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Plug Power (PLUG) Financials

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$2.30 +0.08 (+3.60%)
As of 12:52 PM Eastern
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Annual Income Statements for Plug Power

Annual Income Statements for Plug Power

This table shows Plug Power's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 151 -55 -130 -86 -86 -596 -460 -724 -1,369 -2,105 -1,632
Consolidated Net Income / (Loss)		 -56 -57 -127 -86 -84 -596 -460 -724 -1,369 -2,105 -1,694
Net Income / (Loss) Continuing Operations		 151 -55 -127 -86 -84 -596 -460 -724 -1,369 -2,105 -1,694
Total Pre-Tax Income 		-56 -58 -127 -95 -84 -627 -476 -723 -1,376 -2,108 -1,693
Total Operating Income		 -59 -52 -102 -76 -48 -584 -437 -680 -1,344 -2,020 -1,467
Total Gross Profit		 197 5.02 -28 -26 11 -469 -171 -194 -508 -625 -242
Total Revenue		 310 83 100 174 230 -93 502 701 891 629 710
Operating Revenue		 103 83 100 174 230 -93 502 701 891 629 710
Total Cost of Revenue		 113 80 128 200 219 376 674 896 1,399 1,254 952
Operating Cost of Revenue		 113 80 128 - - 376 674 896 1,399 1,254 952
Total Operating Expenses		 49 54 74 50 58 115 266 485 836 1,395 1,225
Selling, General & Admin Expense		 34 34 45 38 43 79 180 364 422 376 380
Research & Development Expense		 15 21 29 13 15 28 65 100 114 77 58
Impairment Charge		 - - - 0.00 0.00 6.43 10 5.22 269 949 785
Restructuring Charge		 - - - - - - - 0.00 0.00 8.15 26
Other Special Charges / (Income)		 - - - 0.00 0.00 1.16 11 16 30 -16 -23
Total Other Income / (Expense), net		 3.31 -6.36 -25 -18 -36 -43 -39 -44 -33 -88 -226
Interest Expense		 - - - 23 36 43 43 40 45 63 97
Interest & Investment Income		 - - - - - 0.77 4.99 -2.46 13 -1.46 -36
Other Income / (Expense), net		 3.31 -6.36 -25 4.29 0.08 -0.74 -0.61 -1.14 -0.13 -23 -94
Income Tax Expense		 - -0.39 - -9.30 0.00 -31 -16 0.84 -7.36 -2.69 0.36
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - - - 0.00 0.00 -0.20 -62
Basic Earnings per Share		 ($0.32) ($0.32) ($0.60) ($0.39) ($0.36) ($1.68) ($0.82) ($1.25) ($2.30) ($2.68) ($1.42)
Weighted Average Basic Shares Outstanding		 176.07M 180.62M 216.34M 218.88M 237.15M 354.79M 558.18M 579.72M 595.47M 785.02M 1.15B
Diluted Earnings per Share		 ($0.32) ($0.32) ($0.60) ($0.39) ($0.36) ($1.68) ($0.82) ($1.25) ($2.30) ($2.68) ($1.42)
Weighted Average Diluted Shares Outstanding		 176.07M 180.62M 216.34M 218.88M 237.15M 354.79M 558.18M 579.72M 595.47M 785.02M 1.15B
Weighted Average Basic & Diluted Shares Outstanding		 176.07M 180.62M 216.34M 218.88M 237.15M 354.79M 577.86M 593.39M 684.26M 925.18M 1.39B

Quarterly Income Statements for Plug Power

This table shows Plug Power's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -642 -296 -262 -211 -1,335 -197 -227 -362 -846 -245 -188
Consolidated Net Income / (Loss)		 -642 -296 -262 -211 -1,336 -197 -229 -364 -905 -246 -190
Net Income / (Loss) Continuing Operations		 -892 -296 -262 -211 -1,336 -197 -229 -364 -905 -246 -190
Total Pre-Tax Income 		-643 -296 -263 -211 -1,338 -197 -229 -363 -904 -246 -190
Total Operating Income		 -626 -259 -245 -216 -1,300 -178 -177 -349 -763 -109 -64
Total Gross Profit		 -222 -159 -131 -100 -235 -74 -53 -120 5.45 -22 -1.68
Total Revenue		 222 120 143 174 191 134 174 177 225 164 178
Operating Revenue		 222 120 143 174 191 134 174 177 225 164 178
Total Cost of Revenue		 444 279 275 274 426 208 227 297 220 185 180
Operating Cost of Revenue		 444 279 275 274 426 208 227 297 220 185 180
Total Operating Expenses		 653 100 113 116 1,065 105 123 229 769 88 62
Selling, General & Admin Expense		 112 78 85 92 121 81 88 111 100 70 29
Research & Development Expense		 30 25 19 20 13 17 12 16 12 12 13
Impairment Charge		 507 0.28 3.94 4.19 941 1.06 21 98 666 3.86 19
Restructuring Charge		 - 6.01 1.63 0.51 -0.00 17 2.96 5.52 0.22 1.43 0.18
Other Special Charges / (Income)		 3.71 -9.20 3.77 0.15 -11 -12 -0.17 -1.13 -10 0.28 0.20
Total Other Income / (Expense), net		 -17 -36 -18 5.10 -39 -18 -52 -15 -141 -137 -126
Interest Expense		 11 25 9.51 9.15 19 15 21 16 44 16 17
Interest & Investment Income		 -10 -3.84 0.56 -1.27 3.09 2.78 -40 1.05 0.54 3.38 1.92
Other Income / (Expense), net		 4.74 -7.00 -9.08 16 -23 -6.05 9.65 0.78 -98 -124 -111
Income Tax Expense		 -0.45 0.16 -0.38 0.10 -2.57 0.00 0.01 0.09 0.25 0.04 0.21
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 0.00 0.00 0.00 - -0.20 -1.63 -1.64 -59 -0.73 -1.90
Basic Earnings per Share		 ($1.08) ($0.46) ($0.36) ($0.25) ($1.61) ($0.21) ($0.20) ($0.31) ($0.70) ($0.18) ($0.14)
Weighted Average Basic Shares Outstanding		 595.47M 641.26M 736.85M 858.44M 785.02M 945.77M 1.13B 1.16B 1.15B 1.39B 1.39B
Diluted Earnings per Share		 ($1.08) ($0.46) ($0.36) ($0.25) ($1.61) ($0.21) ($0.20) ($0.31) ($0.70) ($0.18) ($0.14)
Weighted Average Diluted Shares Outstanding		 595.47M 641.26M 736.85M 858.44M 785.02M 945.77M 1.13B 1.16B 1.15B 1.39B 1.39B
Weighted Average Basic & Diluted Shares Outstanding		 684.26M 742.56M 879.64M 911.20M 925.18M 1.08B 1.15B 1.39B 1.39B 1.40B 1.40B

