Plug Power Financials
This page shows Plug Power (PLUG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Plug Power’s core problem is unit economics: even after recovery, cash survival still depends on outside financing rather than self-funded operations.
The balance sheet looks more comfortable than the cash position really is: in FY2025, inventory-heavy working capital left inventory at$521M versus cash of only$369M . Operating cash burn of$536M was larger than year-end cash, so the financing inflow of$630M was not optional; it was what kept liquidity from tightening further.
FY2025 improved the burn rate without fixing the business model: revenue recovered to
Free cash flow improved mainly because reinvestment was pulled back, not because the business turned cash generative: capital spending dropped to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Plug Power's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Plug Power has an operating margin of -206.7%, meaning the company retains $-207 of operating profit per $100 of revenue. This below-average margin results in a low score of 20/100, suggesting thin profitability after operating expenses. This is up from -321.2% the prior year.
Plug Power's revenue grew 12.9% year-over-year to $709.9M, a solid pace of expansion. This earns a growth score of 10/100.
Plug Power has a moderate D/E ratio of 1.63. This balance of debt and equity financing earns a leverage score of 35/100.
With a current ratio of 2.31, Plug Power holds $2.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 65/100.
While Plug Power generated -$535.8M in operating cash flow, capex of $111.2M consumed most of it, leaving -$647.0M in free cash flow. This results in a low score of 6/100, reflecting heavy capital investment rather than weak cash generation.
Plug Power generates a -166.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 18/100. This is down from -121.4% the prior year.
Plug Power scores -4.52, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.0B) relative to total liabilities ($1.6B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Plug Power passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Plug Power generates $0.33 in operating cash flow (-$535.8M OCF vs -$1.6B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Plug Power earns $-22.5 in operating income for every $1 of interest expense (-$1.5B vs $65.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Plug Power generated $709.9M in revenue in fiscal year 2025. This represents an increase of 12.9% from the prior year.
Plug Power's EBITDA was -$1.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.5% from the prior year.
Plug Power reported -$1.6B in net income in fiscal year 2025. This represents an increase of 22.5% from the prior year.
Plug Power earned $-1.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 47.0% from the prior year.
Cash & Balance Sheet
Plug Power generated -$647.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 36.3% from the prior year.
Plug Power held $368.5M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Plug Power's gross margin was -34.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 65.3 percentage points from the prior year.
Plug Power's operating margin was -206.7% in fiscal year 2025, reflecting core business profitability. This is up 114.5 percentage points from the prior year.
Plug Power's net profit margin was -229.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 104.9 percentage points from the prior year.
Plug Power's ROE was -166.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 45.5 percentage points from the prior year.
Capital Allocation
Plug Power invested $58.0M in research and development in fiscal year 2025. This represents a decrease of 24.9% from the prior year.
Plug Power invested $111.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 61.3% from the prior year.
