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Utilities - Regulated electric · Utilities · Fiscal year ends Dec 31
Algonquin Power & Utilities reported revenue of $2.4B in the fiscal year ended Dec 2025, up 4.9% from the year before. Operating income was $505M, an operating margin of 20.7%, and net income was $181M. Operating cash flow of $594M less capital expenditure of $772M left free cash flow of −$178M. Net debt was $6.5B.
Ranks among the 36 utilities - regulated electric companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,274 | 2,765 | 2,404 | 2,320 | 2,434 |
| Operating income | 413 | 402 | 467 | 446 | 505 |
| Interest expense | 210 | 279 | 308 | 364 | 283 |
| Pre-tax income | 142 | −370 | −62.1 | 177 | 211 |
| Income tax | −43.4 | −61.5 | −37.1 | 187 | 65.0 |
| Net income | 265 | −212 | 28.7 | −1,381 | 181 |
| Diluted EPS | 0.41 | −0.33 | 0.03 | −1.90 | 0.22 |
| Diluted shares | 629 | 678 | 691 | 734 | 772 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 125 | 57.6 | 25.1 | 34.8 | 32.7 |
| Receivables | 403 | 528 | 401 | 423 | 495 |
| Current assets | 939 | 1,094 | 1,066 | 1,135 | 1,204 |
| Net PP&E | 11,042 | 11,945 | 9,127 | 9,450 | 9,750 |
| Goodwill | 1,201 | 1,321 | 1,324 | 1,312 | 1,320 |
| Total assets | 16,798 | 17,628 | 18,374 | 16,962 | 14,136 |
| Payables | 185 | 186 | 180 | 164 | 145 |
| Current liabilities | 1,365 | 1,534 | 1,685 | 1,498 | 1,199 |
| Short-term debt | 356 | 423 | 622 | 492 | 364 |
| Long-term debt | 5,855 | 7,089 | 6,878 | 6,207 | 6,169 |
| Total liabilities | 9,084 | 10,791 | 11,750 | 10,786 | 9,088 |
| Shareholders' equity | 5,859 | 5,220 | 5,040 | 4,708 | 4,641 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 157 | 619 | 628 | 482 | 594 |
| Capital expenditure | 1,345 | 1,089 | 1,026 | 872 | 772 |
| Free cash flow | −1,188 | −470 | −398 | −391 | −178 |
| Depreciation & amortisation | 403 | 456 | 354 | 396 | 400 |
| Stock-based compensation | 8.4 | 10.9 | 10.4 | 18.4 | 13.0 |
| Acquisitions | 0.0 | 633 | 0.0 | – | – |
| Dividends paid | 307 | 379 | 322 | 285 | 201 |
| Dividend per share | 0.67 | 0.71 | 0.43 | 0.35 | 0.26 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.6% | −13.1% | −3.5% | 4.9% |
| Operating income growth (YoY) | – | −2.7% | 16.2% | −4.5% | 13.1% |
| EPS growth (YoY) | – | −180.5% | – | −6433.3% | – |
| Operating margin | 18.2% | 14.5% | 19.4% | 19.2% | 20.7% |
| Net margin | 11.6% | −7.7% | 1.2% | −59.5% | 7.4% |
| Return on equityBlank when equity is negative | 4.5% | −4.1% | 0.6% | −29.3% | 3.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.7% | 2.5% | 2.8% | 2.9% | 3.9% |
| Free cash flow margin | −52.2% | −17.0% | −16.6% | −16.8% | −7.3% |
| Cash conversion (CFO ÷ net income) | 0.59x | −2.92x | 21.9x | −0.35x | 3.28x |
| Receivable days | 65 | 70 | 61 | 67 | 74 |
| Interest cover | 1.97x | 1.44x | 1.52x | 1.23x | 1.79x |
| Debt ÷ equity | 1.06x | 1.44x | 1.49x | 1.42x | 1.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 6,086 | 7,454 | 7,475 | 6,664 | 6,500 |
| Current ratio | 0.69x | 0.71x | 0.63x | 0.76x | 1.00x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.