Annual Cash Flow Statements for Plug Power

This table details how cash moves in and out of Plug Power's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -82 -11 -33 42 259 1,265 1,499 -1,791 -556 71 163
Net Cash From Operating Activities		 -47 -30 -60 -58 -53 -155 -358 -829 -1,107 -729 -536
Net Cash From Continuing Operating Activities		 -47 -30 -60 -58 -53 -155 -358 -829 -1,107 -729 -536
Net Income / (Loss) Continuing Operations		 -56 -57 -127 -86 -84 -596 -460 -724 -1,369 -2,105 -1,694
Consolidated Net Income / (Loss)		 -56 -57 -127 -86 -84 -596 -460 -724 -1,369 -2,105 -1,694
Depreciation Expense		 2.01 4.65 9.19 12 12 14 21 30 52 61 38
Amortization Expense		 0.98 2.35 1.36 7.04 9.70 18 5.49 25 15 21 8.21
Non-Cash Adjustments To Reconcile Net Income		 14 -4.70 60 22 18 464 157 200 593 1,303 1,089
Changes in Operating Assets and Liabilities, net		 -8.89 26 -3.91 -13 -9.62 -56 -82 -360 -397 -8.37 23
Net Cash From Investing Activities		 -2.02 -58 -44 -20 -14 -95 -1,741 -679 728 -402 -139
Net Cash From Continuing Investing Activities		 -2.02 -58 -44 -20 -14 -95 -1,741 -679 728 -402 -139
Purchase of Property, Plant & Equipment		 -3.52 -58 -44 -19 -12 -48 -192 -464 -696 -334 -126
Sale of Property, Plant & Equipment		 - - - - - - 0.00 0.00 1.10 0.50 0.00
Divestitures		 1.50 - - - - - - - 0.00 0.00 6.50
Sale and/or Maturity of Investments		 - - - - - 0.00 1,936 724 1,496 0.00 0.00
Other Investing Activities, net		 - - - 0.00 0.38 0.00 - -39 -73 -69 -20
Net Cash From Financing Activities		 -33 77 72 120 327 1,516 3,598 -77 6.12 983 630
Net Cash From Continuing Financing Activities		 -33 77 72 120 446 1,516 3,598 -77 6.12 983 630
Repayment of Debt		 - -55 -31 -47 -85 -165 -88 -176 -6.01 -3.53 -282
Issuance of Debt		 - 71 20 172 361 369 109 123 104 250 643
Issuance of Common Equity		 - 12 23 7.20 158 1,272 3,588 0.00 0.00 868 330
Other Financing Activities, net		 -33 33 45 -43 1.22 40 -11 -24 -92 -132 -62
Effect of Exchange Rate Changes		 -0.02 -0.12 0.35 -0.06 -0.06 - - -205 -183 218 208
Cash Interest Paid		 0.55 8.26 8.79 13 19 29 19 36 42 45 60

Quarterly Cash Flow Statements for Plug Power

This table details how cash moves in and out of Plug Power's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 457 38 -67 32 112 90 -155 25 203 -145 -61
Net Cash From Operating Activities		 -243 -168 -255 -175 -131 -106 -192 -90 -149 -150 -94
Net Cash From Continuing Operating Activities		 6.85 -168 -255 -175 -131 -106 -192 -90 -149 -150 -94
Net Income / (Loss) Continuing Operations		 -642 -296 -262 -211 -1,336 -197 -229 -364 -905 -246 -190
Consolidated Net Income / (Loss)		 -642 -296 -262 -211 -1,336 -197 -229 -364 -905 -246 -190
Depreciation Expense		 14 17 18 17 9.48 12 13 8.12 4.58 6.31 6.56
Amortization Expense		 11 5.06 3.66 3.75 8.15 1.69 2.11 2.60 1.81 1.91 2.00
Non-Cash Adjustments To Reconcile Net Income		 643 69 59 39 1,120 29 70 215 787 124 116
Changes in Operating Assets and Liabilities, net		 -19 37 -73 -24 67 49 -47 48 -38 -36 -28
Net Cash From Investing Activities		 268 -121 -148 -90 -44 -47 -41 -30 -21 -8.48 0.29
Net Cash From Continuing Investing Activities		 268 -121 -148 -90 -44 -47 -41 -30 -21 -8.48 0.29
Purchase of Property, Plant & Equipment		 -186 -99 -106 -90 -40 -46 -40 -30 -9.06 -8.11 -31
Other Investing Activities, net		 -5.79 -22 -42 -0.66 -4.25 -0.51 -0.32 -0.29 -19 -0.37 30
Net Cash From Financing Activities		 -8.33 283 244 252 204 193 33 87 317 -32 -36
Net Cash From Continuing Financing Activities		 -8.33 283 244 252 204 193 33 87 317 -32 -36
Repayment of Debt		 -74 -0.30 21 -0.04 -90 -1.58 -2.94 -11 -266 -0.35 -0.35
Other Financing Activities, net		 52 -22 -44 -23 24 -81 -165 -29 213 -32 -19
Effect of Exchange Rate Changes		 - 43 - 44 83 49 45 58 56 45 69
Cash Interest Paid		 13 9.11 13 4.35 18 6.69 21 9.31 22 8.99 23

