ALGONQUIN POWER & UTILITIES CORP. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data ALGONQUIN POWER & UTILITIES CORP. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,522	1,648	1,626	1,677	2,274	2,765	2,404	2,320	2,434
Cost of revenue	450	472	472	520
Gross profit	1,072	1,176	1,154	1,157
General and administrative	49.6	52.7	56.8	63.1	66.7	80.2	90.4
Operating income	377	378	367	384	413	402	467	446	505
Interest expense	156	152	181	182	210	279	308	364	283
Interest income	9.24	53.1						27.5	22
Other non-operating income	-202	-246	188	408	-271	-772	-529	-269	-294
Pre-tax income	175	132	555	792	142	-370	-62.1	177	211
Income tax	73.4	53.4	70.1	64.6	-43.4	-61.5	-37.1	187	65
Income from continuing operations							-25.1	-9.6	146
Net income to minority interests	-47.8	-109	-62.4	-67.3	-89.6	-111	-36.5	-74.9
Net income	149	185	531	782	265	-212	28.7	-1,381	181
EBITDA	629	639	651	698	816	858	821	842	905
EPS, basic	0.37	0.38	1.05	1.38	0.41	-0.33	0.03	-1.90	0.22
EPS, diluted	0.37	0.38	1.04	1.37	0.41	-0.33	0.03	-1.90	0.22
Shares, basic (weighted)	382	462	500	560	622	678	689	732	768
Shares, diluted (weighted)	386	466	505	564	629	678	691	734	772
Dividend per share	0.47	0.50	0.55	0.61	0.67	0.71	0.43	0.35	0.26

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	43.5	46.8	62.5	102	125	57.6	25.1	34.8	32.7
Receivables	245	246	259	326
Other current assets	7.11	7.52	7.76	7.27	16.2	22.6	15.8	12.8	150
Total current assets	498	492	513	695	939	1,094	1,066	1,135	1,204
Property, plant and equipment	6,305	6,394	7,241	8,242	11,042	11,945	9,127	9,450	9,750
Goodwill	954	954	1,032	1,208	1,201	1,321	1,324	1,312	1,320
Intangible assets	51.1	55	47.6	115	105	96.7	72.5	69.1	69.7
Long-term investments	37.3	136	122	215	496	462	140	67.8	208
Other non-current assets	29.2	28.6	58.7	66.7	108	127	184	164	291
Total assets	8,396	9,399	10,921	13,224	16,798	17,628	18,374	16,962	14,136
Accounts payable	120	89.7	150	192	185	186	180	164	145
Accrued liabilities	280	236	308	370	429	556	481	503	397
Short-term debt	12.4	13	225	140	356	423	622	492	364
Total current liabilities	564	499	872	955	1,365	1,534	1,685	1,498	1,199
Long-term debt	3,067	3,324	3,707	4,399	5,855	7,089	6,878	6,207	6,169
Other non-current liabilities	242	256	243	339	516	461	310	274	358
Total liabilities	5,075	5,701	6,182	7,235	9,084	10,791	11,750	10,786	9,088
Total debt	3,080	3,337	3,932	4,538	6,211	7,512	7,500	6,699	6,533
Paid-in capital	38.6	45.6	50.6	60.7	2.01	9.41	7.25	-19.2	-14.7
Retained earnings	-524	-595	-367	45.8	-288	-998	-1,280	-2,930	-2,961
Other comprehensive income	-2.79	-19.4	-9.76	-22.5	-71.7	-160	-102	81.4	31.1
Shareholders' equity	2,717	3,178	3,875	5,204	5,859	5,220	5,040	4,708	4,641
Minority interests	603	520	532	459	1,523	1,617	1,585	1,468	407
Total equity	3,320	3,698	4,407	5,662	7,382	6,836	6,624	6,176	5,048
Total liabilities and equity	8,396	9,399	10,921	13,224	16,798	17,628	18,374	16,962	14,136
Shares outstanding	432	489	524	597	672	684	689	767	768

