Plug Power (PLUG) Gross Margin (2010 - 2026)
Plug Power (PLUG) reported Gross Margin of 13.21% for Q1 2026, up 4204.0% year-over-year from 0.31% in Q1 2025, and down 645.98% quarter-over-quarter from 2.42% in Q4 2025.
Plug Power (PLUG) Gross Margin (2010 - 2026) Analysis & Trends
Plug Power (PLUG) has 17 years of Gross Margin data on file, last reported at 13.21% in Q1 2026.
- Gross Margin for Q1 2026 came in at 13.21%, up 4204.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 25.66% (up 5838.0% YoY), and the FY2025 annual result was 34.09%, up 6528.0% from the prior year.
- Gross Margin retreated to 13.21% in Q1 2026 per PLUG's latest filing, from 2.42% in the prior quarter.
- Over five years, Gross Margin peaked at 2.42% in Q4 2025 and troughed at 132.27% in Q1 2024.
- A 5-year average of 53.44% and a median of 36.46% in 2022 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2024 and 2025: Gross Margin tumbled 9927 bps in 2024, then surged 12491 bps in 2025.
- A 5-year view of Gross Margin shows it stood at 36.46% in 2022, then plunged by 174 bps to 100.06% in 2023, then dropped by 22 bps to 122.49% in 2024, then soared by 102 bps to 2.42% in 2025, then slumped by 646 bps to 13.21% in 2026.
- Business Quant data shows PLUG's Gross Margin at 13.21% in Q1 2026, 2.42% in Q4 2025, and 67.87% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Novonix | 479.97 Bn | 479.92 Bn | - | - |
| 2 | Vertiv Holdings | 114.69 Bn | 112.19 Bn | 999.70 Mn | 37.73% |
| 3 | Bloom Energy | 79.53 Bn | 77.06 Bn | 225.54 Mn | 30.03% |
| 4 | nVent Electric | 27.08 Bn | 26.89 Bn | 445.60 Mn | 35.88% |
| 5 | Hubbell | 26.67 Bn | 26.16 Bn | 505.30 Mn | 33.32% |
| 6 | Advanced Energy Industries | 13.19 Bn | 13.19 Bn | 200.90 Mn | 39.32% |
| 7 | Powell Industries | 10.63 Bn | 10.09 Bn | 87.94 Mn | 29.65% |
| 8 | Ballard Power Systems | 10.07 Bn | 9.54 Bn | 5.64 Mn | 16.77% |
| 9 | Acuity Inc. (De) | 9.39 Bn | 9.12 Bn | 520.40 Mn | 49.29% |
| 10 | Plug Power | 3.75 Bn | 3.37 Bn | -21.61 Mn | -13.21% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -13.21% |
| Dec 31, 2025 | 2.42% |
| Sep 30, 2025 | -67.87% |
| Jun 30, 2025 | -30.73% |
| Mar 31, 2025 | -55.25% |
| Dec 31, 2024 | -122.49% |
| Sep 30, 2024 | -57.57% |
| Jun 30, 2024 | -91.56% |
| Mar 31, 2024 | -132.27% |
| Dec 31, 2023 | -100.06% |
| Sep 30, 2023 | -69.43% |
| Jun 30, 2023 | -30.03% |
| Mar 31, 2023 | -33.00% |
| Dec 31, 2022 | -36.46% |
| Sep 30, 2022 | -24.42% |
| Jun 30, 2022 | -21.46% |
| Mar 31, 2022 | -25.11% |
| Dec 31, 2021 | -54.21% |
| Sep 30, 2021 | -21.59% |
| Jun 30, 2021 | -32.35% |