What is Plug Power's capex?

Plug Power (PLUG) reported capex of $2.41M in Q1 2026.

How has Plug Power's capex changed year-over-year?

Plug Power's capex decreased by 94.0% year-over-year, from $40.45M to $2.41M.

What is the long-term trend for Plug Power's capex?

Over 4 years (2021 to 2025), Plug Power's capex has grown at a -10.4% compound annual growth rate (CAGR), from $172.17M to $111.16M.

What does capex mean?

Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.

Plug Power PLUG CapEx

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Other financials

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%

Free cash flow-$152.4M-4.4%

Valuation

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Market cap$3.98B+140%

Enterprise value$4.02B+135%

P/S5.4×+2.8×

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×

Where this comes from

Reported directly by Plug Power in its filing.

Tagged under the XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

The official record: Plug Power’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Plug Power's capex?: Plug Power (PLUG) reported capex of $2.41M in Q1 2026.
How has Plug Power's capex changed year-over-year?: Plug Power's capex decreased by 94.0% year-over-year, from $40.45M to $2.41M.
What is the long-term trend for Plug Power's capex?: Over 4 years (2021 to 2025), Plug Power's capex has grown at a -10.4% compound annual growth rate (CAGR), from $172.17M to $111.16M.
What does capex mean?: Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.