Plug Power Q3 2026 Revenue Tops Estimates at $200.6M, but EPS Misses at -$0.12
Revenue of $200.6M vs. $198.4M expected and adjusted EPS of -$0.12 vs. -$0.07; revenue up 13% from a year earlier.
Plug Power (PLUG) posted mixed third-quarter 2026 results, with revenue above the estimate and adjusted EPS below it. Revenue was $200.6 million, up 13% from a year earlier, above the $198.4 million estimate, and adjusted EPS was -$0.12, up 61% from a year earlier, below the -$0.07 estimate.
Shares rose 0.7% in after-hours trading as of 4:30 p.m. ET, to $1.51 from a $1.50 close.
Q3 2026 scorecard
| Parameters | Expected | Actual | Beat/Miss |
|---|---|---|---|
| Adjusted EPS | -$0.07 | -$0.12 | Miss by 84% |
| Revenue | $198.4M | $200.6M | Beat by 1.1% |
| Change | YoY | QoQ |
|---|---|---|
| Adjusted EPS | ▲ 61% | ▲ 14% |
| Revenue | ▲ 13% | ▲ 13% |
By our calculation, revenue was $2.2 million above the estimate and adjusted EPS was $0.05 below it. The QoQ column compares with the previous quarter's revenue of $178.3 million and adjusted EPS of -$0.14. The YoY column compares with $177.1 million and -$0.31 in the same quarter a year earlier.
GAAP results
- GAAP EPS. GAAP diluted EPS was $0.07, against -$0.31 a year earlier.
- Net income. The company reported net income of $99.8 million on a GAAP basis, compared with a net loss of $361.9 million a year earlier.
Track record
- EPS record. Adjusted EPS beat the estimate in 0 of the last 8 reports, including this one.
- Revenue record. Revenue beat the estimate in 7 of the last 8 reports.
- Revenue trend. Revenue over the last 5 reports, oldest first: $177.1 million, $225.2 million, $163.5 million, $178.3 million and $200.6 million.
What to watch
- Next-quarter estimates. Consensus calls for EPS of -$0.04 and revenue of $279.9 million next quarter, based on 5 analysts.
- Revenue growth. Whether revenue keeps growing from a year earlier after this quarter's 13% increase to $200.6 million.
- Estimate record. Whether Plug Power returns to beating EPS estimates, which it did in 0 of its last 8 reports.
- Related coverage. See our reports on AbCellera Biologics, USA Rare Earth, Lineage and Occidental Petroleum.
Sources: Results are from Plug Power's Nov. 9, 2026 quarterly report. Estimates are consensus figures. The prior-quarter and year-ago comparison figures are from Plug Power's earlier quarterly reports. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.
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