Annual Balance Sheets for Plug Power

This table presents Plug Power's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 209 241 271 390 660 2,251 5,950 5,764 4,903 3,603 2,595
Total Current Assets		 131 111 120 156 314 1,603 4,449 3,305 1,787 1,477 1,410
Cash & Equivalents		 64 46 25 39 139 1,312 2,481 691 135 206 369
Restricted Cash		 4.01 11 14 17 55 64 119 159 217 198 187
Accounts Receivable		 23 12 24 37 26 43 93 129 244 157 135
Inventories, net		 33 30 49 48 72 139 269 646 961 683 521
Prepaid Expenses		 7.86 12 7.93 14 21 44 60 150 104 140 94
Other Current Assets		 - - - - - - 39 62 126 94 105
Plant, Property, & Equipment, net		 1.67 54 0.00 0.00 15 150 329 809 1,547 866 281
Total Noncurrent Assets		 77 76 151 235 331 498 1,173 1,650 1,568 1,259 903
Long-Term Investments		 44 43 29 54 175 258 545 731 881 723 486
Noncurrent Note & Lease Receivables		 7.26 8.25 10 13 1.71 5.72 32 54 57 52 45
Intangible Assets		 4.64 3.93 3.79 3.89 5.54 39 158 208 189 85 29
Other Noncurrent Operating Assets		 12 12 98 155 140 123 217 409 441 400 344
Total Liabilities & Shareholders' Equity		 209 241 271 390 660 2,251 5,950 5,764 4,903 3,603 2,595
Total Liabilities		 84 146 196 356 528 784 1,344 1,704 2,005 1,795 1,591
Total Current Liabilities		 43 66 116 146 134 222 421 635 965 748 611
Short-Term Debt		 - 2.96 19 17 26 25 15 5.14 2.72 59 3.21
Accounts Payable		 20 32 42 35 40 50 92 192 258 181 169
Accrued Expenses		 9.85 8.52 11 7.86 14 46 79 156 201 103 128
Current Deferred Revenue		 4.47 5.74 8.63 12 12 23 116 132 204 144 67
Other Current Liabilities		 7.93 17 35 75 41 77 117 150 300 261 244
Total Noncurrent Liabilities		 41 80 81 210 394 562 924 1,069 1,040 1,047 981
Long-Term Debt		 - 21 13 63 196 236 305 198 196 323 432
Noncurrent Deferred Revenue		 14 17 26 28 23 33 67 98 84 59 34
Other Noncurrent Operating Liabilities		 27 41 42 118 175 293 552 773 759 665 514
Total Equity & Noncontrolling Interests		 125 85 74 2.71 130 1,467 4,606 4,060 2,898 1,808 1,003
Total Preferred & Common Equity		 125 85 74 2.71 130 1,467 4,606 4,060 2,898 1,734 978
Total Common Equity		 125 85 74 2.71 130 1,467 4,606 4,060 2,898 1,734 978
Common Stock		 1,121 1,139 1,253 1,292 1,510 3,451 7,077 7,303 7,501 8,440 9,200
Retained Earnings		 -994 -1,051 -1,179 -1,260 -1,350 -1,946 -2,397 -3,121 -4,490 -6,594 -8,226
Accumulated Other Comprehensive Income / (Loss)		 0.80 0.25 2.19 1.58 1.29 2.45 -1.53 -26 -6.80 -2.50 6.80
Other Equity Adjustments		 - - - - - - -73 -96 -106 -109 -2.95
Noncontrolling Interest		 - - - - - - - - 0.00 74 25

