PLUG
$1.38-7.38%
Plug Power Inc.Stock · IndustrialsRussell 2000 0.1%Nasdaq Composite 0.01%US Stock Market 0.005%Russell 3000 0.005%
PLUG financial statements
The full income statement, balance sheet, and cash-flow statement for Plug Power Inc. (PLUG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 736.8M2024-09 858.4M2024-12 925.2M2025-03 945.8M2025-06 1.15B2025-09 1.16B2025-12 1.39B2026-03 1.40B2026-06 1.40B+89.6% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 710M+12.9% | 629M-29.5% | 891M+27.1% | 701M+39.6% | 502M+638.8% | |
| -242M+61.3% | -625M-23.1% | -508M-161.3% | -194M-13.5% | -171M+63.5% | ||
| Cost of revenue | 952M-24.1% | 1.25B-10.4% | 1.40B+56.2% | 896M+33.0% | 674M+79.1% | |
| 1.23B-12.2% | 1.39B+66.9% | 836M+72.2% | 485M+82.4% | 266M+131.7% | ||
| Research & development | 58.0M-24.9% | 77.2M-32.1% | 114M+14.2% | 99.6M+53.8% | 64.8M+132.6% | |
| Selling, general & administrative | 380M+0.9% | 376M-11.0% | 422M+16.1% | 364M+102.3% | 180M+126.7% | |
| Amortization of intangibles | 6.95M-70.4% | 23.4M+22.7% | 19.1M-9.9% | 21.2M+758.4% | 2.47M+117.5% | |
| Provision for credit losses | 28.5M-1.6% | 28.9M+243.9% | 8.41M | — | 72.0M+10184.0% | |
| Operating income | -1.47B+27.4% | -2.02B-50.3% | -1.34B-97.7% | -680M-55.4% | -437M+25.1% | |
| Interest expense | 65.1M+39.7% | 46.6M+3.1% | 45.2M+15.8% | 39.0M-9.7% | 43.2M-28.6% | |
| Interest & investment income | 19.4M-36.7% | 30.7M-45.0% | 55.8M | — | — | |
| Other non-operating income | 7.61M+138.1% | -20.0M-15138.9% | -131K+88.5% | -1.14M-87.3% | -606K+18.0% | |
| Equity-method income | -55.1M-71.1% | -32.2M+23.0% | -41.8M-107.2% | -20.2M-253.5% | -5.70M | |
| Gain (loss) on equity securities | — | — | 11.4M+162.9% | -18.2M-369.5% | 6.74M | |
| Pre-tax income | -1.69B+19.7% | -2.11B-53.1% | -1.38B-90.3% | -723M-51.9% | -476M+24.1% | |
| Income tax | 356K+113.3% | -2.69M+63.5% | -7.36M-977.7% | 839K+105.2% | -16.2M+47.5% | |
| -1.63B+22.5% | -2.10B-53.8% | -1.37B-89.1% | -724M-57.4% | -460M+22.8% | ||
| Net income to non-controlling interest | -62.1M-30328.4% | -204K | — | — | — | |
| Net income to common | -1.63B+22.5% | -2.10B-53.8% | -1.37B-89.1% | -724M-57.4% | -460M+22.9% | |
| -$1.42+47.0% | -$2.68-16.5% | -$2.30-84.0% | -$1.25-52.4% | -$0.82+51.2% | ||
| EPS (basic) | -$1.42+47.0% | -$2.68-16.5% | -$2.30-84.0% | -$1.25-52.4% | -$0.82+51.2% | |
| Weighted-avg shares (basic) | 1.15B+46.1% | 785M+31.8% | 595M+2.7% | 580M+3.9% | 558M+57.3% | |
| Weighted-avg shares (diluted) | 1.15B+46.1% | 785M+31.8% | 595M+2.7% | 580M+3.9% | 558M+57.3% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.41B-4.5% | 1.48B-17.3% | 1.79B-45.9% | 3.31B-25.7% | 4.45B+177.5% | ||
| Cash & equivalents | 369M+79.2% | 206M+52.3% | 135M-80.4% | 691M-72.2% | 2.48B+89.1% | |
