Plug Power Inc. (PLUG) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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PLUG Revenue Growth
Revenue Breakdown (FY 2025)
PLUG's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
PLUG Revenue Analysis (2014–2025)
As of May 6, 2026, Plug Power Inc. (PLUG) generated trailing twelve-month (TTM) revenue of $709.9 million, reflecting strong growth of +17.6% year-over-year. The most recent quarter (Q4 2025) recorded $225.2 million in revenue, up 27.2% sequentially.
Looking at the longer-term picture, PLUG's historical revenue data shows a 3-year CAGR of +0.4%. The company achieved its highest annual revenue of $891.3 million in 2023.
Revenue diversification analysis shows PLUG's business is primarily driven by Sale Of Electrolyzers (26%), Fuel Delivered To Customers (19%), and Power Purchase Agreements (15%).
When compared to Industrials sector peers including BE (+56.5% YoY), FCEL (+48.3% YoY), and BLDP (+43.2% YoY), PLUG has underperformed the peer group in terms of revenue growth. Compare PLUG vs BE →
PLUG Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| PLUGCurrent | $710M | +17.6% | - | 38.1% | |
 BE | $2.0B | +56.5% | +20.6% | 3.6% | |
 FCEL | $158M | +48.3% | +17.4% | -76.6% | |
 BLDP | $101M | +43.2% | -0.5% | -80.6% | |
 HYLN | $3M | +130.3% | - | -1886.4% | |
 HTOO | $2M | - | - | -1070.5% |
PLUG Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $709.9M | +12.9% | $708.2M | 99.8% | $270.7M | 38.1% |
| 2024 | $628.8M | -29.5% | $-624,887,000 | -99.4% | $-2,019,844,000 | -321.2% |
| 2023 | $891.3M | +27.1% | $-507,791,000 | -57.0% | $-1,343,523,000 | -150.7% |
| 2022 | $701.4M | +39.6% | $-194,356,000 | -27.7% | $-679,550,000 | -96.9% |
| 2021 | $502.3M | +638.8% | $-171,310,000 | -34.1% | $-437,324,000 | -87.1% |
| 2020 | $-93,237,000 | -140.5% | $-469,416,000 | 503.5% | $-584,202,000 | 626.6% |
| 2019 | $230.0M | +31.7% | $10.3M | 4.5% | $-47,613,000 | -20.7% |
| 2018 | $174.6M | +31.4% | $2.6M | 1.5% | $-69,483,000 | -39.8% |
| 2017 | $132.9M | +54.7% | $1.6M | 1.2% | $-101,792,000 | -76.6% |
| 2016 | $85.9M | -16.8% | $3.9M | 4.6% | $-51,519,000 | -60.0% |
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Start ComparisonPLUG — Frequently Asked Questions
Quick answers to the most common questions about buying PLUG stock.
Is PLUG's revenue growth accelerating or slowing?
PLUG revenue is accelerating at +17.6% year-over-year, exceeding the 5-year CAGR of N/A. TTM revenue reached $710M. Growth momentum has increased versus prior periods.
What is PLUG's long-term revenue growth rate?
Plug Power Inc.'s 5-year revenue CAGR of N/A reflects the sustained expansion pattern. Current YoY growth of +17.6% is above this long-term average.
How is PLUG's revenue distributed by segment?
PLUG reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.