Quarterly Balance Sheets for Plug Power

This table presents Plug Power's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 5,654 5,583 5,452 4,847 4,780 4,725 3,633 3,354 3,105 2,368 2,193
Total Current Assets		 2,977 2,617 2,240 1,767 1,672 1,634 1,534 1,330 1,191 1,275 1,146
Cash & Equivalents		 475 579 111 173 62 94 296 141 166 223 162
Restricted Cash		 176 173 226 220 223 217 196 195 189 184 156
Accounts Receivable		 128 217 163 149 190 167 145 139 124 107 126
Inventories, net		 776 904 1,024 976 940 886 693 644 555 516 493
Prepaid Expenses		 156 140 147 119 125 125 112 113 88 140 106
Other Current Assets		 99 99 112 130 133 145 92 98 69 105 103
Plant, Property, & Equipment, net		 875 1,062 1,252 1,569 1,510 1,534 880 910 877 240 386
Total Noncurrent Assets		 1,802 1,904 1,960 1,512 1,598 1,557 1,220 1,114 1,037 853 660
Long-Term Investments		 790 864 905 842 831 782 670 587 537 441 405
Noncurrent Note & Lease Receivables		 57 56 55 56 55 53 51 55 53 39 36
Intangible Assets		 204 199 193 183 178 175 83 81 78 28 27
Other Noncurrent Operating Assets		 502 535 559 430 534 547 416 391 369 345 192
Total Liabilities & Shareholders' Equity		 5,654 5,583 5,452 4,847 4,780 4,725 3,633 3,354 3,105 2,368 2,193
Total Liabilities		 1,732 1,844 1,943 1,918 1,791 1,696 1,701 1,590 1,606 1,594 1,605
Total Current Liabilities		 678 828 931 911 810 787 788 836 903 541 494
Short-Term Debt		 5.23 0.51 2.65 2.79 3.03 61 59 145 144 2.93 0.31
Accounts Payable		 188 220 293 286 254 207 192 152 162 144 144
Accrued Expenses		 168 166 154 155 113 107 129 105 122 113 106
Current Deferred Revenue		 137 165 177 180 175 132 138 107 88 69 60
Other Current Liabilities		 179 275 305 288 265 279 271 326 386 212 183
Total Noncurrent Liabilities		 1,055 1,016 1,012 1,007 982 909 912 754 704 1,054 1,111
Long-Term Debt		 198 198 196 211 211 152 257 0.00 0.00 504 579
Noncurrent Deferred Revenue		 83 87 77 76 71 60 43 41 34 30 26
Other Noncurrent Operating Liabilities		 774 731 739 720 700 698 612 713 670 520 506
Total Equity & Noncontrolling Interests		 3,922 3,739 3,509 2,929 2,989 3,029 1,933 1,764 1,499 774 587
Total Preferred & Common Equity		 3,922 3,739 3,509 2,929 2,989 3,029 1,857 1,681 1,417 750 582
Total Common Equity		 3,922 3,739 3,509 2,929 2,989 3,029 1,857 1,681 1,417 750 582
Common Stock		 7,367 7,416 7,462 7,830 8,145 8,398 8,762 8,801 8,899 9,221 9,242
Retained Earnings		 -3,327 -3,564 -3,847 -4,786 -5,048 -5,259 -6,791 -7,018 -7,380 -8,471 -8,660
Accumulated Other Comprehensive Income / (Loss)		 -19 -14 -1.62 -9.08 -1.95 -1.63 -5.23 3.48 3.78 3.44 2.45
Other Equity Adjustments		 -99 -99 -104 -107 -107 -108 -109 -105 -106 -2.98 -3.10
Noncontrolling Interest		 - - - - - - 75 83 82 24 5.54

Annual Metrics And Ratios for Plug Power

This table displays calculated financial ratios and metrics derived from Plug Power's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 1,391,427,242.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 1,391,427,242.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -1.17
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -41 -36 -71 -54 -33 -409 -306 -476 -940 -1,414 -1,027
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -11.16% -30.36% -64.56% -71.39%
Earnings before Interest and Taxes (EBIT)		 -56 -58 -127 -72 -48 -585 -438 -681 -1,344 -2,043 -1,561
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -53 -51 -117 -53 -26 -552 -412 -625 -1,270 -1,962 -1,515
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -42 -40 -92 -19 -13 -518 -605 -1,297 -1,590 -613 -361
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 14 18 38 4.39 -16 94 393 1,215 1,864 1,064 398
Increase / (Decrease) in Invested Capital		 0.78 3.77 21 -34 -20 110 299 822 650 -801 -666
Book Value per Share		 $0.69 $0.47 $0.32 $0.01 $0.50 $3.53 $7.99 $6.97 $4.79 $1.90 $0.70
Tangible Book Value per Share		 $0.62 $0.40 $0.26 ($0.04) $0.44 $3.26 $7.33 $6.18 $4.47 $1.81 $0.68
Total Capital		 126 119 106 115 354 1,728 4,926 4,263 3,097 2,190 1,439
Total Debt		 0.00 24 32 80 223 261 321 203 199 382 436
Total Long-Term Debt		 0.00 21 13 63 196 236 305 198 196 323 432
Net Debt		 -112 -77 -36 -30 -147 -1,373 -4,213 -2,845 -1,034 -744 -605
Capital Expenditures (CapEx)		 3.52 58 44 19 12 48 192 464 695 334 126
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 21 -9.82 -16 -30 12 30 55 358 473 385 248
Debt-free Net Working Capital (DFNWC)		 89 47 23 26 206 1,406 4,043 2,675 825 788 803
Net Working Capital (NWC)		 89 44 3.89 9.25 180 1,381 4,028 2,670 822 729 800
Net Nonoperating Expense (NNE)		 14 21 56 32 50 187 154 248 428 691 666
Net Nonoperating Obligations (NNO)		 -112 -77 -36 -30 -147 -1,373 -4,213 -2,845 -1,034 -744 -605
Total Depreciation and Amortization (D&A)		 2.99 7.00 11 19 22 33 26 55 73 82 46
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.32) ($0.32) ($0.60) ($0.36) ($0.36) $0.00 ($0.82) ($1.25) ($2.30) ($2.68) ($1.42)
Adjusted Weighted Average Basic Shares Outstanding		 180.11M 191.19M 228.59M 233.84M 321.29M 0.00 558.18M 579.72M 595.47M 785.02M 1.15B
Adjusted Diluted Earnings per Share		 ($0.32) ($0.32) ($0.60) ($0.36) ($0.36) $0.00 ($0.82) ($1.25) ($2.30) ($2.68) ($1.42)
Adjusted Weighted Average Diluted Shares Outstanding		 180.11M 191.19M 228.59M 233.84M 321.29M 0.00 558.18M 579.72M 595.47M 785.02M 1.15B
Adjusted Basic & Diluted Earnings per Share		 ($0.32) ($0.32) ($0.60) ($0.36) ($0.36) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 176.07M 180.62M 216.34M 218.88M 237.15M 0.00 577.86M 593.39M 684.26M 925.18M 1.39B
Normalized Net Operating Profit after Tax (NOPAT)		 -41 -36 -71 -54 -33 -404 -291 -461 -556 -755 -476
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Plug Power

