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Plug Power PLUG Q1 2026 earnings

Reported May 11, 2026 · After market close

Revenue$163.5MBeat by $23.6M
EPS-$0.08Beat by $0.01
Revenue estimate$139.9M
EPS estimate-$0.09

Next report

Nov 9, 2026 (in a month)
Revenue estimate$195.3M
EPS estimate-$0.07

Financials

Q1 2026

Income statement

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Revenue$163.5M+22.3%
Gross profit-$21.6M+70.7%
Operating income-$109.5M+38.6%
Net income-$245.3M-24.7%
EPS (diluted)-$0.18+14.3%

Balance sheet

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Cash & equivalents$223.2M-24.6%
Total debt$263.3M-22.5%
Total equity$749.8M-59.6%
Total assets$2.4B-34.8%

Cash flow

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Operating cash flow-$150.0M-42.1%
CapEx$2.4M-94.0%
Free cash flow-$152.4M-4.4%

Valuation & ratios

Valuation

as of 03/31/26
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Market cap$3.15B+140%
Enterprise value$3.19B+135%
P/S4.3×+2.2×

Profitability

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Gross margin-26.4%-10.7pp
Operating margin-189%-51.4pp
Net margin-227.1%-48.7pp
FCF margin-88.3%-23.9pp

Returns & leverage

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Return on equity-128.9%+150pp
Debt / equity0.4×+0.2×
Current ratio2.4×+0.4×

Segments

By product

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Sale Of Electrolyzers$40.9M+344%
Fuel Delivered To Customers And Related Equipment$35.8M+21.5%
Power Purchase Agreements$26.3M+13.3%
Services Performed On Fuel Cell Systems And Related Infrastructure$22.0M+30.2%
Sale Of Hydrogen Infrastructure$12.6M+123%

By segment

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Single Reportable$163.5M+22.3%

FAQ

When did Plug Power report Q1 2026 earnings?
Plug Power (PLUG) reported Q1 2026 earnings on May 11, 2026 after market close.
What were Plug Power's Q1 2026 revenue and EPS?
Plug Power reported revenue of $163.5M and eps of $-0.08 for Q1 2026.
Did Plug Power beat estimates in Q1 2026?
Revenue beat the consensus estimate of $139.9M by $23.6M. EPS beat the consensus estimate of $-0.09 by $0.01.
How did Plug Power's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 22.3% from $133.7M a year earlier and eps grew 61.9% from $-0.21.
Where can I find Plug Power's Q1 2026 SEC filings?
You can read the 8-K earnings release (0001104659-26-058615) and the 10-Q periodic report (0001104659-26-058712) directly on SEC EDGAR. The filing index links above go to sec.gov.