Plug Power (PLUG) Operating Margin (2010 - 2026)
Plug Power (PLUG) reported Operating Margin of -35.96% for Q2 2026, up 65.76 percentage points from -101.71% a year earlier and up 31.01 percentage points from the prior quarter.
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Analysis
Plug Power (PLUG) Operating Margin (2010 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Plug Power's Operating Margin came in at -172.77%, up 105.32 percentage points year-over-year; for FY2025, it was -206.70%, up 114.52 percentage points from FY2024.
- Operating Margin has a five-year change of +419.88 percentage points (FY2020 to FY2025).
- By year, Operating Margin came in at -321.21% in FY2024 (-170.48 pp), -150.73% in FY2023 (-53.85 pp), -96.88% in FY2022 (-9.82 pp) and -87.06% in FY2021 (+539.52 pp).
- The Q2 2026 figure ranks as the highest quarterly Operating Margin since Q4 2019.
- Year over year, Operating Margin has now increased in each of the last three quarters, with an average year-over-year change of +20.90 percentage points over the last eight quarters.
- The high point for year-over-year Operating Margin in five years was Q4 2025 (a gain of 339.88 percentage points); the low point was Q4 2024 (a drop of 397.01 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at -66.96% (Q1 2026), -338.87% (Q4 2025) and -196.99% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Plug Power | 2.60 Bn | 1.68 Bn | -1.68 Mn | -35.96% |
| 2 | Rex American Resources | 1.41 Bn | 57.46 Mn | 53.30 Mn | 22.36% |
| 3 | Green Plains | 1.04 Bn | 438.04 Mn | 113.03 Mn | 15.21% |
| 4 | Montauk Renewables | 401.08 Mn | 328.86 Mn | - | -0.14% |
| 5 | Clean Energy Fuels | 350.37 Mn | -305.43 Mn | 30.14 Mn | -4.82% |
| 6 | Gevo | 331.30 Mn | 48.28 Mn | 19.80 Mn | -369.25% |
| 7 | OPAL Fuels | 314.56 Mn | 47.17 Mn | 24.47 Mn | -3.61% |
| 8 | Aemetis | 133.29 Mn | 117.04 Mn | 13.52 Mn | 9.21% |
| 9 | Verde Clean Fuels | 50.79 Mn | -147.69 Mn | - | - |
| 10 | Blue Biofuels | 35.59 Mn | 35.40 Mn | - | - |
Historic Data
Download Data
Historic 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% |
API Access
Plug Power Operating Margin 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-margin&ticker=PLUG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=PLUG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();