Plug Power (PLUG) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Plug Power published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Plug Power's GAAP diluted EPS was $(0.00) in Q3 2026 while basic EPS was $0.07. Net income of $99.8 million came from about $192 million of non-cash mark-to-market gains on convertible debt and warrant liabilities, not from operations, which lost $75.3 million.
• Plug Power reports in thousands; figures here are in millions. Plug does not publish an adjusted EPS figure.

Source: Plug Power Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Plug Power splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Plug Power's Sales of equipment, related infrastructure and other revenue was $106 million in Q3 2026, up 9% from $96.8 million in Q3 2025, 53% of total revenue.
• Plug Power's Services performed on fuel cell systems and related infrastructure revenue was $29.0 million in Q3 2026, up 47% from $19.7 million in Q3 2025, 14% of total revenue.
• Plug Power's Power purchase agreements revenue was $27.7 million in Q3 2026, up 13% from $24.6 million in Q3 2025, 14% of total revenue.
• Plug Power's Fuel delivered to customers and related equipment revenue was $38.1 million in Q3 2026, up 6% from $35.9 million in Q3 2025, 19% of total revenue.
• Plug Power's Other revenue was $0.0 million in Q3 2026, up 25% from $0.0 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Plug Power said:

“Plug remains focused on its 2026 revenue growth guidance of 15% to 16% and its target of positive EBITDAS in Q4 2026, supported by executing on its pipeline, improving margins, continued cost discipline, and overall commercial execution.”

“Based on the current forecast, the Company anticipates that cash usage may be relatively flat for Q4 2026.”

Source: Plug Power Q3 2026 release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PLUG forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net revenue and GAAP diluted EPS, each as first reported in that quarter's release. Plug's Q4 2025 release gave full-year figures only, so Q4 2025 revenue is the 2025 total of $709.9 million less the first nine months, and Q4 EPS is not shown. Q3 2026 diluted EPS was $(0.00).

We do not hold a confirmed date for Plug Power's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

Plug Power's net revenue was $200.6 million in Q3 2026, up about 13% from $177.1 million. Equipment, infrastructure and other sales were the largest line at $105.7 million, followed by fuel delivered to customers at $38.1 million, services on fuel cell systems at $29.0 million and power purchase agreements, monthly payments for its GenKey solution, at $27.7 million. (Plug Power Q3 2026 release, Nov 9, 2026; Plug Power Form 10-Q, Q3 2026, Nov 9, 2026)

Inside equipment sales, Plug's mix swung sharply. Hydrogen infrastructure revenue rose $42.4 million on nine site installations, against none a year earlier, and fuel cell system sales rose $9.5 million as GenDrive units sold climbed to 1,136 from 540. Electrolyzer revenue fell $40.4 million, which the 10-Q puts down to the timing of deployments. (Plug Power Form 10-Q, Q3 2026, Nov 9, 2026)

Plug's service revenue grew 47.0% to $29.0 million on more alterations and upgrades for commissioned infrastructure and higher pricing, with an average of 26,932 GenDrive units under maintenance contracts, up from 23,880. Fuel revenue rose about 6% to $38.1 million. (Plug Power Form 10-Q, Q3 2026, Nov 9, 2026; Plug Power Q3 2026 release, Nov 9, 2026)

Warrants issued to large customers reduce Plug's reported revenue. The provision for common stock warrants recorded against equipment sales rose to $7.2 million in the quarter from $1.1 million a year earlier. (Plug Power Form 10-Q, Q3 2026, Nov 9, 2026)

Plug Power reported net income attributable to the company of $99.8 million, or $0.07 per basic share, but diluted EPS of $(0.00). The profit came from non-cash gains: a $108.3 million change in the fair value of convertible debt and an $84.2 million change in the fair value of warrant liabilities, which Plug sums as about $192 million of mark-to-market gains. (Plug Power Q3 2026 release, Nov 9, 2026)

Plug's operating loss narrowed to $75.3 million from $348.8 million. The gross loss shrank to $5.4 million from $120.2 million, impairment charges fell to $16.6 million from $97.5 million, and the quarter included a $25.8 million gain on the sale of property, plant and equipment. Interest expense rose to $19.3 million from $16.5 million. (Plug Power Q3 2026 release, Nov 9, 2026)

Plug's weighted average basic share count was 1,393,479,873, up from 1,158,516,229 a year earlier, and the diluted count was 1,537,229,859. In the first nine months of 2025 Plug raised $351.9 million from public and private offerings; in Q3 2026 it raised nothing. (Plug Power Q3 2026 release, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Plug Power's outlook is a growth rate, not a dollar figure: 2026 revenue growth of 15% to 16% and positive EBITDAS (earnings before interest, taxes, depreciation, amortization and share-based expense) in Q4 2026. Plug expects net cash usage in Q4 2026 to be roughly flat with the $28 million of Q3. Its forward-looking statements flag the substantial fourth-quarter revenue growth needed to reach the full-year guidance. (Plug Power Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Plug Power, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Plug Power's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PLUG is on is PLUG a buy or a sell?, what analysts expect next is on the PLUG forecast, and what the company does is on the Plug Power (PLUG) stock page.

Every number on this page can be traced to a document Plug Power published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.