| Accounts receivable | 135M-14.3% | 157M-35.5% | 244M+88.3% | 129M | — | |
| Inventory | 521M-23.7% | 683M-29.0% | 961M+48.9% | 646M+139.9% | 269M+93.1% | |
| Prepaid expenses | 94.0M-32.8% | 140M+34.4% | 104M-30.8% | 150M+151.1% | 59.9M+35.1% | |
| 2.59B-28.0% | 3.60B-26.5% | 4.90B-14.9% | 5.76B-3.1% | 5.95B+164.3% | ||
| Property, plant & equipment | 281M-67.6% | 866M-39.7% | 1.44B+99.5% | 720M+181.6% | 256M+242.9% | |
| Operating lease right-of-use | 182M-16.5% | 218M-45.5% | 400M+11.0% | 360M+69.5% | 213M+81.6% | |
| Goodwill | — | 0.00 | 0.00-100.0% | 249M+12.8% | 220M+204.5% | |
| Intangible assets | 29.2M-65.5% | 84.7M-55.2% | 189M-9.1% | 208M+31.3% | 158M+303.1% | |
| 611M-18.4% | 748M-22.4% | 965M+51.9% | 635M+51.1% | 421M+89.1% | ||
| Accounts payable | 169M-6.8% | 181M-29.8% | 258M+34.4% | 192M+107.9% | 92.3M+83.9% | |
| Accrued liabilities | 128M+24.1% | 103M-48.6% | 201M+28.2% | 156M+97.4% | 79.2M+71.9% | |
| Deferred revenue | 66.7M-53.7% | 144M-29.4% | 204M+54.9% | 132M+13.3% | 116M+400.0% | |
| Short-term & current debt | — | 200K-92.6% | 2.72M-47.2% | 5.14M-66.3% | 15.3M-39.9% | |
| Current lease liability | 70.4M-1.2% | 71.3M+11.9% | 63.7M+30.4% | 48.9M+58.5% | 30.8M+115.3% | |
| Other current liabilities | — | 93.9M-34.1% | 142M+318.1% | 34.1M-14.4% | 39.8M+35.0% | |
| Finance lease liability (current) | 10.9M-14.6% | 12.8M+35.6% | 9.44M+15.9% | 8.15M+72.7% | 4.72M+422.5% | |
| 1.59B-11.4% | 1.80B-10.5% | 2.00B+17.6% | 1.70B+26.8% | 1.34B+71.4% | ||
| Long-term debt | — | — | 3.90M-56.7% | 9.00M | — | |
| Deferred revenue (non-current) | 34.2M-41.6% | 58.5M-30.5% | 84.2M-14.2% | 98.1M+47.0% | 66.7M+102.5% | |
| Non-current lease liability | 195M-19.6% | 242M-17.1% | 292M+7.5% | 272M+54.6% | 176M+76.3% | |
| Operating lease liability (total) | 265M-15.4% | 313M-11.9% | 356M+11.0% | 320M+55.2% | 206M+81.2% | |
| Finance lease liability (total) | 28.6M-19.7% | 35.6M-21.9% | 45.6M-1.2% | 46.1M+57.3% | 29.3M+443.5% | |
| Finance lease liability | 17.6M-22.6% | 22.8M-37.0% | 36.1M-4.9% | 38.0M+54.4% | 24.6M+447.8% | |
| Other non-current liabilities | — | 136M-7.4% | 147M-24.0% | 193M+38.1% | 140M+245.6% | |
| 978M-43.6% | 1.73B-40.2% | 2.90B-28.6% | 4.06B-11.8% | 4.61B+214.0% | ||
| Common stock | 13.9M+49.3% | 9.34M+49.4% | 6.25M+2.8% | 6.08M+2.3% | 5.95M+25.5% | |
| Additional paid-in capital | 9.19B+9.0% | 8.43B+12.5% | 7.49B+2.7% | 7.30B+3.2% | 7.07B+5330.7% | |
| Retained earnings | -8.23B-24.7% | -6.59B-46.9% | -4.49B-43.9% | -3.12B-30.2% | -2.40B-25067.7% | |
| Treasury stock | 2.94M-97.3% | 109M+2.4% | 106M+10.4% | 96.3M+32.7% | 72.5M+79.4% | |
| Accumulated other comprehensive income | 6.80M+371.6% | -2.50M+63.2% | -6.80M+73.8% | -26.0M-1597.4% | -1.53M-162.5% | |
