Earnings Unscripted: Stock Earnings Calls & Analysis

Algonquin (AQN) Q4-25 earnings: Fleeing Canada & the $97M billing software trap


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Algonquin Power’s Q4 2025 results prove that retreating to a "boring" utility model is incredibly painful when your cross-border tax structure starts eating your margins.


In ~10 minutes:

• Why a massive 2027 tax assumption jump just slashed EPS guidance.

• How regulators trapped a $97M rate hike behind a billing software test.

• The CFO’s strict refusal to hide a $7.3M failed solar project write-off.

• Why management is actively researching legally redomiciling the holding company.


Moving away from renewables and paying down $1.6B in debt was supposed to make Algonquin predictable. Instead, losing those green cash flows has exposed a structural tax nightmare, forcing management to consider fleeing Canada just to make their basic dividend math work again. 📉


Company: Algonquin Power & Utilities Corp. (AQN) | Q4 FY2025

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Earnings Unscripted: Stock Earnings Calls & AnalysisBy Miro Benes