The Q1 results show a mixed picture: strong revenue growth from rate case wins but declining earnings due to weather, restructuring costs, and higher expenses. The $1.15B delayed draw term facility addresses the June 2026 debt maturity, removing near-term refinancing risk. Watch for the Missouri PSC ruling on Empire Electric's rate implementation (expected by July 4, 2026) and the Arizona ACC order on Litchfield Park (expected August 2026) as key catalysts. The maintained $0.065 dividend provides yield support.
Price Chart
Executive Summary
Algonquin Power & Utilities Corp. reported Q1 2026 results with revenue of $792.4M (up 14.4% YoY) but net earnings attributable to common shareholders declined to $83.1M from $92.8M, with EPS falling to $0.11 from $0.12. The revenue increase was driven by $48.6M in approved annualized rates at CalPeco Electric (including $60.7M retroactive to Jan 2025), partially offset by $28.5M in wildfire insurance expenses and $11.9M in unfavorable weather impacts at Empire District Electric. Adjusted net earnings declined 9% to $99.6M. The company received favorable rate case orders in California, Missouri, and Massachusetts, and subsequent to quarter-end closed a $1.15B delayed draw term facility to refinance June 2026 debt maturities.
Key Facts
- Q1 2026 revenue $792.4M vs $692.4M YoY (+14.4%)
- Net earnings attributable to common shareholders $83.1M vs $92.8M YoY (-10.4%)
- EPS $0.11 vs $0.12 YoY (-8.3%)
- Adjusted net earnings $99.6M vs $109.0M YoY (-8.6%)
- CalPeco Electric approved $48.6M annualized rates retroactive to Jan 1, 2025
- Empire District Electric $11.9M unfavorable weather impact on net revenues
- Restructuring costs $19.2M in Q1 2026 vs $5.6M in Q1 2025
- Subsequent to quarter-end: $1.15B delayed draw term facility closed on April 17, 2026
- Dividend maintained at $0.0650 per common share for Q2 2026
- Total liquidity and capital reserves $1.29B as of March 31, 2026
Financial Impact
Revenue grew $100M (+14.4%) but net earnings declined $9.7M (-10.4%) due to $19.2M restructuring costs, $11.9M weather impact, and higher operating/depreciation expenses partially offset by $48.6M rate approval at CalPeco Electric
Risk Factors
- Lexington Gas Incident: $152.2M accrued losses with $149.0M insurance recovery, but upper range of losses cannot be estimated
- Mountain View Fire: $178.4M accrued losses with $116.0M insurance and $71.5M WEMA recovery, but CAL FIRE report still pending
- Apple Valley condemnation proceeding reversed by Court of Appeal, now before California Supreme Court
- Restructuring costs of $19.2M in Q1 2026 may continue as company transitions to pure-play utility
- Empire Electric rate implementation delayed by billing metric dispute with MPSC Staff
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001174169-26-000020 |
| Exhibit: exhibit996-q22026commonand.htm | 0001174169-26-000020 |
| Document: a2026q1-exhibit992xmda.htm | 0001174169-26-000020 |
| Document: a2026q1-ex995xearningspres.htm | 0001174169-26-000020 |
| Document: a6k-q12026earningsfilingco.htm | 0001174169-26-000020 |
| Document: a2026q1-ex994xcfocertifica.htm | 0001174169-26-000020 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 20, 2026 22w ago | 6-K | $26.10 $25.38 | ▼ −2.76% | ▼ −3.09% | $25.47 (−2.41%) |
May 8, 2026 24w ago | 6-K | $26.32 $26.03 | ▼ −1.10% | ▼ −1.13% | $25.47 (−3.23%) |
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