Algonquin Power & Utilities reported adjusted Q3 2026 earnings of US$0.11 per share, beating the US$0.10 estimate. The company reaffirmed its adjusted EPS guidance for 2026 and 2027.
Algonquin Power & Utilities Corp. (TSX: AQN) reported third-quarter 2026 adjusted EPS of US$0.11, 10% above the consensus estimate. Revenue rose to US$642.5 million from US$582.7 million a year earlier and came in about 2% above the estimate cited by Zacks. But GAAP net earnings fell to US$57.6 million from US$71.0 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. For Canadian investors, the results show stronger adjusted earnings, alongside questions about costs, regulation and the balance sheet.
Recent earnings trend
Algonquin Power & Utilities Corp
AQN.TO
AQN.TO
Algonquin Power & Utilities Corp
WealthAwesomeMarket cap
$6.14B
P/E
24.9x
Div. yield
3.33%
Div. / share
$0.26
52W high
$9.36
52W low
$6.93
1W change
+1.66%
Beta
0.94
Analyst Price Targets
Based on analyst covering AQN · as of Nov 10, 2026
Wall Street analysts forecast AQN stock price to rise 11.8% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$8.92
+11.8% Upside
Previously C$9.07 on Nov 9, 2026
Current Price
C$7.98
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
20.3%
Annualized
90-Day Vol
20.8%
Annualized
Trend (90d)
-1.8%
Annualized drift
90d Mean
C$7.93
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$7.96 | C$7.42 – C$8.54 |
| 60 trading days | C$7.95 | C$7.20 – C$8.77 |
| 90 trading days | C$7.93 | C$7.02 – C$8.95 |
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 the quarterly adjusted EPS estimate and kept its guidance unchanged. Adjusted net earnings rose to US$88.1 million from US$69.0 million, but GAAP earnings declined and operating costs remain a concern. The company is simplifying its portfolio and focusing on regulated utilities. Rate-case decisions and cost control will help determine whether that strategy leads to steadier earnings. See the AQN stock page for more company data.
US$0.11 adjusted EPS
AQN’s adjusted Q3 EPS was US$0.01 above the US$0.10 estimate, a 10% beat. It also rose from US$0.09 a year earlier. GAAP EPS was US$0.07, a reminder to look at both adjusted and reported earnings.
Bull case
Adjusted EPS rose to US$0.11 from US$0.09 a year earlier, and revenue increased to US$642.5 million. New rates added about US$11.4 million to Q3 earnings. Management also cited a US$20.4 million benefit from favourable weather at Empire Electric. AQN completed the sale of its 64% stake in Chilean water utility Suralis for US$126 million, simplifying its portfolio. The company plans to use the proceeds to reduce debt. Management says it remains on track to meet its 2026 adjusted EPS guidance and reaffirmed its 2027 range. AQN is also targeting a U.S. redomicile in the first half of 2027, which it estimates will add US$0.02–US$0.03 to annualized adjusted EPS per share.
Bear case
GAAP net earnings attributable to common shareholders fell to US$57.6 million from US$71.0 million. Year-to-date GAAP earnings were also lower than a year earlier. Higher operating expenses, including gas-related costs, offset some of the gains from rates and weather. The Suralis sale simplifies the portfolio but is expected to have little effect on 2026 earnings. The redomicile benefit is also not expected to arrive all at once. AQN faces several regulatory decisions, so its expected returns depend in part on rate-case outcomes and execution. The shares closed at C$7.98, below the 200-day moving average of C$8.25 but above the 50-day average of C$7.48.
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