Filing Flows › Plug Power (PLUG) › Q3 2026 › vs Q3 2025
Plug Power (PLUG) Q3 2026 vs Q3 2025 (year over year)
Plug Power's revenue rose $23.5M (+13%) from $177M in Q3 2025 to $201M in Q3 2026. The biggest changes: Sales of hydrogen infrastructure +$42.4M (57×); Sales of electrolyzers −$40.4M (-62%); Sales of fuel cell systems +$9.5M (+90%).
Plug Power, Q3 2026: revenue $201M (+13% year over year), operating margin -37.5%, net earnings $99.0M, operating cash flow −$76.4M. The chart draws each line against Q3 2025, the increases inside each band.
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Sales of hydrogen infrastructure | $43.1M | $753K | $42.4M | 57× |
| Fuel delivered to customers and related equipment | $38.1M | $35.9M | $2.2M | +6% |
| Services performed on fuel cell systems and related infrastructure | $29.0M | $19.7M | $9.3M | +47% |
| Power purchase agreements | $27.7M | $24.6M | $3.1M | +13% |
| Sales of electrolyzers | $25.0M | $65.4M | −$40.4M | -62% |
| Sales of fuel cell systems | $20.2M | $10.6M | $9.5M | +90% |
| Sales of cryogenic equipment and liquefiers | $16.9M | $18.4M | −$1.5M | -8% |
| Revenue | $201M | $177M | $23.5M | +13% |
| Other income, net | $174M | −$14.6M | $189M | — |
| Costs & expenses | $375M | $541M | −$166M | -31% |
| Operating costs | $276M | $526M | −$250M | -48% |
| Income tax | $44K | $92K | −$48K | -52% |
| Net earnings | $99.0M | −$364M | $463M | — |
| Operating cash sources | $197M | −$251M | $448M | — |
| Depreciation & amortization | $8.4M | $10.1M | −$1.7M | -17% |
| Share-based compensation | $13.1M | $12.2M | $887K | +7% |
| Cash used in operations | $76.4M | $89.8M | −$13.4M | -15% |
| Working capital & other | $197M | −$251M | $448M | — |
Questions
How much did Plug Power's revenue grow year over year in Q3 2026?
Plug Power's revenue rose $23.5M (+13%) from $177M in Q3 2025 to $201M in Q3 2026.
What drove Plug Power's revenue change in Q3 2026?
Sales of hydrogen infrastructure +$42.4M (57×); Sales of electrolyzers −$40.4M (-62%); Sales of fuel cell systems +$9.5M (+90%).