PLUG POWER INC financials
Source: EDGAR filings · Built 2026-06-02T03:50:41Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -656.92M | -1.03B | -1.78B | -1.27B | -533.99M | -178.47M |
| EBITDA | -1.42B | -1.94B | -1.27B | -627.95M | -413.95M | -568.63M |
| Working Capital | 799.68M | 729.00M | 822.16M | 2.67B | 4.03B | 1.38B |
| Net Debt | 358.73M | 522.62M | 461.50M | -130.23M | -1.91B | -906.67M |
| Gross Margin | -34.09% | -99.38% | -56.97% | -27.71% | -34.10% | 503.47% |
| Operating Margin | -206.70% | -321.21% | -150.73% | -96.88% | -87.06% | 626.58% |
| Net Margin | -229.83% | -334.71% | -153.57% | -103.22% | -91.56% | 639.40% |
| Return on Equity (ROE) | -166.82% | -121.37% | -47.23% | -17.83% | -9.99% | -40.64% |
| Return on Assets (ROA) | -62.88% | -58.42% | -27.92% | -12.56% | -7.73% | -26.48% |
| Current Ratio | 2.31× | 1.97× | 1.85× | 5.20× | 10.58× | 7.21× |
| Debt-to-Equity | 0.74× | 0.42× | 0.21× | 0.14× | 0.12× | 0.28× |
| Effective Tax Rate | -0.02% | 0.13% | 0.54% | -0.12% | 3.40% | 4.92% |
| Cash Conversion Ratio | 0.33× | 0.35× | 0.81× | 1.14× | 0.78× | 0.26× |
| Accruals Ratio | -0.42× | -0.38× | -0.05× | 0.02× | -0.02× | -0.20× |
| SBC % of Revenue | 7.12% | 13.07% | 18.28% | 25.61% | 15.22% | -18.38% |
| CapEx Coverage | -4.43× | -2.46× | -1.64× | -1.87× | -2.04× | -6.76× |
| Free Cash Flow Per Share | $-0.57 | $-1.31 | $-2.99 | $-2.19 | $-0.96 | $-0.50 |
Valuation Metrics
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenues | 709.92M | 628.81M | 891.34M | 701.44M | 502.34M | -93.24M |
| Cost of Goods and Services Sold | — | — | — | — | — | 376.18M |
| Cost of Revenue | 951.96M | 1.25B | 1.40B | 895.80M | 673.65M | 376.18M |
| Gross Profit | -242.04M | -624.89M | -507.79M | -194.36M | -171.31M | -469.42M |
| Research and Development Expense | 57.96M | 77.23M | 113.75M | 99.58M | 64.76M | 27.85M |
| Selling, General and Administrative Expense | 379.57M | 376.11M | 422.47M | 363.93M | 179.85M | 79.35M |
| Operating Expenses | 1.23B | 1.39B | 835.73M | 485.19M | 266.01M | 114.79M |
| Operating Income (Loss) | -1.47B | -2.02B | -1.34B | -679.55M | -437.32M | -584.20M |
| Income Tax Expense (Benefit) | 356.00K | -2.69M | -7.36M | 839.00K | -16.20M | -30.84M |
| Net Income (Loss) Attributable to Parent | -1.63B | -2.10B | -1.37B | -724.01M | -459.96M | -596.15M |
| Earnings Per Share, Basic | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 | $-1.68 |
| Weighted Average Number of Shares Outstanding, Basic | 1.15B | 785.02M | 595.47M | 579.72M | 558.18M | 354.79M |
| Earnings Per Share, Diluted | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 | $-1.68 |
| Weighted Average Number of Shares Outstanding, Diluted | 1.15B | 785.02M | 595.47M | 579.72M | 558.18M | 354.79M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 368.54M | 205.69M | 135.03M | 690.63M | 2.48B | 1.31B |
| Assets, Current | 1.41B | 1.48B | 1.79B | 3.31B | 4.45B | 1.60B |
| Assets | 2.59B | 3.60B | 4.90B | 5.76B | 5.95B | 2.25B |
| Long-term Debt | — | — | 3.90M | 9.00M | — | — |
| Liabilities, Current | 610.59M | 748.49M | 964.80M | 635.27M | 420.55M | 222.37M |
| Liabilities | 1.59B | 1.80B | 2.00B | 1.70B | 1.34B | 784.36M |
| Stockholders' Equity Attributable to Parent | 978.07M | 1.73B | 2.90B | 4.06B | 4.61B | 1.47B |
| Common Stock, Shares, Outstanding | — | — | — | 590.35M | 577.65M | 458.05M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -535.84M | -728.64M | -1.11B | -828.62M | -358.18M | -155.48M |
| Payments to Acquire Property, Plant, and Equipment | 111.16M | 287.10M | 665.21M | 436.61M | 172.17M | 22.53M |
| Net Cash Provided by (Used in) Investing Activities | -139.01M | -402.36M | 728.05M | -679.37M | -1.74B | -95.33M |
