Plug Power (PLUG) Gross Margin (2010 - 2026)
Plug Power's (PLUG) quarterly Gross Margin came in at 13.21% in Q1 2026, up 4204.0% year-on-year from 0.31% in Q1 2025, and down 645.98% on a QoQ basis 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.
- On a quarterly basis, Gross Margin rose 4204.0% year-over-year to 13.21% in Q1 2026; TTM through Mar 2026 was 25.66%, a 5838.0% increase from a year earlier, with the FY2025 full-year figure at 34.09%, up 6528.0% from the prior year.
- Gross Margin for Q1 2026 stood at 13.21%, down from 2.42% in the prior quarter.
- Over the last five years, Gross Margin for PLUG reached as high as 2.42% in Q4 2025 and fell as low as 132.27% in Q1 2024.
- Historically, Gross Margin has averaged 53.44% across 5 years, with a median of 36.46% in 2022.
- Across the five-year window, Gross Margin sank 9927 bps in 2024 and soared 12491 bps in 2025, its largest moves.
- Year by year, Gross Margin stood at 36.46% in 2022, then sank by 174 bps to 100.06% in 2023, then retreated by 22 bps to 122.49% in 2024, then soared by 102 bps to 2.42% in 2025, then tumbled by 646 bps to 13.21% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 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 | Electrovaya | 424.38 Bn | 424.36 Bn | 6.04 Mn | 33.45% |
| 2 | Vertiv Holdings | 116.45 Bn | 113.95 Bn | 999.70 Mn | 37.73% |
| 3 | Bloom Energy | 61.23 Bn | 58.77 Bn | 225.54 Mn | 30.03% |
| 4 | Hubbell | 25.93 Bn | 25.43 Bn | 505.30 Mn | 33.32% |
| 5 | nVent Electric | 25.66 Bn | 25.47 Bn | 445.60 Mn | 35.88% |
| 6 | Advanced Energy Industries | 11.88 Bn | 11.18 Bn | 200.90 Mn | 39.32% |
| 7 | Acuity Inc. (De) | 9.90 Bn | 9.48 Bn | 606.40 Mn | 50.62% |
| 8 | Powell Industries | 9.42 Bn | 8.87 Bn | 87.94 Mn | 29.65% |
| 9 | EnerSys | 7.49 Bn | 7.05 Bn | 290.87 Mn | 29.44% |
| 10 | Plug Power | 3.06 Bn | 2.67 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% |