Algonquin Power & Utilities reported adjusted third-quarter EPS of US$0.11, above the US$0.10 estimate. Revenue also beat expectations. But lower GAAP earnings and a boost from favourable weather make it worth looking beyond the headline results.
Algonquin Power & Utilities Corp. (TSX: AQN) reported its third-quarter 2026 results before markets opened on November 6. Adjusted earnings came in at US$0.11 per share, 10% above the US$0.10 estimate and up from US$0.09 a year earlier. Revenue was US$642.5 million, ahead of the US$630 million consensus implied by the reported 1.98% revenue surprise. For Canadian investors, the results also raise questions about weaker GAAP earnings, regulatory progress and AQN’s shift toward a more focused regulated utility portfolio. See the AQN stock page for more company and share information.
Recent earnings trend
Algonquin Power & Utilities Corp
AQN.TO
AQN.TO
Algonquin Power & Utilities Corp
WealthAwesomeMarket cap
$6.01B
P/E
24.4x
Div. yield
3.30%
Div. / share
$0.26
52W high
$9.36
52W low
$6.93
1W change
+2.23%
Beta
0.94
Analyst Price Targets
Based on analyst covering AQN · as of Nov 9, 2026
Wall Street analysts forecast AQN stock price to rise 16.3% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$9.07
+16.3% Upside
Previously C$9.02 on Nov 6, 2026
Current Price
C$7.80
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on AQN's historical volatility
30-Day Vol
19.8%
Annualized
90-Day Vol
23.5%
Annualized
Trend (90d)
-7.2%
Annualized drift
90d Mean
C$7.60
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$7.73 | C$7.22 – C$8.28 |
| 60 trading days | C$7.67 | C$6.96 – C$8.44 |
| 90 trading days | C$7.60 | C$6.75 – C$8.55 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 8 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-03-05 | — | 0.0900 | — |
| 2026-09-30 | 2026-11-06 | 0.1100 | 0.1000 | +10.0% |
| 2026-06-30 | 2026-08-07 | 0.0400 | 0.0300 | +33.3% |
| 2026-03-31 | 2026-05-08 | 0.1300 | 0.1100 | +18.2% |
| 2025-12-31 | 2026-03-06 | 0.0200 | 0.0500 | -60.0% |
| 2025-09-30 | 2025-11-07 | 0.0900 | 0.0600 | +50.0% |
Investor takeaway: AQN beat estimates for adjusted EPS and revenue, and management reaffirmed its 2026 and 2027 adjusted EPS guidance. But GAAP earnings fell year over year, and favourable weather added US$20.4 million to quarterly results. Investors should consider what drove the beat, along with rising operating costs and the regulatory work needed to turn potential growth into lasting returns.
US$0.11 adjusted EPS
Adjusted EPS was 10% above the US$0.10 estimate and US$0.02 higher than a year earlier. That’s a positive result, but GAAP EPS was US$0.07 and net earnings fell year over year. The difference is a reminder to look beyond adjusted performance.
Bull case
Adjusted EPS rose to US$0.11 from US$0.09 a year earlier, while revenue increased to US$642.5 million from US$582.7 million. Management reaffirmed its adjusted EPS guidance of US$0.35–US$0.37 for 2026 and US$0.38–US$0.42 for 2027. A US$1.2-billion liquidity position, a BBB credit rating and management’s expectation that AQN won’t issue equity through 2027 support the view that it can pursue its plans without near-term share dilution. Regulatory progress and the completed sale of its 64% stake in Chilean water utility Suralis also move the company toward a simpler portfolio.
Bear case
GAAP net earnings attributable to common shareholders fell to US$57.6 million from US$71.0 million. Earnings from regulated services also declined. Favourable weather added US$20.4 million to the quarter, while higher operating expenses remain a concern. AQN also has several active rate proceedings, and regulators must approve its proposed Missouri large-load tariff before the company can do business with potential customers. The Suralis sale proceeds are earmarked for debt reduction, so they won’t immediately fund growth investments.
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