Algonquin Power & Utilities Corp. (AQN) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
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AQN Revenue Growth
Revenue Breakdown (FY 2022)
AQN's revenue distribution by segment and geography for fiscal year 2022
By Product/Segment
By Geography
AQN Revenue Analysis (2013–2024)
As of May 7, 2026, Algonquin Power & Utilities Corp. (AQN) generated trailing twelve-month (TTM) revenue of $2.39 billion, reflecting modest growth of +1.7% year-over-year. The most recent quarter (Q3 2025) recorded $582.7 million in revenue, up 10.4% sequentially.
Looking at the longer-term picture, AQN's 5-year compound annual growth rate (CAGR) stands at +7.4%, indicating steady revenue expansion. The company achieved its highest annual revenue of $2.77 billion in 2022.
Revenue diversification analysis shows AQN's business is primarily driven by Regulated Electricity (46%), Regulated Gas (25%), and Regulated Water (13%).
When compared to Utilities sector peers including BEP (+9.4% YoY), CLNE (+2.2% YoY), and AVA (+1.4% YoY), AQN has underperformed the peer group in terms of 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 | $2.4B | +1.7% | +7.4% | 19.2% | |
 BEP | $6.5B | +9.4% | +11.3% | 13.4% | |
 CLNE | $425M | +2.2% | +7.8% | - | |
 AVA | $2.0B | +1.4% | +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 (2013–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 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% |
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Start ComparisonAQN — 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 slowed to +1.7%, below the 5-year CAGR of +7.4%. TTM revenue is $2.4B. The deceleration marks a shift from historical growth rates.
What is AQN's long-term revenue growth rate?
Algonquin Power & Utilities Corp.'s 5-year revenue CAGR of +7.4% reflects the variable expansion pattern. Current YoY growth of +1.7% is near this long-term average.
How is AQN's revenue distributed by segment?
AQN reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.