| Non-controlling interest | 25.2M-65.7% | 73.6M | — | — | — | |
| Total equity incl. non-controlling | 1.00B-44.5% | 1.81B-37.6% | 2.90B-28.6% | 4.06B-11.8% | 4.61B | |
| Total liabilities & equity | 2.59B-28.0% | 3.60B-26.5% | 4.90B-14.9% | 5.76B-3.1% | 5.95B+164.3% | |
| Common shares issued | 1.39B+49.3% | 934M+49.4% | 625M+2.8% | 608M+2.3% | 595M+25.5% | |
| Common shares outstanding | — | — | — | 590M+2.2% | 578M+26.1% | |
| Shares outstanding (cover) | 1.39B+50.7% | 925M+35.2% | 684M+15.3% | 593M+2.7% | 578M | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| -536M+26.5% | -729M+34.2% | -1.11B-33.5% | -829M-131.3% | -358M-130.4% | ||
| Depreciation & amortization | 44.6M-47.3% | 84.6M+19.0% | 71.1M+37.8% | 51.6M+120.8% | 23.4M+50.1% | |
| Intangible amortization | 6.95M-70.4% | 23.4M+22.7% | 19.1M-9.9% | 21.2M+758.4% | 2.47M+117.5% | |
| Share-based compensation | 50.5M-38.5% | 82.2M-49.5% | 163M-9.3% | 180M+134.9% | 76.5M+346.3% | |
| Deferred income taxes | -165M+23.4% | -215M-108.0% | -103M-189.3% | -35.7M+29.8% | -50.9M-61.8% | |
| Change in receivables | 5.35M+109.3% | -57.7M-147.0% | 123M+297.1% | 30.9M+12.0% | 27.6M+75.8% | |
| Change in inventory | -51.9M+59.9% | -129M-131.6% | 409M+11.7% | 366M+262.2% | 101M+59.3% | |
| -139M+65.5% | -402M-155.3% | 728M+207.2% | -679M+61.0% | -1.74B-1726.1% | ||
| Capital expenditure | 111M-61.3% | 287M-56.8% | 665M+52.4% | 437M+153.6% | 172M+664.3% | |
| Free cash flow | -647M+36.3% | -1.02B+42.7% | -1.77B-40.0% | -1.27B-138.6% | -530M-197.9% | |
| Acquisitions | 0.00 | 0.00 | 0.00-100.0% | 56.9M-58.3% | 137M+202.6% | |
| Sales/maturities of investments | — | — | 1.01B+305.9% | 248M-78.0% | 1.13B | |
| 630M-35.9% | 983M+15972.7% | 6.12M+107.9% | -77.5M-102.2% | 3.60B+137.4% | ||
| Long-term debt issued | 0.00-100.0% | 60.3M-42.2% | 104M-15.2% | 123M+12.8% | 109M+10.0% | |
| Long-term debt repaid | 264M+7383.7% | 3.53M-41.3% | 6.01M-95.0% | 121M | 0.00 | |
| Common stock issued | 322M-62.4% | 858M | 0.00 | 0.00-100.0% | 3.59B+182.1% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net change in cash | 163M+130.5% | 70.7M+112.7% | -556M+69.0% | -1.79B-253.2% | 1.17B-0.3% | |
| Interest paid | 59.7M+32.7% | 45.0M+7.5% | 41.8M+17.7% | 35.5M+83.8% | 19.3M-33.2% | |
| Income taxes paid | 600K+457.1% | -168K-108.4% | 1.99M | — | — | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 2.75B+39.4% | 1.97B-27.7% | 2.72B-62.2% | 7.21B-55.8% | 16.3B+5.0% | |
| P/S | 3.9×+23.4% | 3.1×+2.4% | 3.1×-72.7% | 11.2×-65.4% | 32.5× | |
| P/B | 2.8×+147.1% | 1.1×+46.4% | 0.8×-54.5% | 1.7×-51.8% | 3.5×-66.5% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: PLUG’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PLUG filings on SEC EDGAR → Not investment advice.