Plug Power (PLUG) Operating Margin (2010 - 2026)
Plug Power (PLUG) posted quarterly Operating Margin of 66.96% for Q1 2026, up 6654.0% year-over-year from 0.99% in Q1 2025, and up 80.24% quarter-over-quarter from 338.87% in Q4 2025.
Plug Power (PLUG) Operating Margin (2010 - 2026) Analysis & Trends
Plug Power (PLUG) has reported Operating Margin for 17 consecutive years, with 66.96% the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Margin rose 6654.0% year-over-year to 66.96%; the TTM figure through Mar 2026 stood at 189.04% (up 11287.0% YoY), while the FY2025 annual figure was 206.7%, up 11452.0% from the prior year.
- Operating Margin improved to 66.96% in Q1 2026 per PLUG's latest filing, from 338.87% in the prior quarter.
- Across five years, Operating Margin topped out at 66.96% in Q1 2026 and bottomed at 678.75% in Q4 2024.
- Historically, Operating Margin has averaged 177.85% across 5 years, with a median of 124.43% in 2024.
- Annual changes were most pronounced in 2024 — Operating Margin sank 39701 bps — and 2025, when it jumped 33988 bps.
- Plug Power's Operating Margin stood at 105.89% in 2022, then slumped by 166 bps to 281.74% in 2023, then plunged by 141 bps to 678.75% in 2024, then jumped by 50 bps to 338.87% in 2025, then jumped by 80 bps to 66.96% in 2026.
- Business Quant data shows PLUG's Operating Margin at 66.96% in Q1 2026, 338.87% in Q4 2025, and 196.99% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 101.35 Bn | 98.24 Bn | 1.23 Bn | 19.48% |
| 2 | Bloom Energy | 58.17 Bn | 55.50 Bn | 355.57 Mn | 17.11% |
| 3 | nVent Electric | 24.99 Bn | 24.74 Bn | 558.00 Mn | 20.44% |
| 4 | Hubbell | 24.90 Bn | 24.51 Bn | 613.00 Mn | 20.36% |
| 5 | Advanced Energy Industries | 11.37 Bn | 9.96 Bn | 236.10 Mn | 16.57% |
| 6 | Acuity Inc. (De) | 10.36 Bn | 9.95 Bn | 606.40 Mn | 16.14% |
| 7 | Powell Industries | 7.22 Bn | 6.58 Bn | 95.30 Mn | 20.55% |
| 8 | EnerSys | 6.93 Bn | 6.40 Bn | 313.36 Mn | 16.18% |
| 9 | Hayward Holdings | 3.18 Bn | 2.70 Bn | 155.05 Mn | 23.87% |
| 10 | Plug Power | 3.05 Bn | 2.74 Bn | -1.68 Mn | -35.96% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | -35.96% |
| Mar 31, 2026 | -66.96% |
| Dec 31, 2025 | -338.87% |
| Sep 30, 2025 | -196.99% |
| Jun 30, 2025 | -101.71% |
| Mar 31, 2025 | -133.50% |
| Dec 31, 2024 | -678.75% |
| Sep 30, 2024 | -124.43% |
| Jun 30, 2024 | -170.68% |
| Mar 31, 2024 | -215.70% |
| Dec 31, 2023 | -281.74% |
| Sep 30, 2023 | -137.87% |
| Jun 30, 2023 | -89.88% |
| Mar 31, 2023 | -99.77% |
| Dec 31, 2022 | -105.89% |
| Sep 30, 2022 | -84.69% |
| Jun 30, 2022 | -97.12% |
| Mar 31, 2022 | -98.83% |
| Dec 31, 2021 | -123.99% |
| Sep 30, 2021 | -68.55% |