Algonquin Power & Utilities Corp. cash flow statement AQN

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Algonquin Power & Utilities Corp. generated $593.6 million of cash from operations, up 23.2% from the year before. It spent $771.9 million on capital expenditures. Free cash flow was negative, at -$178.3 million. The company returned $201.3 million in dividends to shareholders.

USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.

FY 2025
Dec 31, 2025
FY 2024
Dec 31, 2024
FY 2023
Dec 31, 2023
FY 2022
Dec 31, 2022
FY 2021
Dec 31, 2021
FY 2020
Dec 31, 2020
FY 2019
Dec 31, 2019
FY 2018
Dec 31, 2018
Operating
Depreciation and amortization
400
+1.2%
396
+11.8%
354
-22.3%
456
+13.0%
403
+28.3%
314
+10.5%
284
+9.0%
261
Stock-based compensation
13
-29.3%
18
+77.0%
10
-4.8%
11
+30.1%
8
-65.9%
25
+123.1%
11
+47.3%
7
Operating cash flow
594
+23.2%
482
-23.3%
628
+1.4%
619
+293.2%
157
-68.8%
505
-17.3%
611
+15.3%
530
Investing
Capital expenditures
772
-11.5%
872
-15.0%
1,026
-5.8%
1,089
-19.0%
1,345
+71.1%
786
+35.2%
581
+24.7%
466
Investing cash flow
1,163
+776.1%
133
+112.1%
-1,096
+38.7%
-1,788
+0.5%
-1,798
-46.2%
-1,230
+7.1%
-1,324
+9.0%
-1,455
Financing
Debt issued
555
-86.3%
4,035
+33.0%
3,034
-34.4%
4,623
-64.0%
12,834
+269.7%
3,472
-4.0%
3,615
+79.3%
2,016
Debt repaid
714
-86.6%
5,344
+132.6%
2,297
-30.9%
3,327
-74.2%
12,895
+308.0%
3,161
+3.7%
3,048
+79.3%
1,700
Dividends paid
201
-29.4%
285
-11.6%
322
-14.8%
379
+23.3%
307
+21.0%
254
+29.2%
196
+18.0%
166
Financing cash flow
-1,811
-225.5%
-556
-225.7%
443
-60.1%
1,110
-33.7%
1,674
+118.3%
767
+4.6%
733
-21.3%
932
Change in cash
Effect of exchange rate
1
+141.9%
-3
-1061.0%
-0
+76.3%
-1
+33.8%
-2
-397.0%
1
-44.5%
1
—
Net change in cash
-53
-196.2%
55
+319.6%
-25
+58.4%
-60
-291.9%
31
-26.6%
43
+98.8%
21
+238.6%
6
Free cash flow
-178
+54.4%
-391
+1.9%
-398
+15.3%
-470
+60.4%
-1,188
-322.9%
-281
-1038.3%
30
-53.2%
64
Per share
Free cash flow per share
-0.23
+56.6%
-0.53
+7.7%
-0.58
+16.9%
-0.69
+63.3%
-1.89
-279.5%
-0.50
-939.2%
0.06
-56.8%
0.14
Dividend per share
0.26
-25.1%
0.35
-20.0%
0.43
-39.1%
0.71
+6.9%
0.67
+10.0%
0.61
+10.0%
0.55
+10.0%
0.50
Shareholder returns
Returned to shareholders
201
285
322
379
307
254
196
166
Share of free cash flow
—
—
—
—
—
—
656.21%
260.04%
Ratios
Free cash flow margin
-7.33%
-16.84%
-16.56%
-17.00%
-52.22%
-16.75%
1.84%
3.88%
Capital expenditures to revenue
31.72%
37.61%
42.69%
39.39%
59.15%
46.87%
35.74%
28.29%
Stock-based compensation to revenue
0.53%
0.79%
0.43%
0.39%
0.37%
1.47%
0.68%
0.45%
Cash conversion
3.28x
—
21.90x
—
0.59x
0.65x
1.15x
2.87x
How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.

Company profile

Industry
Electric Services (SIC 4911)
Listed as
AQN (NYSE), AGQPF (OTC), AQNB (NYSE)
Fiscal year ends
December 31
Incorporated in
Ontario, Canada
Headquarters
Oakville, Ontario, Canada
SEC CIK
1174169
Former names
ALGONQUIN POWER INCOME FUND (until Oct 27, 2009)

Other Electric Services companies

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.