Filing Flows › Plug Power (PLUG) › Q4 2025
Plug Power (PLUG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Plug Power (PLUG) reported revenue of $225M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +27% from the quarter before. Operating margin was -338.9%, net loss $905M (401.6% of revenue).
Plug Power, Q4 2025: revenue $225M (+18% year over year), operating margin -338.9%, net loss $905M, operating cash flow −$149M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $225M | +27% | +18% |
| Operating profit | −$763M | — | — |
| Net earnings | −$905M | — | — |
| Operating cash flow | −$149M | — | — |
What changed
Revenue was $225.2M in Q4 2025, up 18% year over year and up 27% from the previous quarter. Sales of electrolyzers was the largest line at 30% of revenue.
Gross margin was 2.4%. Operating costs exceeded revenue by $763.2M, an operating margin of -338.9%. The quarter ended with a net loss of $904.6M, wider than the previous quarter's $363.5M loss. Minority interests bore $58.6M of it: to shareholders the quarter was a loss of $846.0M.
Operating cash flow was −$148.6M. Non-cash charges added back $5.5M of depreciation and amortization and $14.1M of share-based compensation. Working capital and other items added $736.3M. Capital expenditures of $4.4M exceeded it, leaving free cash flow of −$153.0M.
Questions
What was Plug Power's revenue in the fourth quarter 2025?
Plug Power (PLUG) reported revenue of $225M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +27% from the quarter before.
Was Plug Power profitable in the fourth quarter 2025?
Operating loss was $763M (-338.9% of revenue) and net loss $905M.
Source: Plug Power 10-K on SEC EDGAR.