Al Root
EVgo finished 2025 strongly as the industry faces lower electric-vehicle sales in 2026.
Tuesday morning, the EV charging company announced fourth-quarter adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $25 million from sales of $118 million. Wall Street was looking for Ebitda of $2.5 million from sales of $103 million, according to FactSet. A year ago, EVgo reported a quarterly Ebitda loss of $8.4 million from sales of $67.5 million.
Numbers look solid. EVgo stock was up 2.8% in premarket trading at $2.91 a share, while S&P 500 and Dow Jones Industrial Average futures were both down about 1.7% amid rising geopolitical tensions in the Middle East.
Shares might be up more if not for guidance. For 2026, EVgo expects sales of between $410 million and $470 million and break-even Ebitda. Wall Street currently projects sales of $478 million and Ebitda of $33 million.
For 2025, EVgo generated sales of $384 million, up almost 50% year over year, and Ebitda of $12 million.
Sales growth is expected to slow to about 15% in 2026, as the industry faces some headwinds. The $7,500 federal EV purchase tax credit expired in September, making all EVs less affordable. Americans bought about 234,000 all-electric cars in the fourth quarter of 2025, down 36% year over year.
EV sales accounted for less than 6% of fourth-quarter 2025 new car sales, down from about 10% of third-quarter new car sales.
Still, EVgo's business is more tied to the total number of EVs on the road than to new EV sales. "Network throughput," a measure of how much electricity was delivered to EVs, hit 99 gigawatt-hours in the fourth quarter, up 18% year over year.
The company added more than 500 new operational charging stalls in the fourth quarter and ended the year with 5,100 operational stalls, up 25% year over year.
"As we move into 2026, we're investing in long-term value creation opportunities by focusing on accelerating our pace of deployment, scaling NACS connectors across the network," said CEO Badar Khan in a news release.
NACS is the charging standard created by Tesla. Many car makers in North America have adopted the standard since Tesla is the dominant seller of vehicles and owns the largest supercharging network in the nation. Still, more Tesla-shaped plugs will mean more Teslas can charge easily at EVgo stations.
That can help the company grow even as EV sales falter in the new year.
Coming into Tuesday trading, EVgo stock was down 3% year to date and up 16% over the past 12 months.
Write to Al Root at allen.root@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 03, 2026 08:15 ET (13:15 GMT)
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