TLDR
- EVgo delivered Q4 2025 adjusted EBITDA of $25 million with revenue reaching $118 million, significantly exceeding Wall Street’s projections.
- The company achieved 2025 full-year revenue of $384 million, representing a roughly 50% annual increase, alongside $12 million EBITDA—marking its inaugural profitable year.
- Management’s 2026 outlook disappointed: revenue guidance of $410M–$470M and flat EBITDA fell short of analyst expectations calling for $478M revenue and $33M EBITDA.
- EVgo closed 2025 operating 5,100 charging stalls, representing 25% growth from the prior year, with DC fast charging units comprising 62% of total infrastructure.
- Despite US electric vehicle sales plummeting 36% in Q4 2025 following federal tax credit elimination, EVgo’s network throughput climbed 18%.
EVgo surpassed Q4 2025 earnings projections, yet conservative forward guidance triggered a stock decline. Here’s the detailed breakdown.
The EV charging network operator announced fourth-quarter adjusted EBITDA of $25 million against revenue of $118.4 million. This significantly outperformed analyst consensus estimates of $2.5 million EBITDA on $103 million revenue. The prior year period showed an EBITDA deficit of $8.4 million with $67.5 million in sales.
Gross profit margin experienced a dramatic expansion, rising 2,350 basis points to reach 38% during the quarter. Fourth-quarter revenue climbed 75% compared to the year-ago period.
For calendar year 2025, EVgo recorded $384 million in total revenue—representing nearly 50% growth versus 2024—while delivering $12 million in EBITDA. This achievement represents the company’s inaugural profitable fiscal year.
Despite impressive quarterly performance, EVGO shares declined 5.3% to close at $2.68 Tuesday. The overall market showed weakness as well, with the S&P 500 declining 0.9%.
The stock’s decline stemmed from forward-looking projections. Management forecasts 2026 revenue between $410 million and $470 million with EBITDA expected to break even. Wall Street analysts had modeled $478 million in revenue with $33 million EBITDA. This meaningful shortfall caught investor attention.
Projected revenue growth is anticipated to decelerate to approximately 15% in 2026, substantially lower than the nearly 50% expansion achieved in 2025.
What’s Driving the Network
Network throughput—representing total electricity dispensed to electric vehicles—reached 99 gigawatt-hours during Q4, showing 18% year-over-year growth. This expansion occurred despite a significant contraction in domestic EV sales.
US consumers purchased approximately 234,000 fully electric vehicles in Q4 2025, reflecting a 36% decline from the comparable period. Electric vehicle market share contracted to under 6% of total new vehicle sales during the quarter, down from roughly 10% in Q3.
The expiration of the $7,500 federal EV purchase tax incentive in September increased the effective price for prospective buyers.
However, EVgo CEO Badar Khan emphasized that the company’s business model relies more heavily on the existing installed base of electric vehicles rather than quarterly sales fluctuations. “We are putting in charging stations where people are, where people are running errands,” Khan explained.
EVgo deployed more than 500 additional stalls during Q4 and finished 2025 with 5,100 active charging stalls, marking a 25% year-over-year increase. DC fast charging infrastructure now represents 62% of the total network.
Khan noted that per-stall utilization has increased approximately sixfold compared to earlier periods, with EVgo’s demand per stall running about five times higher than most competing operators outside the industry’s top three players.
NACS Expansion and Fleet Growth
EVgo continues expanding NACS connector deployment—the charging standard developed by Tesla—throughout its infrastructure footprint. Numerous automotive manufacturers across North America have embraced NACS, enabling broader vehicle compatibility at EVgo locations without requiring adapters.
The operator is simultaneously pursuing fleet operators and rideshare service providers as supplementary demand channels.
Khan recognized that aggressive network buildout generates elevated depreciation and amortization expenses, which impact net income figures even as EBITDA metrics strengthen.
Prior to Tuesday’s trading session, EVGO shares were down 3% year-to-date while posting 16% gains over the trailing twelve-month period.
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