Skip to content
Screener

Plug Power PLUG Q3 2025 earnings

Reported November 10, 2025 · After market close

Revenue$177.1MMiss by $40.3M
EPS-$0.12Beat by $0.01
Revenue estimate$217.4M
EPS estimate-$0.13

Next report

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

Financials

Q3 2025

Income statement

See full
Revenue$177.1M+1.9%
Gross profit-$120.2M-20.1%
Operating income-$348.8M-61.4%
Net income-$361.9M-71.4%
EPS (diluted)-$0.31-24.0%

Balance sheet

See full
Cash & equivalents$165.9M+76.6%
Total debt$314.3M-13.9%
Total equity$1.4B-53.2%
Total assets$3.1B-34.3%

Cash flow

See full
Operating cash flow-$89.8M+48.7%
CapEx$27.7M-53.2%
Free cash flow-$117.5M+49.8%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$2.71B+63.0%
Enterprise value$2.86B+47.8%
P/S4×+1.5×

Profitability

See full
Gross margin-71.3%-13.5pp
Operating margin-296.3%+244pp
Net margin-313.7%+273pp
FCF margin-97.5%-32.3pp

Returns & leverage

See full
Return on equity-95.4%-550pp
Debt / equity0.2×+0.1×
Current ratio1.3×-0.8×

Segments

By product

See full
Sale Of Electrolyzers$65.4M+13.2%
Fuel Delivered To Customers And Related Equipment$35.9M+20.5%
Power Purchase Agreements$24.6M+20.3%
Services Performed On Fuel Cell Systems And Related Infrastructure$19.7M+39.5%
Sale Of Cryogenic Equipment$18.4M-16.6%

By segment

See full
Single Reportable$177.1M+1.9%

FAQ

When did Plug Power report Q3 2025 earnings?
Plug Power (PLUG) reported Q3 2025 earnings on November 10, 2025 after market close.
What were Plug Power's Q3 2025 revenue and EPS?
Plug Power reported revenue of $177.1M and eps of $-0.12 for Q3 2025.
Did Plug Power beat estimates in Q3 2025?
Revenue missed the consensus estimate of $217.4M by $40.3M. EPS beat the consensus estimate of $-0.13 by $0.01.
How did Plug Power's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 1.9% from $173.7M a year earlier and eps grew 52.0% from $-0.25.
Where can I find Plug Power's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001104659-25-109120) and the 10-Q periodic report (0001104659-25-109279) directly on SEC EDGAR. The filing index links above go to sec.gov.