EVgo beat earnings expectations for Q4 2025, but weak 2026 guidance sent the stock lower on the day. Here’s what the numbers show.
EVgo reported fourth-quarter adjusted EBITDA of $25 million on revenue of $118.4 million. Wall Street had expected EBITDA of just $2.5 million on revenue of $103 million. A year earlier, the company posted an EBITDA loss of $8.4 million on revenue of $67.5 million.
Gross margin surged 2,350 basis points to 38% in the quarter. Revenue jumped 75% year over year in Q4.
For the full year 2025, EVgo generated $384 million in revenue — up nearly 50% from 2024 — and posted EBITDA of $12 million. That marks the company’s first annual profit.
EVgo, $EVGO, Q4-25.
Record quarter, EBITDA inflects.
EPS: $-0.04
Revenue: $118.47M
Net Loss: $11.03M
Gross margin expanded to 38% and Adj. EBITDA hit $24.86M.
Charging network revenue +37% YoY pic.twitter.com/C5ZamLCcKP— EarningsTime (@Earnings_Time) March 3, 2026
Despite the strong results, EVGO fell 5.3% to $2.68 on Tuesday. The broader market was also weak, with the S&P 500 down 0.9%.
The culprit was guidance. EVgo expects 2026 revenue of $410 million to $470 million and breakeven EBITDA. Analysts had been projecting $478 million in revenue and $33 million in EBITDA. That’s a gap that investors noticed.
Revenue growth is expected to slow to around 15% in 2026, down from nearly 50% in 2025.
Network throughput — the total electricity delivered to EVs — hit 99 gigawatt-hours in Q4, up 18% year over year. That growth came even as US EV sales dropped sharply.
Americans bought around 234,000 all-electric cars in Q4 2025, down 36% year over year. EV sales fell to less than 6% of new car sales in the quarter, down from roughly 10% in Q3.
The federal $7,500 EV purchase tax credit expired in September, making EVs more expensive for buyers.
But EVgo’s CEO Badar Khan pointed out that the business depends more on the total number of EVs already on the road than on new sales figures. “We are putting in charging stations where people are, where people are running errands,” Khan said.
EVgo added over 500 new stalls in Q4 and ended 2025 with 5,100 operational stalls, a 25% increase year over year. DC fast chargers now make up 62% of the network.
Khan said utilization per stall is about six times higher than it was previously, and EVgo’s demand per stall is roughly five times higher than most competitors outside the top three players.
EVgo is scaling out NACS connectors — the Tesla-developed charging standard — across its network. Many automakers in North America have adopted NACS, which means more vehicles can charge at EVgo stations without an adapter.
The company is also targeting fleet operators and rideshare companies as additional demand sources.
Khan acknowledged that rapid network expansion comes with higher depreciation and amortization costs, which weigh on net income even as EBITDA improves.
Coming into Tuesday’s session, EVGO was down 3% year to date and up 16% over the past 12 months.
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