PLUG · Plug Power Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $163.51M | - | $177.06M | $173.97M | $133.67M | - | $173.73M | $143.35M | $120.26M | - |
| Cost of Revenue | $185.12M | - | $297.22M | $227.44M | $207.53M | - | $273.75M | $274.61M | $279.34M | - |
| Gross Profit | ($21.61M) | - | ($120.17M) | ($53.47M) | ($73.86M) | - | ($100.03M) | ($131.25M) | ($159.07M) | - |
| R&D | $12.11M | - | $16.12M | $12.19M | $17.36M | - | $19.71M | $18.94M | $25.28M | - |
| SG&A | $70.21M | - | $110.59M | $87.89M | $80.84M | - | $91.59M | $85.14M | $77.96M | - |
| Total Operating Expenses | $87.88M | - | $228.62M | $123.48M | $104.59M | - | $116.14M | $113.42M | $100.33M | - |
| D&A | $6.31M | - | - | - | $12.13M | - | - | - | $16.61M | - |
| Operating Income | ($109.49M) | - | ($348.79M) | ($176.95M) | ($178.46M) | - | ($216.17M) | ($244.67M) | ($259.41M) | - |
| Interest Expense | $17.35M | - | $16.46M | $15.94M | $11.49M | - | $9.15M | $9.51M | $11.32M | - |
| Income Tax | $41.0K | - | $92.0K | $12.0K | $0 | - | $95.0K | ($376.0K) | $163.0K | - |
| Net Income | ($245.30M) | - | ($361.87M) | ($227.10M) | ($196.66M) | - | ($211.17M) | ($262.33M) | ($295.78M) | - |
| EPS - Basic | ($0.18) | - | ($0.31) | ($0.20) | ($0.21) | - | ($0.25) | ($0.36) | ($0.46) | - |
| EPS - Diluted | ($0.18) | - | ($0.31) | ($0.20) | ($0.21) | - | ($0.25) | ($0.36) | ($0.46) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $223.19M | $368.54M | $165.90M | $140.74M | $295.84M | $205.69M | $93.94M | $62.36M | $172.87M | $135.03M |
| Accounts Receivable | $106.51M | $134.76M | $124.03M | $138.74M | $144.95M | $157.24M | $167.22M | $189.86M | $148.82M | $243.81M |
| Inventory | $516.15M | $520.97M | $555.09M | $643.93M | $693.47M | $682.64M | $885.76M | $939.53M | $975.90M | $961.25M |
| Accounts Payable | $144.25M | $168.74M | $162.22M | $152.06M | $191.61M | $180.97M | $207.22M | $253.72M | $285.55M | $257.83M |
| Current Assets | $1.27B | $1.41B | $1.19B | $1.33B | $1.53B | $1.48B | $1.63B | $1.67B | $1.77B | $1.79B |
| Total Assets | $2.37B | $2.59B | $3.10B | $3.35B | $3.63B | $3.60B | $4.72B | $4.78B | $4.85B | $4.90B |
| Current Liabilities | $540.71M | $610.59M | $902.51M | $835.77M | $788.38M | $748.49M | $786.95M | $809.61M | $911.44M | $964.80M |
| Long-term Debt | - | - | - | - | - | - | $3.90M | $3.70M | $3.80M | $3.90M |
| Total Liabilities | $1.59B | $1.59B | $1.61B | $1.59B | $1.70B | $1.80B | $1.70B | $1.79B | $1.92B | $2.00B |
| Stockholders' Equity | $749.81M | $978.07M | $1.42B | $1.68B | $1.86B | $1.73B | $3.03B | $2.99B | $2.93B | $2.90B |
| Retained Earnings | ($8.47B) | ($8.23B) | ($7.38B) | ($7.02B) | ($6.79B) | ($6.59B) | ($5.26B) | ($5.05B) | ($4.79B) | ($4.49B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($150.04M) | - | - | - | ($105.57M) | - | - | - | ($167.73M) | - |
| Investing Cash Flow | ($8.48M) | - | - | - | ($46.57M) | - | - | - | ($120.58M) | - |
| Financing Cash Flow | ($31.74M) | - | - | - | $193.23M | - | - | - | $283.06M | - |
| CapEx | $2.41M | - | - | - | $40.45M | - | - | - | $92.62M | - |
| Free Cash Flow | ($152.45M) | - | - | - | ($146.02M) | - | - | - | ($260.35M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -13.2% | - | -67.9% | -30.7% | -55.3% | - | -57.6% | -91.6% | -132.3% | - |
| Operating margin | -67.0% | - | -197.0% | -101.7% | -133.5% | - | -124.4% | -170.7% | -215.7% | - |