PLUG Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $163.5M-27.4% | $225.2M+27.2% | $177.1M+1.8% | $174.0M+30.1% | $133.7M-30.2% | $191.5M+10.2% | $173.7M+21.2% | $143.3M |
| Cost of Revenue | $185.1M-15.8% | $219.8M-26.1% | $297.2M+30.7% | $227.4M+9.6% | $207.5M-51.3% | $426.0M+55.6% | $273.8M-0.3% | $274.6M |
| Gross Profit | -$21.6M-496.4% | $5.5M+104.5% | -$120.2M-124.8% | -$53.5M+27.6% | -$73.9M+68.5% | -$234.5M-134.5% | -$100.0M+23.8% | -$131.3M |
| R&D Expenses | $12.1M-1.5% | $12.3M-23.7% | $16.1M+32.2% | $12.2M-29.8% | $17.4M+30.6% | $13.3M-32.6% | $19.7M+4.1% | $18.9M |
| SG&A Expenses | $70.2M-30.0% | $100.2M-9.4% | $110.6M+25.8% | $87.9M+8.7% | $80.8M-33.4% | $121.4M+32.6% | $91.6M+7.6% | $85.1M |
| Operating Income | -$109.5M+85.7% | -$763.2M-118.8% | -$348.8M-97.1% | -$176.9M+0.8% | -$178.5M+86.3% | -$1.3B-501.2% | -$216.2M+11.7% | -$244.7M |
| Interest Expense | $17.4M-18.3% | $21.2M+29.0% | $16.5M+3.3% | $15.9M+38.8% | $11.5M-31.0% | $16.6M+81.9% | $9.1M-3.8% | $9.5M |
| Income Tax | $41K-83.7% | $252K+173.9% | $92K+666.7% | $12K | $0+100.0% | -$2.6M-2803.2% | $95K+125.3% | -$376K |
| Net Income | -$245.3M+71.0% | -$846.4M-133.9% | -$361.9M-59.3% | -$227.1M-15.5% | -$196.7M+85.3% | -$1.3B-532.5% | -$211.2M+19.5% | -$262.3M |
| EPS (Diluted) | $-0.18 | N/A | $-0.31-55.0% | $-0.20+4.8% | $-0.21 | N/A | $-0.25+30.6% | $-0.36 |
PLUG Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B-8.7% | $2.6B-16.4% | $3.1B-7.4% | $3.4B-7.7% | $3.6B+0.8% | $3.6B-23.7% | $4.7B-1.2% | $4.8B |
| Current Assets | $1.3B-9.6% | $1.4B+18.4% | $1.2B-10.5% | $1.3B-13.3% | $1.5B+3.8% | $1.5B-9.6% | $1.6B-2.3% | $1.7B |
| Cash & Equivalents | $223.2M-39.4% | $368.5M+122.2% | $165.9M+17.9% | $140.7M-52.4% | $295.8M+43.8% | $205.7M+119.0% | $93.9M+50.6% | $62.4M |
| Inventory | $516.2M-0.9% | $521.0M-6.1% | $555.1M-13.8% | $643.9M-7.1% | $693.5M+1.6% | $682.6M-22.9% | $885.8M-5.7% | $939.5M |
| Accounts Receivable | $106.5M-21.0% | $134.8M+8.7% | $124.0M-10.6% | $138.7M-4.3% | $145.0M-7.8% | $157.2M-6.0% | $167.2M-11.9% | $189.9M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $0 | N/A | N/A |
| Total Liabilities | $1.6B+0.2% | $1.6B-0.9% | $1.6B+1.0% | $1.6B-6.5% | $1.7B-5.3% | $1.8B+5.9% | $1.7B-5.3% | $1.8B |
| Current Liabilities | $540.7M-11.4% | $610.6M-32.3% | $902.5M+8.0% | $835.8M+6.0% | $788.4M+5.3% | $748.5M-4.9% | $786.9M-2.8% | $809.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $3.9M+5.4% | $3.7M |
| Total Equity | $749.8M-23.3% | $978.1M-31.0% | $1.4B-15.7% | $1.7B-9.5% | $1.9B+7.1% | $1.7B-42.8% | $3.0B+1.4% | $3.0B |
| Retained Earnings | -$8.5B-3.0% | -$8.2B-11.5% | -$7.4B-5.2% | -$7.0B-3.3% | -$6.8B-3.0% | -$6.6B-25.4% | -$5.3B-4.2% | -$5.0B |
PLUG Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$150.0M-0.9% | -$148.6M-65.5% | -$89.8M+53.2% | -$191.8M-81.7% | -$105.6M+19.6% | -$131.2M+25.0% | -$174.9M+31.3% | -$254.7M |
| Capital Expenditures | $2.4M-45.2% | $4.4M-84.2% | $27.7M-28.3% | $38.6M-4.5% | $40.5M+19.1% | $34.0M-42.7% | $59.2M-41.5% | $101.3M |
| Free Cash Flow | -$152.4M+0.4% | -$153.0M-30.2% | -$117.5M+49.0% | -$230.4M-57.8% | -$146.0M+11.6% | -$165.2M+29.5% | -$234.2M+34.2% | -$356.0M |
| Investing Cash Flow | -$8.5M+60.2% | -$21.3M+29.9% | -$30.4M+25.4% | -$40.7M+12.5% | -$46.6M-6.2% | -$43.8M+51.2% | -$89.9M+39.3% | -$148.1M |
| Financing Cash Flow | -$31.7M-110.0% | $316.9M+264.1% | $87.0M+165.0% | $32.8M-83.0% | $193.2M-5.3% | $204.0M-19.2% | $252.4M+3.6% | $243.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PLUG Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -13.2%-15.6pp | 2.4%+70.3pp | -67.9%-37.1pp | -30.7%+24.5pp | -55.3%+67.2pp | -122.5%-64.9pp | -57.6%+34.0pp | -91.6% |
| Operating Margin | -67.0%+271.9pp | -338.9%-141.9pp | -197.0%-95.3pp | -101.7%+31.8pp | -133.5%+545.3pp | -678.8%-554.3pp | -124.4%+46.3pp | -170.7% |
