Algonquin Power & Utilities (AQN) Q3 2025 Earnings
How Did AQN Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +2.47%.
Did AQN Beat Earnings? Q3 2025 Results
Yes. Algonquin Power & Utilities reported Q3 2025 earnings of $0.09 a share on Nov 7, 2025, beating the $0.06 consensus estimate by 42.0%. Revenue was $582.7M against a $598.7M estimate.
Algonquin Power & Utilities delivered a decisive earnings beat in Q3 2025, posting adjusted EPS of $0.09 against a consensus estimate of $0.06, a 41.96% positive surprise that sent shares climbing in pre-market trading. The stronger-than-expected bottom line reflects the company's completed transformation into a pure-play regulated utility, following the January 2025 sale of its renewables business to LS Power for approximately $2.10 billion, with proceeds used to pay down debt and generate $10.70 million in interest savings that meaningfully lifted the Regulated Services Group's net earnings year over year. Revenue of $582.70 million rose 1.7% from the prior-year period, though it fell modestly short of the $598.67 million consensus estimate. Looking ahead, AQN is pursuing an active rate case calendar, including an Empire Electric filing in Missouri targeting $97.00 million in approved annual revenue increases under a settlement agreement, with the potential for an additional $13.00 million tied to customer service performance, providing a clear path for earnings growth as the streamlined utility matures.
- Implementation of approved rates of $6.7 million at Midstates and Peach State Gas Systems and several water utility systems
- Favorable year-over-year weather contributing approximately $4.0 million at Empire Electric System
- Lower operating expenses of $9.2 million from favorable timing of certain expenses
- Lower interest expense of $10.7 million from debt repayment with Renewables Sale and Atlantica sale proceeds
- One-time depreciation deferral adjustment of $7.1 million related to EnergyNorth Natural Gas
- Gain of $9.1 million on settlement of a swap at BELCO
What Was Algonquin Power & Utilities's Outlook in Q3 2025?
AQN is pursuing significant rate case activity to support earnings growth, with a major Empire Electric rate case in Missouri seeking $168 million in annual revenue increases (settlement at $97 million plus potential $13 million performance-based incentive). Multiple other rate filings are pending including CalPeco Electric ($24.8 million settlement), New England Natural Gas ($55.8 million), and Litchfield Park Water & Sewer ($17.8 million). The company has also filed for BELCO rate increases for 2026 and 2027. AQN continues its strategic simplification to a pure-play utility and expects to receive approximately $55 million in remaining Renewables Sale proceeds in 2025 from tax attribute monetization, plus potential earn-out payments of up to $220 million. The company appointed Robert Stefani as CFO effective January 5, 2026. Significant uncertainty surrounds the impact of U.S. tariffs and trade policy changes on operating expenses and capital expenditures, as well as potential impacts from the One Big Beautiful Bill Act on the company's retained tax equity investments.
AQN YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $582.7M | $573.2M | +1.7% |
| Operating Income | $149.7M | $111.1M | +34.8% |
| Net Income | $23.9M | $11.8M | +101.8% |
AQN Revenue by Segment
AQN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.