| EBITDA margin | -63.1% | - | - | - | -124.4% | - | - | - | -201.9% | - |
| Net margin | -150.0% | - | -204.4% | -130.5% | -147.1% | - | -121.5% | -183.0% | -245.9% | - |
| Free cash flow margin | -93.2% | - | - | - | -109.2% | - | - | - | -216.5% | - |
| FCF / Net income | 0.62 | - | - | - | 0.74 | - | - | - | 0.88 | - |
| R&D / Revenue | 7.4% | - | 9.1% | 7.0% | 13.0% | - | 11.3% | 13.2% | 21.0% | - |
| SG&A / Revenue | 42.9% | - | 62.5% | 50.5% | 60.5% | - | 52.7% | 59.4% | 64.8% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -10.4% | - | -11.7% | -6.8% | -5.4% | - | -4.5% | -5.5% | -6.1% | - |
| Return on equity | -32.7% | - | -25.5% | -13.5% | -10.6% | - | -7.0% | -8.8% | -10.1% | - |
| Return on invested capital | - | - | - | - | - | - | -5.6% | -6.5% | -7.0% | - |
| Liquidity | ||||||||||
| Current ratio | 2.36 | 2.31 | 1.32 | 1.59 | 1.95 | 1.97 | 2.08 | 2.07 | 1.94 | 1.85 |
| Quick ratio | 1.40 | 1.46 | 0.70 | 0.82 | 1.07 | 1.06 | 0.95 | 0.91 | 0.87 | 0.86 |
| Cash ratio | 0.41 | 0.60 | 0.18 | 0.17 | 0.38 | 0.27 | 0.12 | 0.08 | 0.19 | 0.14 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / Assets | - | - | - | - | - | - | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -6.3x | - | -21.2x | -11.1x | -15.5x | - | -23.6x | -25.7x | -22.9x | - |
| Equity multiplier | 3.16 | 2.65 | 2.19 | 2.00 | 1.96 | 2.08 | 1.56 | 1.60 | 1.65 | 1.69 |
| Liabilities / Assets | 0.67 | 0.61 | 0.52 | 0.47 | 0.47 | 0.50 | 0.36 | 0.37 | 0.40 | 0.41 |
| Efficiency | ||||||||||
| Asset turnover | 0.07 | - | 0.06 | 0.05 | 0.04 | - | 0.04 | 0.03 | 0.02 | - |
| Inventory turnover | 0.36 | - | 0.54 | 0.35 | 0.30 | - | 0.31 | 0.29 | 0.29 | - |
| Days sales outstanding | 238d | - | 256d | 291d | 396d | - | 351d | 483d | 452d | - |
| Days inventory outstanding | 1018d | - | 682d | 1033d | 1220d | - | 1181d | 1249d | 1275d | - |
| Days payable outstanding | 284d | - | 199d | 244d | 337d | - | 276d | 337d | 373d | - |
| Cash conversion cycle | 971d | - | 738d | 1080d | 1278d | - | 1256d | 1395d | 1354d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 4.2x | - | 1.9x | 1.0x | 0.7x | - | 0.6x | 0.6x | 0.8x | - |
| P / S | 19.2x | - | 15.2x | 9.6x | 9.6x | - | 11.2x | 12.0x | 18.3x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 22.3% | - | 1.9% | 21.4% | 11.2% | - | -12.6% | -44.9% | -42.8% | - |
| Revenue CAGR (3y) | -8.0% | - | -2.1% | 4.8% | -1.7% | - | 6.5% | 4.8% | 18.7% | - |
| Revenue CAGR (5y) | 17.8% | - | 10.6% | 20.6% | 26.8% | - | 25.2% | 20.2% | 45.3% | - |
| Gross profit growth (YoY) | 70.7% | - | -20.1% | 59.3% | 53.6% | - | 27.5% | -68.0% | -129.2% | - |
| Operating income growth (YoY) | 38.6% | - | -61.4% | 27.7% | 31.2% | - | 21.1% | -4.6% | -23.6% | - |
| Net income growth (YoY) | -24.7% | - | -71.4% | 13.4% | 33.5% | - | 25.5% | -11.0% | -43.2% | - |
| EPS growth (YoY) | 14.3% | - | -24.0% | 44.4% | 54.3% | - | 46.8% | 10.0% | -31.4% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -4.4% | - | - | - | 43.9% | - | - | - | 41.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -59.6% | -43.6% | -53.2% | -43.8% | -36.6% | -40.2% | -13.7% | -20.1% | -25.3% | -28.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$709.92M totalSingle Reportable Segment$709.92M · 100.0%
Geographic
$709.92M totalUS$535.94M · 75.5%
Non Us$173.98M · 24.5%
Peer comparison
Same SIC group: Electrical Industrial Apparatus
Comparing PLUG POWER INC against the 5 most active filers in the same SIC group.