Regulated Electricity was Algonquin Power & Utilities’s largest product and service line in fiscal 2025, bringing in $1.29B of $2.43B (53%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Regulated Electricity | — | — | $1.28B | $1.29B | |||||
| Regulated Electricity Distribution | $1.28B | $1.30B | — | — | |||||
| Regulated Natural Gas | — | — | $546.40M | $614.40M | |||||
| Regulated Natural Gas Distribution | $686.74M | $621.17M | — | — | |||||
| Regulated Gas Distribution | — | — | — | — | |||||
| Regulated Water | — | — | $406.10M | $426.60M | |||||
| Regulated Water Reclamation & Distribution | $364.38M | $399.05M | — | — | |||||
| Non-Regulated Energy | $350.80M | $34.32M | $35.30M | $36.50M | |||||
| Non-Regulated Energy Sales | — | — | — | — | |||||
| Other Revenue | $84.18M | $53.88M | $55.60M | $63.40M | |||||
| Total | $2.77B | $2.40B | $2.32B | $2.43B |
Algonquin Power & Utilities brought in $2.43B from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 4.9% from $2.32B in fiscal 2024. Regulated Electricity was the largest at $1.29B (53.1%), ahead of Regulated Natural Gas at $614.40M (25.2%) and Regulated Water at $426.60M (17.5%). The other two lines brought in $99.90M combined.
Compared with fiscal 2024, Other Revenue grew fastest, up 14.0% to $63.40M. Every line above 2% of revenue grew.
Algonquin Power & Utilities began breaking out Regulated Electricity in fiscal 2024, Regulated Natural Gas in fiscal 2024 and Regulated Water in fiscal 2024. Algonquin Power & Utilities stopped reporting Regulated Electricity Distribution ($1.30B in fiscal 2023), Regulated Natural Gas Distribution ($621.17M in fiscal 2023) and Regulated Water Reclamation & Distribution ($399.05M in fiscal 2023) as separate lines.
United States was Algonquin Power & Utilities’s largest region in fiscal 2025, bringing in $1.96B of $2.43B (80%).
| Geography | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | — | — | $1.85B | $1.96B | |||||||||||
| U.S | $2.23B | $1.94B | — | — | |||||||||||
| U.S. Operations | — | — | — | — | |||||||||||
| International, Excluding Canada | — | — | $375.50M | $376.40M | |||||||||||
| Other Regions | $357.19M | $366.04M | — | — | |||||||||||
| Canada | $175.01M | $95.31M | $91.60M | $101.50M | |||||||||||
| Canadian Operations | — | — | — | — | |||||||||||
| Total | $2.77B | $2.40B | $2.32B | $2.43B |
Algonquin Power & Utilities brought in $2.43B from its three regions in fiscal 2025, the year ended December 31, 2025. That was up 4.9% from $2.32B in fiscal 2024. United States was the largest at $1.96B (80.4%), ahead of International, Excluding Canada at $376.40M (15.5%) and Canada at $101.50M (4.2%).
Compared with fiscal 2024, Canada grew fastest, up 10.8% to $101.50M. Every region above 2% of revenue grew.
Algonquin Power & Utilities began breaking out International, Excluding Canada in fiscal 2024, when it brought in $375.50M. Algonquin Power & Utilities stopped reporting U.S ($1.94B in fiscal 2023) and Other Regions ($366.04M in fiscal 2023) as separate regions.
Regulated Services Group was Algonquin Power & Utilities’s largest segment in fiscal 2019, bringing in $1.37B of $1.63B (84%).
| Segment | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Regulated Services Group | — | — | $1.40B | $1.37B | |||||
| Liberty Utilities Group | $830.07M | $1.29B | — | — | |||||
| Distribution | — | — | — | — | |||||
| Renewable Energy Group | — | — | $247.22M | $256.51M | |||||
| Liberty Power Group | $265.95M | $231.15M | — | — | |||||
| Generation | — | — | — | — | |||||
| Liberty Utilities | — | — | — | — | |||||
| Algonquin Power Co | — | — | — | — | |||||
| Corporate | — | — | — | $1.47M | |||||
| Total | $1.10B | $1.52B | $1.65B | $1.63B |
Algonquin Power & Utilities brought in $1.63B from its three segments in fiscal 2019, the year ended December 31, 2019. Algonquin Power & Utilities regrouped these segments after fiscal 2018, so the total does not compare directly with that year's $1.65B. Regulated Services Group was the largest at $1.37B (84.1%), ahead of Renewable Energy Group at $256.51M (15.8%) and Corporate at $1.47M (0.1%).
Compared with fiscal 2018, Renewable Energy Group grew 3.8% to $256.51M, while Regulated Services Group fell 2.3% to $1.37B.
Algonquin Power & Utilities began breaking out Regulated Services Group in fiscal 2018 and Renewable Energy Group in fiscal 2018. Algonquin Power & Utilities stopped reporting Liberty Utilities Group ($1.29B in fiscal 2017) and Liberty Power Group ($231.15M in fiscal 2017) as separate segments.
Algonquin Power & Utilities (AQN) reports its revenue by product and service, by geography and by segment. In fiscal 2025, Regulated Electricity was its largest product and service line, bringing in $1.29B (53.1% of the total), followed by Regulated Natural Gas at $614.40M (25.2%).
Regulated Electricity was Algonquin Power & Utilities' largest product and service line in fiscal 2025, bringing in $1.29B, or 53.1% of the $2.43B total across its five product and service lines.
United States was Algonquin Power & Utilities' largest region in fiscal 2025, bringing in $1.96B, or 80.4% of the $2.43B total across its three regions.
Regulated Services Group was Algonquin Power & Utilities' largest segment in fiscal 2019, bringing in $1.37B, or 84.1% of the $1.63B total across its three segments.
Among Algonquin Power & Utilities' product and service lines that make up at least 2% of revenue, Other Revenue grew fastest in fiscal 2025, up 14.0% from $55.60M to $63.40M.
Every figure comes from Algonquin Power & Utilities' annual financial filings, as reported. Each line keeps the name Algonquin Power & Utilities gives it, and years follow its fiscal calendar.
Algonquin Power & Utilities' revenue by product and service goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.