Key Takeaways
- EVgo delivered Q4 2025 adjusted EBITDA of $25 million against revenues of $118 million, significantly exceeding Wall Street’s projections.
- Annual 2025 revenue reached $384 million, representing nearly 50% growth compared to the prior year, with $12 million in EBITDA marking the company’s inaugural annual profit.
- The company’s 2026 outlook fell short of market expectations: projected revenue of $410M–$470M and neutral EBITDA, compared to analyst estimates of $478M revenue and $33M EBITDA.
- EVgo closed 2025 operating 5,100 charging stalls, representing a 25% annual increase, with DC fast charging units comprising 62% of total infrastructure.
- Despite a 36% year-over-year decline in US EV sales during Q4 2025 following the elimination of the $7,500 federal EV tax incentive, EVgo’s network throughput climbed 18%.
EVgo surpassed earnings projections for the fourth quarter of 2025, yet conservative forward-looking statements pressured shares downward. Here’s a detailed breakdown of the financial performance.
EVgo disclosed fourth-quarter adjusted EBITDA of $25 million alongside revenue totaling $118.4 million. Analysts had anticipated EBITDA of merely $2.5 million with revenue of $103 million. The previous year’s quarter showed an EBITDA deficit of $8.4 million on $67.5 million in revenue.
The company’s gross margin expanded dramatically by 2,350 basis points to reach 38% during the quarter. Fourth-quarter revenue soared 75% compared to the same period last year.
Across the entire 2025 fiscal year, EVgo recorded $384 million in revenue — representing a near-50% jump from 2024 — while achieving $12 million in EBITDA. This milestone represents the company’s first-ever annual profitability.
Notwithstanding these impressive results, EVGO shares declined 5.3% to close at $2.68 on Tuesday. The broader equity market experienced weakness as well, with the S&P 500 falling 0.9%.
The stock’s decline stemmed from forward guidance. EVgo anticipates 2026 revenue between $410 million and $470 million with breakeven EBITDA. Wall Street analysts had forecast $478 million in revenue and $33 million in EBITDA. This meaningful discrepancy caught investor attention.
Revenue expansion is projected to decelerate to approximately 15% in 2026, substantially lower than the nearly 50% growth achieved in 2025.
Network Performance Metrics
Network throughput — representing total electricity dispensed to electric vehicles — reached 99 gigawatt-hours during Q4, climbing 18% year over year. This expansion occurred despite a significant contraction in US EV sales.
American consumers purchased approximately 234,000 fully electric vehicles in Q4 2025, down 36% from the prior year. EV sales represented less than 6% of total new vehicle sales during the quarter, declining from roughly 10% in Q3.
The federal $7,500 EV purchase incentive lapsed in September, increasing the effective cost for prospective buyers.
However, EVgo’s CEO Badar Khan emphasized that the company’s performance correlates more strongly with the existing EV fleet size than quarterly sales figures. “We are putting in charging stations where people are, where people are running errands,” Khan explained.
EVgo deployed over 500 additional stalls in Q4 and concluded 2025 with 5,100 operational stalls, reflecting a 25% year-over-year expansion. DC fast charging infrastructure now represents 62% of the total network.
Khan noted that utilization per stall has increased approximately six-fold compared to previous levels, and EVgo’s per-stall demand exceeds competitors outside the top three market participants by roughly five times.
NACS Integration and Commercial Fleet Strategy
EVgo continues expanding NACS connector availability — the Tesla-originated charging protocol — throughout its infrastructure footprint. Numerous automotive manufacturers across North America have embraced NACS, enabling greater vehicle compatibility at EVgo locations without requiring adapters.
The organization is simultaneously pursuing fleet operators and rideshare platforms as supplementary demand channels.
Khan recognized that aggressive network buildout generates elevated depreciation and amortization expenses, which constrain net income despite positive EBITDA trajectory.
Prior to Tuesday’s trading session, EVGO shares were down 3% year to date while maintaining a 16% gain over the trailing twelve months.
