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Plug Power (PLUG) Operating Expenses (2016 - 2025)

Plug Power (PLUG) has disclosed Operating Expenses for 16 consecutive years, with $768.6 million as the latest value for Q4 2025.

  • On a quarterly basis, Operating Expenses fell 27.83% to $768.6 million in Q4 2025 year-over-year; TTM through Dec 2025 was $1.2 billion, a 12.16% decrease, with the full-year FY2025 number at $1.2 billion, down 12.16% from a year prior.
  • Operating Expenses was $768.6 million for Q4 2025 at Plug Power, up from $228.6 million in the prior quarter.
  • In the past five years, Operating Expenses ranged from a high of $1.1 billion in Q4 2024 to a low of $36.1 million in Q1 2021.
  • A 5-year average of $210.4 million and a median of $115.3 million in 2022 define the central range for Operating Expenses.
  • Peak YoY movement for Operating Expenses: soared 187.48% in 2022, then dropped 28.54% in 2024.
  • Plug Power's Operating Expenses stood at $113.0 million in 2021, then soared by 35.65% to $153.3 million in 2022, then skyrocketed 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.
  • Per Business Quant, the three most recent readings for PLUG's Operating Expenses are $768.6 million (Q4 2025), $228.6 million (Q3 2025), and $123.5 million (Q2 2025).