Plug Power (PLUG) Operating Margin (2010 - 2026)
Plug Power's (PLUG) quarterly Operating Margin came in at 66.96% in Q1 2026, up 6654.0% year-on-year from 0.99% in Q1 2025, and up 80.24% on a QoQ basis from 338.87% in Q4 2025.
Plug Power (PLUG) Operating Margin (2010 - 2026) Analysis & Trends
Plug Power (PLUG) has 17 years of Operating Margin data on file, last reported at 66.96% in Q1 2026.
- On a quarterly basis, Operating Margin rose 6654.0% year-over-year to 66.96% in Q1 2026; TTM through Mar 2026 was 189.04%, a 11287.0% increase from a year earlier, with the FY2025 full-year figure at 206.7%, up 11452.0% from the prior year.
- Operating Margin for Q1 2026 stood at 66.96%, up from 338.87% in the prior quarter.
- Over the last five years, Operating Margin for PLUG reached as high as 66.96% in Q1 2026 and fell as low as 678.75% in Q4 2024.
- Historically, Operating Margin has averaged 177.85% across 5 years, with a median of 124.43% in 2024.
- Across the five-year window, Operating Margin tumbled 39701 bps in 2024 and surged 33988 bps in 2025, its largest moves.
- Year by year, 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 soared by 50 bps to 338.87% in 2025, then soared by 80 bps to 66.96% in 2026.
- Per Business Quant data, the three most recent Operating Margin figures were 66.96% in Q1 2026, 338.87% in Q4 2025, and 196.99% in Q3 2025.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Electrovaya | 424.38 Bn | 424.36 Bn | 6.04 Mn | 12.10% |
| 2 | Vertiv Holdings | 116.45 Bn | 113.95 Bn | 999.70 Mn | 16.61% |
| 3 | Bloom Energy | 61.23 Bn | 58.77 Bn | 225.54 Mn | 9.61% |
| 4 | Hubbell | 25.93 Bn | 25.43 Bn | 505.30 Mn | 17.39% |
| 5 | nVent Electric | 25.66 Bn | 25.47 Bn | 445.60 Mn | 15.76% |
| 6 | Advanced Energy Industries | 11.88 Bn | 11.18 Bn | 200.90 Mn | 13.37% |
| 7 | Acuity Inc. (De) | 9.90 Bn | 9.48 Bn | 606.40 Mn | 16.14% |
| 8 | Powell Industries | 9.42 Bn | 8.87 Bn | 87.94 Mn | 19.41% |
| 9 | EnerSys | 7.49 Bn | 7.05 Bn | 290.87 Mn | 12.52% |
| 10 | Plug Power | 3.06 Bn | 2.67 Bn | -21.61 Mn | -66.96% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | -71.96% |