Plug Power (PLUG) Gross Margin (2010 - 2026)
Plug Power (PLUG) posted quarterly 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 reported Gross Margin for 17 consecutive years, with 13.21% the latest figure, recorded in Q1 2026.
- In Q1 2026, Gross Margin rose 4204.0% year-over-year to 13.21%; the TTM figure through Mar 2026 stood at 25.66% (up 5838.0% YoY), while the FY2025 annual figure was 34.09%, up 6528.0% from the prior year.
- Gross Margin declined 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.
- Historically, Gross Margin has averaged 53.44% across 5 years, with a median of 36.46% in 2022.
- Annual changes were most pronounced in 2024 — Gross Margin tumbled 9927 bps — and 2025, when it surged 12491 bps.
- Plug Power's Gross Margin stood at 36.46% in 2022, then sank by 174 bps to 100.06% in 2023, then declined by 22 bps to 122.49% in 2024, then jumped by 102 bps to 2.42% in 2025, then tumbled 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 | Vertiv Holdings | 101.35 Bn | 98.24 Bn | 1.23 Bn | 37.71% |
| 2 | Bloom Energy | 58.17 Bn | 55.50 Bn | 355.57 Mn | 33.38% |
| 3 | nVent Electric | 24.99 Bn | 24.74 Bn | 558.00 Mn | 37.93% |
| 4 | Hubbell | 24.90 Bn | 24.51 Bn | 613.00 Mn | 35.81% |
| 5 | Advanced Energy Industries | 11.37 Bn | 9.96 Bn | 236.10 Mn | 41.13% |
| 6 | Acuity Inc. (De) | 10.36 Bn | 9.95 Bn | 606.40 Mn | 50.62% |
| 7 | Powell Industries | 7.22 Bn | 6.58 Bn | 95.30 Mn | 30.57% |
| 8 | EnerSys | 6.93 Bn | 6.40 Bn | 313.36 Mn | 33.49% |
| 9 | Hayward Holdings | 3.18 Bn | 2.70 Bn | 155.05 Mn | 48.70% |
| 10 | Plug Power | 3.05 Bn | 2.74 Bn | -1.68 Mn | -0.94% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | -0.94% |
| 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% |