What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of Plug Power (PLUG) revenue becomes net income?

For TTM through Q1 2026, Plug Power turned $740M of revenue into -$1.68B of net income — a net margin of -227.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Plug Power (PLUG) gross, operating, and net margins?

For TTM through Q1 2026, Plug Power reported a gross margin of -25.7%, an operating margin of -82.7%, and a net margin of -227.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Plug Power (PLUG) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

Plug Power (PLUG) Income Statement Waterfall

Revenue

$740M

Gross Margin

-25.7%

Operating Margin

-82.7%

Net Margin

-227.1%

Income statement waterfall for Plug Power (PLUG) — TTM through Q1 2026

Net income: -$1.68B

Margin breakdown for Plug Power (PLUG) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$740M	$740M
Cost of Revenue	-$930M	-$190M
Gross Profit	-$190M	-$190M
Operating Expenses	-$422M	-$611M
Operating Income	-$611M	-$611M
Other Income / Expense	-$1.13B	-$1.74B
Pre-tax Income	-$1.74B	-$1.74B
Income Tax	-$397K	-$1.74B
Other Items	$62.6M	-$1.68B
Net Loss	-$1.68B	-$1.68B

Revenue$740M
Cost of Revenue-$930M
Gross Profit-$190M
Operating Expenses-$422M
Operating Income-$611M
Other Income / Expense-$1.13B
Pre-tax Income-$1.74B
Income Tax-$397K
Other Items$62.6M
Net Loss-$1.68B

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