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Stock Market Live July 1, 2026: S&P 500 (SPY) Lower as Investors Wait on the Fed and Fresh Economic Data
Algonquin Power & Utilities

Algonquin Power & Utilities (AQN) Q4 2025 Earnings

Reported Mar 6, 2026 at 6:49 AM ET · SEC Source

Q4 25 EPS

$0.06

BEAT +30.15%

Est. $0.05

Q4 25 Revenue

$630.7M

BEAT +3.93%

Est. $606.8M

vs S&P Since Q4 25

-20.3%

TRAILING MARKET

AQN -9.2% vs S&P +11.1%

Full Year 2025 Results

FY 25 EPS

$0.34

FY 25 Revenue

$2.43B

Market Reaction

Did AQN Beat Earnings? Q4 2025 Results

Algonquin Power & Utilities delivered a mixed quarter to close out fiscal 2025, posting adjusted EPS of $0.06 against a consensus estimate of $0.11, a miss of 45.45%, while revenue of $630.70 million slipped 8.9% year-over-year as the company's delib… Read more Algonquin Power & Utilities delivered a mixed quarter to close out fiscal 2025, posting adjusted EPS of $0.06 against a consensus estimate of $0.11, a miss of 45.45%, while revenue of $630.70 million slipped 8.9% year-over-year as the company's deliberate shedding of its renewable energy business reshaped its financial profile. The shortfall was largely a structural byproduct of that transformation, with the sale of non-hydro renewables for approximately $1.60 billion in net proceeds stripping out revenue that had previously padded results, though the debt retirement it enabled helped narrow the Corporate Group's net loss from $173.20 million in Q4 2024 to $46.30 million this quarter. The core Regulated Services Group remained the bright spot, with net earnings climbing 22% year-over-year to $73.60 million, driven by $10.30 million in newly implemented customer rates. Shares edged higher after results, reflecting investor focus on the company's reaffirmed 2026 adjusted EPS outlook of $0.35 to $0.37 and a $3.20 billion capital plan through 2028 targeting 5% to 6% annual rate base growth, even as the updated 2027 EPS range of $0.38 to $0.42 came in below prior expectations due to a higher anticipated effective tax rate.

Key Takeaways

  • • Implementation of approved customer rates totaling $41.6 million across gas, water, and electric systems for full year 2025
  • • Lower interest expense of $50.4 million for FY2025 from debt repayment using renewable energy and Atlantica sale proceeds
  • • Accelerated realization of operating expense savings
  • • Lower depreciation expense resulting from $11.9 million in authorized deferrals
  • • Favorable weather relative to 2024 driving approximately $13.9 million increase at Empire Electric System
  • • Operations and maintenance expense flat year-over-year
  • • Earned ROE improved to approximately 6.8% from approximately 5.5% in 2024
24/7 Wall St

AQN YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

AQN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
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AQN Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Our strong 2025 results reflect continued progress executing our 'Back to Basics' strategy as we build a premier, pure-play utility. During the year, we made substantial regulatory progress across our electric, gas and water utilities, began realizing the benefits of a more disciplined operating model, and strengthened our balance sheet through the retirement of approximately $1.6 billion in debt following the completion of the sale of our renewable energy business (excluding hydro). Under the leadership of a new executive team with deep U.S. regulated utility experience, we are positioning Algonquin to deliver steady, predictable value for our customers, communities and shareholders.”

— Rod West, Q4 2025 Earnings Press Release

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