Plug Power (PLUG) Operating Expenses (2010 - 2026)
Plug Power (PLUG) posted quarterly Operating Expenses of $87.9 million for Q1 2026, down 15.98% year-over-year from $104.6 million in Q1 2025, and down 88.57% quarter-over-quarter from $768.6 million in Q4 2025.
Plug Power (PLUG) Operating Expenses (2010 - 2026) Analysis & Trends
Plug Power (PLUG) has reported Operating Expenses for 17 consecutive years, with $87.9 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses fell 15.98% year-over-year to $87.9 million; the TTM figure through Mar 2026 stood at $1.2 billion (down 13.62% YoY), while the FY2025 annual figure was $1.2 billion, down 12.16% from the prior year.
- Operating Expenses retreated to $87.9 million in Q1 2026 per PLUG's latest filing, from $768.6 million in the prior quarter.
- Across five years, Operating Expenses topped out at $1.1 billion in Q4 2024 and bottomed at $87.9 million in Q1 2026.
- Historically, Operating Expenses has averaged $237.0 million across 5 years, with a median of $123.5 million in 2025.
- Annual changes were most pronounced in 2022 — Operating Expenses soared 187.48% — and 2024, when it dropped 28.54%.
- Plug Power's Operating Expenses stood at $153.3 million in 2022, then jumped by 163.37% to $403.6 million in 2023, then surged by 163.87% to $1.1 billion in 2024, then decreased by 27.83% to $768.6 million in 2025, then slumped by 88.57% to $87.9 million in 2026.
- Business Quant data shows PLUG's Operating Expenses at $87.9 million in Q1 2026, $768.6 million in Q4 2025, and $228.6 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 101.35 Bn | 98.24 Bn | 1.23 Bn | 490.50 Mn |
| 2 | Bloom Energy | 58.17 Bn | 55.50 Bn | 355.57 Mn | 173.34 Mn |
| 3 | nVent Electric | 24.99 Bn | 24.74 Bn | 558.00 Mn | 257.30 Mn |
| 4 | Hubbell | 24.90 Bn | 24.51 Bn | 613.00 Mn | 264.40 Mn |
| 5 | Advanced Energy Industries | 11.37 Bn | 9.96 Bn | 236.10 Mn | 141.00 Mn |
| 6 | Acuity Inc. (De) | 10.36 Bn | 9.95 Bn | 606.40 Mn | 413.10 Mn |
| 7 | Powell Industries | 7.22 Bn | 6.58 Bn | 95.30 Mn | 31.00 Mn |
| 8 | EnerSys | 6.93 Bn | 6.40 Bn | 313.36 Mn | 151.24 Mn |
| 9 | Hayward Holdings | 3.18 Bn | 2.70 Bn | 155.05 Mn | 72.69 Mn |
| 10 | Plug Power | 3.05 Bn | 2.74 Bn | -1.68 Mn | 62.43 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 62.43 Mn |
| Mar 31, 2026 | 87.88 Mn |
| Dec 31, 2025 | 768.65 Mn |
| Sep 30, 2025 | 228.62 Mn |
| Jun 30, 2025 | 123.48 Mn |
| Mar 31, 2025 | 104.60 Mn |
| Dec 31, 2024 | 1.07 Bn |
| Sep 30, 2024 | 116.14 Mn |
| Jun 30, 2024 | 113.42 Mn |
| Mar 31, 2024 | 100.33 Mn |
| Dec 31, 2023 | 403.62 Mn |
| Sep 30, 2023 | 136.01 Mn |
| Jun 30, 2023 | 155.70 Mn |
| Mar 31, 2023 | 140.40 Mn |
| Dec 31, 2022 | 153.26 Mn |
| Sep 30, 2022 | 113.68 Mn |
| Jun 30, 2022 | 114.44 Mn |
| Mar 31, 2022 | 103.81 Mn |
| Dec 31, 2021 | 112.98 Mn |
| Sep 30, 2021 | 67.59 Mn |