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Dec 31, 2025
Algonquin Q4 2025 Earnings Report
Algonquin reported fourth quarter 2025 net earnings of $29.4 million and adjusted net earnings of $47.2 million as regulated utility performance improved and debt reduction lowered interest expense.
Key Takeaways
Algonquin delivered a return to profitability in Q4 2025 driven by stronger regulated utility earnings, operational efficiencies and lower interest expense following debt repayment tied to asset sales. Adjusted earnings remained stable year-over-year while reported net earnings improved significantly from the prior-year loss.
Q4 2025 revenue was $630700000, increasing from $584800000 in the prior year quarter.
Net income was $29400000 compared with a net loss of $110200000 in Q4 2024.
Adjusted net earnings reached $47200000 with adjusted EPS of $0.06.
Regulated Services Group earnings increased to $73600000 from $60500000 year-over-year.
Revenue by Segment
Forward Guidance
Algonquin reaffirmed its forward outlook for adjusted earnings growth supported by regulated utility investments, cost discipline and capital deployment focused on rate base expansion.
Positive Outlook
- 2026 adjusted EPS guidance reaffirmed in the range of 0.35 to 0.37.
- Planned regulated utility capital expenditures of approximately 800000000 in 2026.
- Expected aggregate capital expenditures of approximately 3200000000 from 2026 through 2028.
- Projected compound annual rate base growth of 5% to 6% through 2028.
- No equity issuance expected through 2027.
Challenges Ahead
- Higher expected effective tax rate could reduce future earnings.
- Timing of operational initiatives may extend into 2027.
- Loss of dividends following the sale of the Atlantica investment.
- Costs related to customer relief initiatives and discontinued projects.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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