Algonquin Power & Utilities Corp. (AQN) Balance Sheet
AQN balance sheet, 2025
December 31, 2025 · U.S. dollars$14.11B assets = $9.07B liabilities + $5.04B equity
Both columns are drawn to the same scale: what AQN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AQN financial health
Descriptive bands, not a rating. Fiscal 2025.
AQN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.14B2016 | $14.11B2025 | +9.7%/yr | |
| Total liabilities | $4.27B2016 | $9.07B2025 | +8.7%/yr | |
| Shareholders’ equity | $1.87B2016 | $4.63B2025 | +10.6%/yr | |
| Cash & short-term investments | $82.1M2016 | $32.6M2025 | −9.7%/yr | |
| Total debt | $3.26B2016 | $6.53B2025 | +8.0%/yr | |
| Net cash (debt) | −$3.18B2016 | −$6.50B2025 | −$3.3B | |
| Working capital | −$40.7M2016 | $5.2M2025 | +$45.9M | |
| Book value per share | $6.832016 | $6.002025 | −1.4%/yr | |
| Current ratio | 0.902016 | 1.002025 | +0.10 | |
| Debt / equity | 1.742016 | 1.412025 | −0.33 | |
| Shares outstanding | 274.1M2016 | 772.4M2025 | +12.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AQN assets
AQN liabilities and equity
AQN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AQN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $32.6M | $34.8M | $25.1M | $57.6M | $125.2M | $101.6M | $62.5M | $46.8M | $43.4M | $82.1M |
| Cash & equivalents | $32.6M | $34.8M | $25.1M | $57.6M | $125.2M | $101.6M | $62.5M | $46.8M | $43.4M | $82.1M |
| Short-term investments | — | — | −$158.1M | — | — | — | — | $0 | $16.1M | $57.1M |
| Receivables | $493.9M | $422.6M | $401.4M | $528.1M | $403.4M | $324.8M | $259.1M | $245.7M | $244.0M | $141.1M |
| Inventory | $226.1M | $223.6M | $222.4M | $224.9M | $177.8M | $134.6M | $91.1M | $95.6M | $89.3M | $16.1M |
| Other current assets | $449.3M | $454.1M | $417.4M | $283.9M | $232.4M | $134.1M | $100.5M | $103.5M | $120.5M | $126.6M |
| Total current assets | $1.20B | $1.14B | $1.07B | $1.09B | $938.7M | $695.2M | $513.2M | $491.6M | $497.2M | $365.9M |
| Property, plant & equipment (net) | $9.73B | $9.45B | $9.13B | $11.94B | $11.04B | $8.24B | $7.24B | $6.39B | $6.29B | $3.64B |
| Goodwill & intangible assets | $1.39B | $1.38B | $1.40B | $1.42B | $1.31B | $1.32B | $1.08B | $1.01B | $1.00B | $276.5M |
| Long-term investments | $207.5M | $67.8M | $1.60B | $1.75B | $2.34B | $2.05B | $1.42B | $948.9M | $67.2M | $78.4M |
| Other non-current assets | $1.58B | $4.93B | $5.18B | $1.42B | $1.17B | $911.8M | $671.2M | $545.6M | $520.2M | $1.78B |
| Total assets | $14.11B | $16.96B | $18.37B | $17.63B | $16.80B | $13.22B | $10.92B | $9.39B | $8.38B | $6.14B |
| Liabilities | ||||||||||
| Accounts payable | $145.1M | $164.2M | $180.4M | $186.1M | $185.3M | $192.2M | $150.3M | $89.7M | $119.6M | $67.4M |
| Short-term debt | $363.3M | $491.7M | $621.9M | $423.3M | $356.4M | $139.9M | $225.0M | $13.0M | $12.3M | $7.5M |
