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Plug Power PLUG Q2 2025 earnings

Reported August 11, 2025 · After market close

Revenue$174.0MMiss by $27.0M
EPS-$0.16Miss by $0.01
Revenue estimate$201.0M
EPS estimate-$0.15

Next report

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

Financials

Q2 2025

Income statement

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Revenue$174.0M+21.4%
Gross profit-$53.5M+59.3%
Operating income-$176.9M+27.7%
Net income-$227.1M+13.4%
EPS (diluted)-$0.20+44.4%

Balance sheet

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Cash & equivalents$140.7M+126%
Total debt$336.4M-10.1%
Total equity$1.7B-43.8%
Total assets$3.4B-29.8%

Cash flow

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Operating cash flow-$191.8M+24.7%
CapEx$38.6M-61.9%
Free cash flow-$230.4M+35.3%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$1.33B-11.0%
Enterprise value$1.53B-15.5%
P/S2×-0.2×

Profitability

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Gross margin-68.6%-14.9pp
Operating margin-278.1%+154pp
Net margin-292.8%+158pp
FCF margin-115.3%-36.0pp

Returns & leverage

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Return on equity-84.4%+885pp
Debt / equity0.2×+0.1×
Current ratio1.6×-0.5×

Segments

By product

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Sale Of Electrolyzers$44.9M+199%
Fuel Delivered To Customers And Related Equipment$34.4M+15.1%
Sale Of Cryogenic Equipment$26.8M-13.3%
Power Purchase Agreements$23.6M+20.1%
Services Performed On Fuel Cell Systems And Related Infrastructure$16.4M+25.6%

By segment

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Single Reportable$174.0M+21.4%

FAQ

When did Plug Power report Q2 2025 earnings?
Plug Power (PLUG) reported Q2 2025 earnings on August 11, 2025 after market close.
What were Plug Power's Q2 2025 revenue and EPS?
Plug Power reported revenue of $174.0M and eps of $-0.16 for Q2 2025.
Did Plug Power beat estimates in Q2 2025?
Revenue missed the consensus estimate of $201.0M by $27.0M. EPS missed the consensus estimate of $-0.15 by $0.01.
How did Plug Power's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 21.4% from $143.4M a year earlier and eps grew 55.6% from $-0.36.
Where can I find Plug Power's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001104659-25-076198) and the 10-Q periodic report (0001558370-25-011072) directly on SEC EDGAR. The filing index links above go to sec.gov.