| Net Margin | -150.0%+225.8pp | -375.8%-171.4pp | -204.4%-73.8pp | -130.5%+16.6pp | -147.1%+550.5pp | -697.6%-576.1pp | -121.5%+61.5pp | -183.0% |
| Return on Equity | -32.7%+53.8pp | -86.5%-61.0pp | -25.5%-12.0pp | -13.5%-2.9pp | -10.6%+66.4pp | -77.0%-70.1pp | -7.0%+1.8pp | -8.8% |
| Return on Assets | -10.4%+22.3pp | -32.6%-21.0pp | -11.7%-4.9pp | -6.8%-1.4pp | -5.4%+31.7pp | -37.1%-32.6pp | -4.5%+1.0pp | -5.5% |
| Current Ratio | 2.36+0.0 | 2.31+1.0 | 1.32-0.3 | 1.59-0.4 | 1.95-0.0 | 1.97-0.1 | 2.08+0.0 | 2.07 |
| Debt-to-Equity | 2.13+0.5 | 1.63+0.5 | 1.13+0.2 | 0.95+0.0 | 0.92-0.1 | 1.04+1.0 | 0.000.0 | 0.00 |
| FCF Margin | -93.2%-25.3pp | -68.0%-1.6pp | -66.4%+66.1pp | -132.4%-23.2pp | -109.2%-23.0pp | -86.3%+48.5pp | -134.8%+113.6pp | -248.4% |
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Frequently Asked Questions
What is Plug Power's annual revenue?
Plug Power (PLUG) reported $709.9M in total revenue for fiscal year 2025. This represents a 12.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Plug Power's revenue growing?
Plug Power (PLUG) revenue grew by 12.9% year-over-year, from $628.8M to $709.9M in fiscal year 2025.
Is Plug Power profitable?
No, Plug Power (PLUG) reported a net income of -$1.6B in fiscal year 2025, with a net profit margin of -229.9%.
What is Plug Power's EBITDA?
Plug Power (PLUG) had EBITDA of -$1.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Plug Power's gross margin?
Plug Power (PLUG) had a gross margin of -34.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Plug Power's operating margin?
Plug Power (PLUG) had an operating margin of -206.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Plug Power's net profit margin?
Plug Power (PLUG) had a net profit margin of -229.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Plug Power's return on equity (ROE)?
Plug Power (PLUG) has a return on equity of -166.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Plug Power's free cash flow?
Plug Power (PLUG) generated -$647.0M in free cash flow during fiscal year 2025. This represents a 36.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Plug Power's operating cash flow?
Plug Power (PLUG) generated -$535.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Plug Power's total assets?
Plug Power (PLUG) had $2.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Plug Power's capital expenditures?
Plug Power (PLUG) invested $111.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Plug Power spend on research and development?
Plug Power (PLUG) invested $58.0M in research and development during fiscal year 2025.
What is Plug Power's current ratio?
Plug Power (PLUG) had a current ratio of 2.31 as of fiscal year 2025, which is generally considered healthy.
What is Plug Power's debt-to-equity ratio?
Plug Power (PLUG) had a debt-to-equity ratio of 1.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Plug Power's return on assets (ROA)?
Plug Power (PLUG) had a return on assets of -62.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Plug Power's cash runway?
Based on fiscal year 2025 data, Plug Power (PLUG) had $368.5M in cash against an annual operating cash burn of $535.8M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Plug Power's Altman Z-Score?
Plug Power (PLUG) has an Altman Z-Score of -4.52, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Plug Power's Piotroski F-Score?
Plug Power (PLUG) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Plug Power's earnings high quality?
Plug Power (PLUG) has an earnings quality ratio of 0.33x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Plug Power cover its interest payments?
Plug Power (PLUG) has an interest coverage ratio of -22.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Plug Power?
Plug Power (PLUG) scores 26 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.