Plug Power (PLUG) Operating Expenses (2010 - 2026)
Plug Power (PLUG) reported Operating Expenses of $62.43 million for Q2 2026, down 49.4% from $123.48 million a year earlier and down 29.0% from the prior quarter.
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Analysis
Plug Power (PLUG) Operating Expenses (2010 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Plug Power's Operating Expenses came in at $1.15 billion, down 18.6% year-over-year; for FY2025, it came in at $1.23 billion, down 12.2% from FY2024.
- Operating Expenses has a five-year compound annual growth rate of 60.6% (FY2020 to FY2025).
- By year, Operating Expenses came in at $1.39 billion in FY2024 (+66.9%), $835.73 million in FY2023 (+72.2%), $485.19 million in FY2022 (+82.4%) and $266.01 million in FY2021 (+131.7%).
- The Q2 2026 figure ranks as the lowest quarterly Operating Expenses since Q2 2021.
- Year over year, Operating Expenses has now declined in each of the last three quarters, with growth averaging 20.7% over the last eight quarters.
- The high point for year-over-year Operating Expenses in five years was Q1 2022 (growth of 187.5%); the low point was Q2 2026 (a decline of 49.4%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $87.88 million (Q1 2026), $768.65 million (Q4 2025) and $228.62 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Plug Power | 2.60 Bn | 1.68 Bn | -1.68 Mn | 62.43 Mn |
| 2 | Rex American Resources | 1.41 Bn | 57.46 Mn | 53.30 Mn | 15.62 Mn |
| 3 | Green Plains | 1.04 Bn | 438.04 Mn | 113.03 Mn | 378.35 Mn |
| 4 | Montauk Renewables | 401.08 Mn | 328.86 Mn | - | 54.10 Mn |
| 5 | Clean Energy Fuels | 350.37 Mn | -305.43 Mn | 30.14 Mn | 111.49 Mn |
| 6 | Gevo | 331.30 Mn | 48.28 Mn | 19.80 Mn | 191.51 Mn |
| 7 | OPAL Fuels | 314.56 Mn | 47.17 Mn | 24.47 Mn | 86.41 Mn |
| 8 | Aemetis | 133.29 Mn | 117.04 Mn | 13.52 Mn | 7.74 Mn |
| 9 | Verde Clean Fuels | 50.79 Mn | -147.69 Mn | - | 2.52 Mn |
| 10 | Blue Biofuels | 35.59 Mn | 35.40 Mn | - | 731,106.00 |
Historic Data
Download Data
Historic 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 |
API Access
Plug Power Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=PLUG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "PLUG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=PLUG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();