This table displays calculated financial ratios and metrics derived from Plug Power's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 1,391,427,242.00 1,393,955,129.00 1,395,069,082.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 1,391,427,242.00 1,393,955,129.00 1,395,069,082.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -0.61 -0.18 -0.13
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.64% -42.81% -44.90% -12.57% -13.81% 11.15% 21.36% 1.91% - 22.32% 2.49%
EBITDA Growth		 -176.31% -19.30% -4.51% 27.10% -118.78% 30.26% 34.33% -87.51% - -32.18% -9.10%
EBIT Growth		 -165.76% -24.16% -6.21% 25.40% -112.89% 30.74% 34.07% -73.43% - -26.73% -4.50%
NOPAT Growth		 -167.79% -23.65% -4.63% 21.10% -107.63% 31.21% 27.68% -61.35% - 38.65% 63.77%
Net Income Growth		 -187.47% -43.19% -10.97% 25.51% -107.91% 33.44% 12.81% -72.14% - -24.98% 16.89%
EPS Growth		 0.00% -31.43% 10.00% 46.81% -49.07% 54.35% 44.44% -24.00% - 14.29% 30.00%
Operating Cash Flow Growth		 20.85% 39.43% 26.82% 26.78% 45.91% 37.06% 24.70% 48.66% - -42.13% 50.96%
Free Cash Flow Firm Growth		 -10.38% 45.45% 63.24% 77.04% 89.97% 221.32% 320.75% 497.77% - -17.03% -49.13%
Invested Capital Growth		 53.47% 25.86% 14.94% 6.92% -42.94% -43.02% -52.74% -65.09% - -60.15% -54.92%
Revenue Q/Q Growth		 11.80% -45.87% 19.20% 21.19% 10.21% -30.19% 30.15% 1.77% - -27.40% 9.04%
EBITDA Q/Q Growth		 -141.72% 58.96% 5.17% 22.50% -625.39% 86.92% 10.70% -121.29% - 73.61% 26.30%
EBIT Q/Q Growth		 -130.93% 57.11% 4.75% 20.92% -559.04% 86.05% 9.33% -108.02% - 72.85% 25.23%
NOPAT Q/Q Growth		 -128.46% 58.56% 5.68% 11.65% -501.20% 86.27% 0.85% -97.12% - 85.65% 41.45%
Net Income Q/Q Growth		 -126.61% 53.96% 11.31% 19.50% -532.50% 85.26% -16.19% -58.93% - 72.80% 22.73%
EPS Q/Q Growth		 -129.79% 57.41% 21.74% 30.56% -544.00% 86.96% 4.76% -55.00% - 74.29% 22.22%
Operating Cash Flow Q/Q Growth		 -1.57% 30.88% -51.88% 31.33% 24.98% 19.56% -81.69% 53.18% - -0.94% 37.31%
Free Cash Flow Firm Q/Q Growth		 13.98% 47.27% 22.85% 34.38% 62.42% 737.85% 40.36% 18.24% - 338.76% -13.94%
Invested Capital Q/Q Growth		 -7.26% 2.34% 9.38% 2.99% -50.51% 2.20% -9.28% -23.92% - 8.86% 2.62%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -100.06% -132.27% -91.56% -57.58% -122.49% -55.25% -30.73% -67.87% - -13.21% -0.94%
EBITDA Margin		 -268.46% -203.51% -161.91% -103.54% -681.46% -127.69% -87.61% -190.50% - -137.98% -93.26%
Operating Margin		 -281.74% -215.70% -170.68% -124.43% -678.75% -133.50% -101.71% -196.99% - -66.96% -35.96%
EBIT Margin		 -279.61% -221.52% -177.02% -115.50% -690.66% -138.03% -96.16% -196.55% - -143.00% -98.06%
Profit (Net Income) Margin		 -289.16% -245.94% -183.00% -121.55% -697.57% -147.27% -131.48% -205.31% - -150.47% -106.62%
Tax Burden Percent		 99.93% 100.06% 99.86% 100.05% 99.81% 100.00% 100.01% 100.03% - 100.02% 100.11%
Interest Burden Percent		 103.49% 110.96% 103.53% 105.19% 101.19% 106.70% 136.71% 104.43% - 105.21% 108.62%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Return on Invested Capital (ROIC)		 -114.18% -70.67% -41.91% -27.62% -204.06% -40.08% -31.18% -64.31% - -45.61% -26.18%
ROIC Less NNEP Spread (ROIC-NNEP)		 -103.65% -64.01% -35.47% -22.59% -156.15% -32.37% -18.69% -49.65% - -17.05% 5.38%
Return on Net Nonoperating Assets (RNNOA)		 57.78% 32.02% 14.89% 8.22% 58.99% 12.43% 6.60% 17.86% - 7.47% -2.11%
Return on Equity (ROE)		 -56.40% -38.66% -27.02% -19.40% -145.08% -27.65% -24.57% -46.46% - -38.14% -28.28%
Cash Return on Invested Capital (CROIC)		 -103.27% -79.86% -64.26% -51.99% -41.89% -35.82% -13.62% -0.25% - -42.74% -50.07%
Operating Return on Assets (OROA)		 -46.73% -33.81% -23.38% -14.97% -102.12% -20.90% -15.91% -33.95% - -35.25% -26.31%
Return on Assets (ROA)		 -48.32% -37.53% -24.17% -15.75% -103.14% -22.30% -21.75% -35.46% - -37.09% -28.61%
Return on Common Equity (ROCE)		 -56.40% -38.66% -27.02% -19.40% -142.81% -27.22% -24.14% -45.62% - -36.74% -27.22%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -49.78% -49.66% -46.60% 0.00% -108.01% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -438 -182 -171 -151 -910 -125 -124 -244 -534 -77 -45
NOPAT Margin		 -197.22% -150.99% -119.48% -87.10% -475.12% -93.45% -71.20% -137.90% - -46.87% -25.17%
Net Nonoperating Expense Percent (NNEP)		 -10.53% -6.66% -6.45% -5.03% -47.92% -7.71% -12.49% -14.66% - -28.56% -31.56%
Return On Investment Capital (ROIC_SIMPLE)		 -14.15% -5.78% - - -41.54% -5.55% -6.49% -14.86% -37.13% -5.98% -3.85%
Cost of Revenue to Revenue		 200.06% 232.27% 191.56% 157.58% 222.49% 155.25% 130.73% 167.87% - 113.21% 100.94%
SG&A Expenses to Revenue		 50.35% 64.82% 59.40% 52.72% 63.42% 60.47% 50.52% 62.46% - 42.94% 16.41%
R&D to Revenue		 13.64% 21.02% 13.21% 11.35% 6.94% 12.98% 7.01% 9.10% - 7.41% 7.53%
Operating Expenses to Revenue		 293.99% 83.43% 79.12% 66.85% 556.26% 78.25% 70.98% 129.13% - 53.75% 35.02%
Earnings before Interest and Taxes (EBIT)		 -621 -266 -254 -201 -1,322 -185 -167 -348 -861 -234 -175
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -596 -245 -232 -180 -1,305 -171 -152 -337 -855 -226 -166
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.94 0.80 0.58 0.66 1.12 0.67 0.96 1.90 - 4.20 6.50
Price to Tangible Book Value (P/TBV)		 1.01 0.86 0.62 0.70 1.18 0.70 1.00 2.01 - 4.37 6.82
Price to Revenue (P/Rev)		 3.06 2.94 2.53 3.01 3.09 1.94 2.39 3.98 - 4.26 5.08
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.91 0.70 0.40 0.52 1.19 0.44 0.92 2.70 - 6.54 8.20
Enterprise Value to Revenue (EV/Rev)		 1.90 1.66 1.21 1.68 2.02 0.75 1.36 2.99 - 3.83 4.90
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.07 0.07 0.07 0.07 0.21 0.16 0.08 0.10 - 0.66 0.99
Long-Term Debt to Equity		 0.07 0.07 0.07 0.05 0.18 0.13 0.00 0.00 - 0.65 0.99
Financial Leverage		 -0.56 -0.50 -0.42 -0.36 -0.38 -0.38 -0.35 -0.36 - -0.44 -0.39
Leverage Ratio		 1.53 1.53 1.54 1.56 1.81 1.74 1.71 1.73 - 2.22 2.36
Compound Leverage Factor		 1.59 1.70 1.59 1.64 1.83 1.86 2.34 1.81 - 2.33 2.56
Debt to Total Capital		 6.43% 6.80% 6.68% 6.57% 17.45% 14.06% 7.61% 8.77% - 39.58% 49.67%
Short-Term Debt to Total Capital		 0.09% 0.09% 0.09% 1.89% 2.70% 2.64% 7.61% 8.77% - 0.23% 0.03%
