$AGQPF

ALGONQUIN POWER & UTILITIES CORP.

CIK:0001174169|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue
Revenue	$ 2,433.6	$ 2,319.5
Expenses
Other cost of sales	28.4	23.8
Depreciation and amortization	400.3	395.7
Loss on foreign exchange	18.4	3.5
Costs and expenses, total	1,928.9	1,873.4
Operating income	504.7	446.1
Interest expense (note 8)	(282.5)	(363.6)
Income from long-term investments (note 7)	21.6	107.5
Other income (note 6)	22.0	27.5
Other net losses (note 17)	(52.6)	(27.0)
Pension and other post-employment non-service costs (note 9(d))	(3.7)	(14.1)
Gain on derivative financial instruments (note 22(b)(iii))	1.5	0.8
Nonoperating income (expense)	(293.7)	(268.9)
Earnings before income taxes	211.0	177.2
Income tax expense from continuing operations (note 16)
Current	(15.9)	(18.2)
Deferred	(49.1)	(168.6)
Income tax expense	(65.0)	(186.8)
Earnings (loss) from continuing operations	146.0	(9.6)
Loss from discontinued operations, net of tax (note 23(b))	(37.7)	(1,506.3)
Net earnings (loss)	108.3	(1,515.9)
Net effect of non-controlling interests from continuing operations (note 15)	72.5	74.9
Net effect of non-controlling interests from discontinued operations (note 23)	0.0	60.5
Net earnings (loss) attributable to shareholders of Algonquin Power & Utilities Corp.	180.8	(1,380.5)
Series A Shares and Series D Shares dividend (note 14)	10.5	10.5
Net earnings (loss) attributable to common shareholders of Algonquin Power & Utilities Corp. – basic	170.3	(1,391.0)
Net earnings (loss) attributable to common shareholders of Algonquin Power & Utilities Corp. – diluted	$ 170.3	$ (1,391.0)
Basic net earnings per share from continuing operations (note 18) (USD per share)	$ 0.27	$ 0.07
Diluted net earnings per share from continuing operations (note 18) (USD per share)	0.27	0.07
Basic net loss per share from discontinued operations (note 18) (USD per share)	(0.05)	(1.97)
Diluted net loss per share from discontinued operations (note 18) (USD per share)	(0.05)	(1.97)
Basic net earnings (loss) per share (note 18) (USD per share)	0.22	(1.90)
Diluted net earnings (loss) per share (note 18) (USD per share)	$ 0.22	$ (1.90)
Operating expenses
Expenses
Expenses	$ 870.4	$ 873.4
Regulated electricity
Revenue
Revenue	1,292.7	1,276.1
Expenses
Expenses	357.8	365.7
Regulated natural gas
Revenue
Revenue	614.4	546.4
Expenses
Expenses	227.0	183.2
Regulated water
Revenue
Revenue	426.6	406.1
Expenses
Expenses	26.6	28.1
Non-regulated energy sales
Revenue
Revenue	36.5	35.3
Other revenue
Revenue
Revenue	$ 63.4	$ 55.6

