Electric vehicle charging company EVgo (NASDAQ: EVGO) beat Wall Street’s revenue expectations in Q2 CY2026, but sales fell by 15.7% year on year to $82.65 million. On the other hand, the company’s full-year revenue guidance of $415 million at the midpoint came in 3.8% below analysts’ estimates. Its GAAP loss of $0.15 per share was 25.9% below analysts’ consensus estimates.
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EVgo (EVGO) Q2 CY2026 Highlights:
- Revenue: $82.65 million vs analyst estimates of $79.83 million (15.7% year-on-year decline, 3.5% beat)
- EPS (GAAP): -$0.15 vs analyst expectations of -$0.12 (25.9% miss)
- Adjusted EBITDA: -$10.57 million (-12.8% margin, 447% year-on-year decline)
- The company dropped its revenue guidance for the full year to $415 million at the midpoint from $440 million, a 5.7% decrease
- EBITDA guidance for the full year is -$15 million at the midpoint, below analyst estimates of $305,910
- Adjusted EBITDA Margin: -12.8%, down from -2% in the same quarter last year
- Free Cash Flow was $27.34 million, up from -$12.19 million in the same quarter last year
- Market Capitalization: $244 million
"EVgo delivered another quarter of solid execution, with 19% charging network revenue growth and continued expansion of our nationwide fast-charging platform," said Badar Khan, CEO of EVgo.
Company Overview
Created through a settlement between NRG Energy and the California Public Utilities Commission, EVgo (NASDAQ: EVGO) is a provider of electric vehicle charging solutions, operating fast charging stations across the United States.
Revenue Growth
Reviewing a company’s long-term sales performance reveals insights into its quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Thankfully, EVgo’s 89.1% annualized revenue growth over the last five years was incredible. Its growth beat the average industrials company and shows its offerings resonate with customers.
Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. EVgo’s annualized revenue growth of 39.6% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
This quarter, EVgo’s revenue fell by 15.7% year on year to $82.65 million but beat Wall Street’s estimates by 3.5%.
Looking ahead, sell-side analysts expect revenue to grow 19.8% over the next 12 months, a deceleration versus the last two years. Despite the slowdown, this projection is commendable and implies the market is forecasting success for its products and services.
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Operating Margin
EVgo’s high expenses have contributed to an average operating margin of negative 63.8% over the last five years. Unprofitable industrials companies require extra attention because they could get caught swimming naked when the tide goes out. It’s hard to trust that the business can endure a full cycle.
On the plus side, EVgo’s operating margin rose over the last five years, as its sales growth gave it operating leverage. Still, it will take much more for the company to reach long-term profitability.
EVgo’s operating margin was negative 48.6% this quarter.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions.
Although EVgo’s full-year earnings are still negative, it reduced its losses and improved its EPS by 2.8% annually over the last five years. The next few quarters will be critical for assessing its long-term profitability.
Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.
For EVgo, its two-year annual EPS growth of 1.5% was lower than its five-year trend. We hope its growth can accelerate in the future.
In Q2, EVgo reported EPS of negative $0.15, down from negative $0.10 in the same quarter last year. This print missed analysts’ estimates. Over the next 12 months, Wall Street expects EVgo to perform poorly. Analysts forecast its full-year EPS will tumble from negative $0.40 to negative $0.45.
Key Takeaways from EVgo’s Q2 Results
We were impressed by how significantly EVgo blew past analysts’ revenue expectations this quarter. On the other hand, its full-year revenue guidance missed and its full-year EBITDA guidance fell short of Wall Street’s estimates. Overall, this quarter could have been better. The stock traded down 12.7% to $1.51 immediately following the results.
EVgo may have had a tough quarter, but does that actually create an opportunity to invest right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