Long-Term Debt to Total Capital		 6.34% 6.71% 6.59% 4.67% 14.75% 11.43% 0.00% 0.00% - 39.35% 49.64%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 3.36% 3.35% 4.34% 4.99% - 1.88% 0.47%
Common Equity to Total Capital		 93.57% 93.20% 93.32% 93.43% 79.19% 82.58% 88.05% 86.24% - 58.54% 49.86%
Debt to EBITDA		 -0.16 -0.16 -0.16 -0.17 -0.19 -0.17 -0.08 -0.07 - -0.32 -0.37
Net Debt to EBITDA		 0.81 0.78 0.68 0.70 0.38 0.45 0.43 0.38 - 0.22 0.09
Long-Term Debt to EBITDA		 -0.15 -0.16 -0.16 -0.12 -0.16 -0.14 0.00 0.00 - -0.32 -0.37
Debt to NOPAT		 -0.21 -0.22 -0.22 -0.23 -0.27 -0.23 -0.11 -0.10 - -0.52 -0.64
Net Debt to NOPAT		 1.10 1.05 0.92 0.93 0.53 0.62 0.59 0.53 - 0.35 0.16
Long-Term Debt to NOPAT		 -0.21 -0.22 -0.21 -0.16 -0.23 -0.19 0.00 0.00 - -0.51 -0.64
Altman Z-Score		 -0.50 -0.45 -0.71 -0.64 -2.71 -1.92 -2.11 -2.36 - -3.46 -3.68
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 1.56% 1.55% 1.74% 1.81% - 3.68% 3.76%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.85 1.94 2.07 2.08 1.97 1.95 1.59 1.32 - 2.36 2.32
Quick Ratio		 0.39 0.35 0.31 0.33 0.48 0.56 0.33 0.32 - 0.61 0.58
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,088 -574 -442 -290 -109 696 977 1,155 132 577 497
Operating Cash Flow to CapEx		 -131.24% -169.95% -239.75% -194.99% -331.53% -229.20% -474.55% -298.39% - -1,849.16% -306.79%
Free Cash Flow to Firm to Interest Expense		 -94.71 -22.61 -46.52 -31.74 -5.78 45.97 45.61 70.16 - 37.14 29.26
Operating Cash Flow to Interest Expense		 -21.13 -6.61 -26.78 -19.12 -6.96 -6.97 -8.96 -5.46 - -9.65 -5.54
Operating Cash Flow Less CapEx to Interest Expense		 -37.23 -10.50 -37.96 -28.93 -9.05 -10.02 -10.85 -7.28 - -10.17 -7.35
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.17 0.15 0.13 0.13 0.15 0.15 0.17 0.17 - 0.25 0.27
Accounts Receivable Turnover		 4.78 5.80 3.37 3.99 3.14 4.37 4.10 4.64 - 5.88 5.62
Inventory Turnover		 1.74 1.60 1.45 1.33 1.53 1.42 1.43 1.61 - 1.54 1.55
Fixed Asset Turnover		 0.76 0.66 0.53 0.47 0.52 0.52 0.56 0.56 - 1.32 1.15
Accounts Payable Turnover		 6.22 5.91 5.63 5.09 5.71 4.95 5.59 6.27 - 5.54 5.95
Days Sales Outstanding (DSO)		 76.42 62.98 108.38 91.43 116.40 83.48 89.13 78.61 - 62.04 64.90
Days Inventory Outstanding (DIO)		 209.60 228.52 252.05 274.00 239.30 257.77 254.67 227.04 - 237.49 235.32
Days Payable Outstanding (DPO)		 58.66 61.80 64.82 71.75 63.87 73.68 65.26 58.21 - 65.94 61.31
Cash Conversion Cycle (CCC)		 227.36 229.70 295.61 293.68 291.82 267.57 278.54 247.43 - 233.59 238.91
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,864 1,908 2,087 2,149 1,064 1,087 986 750 398 433 445
Invested Capital Turnover		 0.58 0.47 0.35 0.32 0.43 0.43 0.44 0.47 - 0.97 1.04
Increase / (Decrease) in Invested Capital		 650 392 271 139 -801 -821 -1,101 -1,399 -666 -654 -542
Enterprise Value (EV)		 1,691 1,333 828 1,108 1,270 479 912 2,024 - 2,834 3,643
Market Capitalization		 2,725 2,354 1,730 1,988 1,941 1,249 1,607 2,691 - 3,150 3,781
Book Value per Share		 $4.79 $4.28 $4.02 $3.44 $1.90 $2.01 $1.56 $1.23 $0.70 $0.54 $0.42
Tangible Book Value per Share		 $4.47 $4.01 $3.78 $3.24 $1.81 $1.92 $1.48 $1.16 $0.68 $0.52 $0.40
Total Capital		 3,097 3,143 3,203 3,242 2,190 2,249 1,909 1,643 1,439 1,281 1,167
Total Debt		 199 214 214 213 382 316 145 144 436 507 580
Total Long-Term Debt		 196 211 211 152 323 257 0.00 0.00 432 504 579
Net Debt		 -1,034 -1,021 -902 -880 -744 -845 -778 -748 -605 -341 -143
Capital Expenditures (CapEx)		 185 99 106 90 40 46 40 30 9.06 8.11 31
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 473 465 581 598 385 313 303 77 248 330 335
Debt-free Net Working Capital (DFNWC)		 825 858 866 908 788 805 640 432 803 737 653
Net Working Capital (NWC)		 822 855 863 847 729 746 494 288 800 734 652
Net Nonoperating Expense (NNE)		 204 114 91 60 426 72 105 119 370 169 145
Net Nonoperating Obligations (NNO)		 -1,034 -1,021 -902 -880 -744 -845 -778 -748 -605 -341 -143
Total Depreciation and Amortization (D&A)		 25 22 22 21 18 14 15 11 6.39 8.22 8.56
Debt-free, Cash-free Net Working Capital to Revenue		 53.10% 58.08% 84.83% 90.64% 61.15% 48.73% 45.09% 11.42% - 44.63% 45.07%
Debt-free Net Working Capital to Revenue		 92.54% 107.06% 126.49% 137.75% 125.35% 125.32% 95.05% 63.94% - 99.63% 87.73%
Net Working Capital to Revenue		 92.24% 106.72% 126.05% 128.44% 115.93% 116.09% 73.45% 42.65% - 99.23% 87.69%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.08) ($0.46) ($0.36) ($0.25) ($1.61) ($0.21) ($0.20) ($0.31) ($0.70) ($0.18) ($0.14)
Adjusted Weighted Average Basic Shares Outstanding		 595.47M 641.26M 736.85M 858.44M 785.02M 945.77M 1.13B 1.16B 1.15B 1.39B 1.39B
Adjusted Diluted Earnings per Share		 ($1.08) ($0.46) ($0.36) ($0.25) ($1.61) ($0.21) ($0.20) ($0.31) ($0.70) ($0.18) ($0.14)
Adjusted Weighted Average Diluted Shares Outstanding		 595.47M 641.26M 736.85M 858.44M 785.02M 945.77M 1.13B 1.16B 1.15B 1.39B 1.39B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 684.26M 742.56M 879.64M 911.20M 925.18M 1.08B 1.15B 1.39B 1.39B 1.40B 1.40B
Normalized Net Operating Profit after Tax (NOPAT)		 -80 -184 -165 -148 -258 -120 -107 -173 -75 -73 -31
Normalized NOPAT Margin		 -36.22% -152.68% -114.92% -85.15% -134.99% -90.10% -61.78% -97.60% - -44.49% -17.42%
Pre Tax Income Margin		 -289.36% -245.80% -183.26% -121.49% -698.91% -147.27% -131.47% -205.25% - -150.44% -106.50%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -54.09 -10.50 -26.68 -21.93 -70.08 -12.19 -7.81 -21.14 - -15.04 -10.30
NOPAT to Interest Expense		 -38.15 -7.16 -18.01 -16.54 -48.21 -8.25 -5.78 -14.83 - -4.93 -2.64
EBIT Less CapEx to Interest Expense		 -70.19 -14.39 -37.85 -31.74 -72.18 -15.23 -9.70 -22.97 - -15.56 -12.10
NOPAT Less CapEx to Interest Expense		 -54.25 -11.05 -29.18 -26.35 -50.31 -11.29 -7.67 -16.66 - -5.45 -4.45
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Plug Power’s latest numbers still point to a business under significant pressure, even though liquidity improved in the most recent quarter. Revenue remains well below cost of revenue, losses are large, and operating cash flow is still negative. At the same time, the company finished Q1 2026 with a stronger cash position and lower total liabilities than a year earlier, which gives it more breathing room.

