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Plug Power (PLUG) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Plug Power (PLUG) Q2 2026 earnings results →
Q2 2026 Revenue up 2% year over year to $178M · 107¢ of every $1 of revenue lost · operating margin -36.0%
Plug Power made $178M in Q2 2026 (+2% Y/Y): Sales of equipment, related infrastructure and other $82.1M, Fuel delivered to customers and related equipment $39.5M, Services performed on fuel cell systems and related infrastructure $29.8M. Operating margin -36.0%, net loss $190M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
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What changed this quarter
Revenue was $178.3M in Q2 2026, up 2% year over year and up 9% from the previous quarter. Fuel delivered to customers and related equipment was the largest line at 22% of revenue. Sales of fuel cell systems added $16.4M year over year (up 105%), 378% of the total change. Sales of electrolyzers declined 71%.
Operating costs exceeded revenue by $64.1M, an operating margin of -36.0%. Total costs fell 31% while revenue rose 2%. The fastest-growing cost line was Research & development (+10%). The quarter ended with a net loss of $190.1M, narrower than the previous quarter's $246.0M loss. Minority interests bore $1.9M of it: to shareholders the quarter was a loss of $188.2M. Net interest and other expense of $125.8M was the main reason.
Operating cash flow was −$94.1M. Non-cash charges added back $7.5M of depreciation and amortization and $12.9M of share-based compensation. Working capital and other items added $75.6M. Capital expenditures of $6.3M exceeded it, leaving free cash flow of −$100.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $178M | +2% | -36.0% | −$190M | −$94.1M |
| Q1 2026 | 10-Q | May 11, 2026 | $164M | +22% | -67.0% | −$246M | −$150M |
| Q4 2025 | 10-K | Mar 2, 2026 | $225M | +18% | -338.9% | −$905M | −$149M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $177M | +2% | -197.0% | −$364M | −$89.8M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $174M | +21% | -101.7% | −$229M | −$192M |
| Q1 2025 | 10-Q | May 12, 2025 | $134M | +11% | -133.5% | −$197M | −$106M |
| Q4 2024 | 10-K | Mar 3, 2025 | $191M | -14% | -678.7% | −$1.3B | −$131M |
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About Plug Power
Plug is building an end-to-end clean hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cells, the Company has deployed more than 74,000 fuel cell systems, primarily through material handling applications, and operates more than 275 fueling stations. Plug intends to deliver its hydrogen solutions directly to its customers, and through joint venture partners into multiple environments, including material handling, supply chain and logistics, e-mobility, stationary power generation and industrial applications.
In its own words, from its 10-K, filed Mar 2, 2026.
Plug Power against its Electrical Industrial Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +21%. Operating margin: -36.0% against the peers' median 12.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PLUG Plug Power | Q2 2026 | $178M | +2% | -36.0% |
| BE Bloom Energy | Q3 2026 | $1.2B | +138% | 18.2% |
| WWD Woodward | Q3 FY26 | $1.1B | +21% | 17.4% |
| FPS Forgent Power Solutions | Q4 FY26 | $462M | +94% | 19.9% |
| EAF Graftech International | Q3 2026 | $140M | -3% | -16.2% |
| EROC ERock | Q2 2026 | $39.9M | -42% | -49.8% |
| FCEL Fuelcell Energy | Q3 FY26 | $33.0M | -29% | -141.4% |
| SCIA SCI Engineered Materials | Q3 2026 | $8.1M | +52% | 12.4% |
Source: Plug Power 10-Q on SEC EDGAR · CIK 1093691 · Electrical Industrial Apparatus
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results