Filing Flows › Plug Power (PLUG) › Q3 2026
Plug Power (PLUG) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 9, 2026
Plug Power (PLUG) reported revenue of $201M for the third quarter 2026 (Q3 2026), +13% from a year earlier and +13% from the quarter before. Operating margin was -37.5%, net earnings $99.0M (49.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $201M | +13% | +13% |
| Operating profit | −$75.3M | — | — |
| Net earnings | $99.0M | — | — |
| Operating cash flow | −$76.4M | — | — |
What changed
Revenue was $200.6M in Q3 2026, up 13% year over year and up 13% from the previous quarter. Sales of hydrogen infrastructure was the largest line at 22% of revenue. Sales of hydrogen infrastructure added $42.4M year over year (up 5628%), 180% of the total change. Sales of electrolyzers declined 62%.
Operating costs exceeded revenue by $75.3M, an operating margin of -37.5%. Total costs fell 48% while revenue rose 13%. Net earnings were $99.8M ($99.0M including minority interests, which bore $729K of losses). The effective tax rate was 0.0%. Non-operating items added $174.3M, 176% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$76.4M. Non-cash charges added back $8.4M of depreciation and amortization and $13.1M of share-based compensation. Working capital and other items used $197.0M. Capital expenditures of $3.3M exceeded it, leaving free cash flow of −$79.7M.
Questions
What was Plug Power's revenue in the third quarter 2026?
Plug Power (PLUG) reported revenue of $201M for the third quarter 2026 (Q3 2026), +13% from a year earlier and +13% from the quarter before.
Was Plug Power profitable in the third quarter 2026?
Operating loss was $75.3M (-37.5% of revenue) and net earnings $99.0M.
Source: Plug Power 10-Q on SEC EDGAR.