NYSE$AQN
Algonquin Power & Utilities Corp · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Q2 revenue $527.8M (+2%); adjusted EPS $0.04 as utility transformation continues
Algonquin Power & Utilities reported Q2 2025 revenue of $527.8 million, up 2% from $515.3 million a year ago, with AQN net earnings of $17.4 million versus $180.1 million in Q2 2024 when a large fair-value gain on investments boosted prior-year results. Adjusted net earnings were $36.2 million ($0.04 per share) compared to $41.5 million ($0.06) in Q2 2024. Regulated Services Group net earnings were $47.1 million (-2% YoY) as approved rate increases were offset by weather normalization and the absence of a $3.9M one-time BELCO revenue item. Hydro Group net earnings rose 176% to $9.1 million. The Corporate Group lost $38.8M reflecting the Atlantica stake sale and lost dividends, partly offset by lower interest expense from deleveraging. AQN declared dividends of $0.065/share in Q2 and reaffirmed its 2025 adjusted EPS outlook of $0.30–$0.32.
- Q2 revenue $527.8M (+2% YoY); AQN net earnings $17.4M; adjusted net earnings $36.2M ($0.04/share)
- Regulated Services net earnings $47.1M (-2%); Hydro Group $9.1M (+176%); Corporate Group $(38.8)M
- Filed rate cases at New England Natural Gas and Litchfield Park Water seeking $73.6M aggregate increase
- Dividends $0.065/share in Q2 (down from $0.1085 prior year); H1 dividends $0.13 vs $0.217
- 2025 adjusted EPS outlook $0.30–$0.32; ~$2.5B utility capex planned 2025–2027 with no equity needs
Headline financials
Revenue & EPS history
Algonquin · Revenue · Quarterly
$528M
Revenue by segment
Algonquin · $504M total across 3 segments · Q2 2025
- Regulated electricity distribution$292M—57.9%
- Regulated gas distribution$109M—21.6%
- Regulated water distribution$103M—20.4%
Forward guidance
2025 adjusted net EPS outlook $0.30–$0.32; 2026 $0.35–$0.37; 2027 $0.42–$0.46. Utility capex ~$2.5B over 2025–2027 with no expected common equity financings through 2027.
Tailwinds
- Rate case pipeline and deleveraging reducing interest expense
- Pure-play regulated utility strategy progressing
Headwinds
- Atlantica sale removed dividend income from Corporate Group
- Weather normalization and higher tax rate pressured Regulated Services earnings
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2025
-1.1%
Avg return
Earnings day
-0.8%
Avg return
5 days after
+0.0%
Avg return
30 days after
51%
30 / 59 earnings
Positive
+8.2%
Q3 2025
Best reaction
-30.8%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -10.7% | -5.6% | -4.2% | |
| Q3 2025 | +8.2% | +7.7% | +2.4% | |
| Q2 2025 | -3.9% | -1.7% | -4.2% | |
| Q1 2025 | +0.2% | -0.4% | +7.1% | |
| Q4 2023 | +5.1% | +1.0% | +1.3% | |
| Q3 2023 | -1.8% | +3.9% | +8.6% | |
| Q2 2023 | -3.6% | -7.9% | -8.4% | |
| Q1 2023 | -3.7% | -5.3% | -3.2% | |
| Q4 2022 | +2.0% | +1.7% | +12.5% | |
| Q3 2022 | -30.8% | -33.3% | -37.5% | |
| Q2 2022 | +0.0% | +0.4% | -5.0% | |
| Q1 2022 | +4.9% | +7.0% | +5.5% | |
| Q4 2021 | +0.8% | +2.3% | +6.9% | |
| Q3 2021 | -1.0% | -1.3% | -3.2% | |
| Q2 2021 | -1.7% | -1.8% | -3.5% | |
| Q1 2021 | +0.9% | -1.1% | -1.1% | |
| Q4 2020 | -2.6% | -1.3% | +2.4% | |
| Q3 2020 | -3.0% | -4.8% | -2.7% | |
| Q2 2020 | -0.4% | +0.8% | +1.7% | |
| Q1 2020 | +0.3% | -1.0% | +6.0% | |
| Q4 2019 | -7.7% | -1.0% | -22.6% | |
| Q3 2019 | -0.6% | -0.3% | +5.0% | |
| Q2 2019 | +0.7% | +0.8% | +3.3% | |
| Q1 2019 | +0.8% | +0.4% | +8.7% | |
| Q4 2018 | +0.1% | +1.8% | +2.2% | |
| Q3 2018 | -2.1% | +0.0% | +3.0% | |
| Q2 2018 | +1.6% | -0.6% | -1.9% | |
| Q4 2017 | +1.6% | -0.6% | -1.9% | |
| Q3 2017 | +1.7% | +4.2% | +4.4% | |
| Q2 2017 | +1.1% | +2.5% | +7.2% | |
| Q4 2016 | +1.7% | +3.9% | +5.5% | |
| Q1 2017 | +1.7% | +3.9% | +5.5% | |
| Q3 2016 | -2.2% | -3.9% | -2.5% | |
| Q2 2016 | -0.9% | +3.6% | +3.0% | |
| Q4 2015 | +0.0% | — | — | |
| Q1 2016 | +1.6% | — | — | |
| Q3 2015 | +2.3% | — | — | |
| Q2 2015 | -4.7% | — | — | |
| Q1 2015 | -1.3% | — | — | |
| Q4 2014 | -1.3% | — | — | |
| Q3 2014 | -12.2% | — | — | |
| Q2 2014 | +1.2% | — | — | |
| Q1 2014 | +0.7% | — | — | |
| Q4 2013 | +1.1% | — | — | |
| Q3 2013 | -0.8% | — | — | |
| Q1 2013 | +0.3% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q4 2012 | +0.3% | — | — | |
| Q3 2012 | -0.1% | — | — | |
| Q2 2012 | -0.8% | — | — | |
| Q1 2012 | -0.8% | — | — | |
| Q4 2010 | +0.3% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | -0.7% | — | — | |
| Q2 2011 | -5.1% | — | — | |
| Q1 2011 | -5.1% | — | — | |
| Q2 2010 | +1.8% | — | — | |
| Q3 2010 | +1.8% | — | — | |
| Q1 2010 | +0.7% | — | — |
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