Plug Power Inc (PLUG) Financial Statements
Industry: Electrical Industrial Apparatus
In fiscal 2025, Plug Power reported revenue of $709.9M, up 12.9% from $628.8M the year before. Net income was -$1.63B (a -229.8% net margin), or -$1.42 per diluted share. Gross margin was -34.1% and operating margin was -206.7%. Operating activities generated -$535.8M of cash, leaving -$647.0M of free cash flow. At fiscal year end, Plug Power held $2.59B in total assets against $1.59B in total liabilities, including $368.5M of cash and equivalents.
Open the full interactive Plug Power financials → Quarterly statements, key ratios, valuation history and price charts.
Plug Power Key Stats
| Share Price | $1.56 |
|---|---|
| Market Cap | $2.17B |
| Revenue YoY Growth | +12.9% |
| 52-Week Range | $1.56 – $4.14 |
| Shares Outstanding | 1.39 billion (basic, 2026 Q2) |
Plug Power Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | -$93.2M | $502.3M | $701.4M | $891.3M | $628.8M | $709.9M |
| Cost of Goods Sold | $376.2M | — | — | — | — | — |
| Gross Profit | -$469.4M | -$171.3M | -$194.4M | -$507.8M | -$624.9M | -$242.0M |
| Operating Income | -$584.2M | -$437.3M | -$679.5M | -$1.34B | -$2.02B | -$1.47B |
| Pre-Tax Income | -$627.0M | -$476.2M | -$723.2M | -$1.38B | -$2.11B | -$1.69B |
| Income Tax | -$30.8M | -$16.2M | $839,000 | -$7.4M | -$2.7M | $356,000 |
| Net Income | -$596.2M | -$460.0M | -$724.0M | -$1.37B | -$2.10B | -$1.63B |
| Diluted EPS | -$1.68 | -$0.82 | -$1.25 | -$2.30 | -$2.68 | -$1.42 |
Plug Power Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $177.1M | $225.2M | $163.5M | $178.3M |
| Net Income | -$361.9M | -$846.0M | -$245.3M | -$188.2M |
| Diluted EPS | -$0.31 | -$0.74 | -$0.18 | -$0.14 |
Plug Power Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.31B | $2.48B | $690.6M | $135.0M | $205.7M | $368.5M |
| Current Assets | $1.60B | $4.45B | $3.31B | $1.79B | $1.48B | $1.41B |
| Total Assets | $2.25B | $5.95B | $5.76B | $4.90B | $3.60B | $2.59B |
| Current Liabilities | $222.4M | $420.6M | $635.3M | $964.8M | $748.5M | $610.6M |
| Total Long-Term Debt | $286.4M | $335.9M | $9.0M | $3.9M | $321.3M | $433.6M |
| Total Liabilities | $784.4M | $1.34B | $1.70B | $2.00B | $1.80B | $1.59B |
| Shareholders' Equity | $1.47B | $4.61B | $4.06B | $2.90B | $1.73B | $978.1M |
Plug Power Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$155.5M | -$358.2M | -$828.6M | -$1.11B | -$728.6M | -$535.8M |
| Cash From Investing | -$95.3M | -$1.74B | -$679.4M | $728.1M | -$402.4M | -$139.0M |
| Cash From Financing | $1.52B | $3.60B | -$77.5M | $6.1M | $983.2M | $630.0M |
| Free Cash Flow | -$178.0M | -$530.4M | -$1.27B | -$1.77B | -$1.02B | -$647.0M |
Figures from Plug Power's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Plug Power financials page for every line item.
Plug Power Company Profile
| Ticker | PLUG |
|---|---|
| Exchange | Nasdaq |
| Industry | Electrical Industrial Apparatus |
| Headquarters | Slingerlands, New York |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001093691 |
Frequently Asked Questions
What was Plug Power's revenue in fiscal 2025?
Plug Power (PLUG) reported revenue of $709.9M for fiscal 2025.
What is Plug Power's annual revenue history?
Plug Power's annual revenue by fiscal year: 2020: -$93.2M; 2021: $502.3M; 2022: $701.4M; 2023: $891.3M; 2024: $628.8M; 2025: $709.9M.
What was Plug Power's net income in fiscal 2025?
Plug Power reported net income of -$1.63B for fiscal 2025.
What was Plug Power's earnings per share (EPS) in fiscal 2025?
Plug Power's diluted EPS was -$1.42 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Plug Power generate in fiscal 2025?
Plug Power generated -$647.0M of free cash flow in fiscal 2025.
What was Plug Power's revenue last quarter?
In its most recent reported quarter (2026 Q2), Plug Power reported revenue of $178.3M.
How much debt does Plug Power have?
Plug Power reported $433.6M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Plug Power are outstanding?
Plug Power reported a weighted average of 1.39 billion basic shares outstanding in 2026 Q2.
What is Plug Power's market cap?
Based on its latest closing price, Plug Power (PLUG) has a market capitalization of about $2.17B.
When does Plug Power's fiscal year end?
Plug Power's fiscal year end, as registered with the SEC, is December 31.
Where is Plug Power headquartered?
Plug Power lists its business address in Slingerlands, New York in its SEC filings.