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Plug Power vs Graftech International: PLUG and EAF compared
Plug Power is the larger company: $178M of revenue in its latest quarter (Q2 2026) against $140M for Graftech International (Q3 2026). Plug Power is growing faster (+2% against -3% a year earlier). Graftech International is more profitable, with an operating margin of -16.2% against -36.0%.
Where the money goes: PLUG and EAF
Plug Power (PLUG) · Q2 2026
Plug Power, Q2 2026: revenue $178M (+2% year over year), operating margin -36.0%, net loss $190M, operating cash flow −$94.1M. The chart follows the revenue to costs, profit and cash.
Graftech International (EAF) · Q3 2026
Graftech International, Q3 2026: revenue $140M (-3% year over year), operating margin -16.2%, net loss $46.8M, operating cash flow −$8.4M. The chart follows the revenue to costs, profit and cash.
| Plug Power (PLUG) | Graftech International (EAF) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $178M | $140M |
| Revenue growth, Y/Y | +2% | -3% |
| Operating margin | -36.0% | -16.2% |
| Net earnings | −$190M | −$46.8M |
| Net margin | -106.6% | -33.4% |
| Operating cash flow | −$94.1M | −$8.4M |
Where the revenue comes from
Plug Power
- Sales of equipment, related infrastructure and other: $82.1M (46%)
- Fuel delivered to customers and related equipment: $39.5M (22%)
- Services performed on fuel cell systems and related infrastructure: $29.8M (17%)
- Sales of cryogenic equipment and liquefiers: $26.7M (15%)
Graftech International
- Graphite Electrodes: $120M (86%)
- By-products and other: $19.8M (14%)
Questions
Which is bigger, Plug Power or Graftech International?
Plug Power is the larger company: $178M of revenue in its latest quarter (Q2 2026) against $140M for Graftech International (Q3 2026).
Is Plug Power or Graftech International growing faster?
Plug Power is growing faster (+2% against -3% a year earlier).
Which is more profitable, Plug Power or Graftech International?
Graftech International is more profitable, with an operating margin of -16.2% against -36.0%.
More: Plug Power earnings · how Plug Power makes money · Graftech International earnings · how Graftech International makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 10-Q filed Oct 23, 2026). Fiscal quarters can end on different dates. Not investment advice.