Algonquin Power & Utilities Corp. (AQN) Revenue History
Annual and quarterly revenue from 1997 to present
AQN Revenue Over Time (1997–2025)
AQN Revenue Growth History
22 of 28 years with positive growth- FY1997 revenue growth
- N/A
- FY1998 revenue growth
- +5564.4%
- FY1999 revenue growth
- +150.8%
- FY2000 revenue growth
- +131.9%
- FY2001 revenue growth
- -8.9%
- FY2002 revenue growth
- +113.1%
- FY2003 revenue growth
- +97.6%
- FY2004 revenue growth
- +12.3%
- FY2005 revenue growth
- +15.6%
- FY2006 revenue growth
- +11.9%
- FY2007 revenue growth
- +8.8%
- FY2008 revenue growth
- -6.6%
- FY2009 revenue growth
- +1.8%
- FY2010 revenue growth
- +2.2%
- FY2011 revenue growth
- +48.2%
- FY2012 revenue growth
- +37.2%
- FY2013 revenue growth
- +70.6%
- FY2014 revenue growth
- +28.2%
- FY2015 revenue growth
- -8.9%
- FY2016 revenue growth
- +10.1%
- FY2017 revenue growth
- +92.9%
- FY2018 revenue growth
- +4.7%
- FY2019 revenue growth
- -1.3%
- FY2020 revenue growth
- +3.1%
- FY2021 revenue growth
- +35.6%
- FY2022 revenue growth
- +21.6%
- FY2023 revenue growth
- -13.1%
- FY2024 revenue growth
- -3.5%
- FY2025 revenue growth
- +4.9%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $773.5M | +11.7% |
| Q4 2025 | $630.7M | +7.8% |
| Q3 2025 | $582.7M | +1.7% |
| Q2 2025 | $527.8M | +2.4% |
| Q1 2025 | $692.4M | +7.1% |
| Q4 2024 | $584.8M | -12.3% |
| Q3 2024 | $573.2M | +1.5% |
| Q2 2024 | $515.3M | -17.9% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2022)
AQN's revenue distribution by segment and geography for fiscal year 2022
By Product/Segment
By Geography
AQN Revenue Analysis (1997–2025)
Current Revenue & Growth
As of June 21, 2026, Algonquin Power & Utilities Corp. (AQN) generated trailing twelve-month (TTM) revenue of $2.51 billion, reflecting strong growth of +11.7% year-over-year. The most recent quarter (Q1 2026) recorded $773.5 million in revenue, up 22.6% sequentially.
Historical Growth Trajectory
AQN's 5-year compound annual growth rate (CAGR) stands at +7.7%, indicating steady revenue expansion. The 3-year CAGR of -4.2% is below the 5-year average, signalling a growth deceleration in recent years. Algonquin Power & Utilities Corp.'s highest annual revenue of $2.77 billion was recorded in 2022.
Revenue by Segment
AQN's revenue is primarily driven by Regulated Electricity (46%), Regulated Gas (25%), and Regulated Water (13%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Utilities sector peers — including BEP (+9.4% YoY), CLNE (+5.4% YoY), and AVA (-1.5% YoY) — AQN has outperformed the peer group in revenue growth. Compare AQN vs BEP →
AQN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| AQNCurrent | $2.5B | +11.7% | +7.7% | 21.5% | |
 BEP | $6.5B | +9.4% | +11.3% | 13.4% | |
 CLNE | $426M | +5.4% | +7.9% | -22.0% | |
 AVA | $2.0B | -1.5% | +8.2% | 18.0% | |
 POR | $3.4B | +1.1% | +9.5% | 16.4% | |
 NWE | $1.6B | +9.1% | +6.1% | 20.2% |
AQN Historical Revenue Data (1997–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.43B | +4.9% | $1.79B | 73.7% | $523.1M | 21.5% |
| 2024 | $2.32B | -3.5% | $1.73B | 74.4% | $446.1M | 19.2% |
| 2023 | $2.40B | -13.1% | $1.66B | 69.1% | $467.3M | 19.4% |
| 2022 | $2.77B | +21.6% | $1.90B | 68.7% | $402.0M | 14.5% |
| 2021 | $2.27B | +35.6% | $1.56B | 68.6% | $413.1M | 18.2% |
| 2020 | $1.68B | +3.1% | $1.28B | 76.1% | $384.0M | 22.9% |
| 2019 | $1.63B | -1.3% | $1.18B | 72.7% | $366.8M | 22.6% |
| 2018 | $1.65B | +4.7% | $1.16B | 70.6% | $377.4M | 22.9% |
| 2017 | $1.57B | +92.9% | $1.17B | 74.2% | $379.7M | 24.1% |
| 2016 | $815.4M | +10.1% | $595.7M | 73.1% | $174.8M | 21.4% |
| 2015 | $740.7M | -8.9% | $469.1M | 63.3% | $133.0M | 18.0% |
| 2014 | $812.8M | +28.2% | $450.2M | 55.4% | $119.8M | 14.7% |
| 2013 | $634.2M | +70.6% | $386.9M | 61.0% | $97.6M | 15.4% |
| 2012 | $371.8M | +37.2% | $250.9M | 67.5% | $46.0M | 12.4% |
| 2011 | $270.9M | +48.2% | $114.7M | 42.3% | $37.1M | 13.7% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
29+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
AQN — Frequently Asked Questions
Quick answers to the most common questions about buying AQN stock.
Is AQN's revenue growth accelerating or slowing?
AQN revenue growth is holding steady at +11.7% year-over-year. TTM revenue is $2.5B. The current growth rate closely tracks the 5-year CAGR of +7.7%, signalling consistent execution.
What is AQN's revenue history from 1997 to 2026?
Algonquin Power & Utilities Corp. (AQN) revenue history spans 1997 to 2026. TTM revenue as of 2026 is $2.5B, growing at +11.7% YoY. The 5-year CAGR is +7.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is AQN's long-term revenue growth rate (CAGR)?
Algonquin Power & Utilities Corp.'s 5-year revenue CAGR of +7.7% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +11.7% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for AQN.
Why does AQN's quarterly revenue fluctuate?
AQN quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Algonquin Power & Utilities Corp.'s revenue data from 1997 to 2026 shows full historical quarterly detail on this page.
How is AQN's revenue distributed by segment?
AQN reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does AQN's revenue compare to industry peers?
Algonquin Power & Utilities Corp. (AQN) with TTM revenue of $2.5B and +11.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.