Algonquin Power & Utilities (AQN) Q1 2026 Earnings
How Did AQN Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: −1.65%.
Did AQN Beat Earnings? Q1 2026 Results
No. Algonquin Power & Utilities reported Q1 2026 earnings of $0.11 a share on May 8, 2026, missing the $0.11 consensus estimate by 4.1%. Revenue was $792.4M against a $713.7M estimate.
Algonquin Power & Utilities Corp. posted a mixed first quarter for fiscal 2026, with revenue climbing sharply but earnings slipping as higher costs and one-time items clouded an otherwise robust top-line performance. Revenue reached $792.40 million, a 38.2% increase year over year, fueled largely by a landmark California Public Utilities Commission ruling that approved $48.60 million in annualized base revenues for CalPeco Electric retroactive to January 1, 2025, with $60.70 million recognized in the quarter including retroactive amounts. Despite that tailwind, earnings attributable to common shareholders fell to $83.10 million from $92.80 million a year ago, and EPS declined to $0.11 from $0.12, weighed down by $28.50 million in wildfire insurance expense, higher operating costs across utilities, and a sharp drop in Hydro Group earnings following the non-recurrence of a prior-year tax benefit. Looking ahead, the company continues its pivot to a pure-play regulated utility, with several pending rate cases and a new $1.15 billion term facility secured after quarter-end to support debt refinancing and funding needs.
- CalPeco Electric GRC approval resulting in $48.6 million annualized base revenue increase retroactive to January 2025
- Higher pass-through commodity costs across gas systems increased revenue
- Natural gas usage increased 4.5% driven by favorable weather at Energy North and Midstates systems
- Unfavorable weather at Empire District Electric reduced revenue by $11.9 million
- Higher operating expenses from gas safety excellence initiatives, labor, benefits and property taxes
- Higher depreciation of $12.6 million including $8.2 million prior-year deferral adjustments
- Non-recurrence of $13.4 million Hydro Group tax basis step-up from Q1 2025
- Water volumes declined 6.4% due to lower usage at Park Water and Litchfield Park systems
What Is Algonquin Power & Utilities's Outlook?
The company continues its transition to a pure-play regulated utility following the Renewables Sale, incurring restructuring costs as part of this simplification. Multiple regulatory proceedings are underway or recently completed, including the CalPeco Electric GRC approval providing $48.6 million in annualized base revenues, the New England Natural Gas settlement for $45.3 million in distribution revenue adjustments effective April 2026, and the Suralis tariff increase in Chile expected effective Q3 2026. Pending rate reviews include Empire Electric Missouri ($97 million phased over 3 years pending performance metric compliance), Litchfield Park Water & Sewer ($15.3 million settlement expected August 2026), Empire Electric Kansas ($15.8 million with hearing scheduled June 2026), and Park Water and Apple Valley Water GRCs in California with competing proposed decisions. The company can receive up to $220 million in earn-out cash from the Renewables Sale depending on future energy prices and project completions. Subsequent to quarter-end, Liberty Utilities entered into a $1.15 billion delayed draw term facility to support funding needs and refinance upcoming debt maturities. The OBBBA enacted in July 2025 introduced significant changes to energy tax credits and foreign entity restrictions that may affect the company's remaining renewable energy investments.
AQN YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $792.4M | $573.2M | +38.2% |
| Operating Income | $180.8M | $111.1M | +62.8% |
| Net Income | $68.1M | $33.2M | +105.2% |
AQN Revenue by Segment
AQN Revenue by Geography
When Does Algonquin Power & Utilities Report Next?
Figures from SEC filings and company reports. Not investment advice.