:$19B

Algonquin Power & Utilities Cor

Market Cap

$19B

Utilities·Regulated Electric·🇺🇸 United States·NYSE

Utilities·Regulated Electric·🇺🇸·NYSE

Stock Price

$25.77+$0.19 (+0.74%)

Apr 21, 2026

Company Details

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Se...

CEO

None

IPO Date

May 28, 2019

Website

www.algonquinpower.com

Key Metrics TTM

Revenue

$2.4B

+5.9% YoY

Net Income

-$27M

EPS (Diluted)

$0.05

Free Cash Flow

-$425M

Revenue / Share

$3.09

Gross Margin

47.1%

Operating Margin

20.9%

Net Margin

-1.1%

FCF Margin

-17.8%

P/S

8.0x

P/E

—

Earnings Reports

Q3 2025

Nov 7, 2025

$583M+1.7%EPS $0.03

Q2 2025

Aug 8, 2025

$528M+24.4%EPS $0.02

Q1 2025

May 9, 2025

$692MEPS $0.12

FY 2024

Mar 7, 2025

$2.3BEPS $0.15

Q4 2024

Mar 7, 2025

$585MEPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$518M	$99M	$81M
Q3 21	$524M	$128M	$113M
Q4 21	$582M	$112M	$94M
Q1 22	$695M	$106M	$88M
Q2 22	$594M	$108M	$88M
Q3 22	$607M	$123M	$101M
Q4 22	$730M	$139M	$120M
Q1 23	$771M	$155M	$137M
Q2 23	$632M	$123M	$97M
Q3 23	$625M	$164M	$137M
Q2 24	$424M	$149M	$89M
Q3 24	$573M	$217M	$111M
Q4 24	$585M	$205M	$106M
Q1 25	$692M	$278M	$179M
Q2 25	$528M	$186M	$65M
Q3 25	$583M	$456M	$150M

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q3 21	9.0x	32.4x
Q4 21	8.6x	72.5x
Q1 22	8.2x	56.0x
Q2 22	8.0x	92.7x
Q3 22	7.7x	384.1x
Q4 22	7.3x	—
Q1 23	7.1x	—
Q2 23	7.0x	—
Q3 23	6.9x	—
Q2 24	7.8x	455.1x
Q3 24	8.5x	—
Q4 24	8.7x	—
Q1 25	8.4x	—
Q2 25	8.0x	—
Q3 25	8.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$245M	-$543M
Q2 21	$108M	-$326M
Q3 21	$168M	-$190M
Q4 21	$125M	-$171M
Q1 22	$168M	-$166M
Q2 22	$266M	-$122M
Q3 22	-$25M	-$220M
Q4 22	$212M	$16M
Q1 23	$34M	-$137M
Q2 23	$265M	$16M
Q3 23	$131M	-$147M
Q2 24	$236M	$32M
Q3 24	$67M	-$116M
Q4 24	$48M	-$225M
Q1 25	$74M	-$149M
Q2 25	$250M	$64M

Capital Expenditures

Quarter	CapEx
Q1 21	$298M
Q2 21	$434M
Q3 21	$358M
Q4 21	$296M
Q1 22	$334M
Q2 22	$388M
Q3 22	$195M
Q4 22	$195M
Q1 23	$172M
Q2 23	$249M
Q3 23	$278M
Q2 24	$204M
Q3 24	$182M
Q4 24	$273M
Q1 25	$223M
Q2 25	$186M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+18.4%	+21.8%
Q1 22	+17.9%	+9.9%
Q2 22	+14.7%	+15.7%
Q3 22	+15.8%	+23.1%
Q4 22	+25.4%	+25.2%
Q1 23	+11.1%	+4.7%
Q2 23	+6.3%	+5.8%
Q3 23	+3.0%	-3.5%
Q2 24	-41.8%	-45.0%
Q3 24	-25.7%	-27.2%
Q4 24	-7.4%	-10.4%
Q1 25	+10.8%	+5.2%
Q2 25	+24.4%	+38.0%
Q3 25	+1.7%	-6.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$1M	0.2%
Q2 21	$3M	0.6%
Q3 21	$3M	0.7%
Q4 21	$595.0K	0.1%
Q1 22	-$365.0K	-0.1%
Q2 22	$4M	0.6%
Q3 22	$3M	0.5%
Q4 22	$4M	0.6%
Q1 23	$696.0K	0.1%
Q2 23	$3M	0.5%
Q3 23	$4M	0.6%
Q2 24	$5M	1.2%
Q3 24	$4M	0.8%
Q4 24	$4M	0.6%
Q1 25	$3M	0.4%
Q2 25	$3M	0.5%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 21	$17M	$949.4K	—
Q3 21	$15M	—	—
Q4 21	$18M	—	—
Q1 22	$17M	$214.3K	—
Q2 22	$20M	$2M	—
Q3 22	$23M	—	—
Q4 22	$19M	$29.0K	—
Q1 23	$18M	$1.4K	—
Q2 23	$26M	$339.2K	—
Q3 23	$28M	—	—
Q2 24	—	—	$3M
Q3 24	—	—	$3M
Q4 24	—	—	$4M
Q1 25	—	—	$2M
Q2 25	—	—	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$191M	$0	$191M
Q4 21	$125M	$0	$125M
Q1 22	$93M	$0	$93M
Q2 22	$85M	$0	$85M
Q3 22	$114M	$0	$114M
Q4 22	$58M	$0	$58M
Q1 23	$61M	$0	$61M
Q2 23	$100M	$0	$100M
Q3 23	$94M	$0	$94M
Q4 23	$56M	$0	$56M
Q1 24	$86M	$0	$86M
Q2 24	$132M	$0	$132M
Q3 24	$64M	$0	$64M
Q4 24	$35M	$0	$35M
Q1 25	$72M	$0	$72M
Q2 25	$54M	$0	$54M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	620M	+2.4%	—
Q3 21	621M	+0.2%	—
Q4 21	695M	+11.8%	+15.8%
Q1 22	678M	-2.4%	+12.1%
Q2 22	675M	-0.5%	+8.8%
Q3 22	679M	+0.6%	+9.2%
Q4 22	707M	+4.1%	+1.7%
Q1 23	690M	-2.3%	+1.8%
Q2 23	688M	-0.3%	+1.9%
Q3 23	688M	+0.1%	+1.4%
Q2 24	730M	+6.0%	+3.3%
Q3 24	770M	+5.5%	+11.5%
Q4 24	734M	-4.6%	+6.7%
Q1 25	771M	+5.0%	+11.9%
Q2 25	772M	+0.2%	+5.9%
Q3 25	772M	0.0%	+0.4%

Shares Outstanding