Capital Power (TSE:CPX) Announces Quarterly Earnings Results

Capital Power (TSE:CPX) posted its quarterly earnings data on Monday. The company reported C$0.37 EPS for the quarter, FiscalAI reports. Capital Power had a return on equity of 0.52% and a net margin of 0.66%. The company had revenue of C$806.00 million for the quarter.

Here are the key takeaways from Capital Power’s conference call:

• Record adjusted EBITDA reached CAD 553 million in Q3, up CAD 76 million year over year, driven by stronger PJM power prices and summer demand at Hummel Station and Rolling Hills, as well as improved Canadian flexible-generation results.
• AFFO fell to CAD 306 million from CAD 369 million a year earlier despite higher EBITDA, reflecting increased sustaining capital, finance costs and taxes. The 2026 sustaining-capital forecast was raised to CAD 350–370 million from CAD 290–330 million, although management expects insurance recoveries and OEM concessions to offset much of the impact.
• Management identified up to CAD 1.25 billion of annual adjusted EBITDA upside from re-contracting, uprates and merchant exposure across Alberta and PJM, with most of the value expected to be captured by 2030 and requiring limited capital and no new equity or project debt.
• Capital Power reaffirmed its 2026 adjusted EBITDA guidance of CAD 1.565–1.765 billion and AFFO guidance of CAD 890 million–1.010 billion, while raising its dividend 2% for a 13th consecutive annual increase.
• Management expects M&A activity to remain subdued in 2026 but potentially become more active in 2027, with a sharper focus on single-plant opportunities in PJM, MISO and WECC that offer embedded growth. It also sees expanding development potential at existing sites such as Genesee, though Alberta’s Phase 2 regulatory framework and turbine availability remain timing uncertainties.

Capital Power Stock Up 0.6%

Capital Power stock opened at C$63.76 on Wednesday. The firm has a 50 day moving average price of C$62.67 and a 200-day moving average price of C$65.40. The company has a quick ratio of 0.55, a current ratio of 0.81 and a debt-to-equity ratio of 147.17. Capital Power has a twelve month low of C$56.48 and a twelve month high of C$77.02. The company has a market capitalization of C$10.02 billion, a P/E ratio of 111.86, a P/E/G ratio of 0.91 and a beta of 0.60.

Wall Street Analyst Weigh In

CPX has been the topic of several research analyst reports. Wells Fargo & Company increased their target price on shares of Capital Power from C$72.00 to C$75.00 and gave the stock an “equal weight” rating in a research note on Monday, July 27th. TD set a C$80.00 price target on shares of Capital Power and gave the company a “buy” rating in a research note on Thursday, September 17th. Canadian Imperial Bank of Commerce decreased their price target on shares of Capital Power from C$83.00 to C$80.00 in a research note on Tuesday, September 22nd. Royal Bank Of Canada set a C$80.00 price objective on shares of Capital Power and gave the stock an “outperform” rating in a research report on Thursday, September 17th. Finally, National Bank Financial reduced their target price on Capital Power from C$84.00 to C$83.00 and set an “outperform” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of C$80.11.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 12 GW of power generation at 32 facilities, plus battery energy storage across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building lower-carbon power systems, and creating balanced solutions for our energy future.