| Net Cash Provided by (Used in) Financing Activities | 629.95M | 983.17M | 6.12M | -77.46M | 3.60B | 1.52B |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -152.45M | -153.03M | -493.97M | -376.45M | -146.02M | -167.54M |
| EBITDA | -102.27M | -757.68M | — | — | -164.31M | -1.28B |
| Working Capital | 734.08M | 799.68M | 288.37M | 494.23M | 745.53M | 729.00M |
| Net Debt | 545.38M | 358.73M | 292.42M | 341.00M | 357.50M | 522.62M |
| Gross Margin | -13.21% | 2.42% | -67.87% | -30.73% | -55.25% | -122.49% |
| Operating Margin | -66.96% | -338.87% | -196.99% | -101.71% | -133.50% | -678.75% |
| Net Margin | -150.02% | -375.62% | -204.38% | -130.54% | -147.12% | -697.46% |
| Return on Equity (ROE) | -32.72% | -86.49% | -25.54% | -13.51% | -10.59% | -77.01% |
| Return on Assets (ROA) | -10.36% | -32.61% | -11.66% | -6.77% | -5.41% | -37.07% |
| Current Ratio | 2.36× | 2.31× | 1.32× | 1.59× | 1.95× | 1.97× |
| Debt-to-Equity | 1.02× | 0.74× | 0.32× | 0.29× | 0.35× | 0.42× |
| Effective Tax Rate | -0.02% | -0.03% | -0.03% | -0.01% | 0.00% | 0.19% |
| Cash Conversion Ratio | 0.61× | 0.18× | 1.07× | 1.31× | 0.54× | 0.10× |
| Accruals Ratio | -0.04× | -0.27× | 0.01× | 0.02× | -0.03× | -0.33× |
| SBC % of Revenue | 8.52% | 6.28% | 20.56% | 13.89% | 8.29% | 9.44% |
| CapEx Coverage | -62.34× | -33.86× | -3.63× | -3.76× | -2.61× | -3.62× |
| Free Cash Flow Per Share | $-0.11 | $-0.13 | $-0.43 | $-0.33 | $-0.15 | $-0.21 |
Valuation Metrics
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenues | 163.51M | 225.22M | 177.06M | 173.97M | 133.67M | 191.47M |
| Cost of Revenue | 185.12M | 219.77M | 297.22M | 227.44M | 207.53M | 426.00M |
| Gross Profit | -21.61M | 5.45M | -120.17M | -53.47M | -73.86M | -234.53M |
| Research and Development Expense | 12.11M | 12.29M | 16.12M | 12.19M | 17.36M | 13.29M |
| Selling, General and Administrative Expense | 70.21M | 100.25M | 110.59M | 87.89M | 80.84M | 121.42M |
| Operating Expenses | 87.88M | 768.64M | 228.62M | 123.48M | 104.59M | 1.07B |
| Operating Income (Loss) | -109.49M | -763.19M | -348.79M | -176.95M | -178.46M | -1.30B |
| Income Tax Expense (Benefit) | 41.00K | 252.00K | 92.00K | 12.00K | 0 | -2.57M |
| Net Income (Loss) Attributable to Parent | -245.30M | -845.97M | -361.87M | -227.10M | -196.66M | -1.34B |
| Earnings Per Share, Basic | $-0.18 | $-0.69 | $-0.31 | $-0.20 | $-0.21 | $-1.65 |
| Weighted Average Number of Shares Outstanding, Basic | 1.39B | 1.15B | 1.16B | 1.13B | 945.77M | 785.02M |
| Earnings Per Share, Diluted | $-0.18 | $-0.69 | $-0.31 | $-0.20 | $-0.21 | $-1.65 |
| Weighted Average Number of Shares Outstanding, Diluted | 1.39B | 1.15B | 1.16B | 1.13B | 945.77M | 785.02M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 223.19M | 368.54M | 165.90M | 140.74M | 295.84M | 205.69M |
| Assets, Current | 1.27B | 1.41B | 1.19B | 1.33B | 1.53B | 1.48B |
| Assets | 2.37B | 2.59B | 3.10B | 3.35B | 3.63B | 3.60B |
| Liabilities, Current | 540.71M | 610.59M | 902.51M | 835.77M | 788.38M | 748.49M |
| Liabilities | 1.59B | 1.59B | 1.61B | 1.59B | 1.70B | 1.80B |
| Stockholders' Equity Attributable to Parent | 749.81M | 978.07M | 1.42B | 1.68B | 1.86B | 1.73B |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -150.04M | -148.64M | -387.19M | -297.38M | -105.57M | -131.24M |
| Payments to Acquire Property, Plant, and Equipment | 2.41M | 4.39M | 106.77M | 79.07M | 40.45M | 33.95M |
| Net Cash Provided by (Used in) Investing Activities | -8.48M | -21.30M | -117.71M | -87.32M | -46.57M | -43.84M |
| Net Cash Provided by (Used in) Financing Activities | -31.74M | 316.87M | 313.08M | 226.06M | 193.23M | 204.00M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (PLUG CIK 0001093691),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.