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Plug Power PLUG Gross margin

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

Valuation

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Market cap$2.89B+72.4%
Enterprise value$2.93B+56.5%
P/S3.9×+1.4×

Profitability

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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

Calculated from Plug Power’s reported figures.

Based on trailing twelve months.

The source filing: Plug Power’s 10-Q, filed May 11, 2026. Open the filing →

Filed
May 11, 2026, 4:48 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001104659-26-058712

FAQ

What is Plug Power's gross margin?
Plug Power (PLUG) reported gross margin of -26.4% in Q1 2026.
How has Plug Power's gross margin changed year-over-year?
Plug Power's gross margin increased by 68.6% year-over-year, from -84% to -26.4%.
What is the long-term trend for Plug Power's gross margin?
Over 5 years (2020 to 2025), Plug Power's gross margin has grown at a -41.4% compound annual growth rate (CAGR), from 503.5% to -34.9%.
What does gross margin mean?
Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

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