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Plug Power PLUG Total Revenue

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Segments

By product

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Sale Of Electrolyzers$40.88M+344%
Fuel Delivered To Customers And Related Equipment$35.8M+21.5%
Power Purchase Agreements$26.29M+13.3%
Services Performed On Fuel Cell Systems And Related Infrastructure$21.97M+30.2%
Sale Of Hydrogen Infrastructure$12.61M+123%
Sale Of Cryogenic Equipment$12.52M-58.9%

By segment

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Single Reportable$163.51M+22.3%

Other financials

Income statement

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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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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:Revenues.

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

Filed
May 11, 2026, 4:48 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001104659-26-058712
Line itemThree months ended / March 31, 2026Three months ended / March 31, 2025
Power purchase agreements26,29023,210
Fuel delivered to customers and related equipment35,79529,457
Other436627
Net revenue163,513133,674
Cost of revenue:
Sales of equipment, related infrastructure and other85,32774,556
Services performed on fuel cell systems and related infrastructure14,42114,462
(Benefit)/provision for loss contracts related to service(7,814)8,888

Item 1 — Interim Condensed Consolidated Financial Statements (Unaudited)

FAQ

What is Plug Power's total revenue?
Plug Power (PLUG) reported total revenue of $163.51M in Q1 2026.
How has Plug Power's total revenue changed year-over-year?
Plug Power's total revenue increased by 22.3% year-over-year, from $133.67M to $163.51M.
What is the long-term trend for Plug Power's total revenue?
Over 4 years (2021 to 2025), Plug Power's total revenue has grown at a 9.0% compound annual growth rate (CAGR), from $502.34M to $709.92M.
What does total revenue mean?
The aggregate of all revenue from the company's operations — the top line from which all profitability metrics are derived.

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