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Plug Power (PLUG) Cost of Revenue (2016 - 2025)

Plug Power (PLUG) has disclosed Cost of Revenue for 16 consecutive years, with $219.8 million as the latest value for Q4 2025.

  • On a quarterly basis, Cost of Revenue fell 48.41% to $219.8 million in Q4 2025 year-over-year; TTM through Dec 2025 was $952.0 million, a 24.07% decrease, with the full-year FY2025 number at $952.0 million, down 24.07% from a year prior.
  • Cost of Revenue was $219.8 million for Q4 2025 at Plug Power, down from $297.2 million in the prior quarter.
  • In the past five years, Cost of Revenue ranged from a high of $444.4 million in Q4 2023 to a low of $84.1 million in Q1 2021.
  • A 5-year average of $258.7 million and a median of $261.7 million in 2021 define the central range for Cost of Revenue.
  • Peak YoY movement for Cost of Revenue: skyrocketed 142.4% in 2021, then plummeted 48.41% in 2025.
  • Plug Power's Cost of Revenue stood at $249.7 million in 2021, then rose by 20.65% to $301.2 million in 2022, then skyrocketed by 47.55% to $444.4 million in 2023, then fell by 4.15% to $426.0 million in 2024, then plummeted by 48.41% to $219.8 million in 2025.
  • Per Business Quant, the three most recent readings for PLUG's Cost of Revenue are $219.8 million (Q4 2025), $297.2 million (Q3 2025), and $227.4 million (Q2 2025).