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Plug Power PLUG Q4 2025 Annual earnings

Reported March 2, 2026 · After market close

Revenue$225.2MBeat by $7.8M
EPS-$0.06Beat by $0.04
Revenue estimate$217.4M
EPS estimate-$0.10

Next report

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

Financials

Q4 2025

Income statement

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Revenue$225.2M+17.6%
Gross profit-+100%
Operating income-$763.2M+41.3%
Net income-$846.0M+36.7%
EPS (diluted)-$0.69+58.2%

Balance sheet

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Cash & equivalents$368.5M+79.2%
Total debt$304.6M-15.8%
Total equity$978.1M-43.6%
Total assets$2.6B-28.0%

Cash flow

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Operating cash flow-$148.6M-13.3%
CapEx$4.4M-87.1%
Free cash flow-$153.0M+7.4%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$2.74B+41.3%
Enterprise value$2.68B+27.7%
P/S3.9×+0.8×

Profitability

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Gross margin-34.9%-13.7pp
Operating margin-206.7%-54.3pp
Net margin-229.8%-54.8pp
FCF margin-91.1%-27.7pp

Returns & leverage

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Return on equity-120.3%+57.7pp
Debt / equity0.3×+0.1×
Current ratio2.3×+0.3×

Segments

By product

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Sale Of Electrolyzers$68.3M+11.3%
Services Performed On Fuel Cell Systems And Related Infrastructure$41.5M+247%
Power Purchase Agreements$36.1M+86.2%
Fuel Delivered To Customers And Related Equipment$33.6M+68.9%
Sale Of Cryogenic Equipment$20.0M-26.1%

By segment

See full
Single Reportable$225.2M+17.6%

FAQ

When did Plug Power report Q4 2025 earnings?
Plug Power (PLUG) reported Q4 2025 earnings on March 2, 2026 after market close.
What were Plug Power's Q4 2025 revenue and EPS?
Plug Power reported revenue of $225.2M and eps of $-0.06 for Q4 2025.
Did Plug Power beat estimates in Q4 2025?
Revenue beat the consensus estimate of $217.4M by $7.8M. EPS beat the consensus estimate of $-0.10 by $0.04.
How did Plug Power's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 17.6% from $191.5M a year earlier and eps grew 96.4% from $-1.65.
Where can I find Plug Power's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001104659-26-022247) and the 10-K periodic report (0001104659-26-022286) directly on SEC EDGAR. The filing index links above go to sec.gov.