| Deferred revenue | — | — | $629.8M | — | $543.3M | $462.2M | $381.9M | $298.2M | $375.6M | $290.5M |
| Total current liabilities | $1.20B | $1.50B | $1.69B | $1.53B | $1.36B | $955.4M | $872.1M | $499.0M | $562.7M | $406.6M |
| Long-term debt | $6.17B | $6.21B | $7.89B | $7.09B | $5.85B | $4.40B | $3.71B | $3.32B | $3.07B | $3.26B |
| Lease obligations | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Other long-term liabilities | $1.71B | $3.08B | $1.85B | $1.85B | $1.88B | $1.88B | $1.60B | $1.53B | $1.39B | $602.4M |
| Total liabilities | $9.07B | $10.78B | $11.43B | $10.47B | $9.10B | $7.23B | $6.18B | $5.35B | $5.02B | $4.27B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $7.39B | $7.39B | $6.23B | $6.18B | $6.03B | $4.94B | $4.02B | $3.56B | $2.95B | $1.47B |
| Retained earnings (deficit) | −$2.96B | −$2.93B | −$1.28B | −$997.9M | −$288.4M | $45.8M | −$367.1M | −$595.3M | −$491.3M | −$413.7M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | $31.0M | $81.4M | −$102.3M | −$160.1M | −$71.7M | −$22.5M | −$9.8M | −$19.4M | $45.2M | $189.7M |
| Minority interest | $407.2M | $1.47B | $1.90B | $1.94B | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $4.63B | $4.71B | $5.04B | $5.22B | $5.86B | $5.20B | $3.88B | $3.18B | $3.35B | $1.87B |
| Key figures | ||||||||||
| Total debt | $6.53B | $6.70B | $7.50B | $7.51B | $6.21B | $4.54B | $3.93B | $3.34B | $3.08B | $3.26B |
| Net cash (debt) | −$6.50B | −$6.66B | −$7.48B | −$7.45B | −$6.09B | −$4.44B | −$3.87B | −$3.29B | −$3.04B | −$3.18B |
| Working capital | $5.2M | −$362.3M | −$618.8M | −$440.0M | −$426.0M | −$260.2M | −$358.9M | −$7.4M | −$65.5M | −$40.7M |
| Tangible book value | $3.25B | $3.33B | $3.64B | $3.80B | $4.55B | $3.88B | $2.80B | $2.17B | $2.35B | $1.59B |
| Book value per share | $6.00 | $6.43 | $7.30 | $8.30 | $9.32 | $9.22 | $7.75 | $6.82 | $8.69 | $6.83 |
| Shares outstanding | 772.4M | 731.7M | 690.8M | 628.9M | 628.9M | 564.4M | 499.9M | 466.0M | 386.0M | 274.1M |
| Current ratio | 1.00 | 0.76 | 0.63 | 0.71 | 0.69 | 0.73 | 0.59 | 0.99 | 0.88 | 0.90 |
| Quick ratio | 0.44 | 0.31 | 0.25 | 0.38 | 0.39 | 0.45 | 0.37 | 0.59 | 0.51 | 0.55 |
| Debt / equity | 1.41 | 1.42 | 1.49 | 1.44 | 1.06 | 0.87 | 1.01 | 1.05 | 0.92 | 1.74 |
| Equity / assets | 32.8% | 27.8% | 27.4% | 29.6% | 34.9% | 39.3% | 35.5% | 33.8% | 40.0% | 30.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $55.0M | $55.7M | $32.6M | $62.2M | $54.3M | $72.2M | $34.8M | $64.3M | $131.6M | $86.3M | $25.1M | $94.8M |
| Cash & equivalents | $55.0M | $55.7M | $32.6M | $62.2M | $54.3M | $72.2M | $34.8M | $64.3M | $131.6M | $86.3M | $25.1M | $94.8M |
| Receivables | $359.8M | $499.6M | $493.9M | $546.2M | $480.4M | $523.0M | $422.6M | $381.8M | $426.9M | $534.1M | $401.4M | $424.0M |
| Inventory | $208.7M | $202.8M | $226.1M | $226.6M | $214.1M | $210.3M | $223.6M | $227.5M | $235.3M | $230.9M | $222.4M | $240.4M |