  • Cash and equivalents improved sharply in Q1 2026. Plug ended the quarter with $223.2 million in cash and equivalents, up from $165.9 million in Q3 2025.
  • Restricted cash also remains a meaningful liquidity buffer. Including restricted cash, Plug had about $406.9 million of cash-like assets in Q1 2026.
  • Total liabilities declined year over year. Liabilities fell to $1.59 billion in Q1 2026 from $1.61 billion in Q3 2025 and $1.70 billion in Q1 2025.
  • Long-term debt came down from last year. Long-term debt was $504.0 million in Q1 2026 versus $912.4 million in Q1 2025.
  • The company has continued to raise equity and access financing. That helped offset heavy operating losses and support the balance sheet.
  • Revenue improved year over year, but still fell quarter over quarter. Q1 2026 revenue was $163.5 million, up from $133.7 million in Q1 2025, but down from $225.2 million in Q4 2025.
  • Gross profit remains negative. In Q1 2026, revenue of $163.5 million was still below cost of revenue of $185.1 million, producing a $21.6 million gross loss.
  • Inventory remains elevated. Inventory stood at $516.2 million in Q1 2026, suggesting the company is still carrying a large amount of working capital tied up in stock.
  • Share count has increased over time. Weighted average shares outstanding rose materially versus 2024 levels, which can dilute per-share value for investors.
  • Net losses remain very large. Plug lost $245.3 million attributable to common shareholders in Q1 2026, after a $845.97 million loss in Q4 2025.
  • Operating cash flow is still deeply negative. Q1 2026 operating cash flow was a negative $150.0 million, continuing a long pattern of cash burn.
  • Free cash outflow is ongoing. The company also spent cash on investing and financing needs, leaving net cash change negative despite exchange-rate gains.
  • Operating margins remain structurally weak. For the last several years, Plug has posted negative operating income across the quarters provided, showing the business has not yet reached profitable scale.
  • Special charges continue to weigh on results. Impairment, restructuring, and other special charges have frequently been large, including a very heavy impairment charge in late 2024 and recurring charges in 2025.

