Algonquin Power & Utilities (AQN) Q4 2025 Earnings
How Did AQN Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: +0.54%.
Did AQN Beat Earnings? Q4 2025 Results
Yes. Algonquin Power & Utilities reported Q4 2025 earnings of $0.06 a share on Mar 6, 2026, beating the $0.05 consensus estimate by 30.2%. Revenue was $630.7M against a $606.8M estimate.
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.
- 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
“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.”
Algonquin Power & Utilities CEO, on the earnings call
What Was Algonquin Power & Utilities's Outlook in Q4 2025?
AQN reaffirmed its 2026 Adjusted Net EPS guidance range of $0.35 to $0.37 and updated its 2027 Adjusted Net EPS outlook to $0.38 to $0.42, down from the prior estimate due to a higher expected effective tax rate in the mid-to-high twenties versus previously anticipated low-to-mid twenties. The company plans approximately $0.8 billion in utility capital expenditures in 2026 and approximately $3.2 billion in aggregate from 2026 through 2028, underpinning a 5% to 6% compound annual growth rate in rate base from year-end 2025 through 2028. AQN expects no equity issuance through 2027 and is actively assessing tax optimization strategies with potential benefits beginning after 2027.
AQN YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $630.7M | $692.4M | −8.9% |
| Net Income | $29.4M | $96.8M | −69.6% |
AQN Revenue by Segment
AQN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.