| Other current assets | $325.6M | $411.9M | $449.3M | $311.7M | $264.0M | $289.2M | $454.1M | $425.1M | $410.8M | $319.4M | $417.4M | $241.7M |
| Total current assets | $949.1M | $1.17B | $1.20B | $1.15B | $1.01B | $1.09B | $1.14B | $1.10B | $1.20B | $1.17B | $1.07B | $1.00B |
| Property, plant & equipment (net) | $9.78B | $9.75B | $9.73B | $9.57B | $9.59B | $9.52B | $9.45B | $9.31B | $13.20B | $12.70B | $9.13B | $12.45B |
| Goodwill & intangible assets | $1.39B | $1.39B | $1.39B | $1.38B | $1.39B | $1.38B | $1.38B | $1.39B | $1.41B | $1.40B | $1.40B | $1.41B |
| Long-term investments | $198.4M | $201.9M | $207.5M | $209.2M | $215.0M | $224.9M | $67.8M | $1.14B | $1.51B | $1.43B | $1.60B | $1.40B |
| Other non-current assets | $1.60B | $1.58B | $1.58B | $1.48B | $1.49B | $1.44B | $4.93B | $4.84B | $1.55B | $1.61B | $5.18B | $1.72B |
| Total assets | $13.92B | $14.10B | $14.11B | $13.79B | $13.69B | $13.66B | $16.96B | $17.79B | $18.87B | $18.31B | $18.37B | $17.98B |
| Liabilities | ||||||||||||
| Accounts payable | $83.6M | $87.2M | $145.1M | $92.6M | $89.9M | $108.3M | $164.2M | $107.0M | $138.2M | $175.1M | $180.4M | $182.5M |
| Short-term debt | $520.6M | $544.3M | $363.3M | $271.6M | $308.2M | $295.4M | $491.7M | $263.8M | $158.3M | $240.4M | $621.9M | $580.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | $598.5M | $629.8M | $539.2M |
| Total current liabilities | $1.07B | $1.12B | $1.20B | $934.2M | $926.8M | $943.3M | $1.50B | $1.19B | $1.24B | $1.20B | $1.69B | $1.51B |
| Long-term debt | $6.12B | $6.14B | $6.17B | $6.16B | $6.02B | $6.03B | $6.21B | $7.21B | $8.13B | $8.85B | $7.89B | $7.79B |
| Other long-term liabilities | $1.76B | $1.78B | $1.71B | $1.62B | $1.62B | $1.54B | $3.08B | $3.02B | $1.80B | $1.82B | $1.85B | $1.83B |
| Total liabilities | $8.95B | $9.04B | $9.07B | $8.71B | $8.57B | $8.51B | $10.78B | $11.43B | $11.17B | $11.86B | $11.43B | $11.12B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7.41B | $7.43B | $7.39B | $7.40B | $7.40B | $7.40B | $7.39B | $7.39B | $7.39B | $6.24B | $6.23B | $6.23B |
| Retained earnings (deficit) | −$2.97B | −$2.94B | −$2.96B | −$2.93B | −$2.92B | −$2.89B | −$2.93B | −$2.69B | −$1.33B | −$1.45B | −$1.28B | −$1.39B |
| Accumulated other comprehensive income | $29.2M | $18.0M | $31.0M | $4.1M | $32.1M | $20.0M | $81.4M | −$42.8M | −$63.4M | −$104.5M | −$102.3M | −$109.7M |
| Minority interest | $356.3M | $385.4M | $407.2M | $430.3M | $444.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.62B | $4.67B | $4.63B | $4.64B | $4.68B | $4.69B | $4.71B | $4.84B | $6.18B | $4.87B | $5.04B | $4.92B |
| Key figures | ||||||||||||
| Total debt | $6.64B | $6.71B | $6.53B | $6.43B | $6.33B | $6.32B | $6.70B | $7.48B | $8.29B | $9.09B | $7.50B | $8.37B |
| Net cash (debt) | −$6.58B | −$6.65B | −$6.50B | −$6.37B | −$6.27B | −$6.25B | −$6.66B | −$7.41B | −$8.16B | −$9.00B | −$7.48B | −$8.27B |