Bottom line: Plug Power has made some progress on liquidity and reduced debt, but the core business is still struggling with negative gross margins, persistent losses, and negative operating cash flow. For retail investors, the key question remains whether management can turn revenue growth into sustainable margins before the balance sheet comes under pressure again.

08/12/26 12:36 PM ETAI Generated. May Contain Errors.

Plug Power Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Plug Power's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Plug Power's net income appears to be on an upward trend, with a most recent value of -$1.69 billion in 2025, rising from -$55.69 million in 2015. The previous period was -$2.10 billion in 2024. View Plug Power's forecast to see where analysts expect Plug Power to go next.

Plug Power's total operating income in 2025 was -$1.47 billion, based on the following breakdown:
  • Total Gross Profit: -$242.04 million
  • Total Operating Expenses: $1.23 billion

Over the last 10 years, Plug Power's total revenue changed from $309.86 million in 2015 to $709.92 million in 2025, a change of 129.1%.

Plug Power's total liabilities were at $1.59 billion at the end of 2025, a 11.4% decrease from 2024, and a 1,804.2% increase since 2015.

In the past 10 years, Plug Power's cash and equivalents has ranged from $24.83 million in 2017 to $2.48 billion in 2021, and is currently $368.54 million as of their latest financial filing in 2025.

Over the last 10 years, Plug Power's book value per share changed from 0.69 in 2015 to 0.70 in 2025, a change of 1.4%.


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Financial statements for NASDAQ:PLUG last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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