Plug Power (PLUG) financial statements
Plug Power reported revenue of $710M in fiscal 2025, up 27.0% a year over 9 years.
Net income was -$1.6B and the operating margin -206.7%, against -62.2% in 2016.
Free cash flow was -$647M.
The diluted share count rose 535% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Plug Power's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $83M | $100M | $174M | $230M | -$93M | $502M | $701M | $891M | $629M | $710M |
| Cost of revenue | $82M | $131M | $200M | $219M | $376M | $674M | $896M | $1.4B | $1.3B | $952M |
| Gross profit | $4M | -$28M | -$26M | $11M | -$469M | -$171M | -$194M | -$508M | -$625M | -$242M |
| Research and development | $21M | $29M | $13M | $15M | $28M | $65M | $100M | $114M | $77M | $58M |
| Selling, general and admin | $34M | $45M | $38M | $43M | $79M | $180M | $364M | $422M | $376M | $380M |
| Operating income | -$52M | -$102M | -$76M | -$48M | -$584M | -$437M | -$680M | -$1.3B | -$2.0B | -$1.5B |
| Interest expense | — | — | — | $37M | $61M | $43M | $39M | $45M | $47M | $65M |
| Pre-tax income | -$58M | -$127M | -$95M | -$84M | -$627M | -$476M | -$723M | -$1.4B | -$2.1B | -$1.7B |
| Income tax | -$392,000 | — | -$9M | — | -$31M | -$16M | $839,000 | -$7M | -$3M | $356,000 |
| Net income | -$57M | -$127M | -$86M | -$84M | -$596M | -$460M | -$724M | -$1.4B | -$2.1B | -$1.6B |
| EPS (diluted) | -$0.32 | -$0.60 | -$0.39 | -$0.36 | -$1.68 | -$0.82 | -$1.25 | -$2.30 | -$2.68 | -$1.42 |
| Diluted shares | 181M | 216M | 219M | 237M | 355M | 558M | 580M | 595M | 785M | 1.15B |
| Gross margin | 4.8% | -28.0% | -14.9% | 4.6% | 503.5% | -34.1% | -27.7% | -57.0% | -99.4% | -34.1% |
| Operating margin | -62.2% | -101.6% | -43.9% | -20.7% | 626.6% | -87.1% | -96.9% | -150.7% | -321.2% | -206.7% |
| Net margin | -69.4% | -126.9% | -49.1% | -36.4% | 639.4% | -91.6% | -103.2% | -153.6% | -334.7% | -229.8% |
Balance sheet
Fiscal years, from Plug Power's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $46M | $25M | $39M | $139M | $1.3B | $3.7B | $2.0B | $135M | $206M | $369M |
| Receivables | — | — | — | — | — | — | $129M | $244M | $157M | $135M |
| Inventory | $30M | $49M | $48M | $72M | $139M | $269M | $646M | $961M | $683M | $521M |
| Total current assets | $111M | $120M | $156M | $314M | $1.6B | $4.4B | $3.3B | $1.8B | $1.5B | $1.4B |
| Property, plant and equipment | — | — | — | $15M | $75M | $256M | $720M | $1.4B | $866M | $281M |
| Goodwill | $8M | $9M | $9M | $9M | $72M | $220M | $249M | $0 | $0 | — |
| Total assets | $241M | $271M | $390M | $660M | $2.3B | $6.0B | $5.8B | $4.9B | $3.6B | $2.6B |
| Total current liabilities | $66M | $116M | $146M | $134M | $222M | $421M | $635M | $965M | $748M | $611M |
| Long-term debt | $21M | $13M | $133,000 | — | — | — | — | — | — | — |
| Total liabilities | $146M | $196M | $356M | $528M | $784M | $1.3B | $1.7B | $2.0B | $1.8B | $1.6B |
| Shareholders' equity | $85M | $70M | -$4M | $130M | $1.5B | $4.6B | $4.1B | $2.9B | $1.7B | $978M |
| Net debt | -$22M | $7M | -$22M | -$113M | -$1.3B | -$2.5B | -$685M | -$132M | -$205M | -$369M |
Cash flow
Fiscal years, from Plug Power's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$30M | -$60M | -$58M | -$53M | -$155M | -$358M | -$829M | -$1.1B | -$729M | -$536M |
| Capital spending | $3M | $4M | $5M | $6M | $23M | $172M | $437M | $665M | $287M | $111M |
| Free cash flow | -$32M | -$64M | -$63M | -$59M | -$178M | -$530M | -$1.3B | -$1.8B | -$1.0B | -$647M |
| Stock-based compensation | $9M | $9M | $9M | $11M | $17M | $76M | $180M | $163M | $82M | $51M |
| Share buybacks (net) | -$182,000 | — | — | — | — | — | — | — | — | — |
| Net borrowing | $22M | $8M | $60M | $59M | $38M | $69M | $1M | $98M | $57M | -$264M |
| Free cash flow margin | -39.1% | -64.2% | -36.4% | -25.7% | 190.9% | -105.6% | -180.4% | -198.8% | -161.5% | -91.1% |
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Open PLUG in InvestinglyQuestions
What was Plug Power's revenue in 2025?
$710M in fiscal 2025, from its 10-K filing.
How much free cash flow does Plug Power generate?
-$647M in fiscal 2025 (operating cash flow minus capital spending).
From Plug Power's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.