| Working capital | −$123.9M | $52.5M | $5.2M | $212.5M | $86.0M | $151.4M | −$362.3M | −$93.6M | −$36.5M | −$25.4M | −$618.8M | −$505.1M |
| Tangible book value | $3.23B | $3.28B | $3.25B | $3.26B | $3.29B | $3.31B | $3.33B | $3.45B | $4.77B | $3.47B | $3.64B | $3.51B |
| Book value per share | $5.98 | $6.04 | $5.97 | $6.01 | $6.06 | $6.09 | $5.96 | $6.29 | $8.78 | $7.06 | $7.23 | $7.14 |
| Shares outstanding | 772.9M | 772.9M | 775.7M | 772.4M | 772.4M | 770.6M | 790.3M | 769.7M | 704.0M | 689.6M | 697.4M | 689.1M |
| Current ratio | 0.88 | 1.05 | 1.00 | 1.23 | 1.09 | 1.16 | 0.76 | 0.92 | 0.97 | 0.98 | 0.63 | 0.66 |
| Quick ratio | 0.39 | 0.50 | 0.44 | 0.65 | 0.58 | 0.63 | 0.31 | 0.37 | 0.45 | 0.52 | 0.25 | 0.34 |
| Debt / equity | 1.44 | 1.44 | 1.41 | 1.39 | 1.35 | 1.35 | 1.42 | 1.54 | 1.34 | 1.87 | 1.49 | 1.70 |
| Equity / assets | 33.2% | 33.1% | 32.8% | 33.7% | 34.2% | 34.4% | 27.8% | 27.2% | 32.8% | 26.6% | 27.4% | 27.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 6, 2026); data from EODHD.
AQN financial position
At the end of fiscal 2025 (December 31, 2025), Algonquin Power & Utilities had total assets of $14.1 billion (down 16.8% from a year earlier), total liabilities of $9.1 billion and shareholders' equity of $4.6 billion. It held $32.6 million in cash and short-term investments against $6.5 billion of debt, net debt of $6.5 billion. Its current ratio was 1.00. In the latest quarter (ended June 30, 2026) total assets were $13.9 billion and equity $4.6 billion.
Related: AQN income statement, AQN cash flow statement, AQN key metrics. See the AQN stock overview for the latest quote and news.
AQN balance sheet FAQ
What are Algonquin Power & Utilities's total assets?
Algonquin Power & Utilities reported total assets of $14.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $17.0 billion a year earlier.
How much debt does Algonquin Power & Utilities have?
Algonquin Power & Utilities had $6.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.41.
How much cash does Algonquin Power & Utilities have?
Algonquin Power & Utilities held $32.6 million in cash and short-term investments at the end of fiscal 2025; with $6.5 billion of debt that is net debt of $6.5 billion.
What is Algonquin Power & Utilities's book value?
Algonquin Power & Utilities's shareholders' equity (book value) was $4.6 billion at the end of fiscal 2025, or $6.00 per share.
What is Algonquin Power & Utilities's current ratio?
Algonquin Power & Utilities had current assets of $1.2 billion and current liabilities of $1.2 billion, a current ratio of 1.00 (it can cover its short-term obligations).
How much goodwill does Algonquin Power & Utilities have?
Algonquin Power & Utilities carried $1.4 billion of goodwill and intangible assets, 9.8% of total assets, at the end of fiscal 2025.