Plug Power annual gross margin
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2025
Plug Power Gross Margin Growth & History (PLUG)
Plug Power's gross margin was −34.09% for fiscal 2025.
View full Plug Power company overviewPlug Power annual gross margin history
| Fiscal year | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | −34.09% | +65.28 pp |
| 2024 | 2024-12-31 | −99.38% | −42.41 pp |
| 2023 | 2023-12-31 | −56.97% | −29.26 pp |
| 2022 | 2022-12-31 | −27.71% | +6.39 pp |
| 2021 | 2021-12-31 | −34.10% | — |
| 2019 | 2019-12-31 | 4.63% | +19.56 pp |
| 2018 | 2018-12-31 | −14.93% | +13.12 pp |
| 2017 | 2017-12-31 | −28.05% | −32.81 pp |
| 2016 | 2016-12-31 | 4.76% | +14.34 pp |
| 2015 | 2015-12-31 | −9.58% | −2.01 pp |
| 2014 | 2014-12-31 | −7.57% | +34.71 pp |
| 2013 | 2013-12-31 | −42.28% | +1.95 pp |
| 2012 | 2012-12-31 | −44.24% | −33.22 pp |
| 2011 | 2011-12-31 | −11.02% | +7.67 pp |
| 2010 | 2010-12-31 | −18.69% | −59.74 pp |
| 2009 | 2009-12-31 | 41.05% | — |
Plug Power quarterly gross margin
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| Fiscal quarter | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | −0.94% | +29.79 pp |
| Q1 2026 | 2026-03-31 | −13.21% | +42.04 pp |
| Q4 2025 | 2025-12-31 | 2.42% | +124.91 pp |
| Q3 2025 | 2025-09-30 | −67.87% | −10.29 pp |
| Q2 2025 | 2025-06-30 | −30.73% | +60.83 pp |
| Q1 2025 | 2025-03-31 | −55.25% | +77.02 pp |
| Q4 2024 | 2024-12-31 | −122.49% | −22.43 pp |
| Q3 2024 | 2024-09-30 | −57.57% | +11.86 pp |
| Q2 2024 | 2024-06-30 | −91.56% | −61.53 pp |
| Q1 2024 | 2024-03-31 | −132.27% | −99.27 pp |
| Q4 2023 | 2023-12-31 | −100.06% | −63.60 pp |
| Q3 2023 | 2023-09-30 | −69.43% | −45.01 pp |
| Q2 2023 | 2023-06-30 | −30.03% | −8.57 pp |
| Q1 2023 | 2023-03-31 | −33.00% | −7.90 pp |
| Q4 2022 | 2022-12-31 | −36.46% | +17.75 pp |
| Q3 2022 | 2022-09-30 | −24.42% | −2.83 pp |
| Q2 2022 | 2022-06-30 | −21.46% | +10.89 pp |
| Q1 2022 | 2022-03-31 | −25.11% | −8.19 pp |
| Q4 2021 | 2021-12-31 | −54.21% | +85.27 pp |
| Q3 2021 | 2021-09-30 | −21.59% | +5.11 pp |
| Q2 2021 | 2021-06-30 | −32.35% | −39.82 pp |
| Q1 2021 | 2021-03-31 | −16.91% | +6.86 pp |
| Q4 2020 | 2020-12-31 | −139.47% | −147.93 pp |
| Q3 2020 | 2020-09-30 | −26.70% | −34.28 pp |
| Q2 2020 | 2020-06-30 | 7.47% | −3.22 pp |
| Q1 2020 | 2020-03-31 | −23.77% | +12.21 pp |
| Q4 2019 | 2019-12-31 | 8.46% | +0.92 pp |
| Q3 2019 | 2019-09-30 | 7.58% | −0.72 pp |
| Q2 2019 | 2019-06-30 | 10.69% | +17.25 pp |
| Q1 2019 | 2019-03-31 | −35.98% | −20.90 pp |
| Q4 2018 | 2018-12-31 | 7.53% | +9.65 pp |
| Q3 2018 | 2018-09-30 | 8.29% | +64.40 pp |
| Q2 2018 | 2018-06-30 | −6.56% | +11.15 pp |
| Q1 2018 | 2018-03-31 | −15.08% | +15.90 pp |
| Q4 2017 | 2017-12-31 | −2.11% | −11.36 pp |
| Q3 2017 | 2017-09-30 | −56.11% | −58.28 pp |
| Q2 2017 | 2017-06-30 | −17.71% | −19.59 pp |
| Q1 2017 | 2017-03-31 | −30.98% | −32.09 pp |
| Q4 2016 | 2016-12-31 | 9.24% | +38.89 pp |
| Q3 2016 | 2016-09-30 | 2.17% | +1.93 pp |
| Q2 2016 | 2016-06-30 | 1.88% | −4.63 pp |
| Q1 2016 | 2016-03-31 | 1.11% | +23.53 pp |
| Q4 2015 | 2015-12-31 | −29.65% | −20.37 pp |
| Q3 2015 | 2015-09-30 | 0.24% | +5.74 pp |
| Q2 2015 | 2015-06-30 | 6.51% | +5.38 pp |
| Q1 2015 | 2015-03-31 | −22.42% | +18.95 pp |
| Q4 2014 | 2014-12-31 | −9.28% | +75.67 pp |
| Q3 2014 | 2014-09-30 | −5.50% | +63.34 pp |
| Q2 2014 | 2014-06-30 | 1.13% | +20.81 pp |
| Q1 2014 | 2014-03-31 | −41.37% | −17.27 pp |
| Q4 2013 | 2013-12-31 | −84.96% | −29.06 pp |
| Q3 2013 | 2013-09-30 | −68.84% | +58.33 pp |
| Q2 2013 | 2013-06-30 | −19.69% | −6.85 pp |
| Q1 2013 | 2013-03-31 | −24.10% | −7.22 pp |
| Q4 2012 | 2012-12-31 | −55.90% | −59.31 pp |
| Q3 2012 | 2012-09-30 | −127.17% | −88.86 pp |
| Q2 2012 | 2012-06-30 | −12.84% | +0.61 pp |
| Q1 2012 | 2012-03-31 | −16.88% | −4.28 pp |
| Q4 2011 | 2011-12-31 | 3.41% | — |
| Q3 2011 | 2011-09-30 | −38.31% | −10.64 pp |
| Q2 2011 | 2011-06-30 | −13.45% | +32.90 pp |
| Q1 2011 | 2011-03-31 | −12.60% | — |
| Q3 2010 | 2010-09-30 | −27.67% | — |
| Q2 2010 | 2010-06-30 | −46.35% | — |
Plug Power gross margin trends
Between the periods ended 2009-12-31 and 2025-12-31, Plug Power's gross margin decreased from 41.05% to −34.09%, a change of −75.14 percentage points. The latest reported quarter, Q2 2026, shows −0.94%.
About the metric
What gross margin means
Gross margin measures the percentage of revenue remaining after the direct costs of producing goods or services. It helps show how efficiently a company turns sales into gross profit before operating expenses.
Calculation and source
How gross margin is calculated
TickerStat calculates gross margin as SEC-reported gross profit divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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