Plug Power Inc. (PLUG) Revenue History
Annual and quarterly revenue from 1998 to present
PLUG Revenue Over Time (1998–2025)
PLUG Revenue Growth History
18 of 27 years with positive growth- FY1998 revenue growth
- N/A
- FY1999 revenue growth
- +69.2%
- FY2000 revenue growth
- -23.8%
- FY2001 revenue growth
- -31.5%
- FY2002 revenue growth
- +105.8%
- FY2003 revenue growth
- +5.8%
- FY2004 revenue growth
- +29.1%
- FY2005 revenue growth
- -16.4%
- FY2006 revenue growth
- -41.9%
- FY2007 revenue growth
- +107.6%
- FY2008 revenue growth
- +10.0%
- FY2009 revenue growth
- -31.3%
- FY2010 revenue growth
- +58.4%
- FY2011 revenue growth
- +41.9%
- FY2012 revenue growth
- -5.5%
- FY2013 revenue growth
- +1.9%
- FY2014 revenue growth
- +141.5%
- FY2015 revenue growth
- +60.8%
- FY2016 revenue growth
- -16.8%
- FY2017 revenue growth
- +54.7%
- FY2018 revenue growth
- +31.4%
- FY2019 revenue growth
- +31.7%
- FY2020 revenue growth
- -140.5%
- FY2021 revenue growth
- +638.8%
- FY2022 revenue growth
- +39.6%
- FY2023 revenue growth
- +27.1%
- FY2024 revenue growth
- -29.5%
- FY2025 revenue growth
- +12.9%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $163.5M | +22.3% |
| Q4 2025 | $225.2M | +17.6% |
| Q3 2025 | $177.1M | +1.9% |
| Q2 2025 | $174.0M | +21.4% |
| Q1 2025 | $133.7M | +11.2% |
| Q4 2024 | $191.5M | -13.8% |
| Q3 2024 | $173.7M | -12.6% |
| Q2 2024 | $143.3M | -44.9% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
PLUG's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
PLUG Revenue Analysis (1998–2025)
Current Revenue & Growth
As of June 20, 2026, Plug Power Inc. (PLUG) generated trailing twelve-month (TTM) revenue of $739.8 million, reflecting exceptional growth of +22.3% year-over-year. The most recent quarter (Q1 2026) recorded $163.5 million in revenue, down 27.4% sequentially.
Historical Growth Trajectory
PLUG's historical revenue data shows a 3-year CAGR of +0.4%. Plug Power Inc.'s highest annual revenue of $891.3 million was recorded in 2023.
Revenue by Segment
PLUG's revenue is primarily driven by Sale Of Electrolyzers (26%), Fuel Delivered To Customers (19%), and Power Purchase Agreements (15%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Industrials sector peers — including BE (+56.5% YoY), FCEL (+29.7% YoY), and BLDP (+42.5% YoY) — PLUG has underperformed the peer group in 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 | $740M | +22.3% | - | -95.7% | |
 BE | $2.0B | +56.5% | +20.6% | 3.6% | |
 FCEL | $158M | +29.7% | +17.4% | -76.6% | |
 BLDP | $101M | +42.5% | -0.5% | -80.6% | |
 HYLN | $3M | +191.2% | - | -1872.1% | |
 HTOO | $14M | - | - | -64.2% |
PLUG Historical Revenue Data (1998–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $709.9M | +12.9% | $-242,040,000 | -34.1% | $-679,570,000 | -95.7% |
| 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% |
| 2015 | $103.3M | +60.8% | $-9,890,000 | -9.6% | $-59,002,000 | -57.1% |
| 2014 | $64.2M | +141.5% | $-4,862,000 | -7.6% | $-37,932,000 | -59.1% |
| 2013 | $26.6M | +1.9% | $-11,248,000 | -42.3% | $-28,965,000 | -108.9% |
| 2012 | $26.1M | -5.5% | $-14,354,000 | -55.0% | $-36,671,000 | -140.5% |
| 2011 | $27.6M | +41.9% | $-9,275,000 | -33.6% | $-31,127,101 | -112.7% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
28+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
PLUG — Frequently Asked Questions
Quick answers to the most common questions about buying PLUG stock.
Is PLUG's revenue growth accelerating or slowing?
PLUG revenue growth is accelerating. TTM revenue reached $740M, up +22.3% year-over-year — ahead of the 5-year CAGR of N/A. This indicates the business is expanding faster than its historical baseline.
What is PLUG's revenue history from 1998 to 2026?
Plug Power Inc. (PLUG) revenue history spans 1998 to 2026. TTM revenue as of 2026 is $740M, growing at +22.3% YoY. The 5-year CAGR is N/A. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is PLUG's long-term revenue growth rate (CAGR)?
Plug Power Inc.'s 5-year revenue CAGR of N/A reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +22.3% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for PLUG.
Why does PLUG's quarterly revenue fluctuate?
PLUG quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Plug Power Inc.'s revenue data from 1998 to 2026 shows full historical quarterly detail on this page.
How is PLUG's revenue distributed by segment?
PLUG reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does PLUG's revenue compare to industry peers?
Plug Power Inc. (PLUG) with TTM revenue of $740M and +22.3% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.