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net earnings (loss)	$ 108,300	$ (1,515,900)
Adjustments and items not affecting cash:
Depreciation and amortization	400,300	476,700
Deferred taxes	136,400	105,600
Initial value and changes in derivative financial instruments, net of amortization	(8,900)	(5,800)
Share-based compensation	13,000	18,400
Cost of equity funds used for construction purposes	(1,700)	(1,700)
Change in value of investments carried at fair value	0	38,000
Pension and post-employment expense lower than contributions	(12,100)	(400)
Distributions received from equity investments, net of income	1,000	42,200
Loss from classification as held for sale (note 23(b))	0	1,357,300
Loss on reclassification of AOCI (note 23(b))	0	94,600
Other	3,000	12,200
Net change in non-cash operating items (note 21)	(45,700)	(139,500)
Net cash provided by (used in) operating activities, total	593,600	481,700
Financing activities
Increase in long-term debt	554,700	4,035,000
Repayments of long-term debt	(714,200)	(5,344,200)
Net change in commercial paper	(46,000)	(98,600)
Repayment of long-term debt on disposition of renewable energy business (note 23)	(1,374,800)	0
Issuance of common shares, net of costs	800	1,154,000
Cash dividends on common shares	(201,300)	(285,100)
Dividends on preferred shares	(10,500)	(10,500)
Contributions from non-controlling interests and redeemable non-controlling interests	0	60,500
Production-based cash contributions from non-controlling interest from discontinued operations	0	13,000
Production-based cash contributions from non-controlling interest from continuing operations	6,900	2,000
Distributions to non-controlling interests	(1,500)	(33,300)
Receipts (payments) upon settlement of derivatives	(35,400)	6,000
Shares surrendered to fund withholding taxes on exercised share options	(1,000)	(3,400)
Acquisition of non-controlling interest	0	(23,400)
Net change in other long-term liabilities	11,100	(28,400)
Net cash provided by (used in) financing activities, total	(1,811,200)	(556,400)
Investing activities
Additions to property, plant and equipment and intangible assets	(771,900)	(872,400)
Proceeds from sale of long-lived assets	0	1,077,200
Increase in long-term investments	(4,900)	(115,000)
Decrease in long-term investments	0	22,900
Proceeds from divestiture of operating entity	1,973,300	29,500
Transaction cost on divestiture of operating entity	(16,100)	0
Increase in other assets	(17,000)	(9,400)
Net cash provided by (used in) investing activities, total	1,163,400	132,800
Effect of exchange rate differences on cash and restricted cash	1,300	(3,100)
Increase (decrease) in cash, cash equivalents and restricted cash	(52,900)	55,000
Cash, cash equivalents and restricted cash, beginning of year	131,100	76,100
Cash, cash equivalents and restricted cash, end of year	78,200	131,100
Supplemental disclosure of cash flow information:
Cash paid during the year for interest expense	(312,100)	(432,700)
Cash received during the year for income taxes - net (note 16)	73,400	56,700
Cash received during the year for distributions from equity investments	0	86,300
Non-cash financing and investing activities:
Increase (decrease) in accrued capital expenditure	(121,400)	84,700
Issuance of common shares under share-based compensation plans	10,400	11,300
Property, plant and equipment, intangible assets and accrued liabilities in exchange of note receivable	$ 0	$ 195,100

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 32,700	$ 34,800
Trade and other receivables, net (note 3)	494,800	422,600
Fuel and natural gas in storage	46,600	43,700
Supplies and consumables inventory	179,900	179,900
Regulatory assets (note 6)	205,100	194,900
Prepaid expenses	89,200	68,800
Derivative instruments (note 22)	6,000	11,100
Other assets (note 10)	149,800	12,800
Assets held for sale (note 23)	0	166,500
Assets, current, total	1,204,100	1,135,100
Property, plant and equipment, net (note 4)	9,749,900	9,450,100
Intangible assets, net (note 5)	69,700	69,100
Goodwill (note 5)	1,320,100	1,312,200
Regulatory assets (note 6)	1,190,800	1,126,100
Long-term investments (note 7)	207,500	67,800
Derivative instruments (note 22)	77,000	97,400
Deferred income taxes (note 16)	26,300	11,200
Other assets (note 10)	290,800	163,600
Assets held for sale (note 23)	0	3,529,100
Assets	14,136,200	16,961,700
Current liabilities:
Accounts payable	145,400	164,200
Accrued liabilities	396,700	503,300
Dividends payable	50,100	49,700
Regulatory liabilities (note 6)	65,800	76,700
Long-term debt (note 8)	364,000	491,700
Other long-term liabilities (note 11)	151,100	36,300
Derivative instruments (note 22)	1,600	1,900
Other liabilities	24,200	20,700
Liabilities associated with assets held for sale (note 23)	0	153,000
Liabilities, current, total	1,198,900	1,497,500
Long-term debt (note 8)	6,168,900	6,207,000
Regulatory liabilities (note 6)	584,900	559,600
Deferred income taxes (note 16)	688,900	577,200
Derivative instruments (note 22)	15,900	17,500
Pension and other post-employment benefits obligation (note 9)	72,600	73,600
Other long-term liabilities (note 11)	357,800	273,800
Liabilities associated with assets held for sale (note 23)	0	1,574,300
Liabilities, noncurrent, total	7,889,000	9,283,000
Redeemable non-controlling interests	0	5,000
Equity:
Preferred shares (note 12(c))	184,300	184,300
Common shares (note 12(a))	7,401,700	7,391,300
Additional paid-in capital	(14,700)	(19,200)
Deficit	(2,961,300)	(2,929,900)
Accumulated other comprehensive income ("AOCI") (note 13)	31,100	81,400
Total equity attributable to shareholders of Algonquin Power & Utilities Corp.	4,641,100	4,707,900
Non-controlling interests (note 15)
Non-controlling interests - tax equity partnership units	328,500	1,099,300
Other non-controlling interests	78,700	369,000
Non-controlling interests, total	407,200	1,468,300
Total equity	5,048,300	6,176,200
Commitments and contingencies (note 20)
Liabilities and equity, total	$ 14,136,200	$ 16,961,700