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% on a QoQ basis from 2.42% in Q4 2025.
Plug Power (PLUG) has 17 years of Gross Margin data on file, last reported at 13.21% in Q1 2026.
- Quarterly Gross Margin rose 4204.0% year-over-year to 13.21% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 25.66% (up 5838.0% YoY) and the FY2025 annual result came in at 34.09%, up 6528.0% from the prior year.
- Gross Margin slipped to 13.21% in Q1 2026 per PLUG's latest filing, from 2.42% in the prior quarter.
- Across five years, Gross Margin topped out at 2.42% in Q4 2025 and bottomed at 132.27% in Q1 2024.
- The 5-year median for Gross Margin is 36.46% (2022), against an average of 53.44%.
- The widest annual swing landed in 2024, when Gross Margin sank 9927 bps; it then soared 12491 bps in 2025.
- Tracing PLUG's Gross Margin over 5 years: stood at 36.46% in 2022, then slumped by 174 bps to 100.06% in 2023, then decreased by 22 bps to 122.49% in 2024, then jumped by 102 bps to 2.42% in 2025, then plunged by 646 bps to 13.21% in 2026.
- Per Business Quant, the three latest PLUG Gross Margin figures stand at 13.21% (Q1 2026), 2.42% (Q4 2025), and 67.87% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 125.39 Bn | 122.89 Bn | 999.70 Mn | 37.73% |
| 2 | Bloom Energy | 85.22 Bn | 82.75 Bn | 225.54 Mn | 30.03% |
| 3 | nVent Electric | 26.63 Bn | 26.44 Bn | 445.60 Mn | 35.88% |
| 4 | Hubbell | 25.22 Bn | 24.72 Bn | 505.30 Mn | 33.32% |
| 5 | Advanced Energy Industries | 12.25 Bn | 12.25 Bn | 200.90 Mn | 39.32% |
| 6 | Powell Industries | 10.16 Bn | 9.61 Bn | 87.94 Mn | 29.65% |
| 7 | Acuity Inc. (De) | 8.82 Bn | 8.55 Bn | 520.40 Mn | 49.29% |
| 8 | EnerSys | 8.70 Bn | 8.26 Bn | 290.87 Mn | 29.44% |
| 9 | Plug Power | 5.25 Bn | 4.87 Bn | -21.61 Mn | -13.21% |
| 10 | Hayward Holdings | 3.01 Bn | 2.78 Bn | 118.70 Mn | 46.51% |
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% |
| Mar 31, 2021 | -16.91% |
| Dec 31, 2020 | -139.47% |
| Sep 30, 2020 | -26.70% |
| Jun 30, 2020 | -0.02% |
| Mar 31, 2020 | -23.77% |
| Dec 31, 2019 | 8.46% |
| Sep 30, 2019 | 7.58% |
| Jun 30, 2019 | 10.69% |
| Mar 31, 2019 | -35.98% |
| Dec 31, 2018 | 7.53% |
| Sep 30, 2018 | 8.29% |
| Jun 30, 2018 | -6.56% |
| Mar 31, 2018 | -15.08% |
| Dec 31, 2017 | -2.11% |
| Sep 30, 2017 | -56.11% |
| Jun 30, 2017 | -17.71% |
| Mar 31, 2017 | -30.98% |
| Dec 31, 2016 | 15.06% |
| Sep 30, 2016 | 2.17% |
| Jun 30, 2016 | 1.88% |
| Mar 31, 2016 | 3.26% |
| Dec 31, 2015 | -31.95% |
| Sep 30, 2015 | 4.92% |
| Jun 30, 2015 | 145.03% |
| Mar 31, 2015 | -216.07% |
| Dec 31, 2014 | -183.81% |
| Sep 30, 2014 | -171.05% |
| Jun 30, 2014 | 1.43% |
| Mar 31, 2014 | -72.93% |
| Dec 31, 2013 | -10,163.98% |
| Sep 30, 2013 | -746.24% |
| Jun 30, 2013 | -1,351.33% |
| Mar 31, 2013 | -8.92% |
| Dec 31, 2012 | -10,160,827.88% |
| Sep 30, 2012 | -2,059.97% |
| Jun 30, 2012 | 88.44% |
| Mar 31, 2012 | 90.12% |
| Dec 31, 2011 | -151,453.99% |
| Sep 30, 2011 | -761,066.40% |
| Jun 30, 2011 | -158,154.38% |
| Mar 31, 2011 | -170,228.66% |
| Dec 31, 2010 | -2,622.28% |
| Sep 30, 2010 | -27.67% |
| Jun 30, 2010 | -483.84% |