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	102	79.1	485	728	186	-308	-33.3	-1,516	108
Depreciation and amortization	251	261	284	314	403	456	354	396	400
Stock-based compensation	8.29	7.5	11	24.6	8.4	10.9	10.4	18.4	13
Deferred income tax	65.9	42	53.7	59.7	-50.7	-69.4	-76.6	106	136
Change in receivables	-45.8	3.01	-20.9	-52.8	-56.8	-125	-3.86	15.6	-7.2
Change in payables	7.53	-22.9	63.9	40.9	-33.4	24.4	-22.3	58.6	14.2
Cash from operations	327	530	611	505	157	619	628	482	594
Capital expenditures	-565	-466	-581	-786	-1,345	-1,089	-1,026	-872	-772
Acquisitions	-1,520	0	-308	-403	0	-633	0
Cash from investing	-2,072	-1,455	-1,324	-1,230	-1,798	-1,788	-1,096	133	1,163
Debt issued	1,387	2,016	3,615	3,472	12,834	4,623	3,034	4,035	555
Debt repaid	-2,366	-1,700	-3,048	-3,161	-12,895	-3,327	-2,297	-5,344	-714
Stock issued	9.56	4.5	0
Dividends paid	-128	-166	-196	-254	-307	-379	-322	-285	-201
Cash from financing	213	932	733	767	1,674	1,110	443	-556	-1,811
Exchange rate effect	0.6	-0.61	1.03	0.57	-1.7	-1.13	-0.27	-3.1	1.3
Net change in cash	-1,532	6.35	21.5	42.7	31.4	-60.2	-25	55	-52.9
Free cash flow	-239	64	29.9	-281	-1,188	-470	-398	-391	-178
Interest paid	167	155	172	191	219	273	369	433	312
Income taxes paid	8.63	9.65	14.5	5.6	5.02	11	7.17	56.7	73.4

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $5.01 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	20.7%	Operating income / revenue.
EBITDA margin	37.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.7%	Pre-tax income / revenue.
Net margin	7.4%	Net income / revenue.
FCF margin	-7.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.4%	Cash from operations / revenue.
Effective tax rate	30.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Return on invested capital (ROIC)	3.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	31.7%	Capital expenditures / revenue.
D&A / revenue	16.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-25.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-30.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-25.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-28.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-15.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-16.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.00x	Current assets / current liabilities.
Quick ratio	0.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.2%	Total debt / total assets.
Liabilities / assets	64.3%	Total liabilities / total assets.
Net debt	$6.50B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.79x	Operating income / interest expense.
Working capital	$5.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.25B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.
Fixed asset turnover	0.25x	Revenue / average property, plant and equipment.
FCF conversion	-98.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	130.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.22	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.22	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.15	Revenue / diluted weighted shares.
FCF per share	-$0.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.77	Cash from operations / diluted weighted shares.
Book value per share	$6.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.23	Tangible book value / shares outstanding.
Cash per share	$0.04	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.26	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	111.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.86B	Share price x shares outstanding.
Enterprise value	$10.36B	Market cap + total debt - cash - short-term investments.
P/E	21.3x	Market cap / net income. Only when net income is positive.
P/S	1.58x	Market cap / revenue.
P/B	0.83x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.19x	Market cap / tangible book value, when positive.
P/OCF	6.50x	Market cap / cash from operations, when positive.
EV/Sales	4.26x	Enterprise value / revenue.
EV/EBIT	20.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.4x	Enterprise value / EBITDA, when both are positive.
FCF yield	-4.6%	Free cash flow / market cap.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).
Dividend yield	5.2%	Dividends paid over the period / market cap.
Shareholder yield	5.2%	(Dividends paid + share buybacks) / market cap.

What was ALGONQUIN POWER & UTILITIES CORP.'s revenue in fiscal 2025?

ALGONQUIN POWER & UTILITIES CORP. reported revenue of $2.43B for fiscal 2025, 4.9% higher than the year before.

Was ALGONQUIN POWER & UTILITIES CORP. profitable in fiscal 2025?

Yes. Net income was $180.8M, a net margin of 7.4%.

How much free cash flow did ALGONQUIN POWER & UTILITIES CORP. generate in fiscal 2025?

Cash from operations of $593.6M minus capital expenditures of $771.9M left free cash flow of -$178.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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