cash flow reconciliationreview2025-12-31
Operating, investing and financing flows differ from the reported change in cash by 209572000, beyond tolerance 6299530.00.
Revenue
$709.92M
Fiscal year ended 2025-12-31Operating income
-$1.47B
Fiscal year ended 2025-12-31Free cash flow
-$647.00M
Fiscal year ended 2025-12-31PLUG POWER INC (PLUG) reported revenue of $709.92M and net income of -$1.63B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from PLUG POWER INC’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Electrical Industrial Apparatus.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $709.92M | $628.81M | $891.34M | $701.44M | $502.34M | -$93.24M | $229.98M | $174.22M | $100.15M | $82.82M |
| Cost of revenue | $951.96M | $1.25B | $1.40B | $895.80M | $673.65M | $376.18M | $219.33M | $200.22M | $128.24M | $78.87M |
| Gross profit | -$242.04M | -$624.89M | -$507.79M | -$194.36M | -$171.31M | -$469.42M | $10.65M | -$26.00M | -$28.09M | $3.95M |
| Operating income | -$1.47B | -$2.02B | -$1.34B | -$679.55M | -$437.32M | -$584.20M | -$47.61M | -$76.44M | -$101.79M | -$51.52M |
| Net income | -$1.63B | -$2.10B | -$1.37B | -$724.01M | -$459.96M | -$596.16M | -$83.74M | -$85.61M | -$127.08M | -$57.49M |
| Research & development | $57.96M | $77.23M | $113.74M | $99.58M | $64.76M | $27.85M | $15.06M | $12.75M | $28.69M | $21.18M |
| Weighted-average diluted shares | shares 1.15B | shares 785.02M | shares 595.47M | shares 579.72M | shares 558.18M | shares 354.79M | shares 237.15M | shares 218.88M | Unavailable | Unavailable |
| Pretax income | -$1.69B | -$2.11B | -$1.38B | -$723.17M | -$476.16M | -$627.00M | -$83.74M | -$94.90M | -$127.08M | -$57.88M |
| Income tax expense | $356.00K | -$2.69M | -$7.36M | $839.00K | -$16.20M | -$30.84M | Unavailable | -$9.30M | Unavailable | -$392.00K |
| Diluted EPS | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 | $-1.68 | $-0.36 | $-0.39 | Unavailable | Unavailable |
| Selling, general & administrative | $379.57M | $376.11M | $422.47M | $363.93M | $179.85M | $79.35M | $43.20M | $37.68M | $45.01M | $34.29M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $368.54M | $205.69M | $135.03M | $690.63M | $2.48B | $1.31B | $139.50M | $38.60M | $24.83M | $46.01M |
| Total assets | $2.59B | $3.60B | $4.90B | $5.76B | $5.95B | $2.25B | $659.51M | $390.33M | $270.81M | $240.83M |
| Current assets | $1.41B | $1.48B | $1.79B | $3.31B | $4.45B | $1.60B | $313.66M | $155.62M | $119.61M | $110.93M |
| Total liabilities | $1.59B | $1.80B | $2.00B | $1.70B | $1.34B | $784.36M | $528.46M | $355.97M | $196.46M | $146.12M |
| Current liabilities | $610.59M | $748.49M | $964.80M | $635.28M | $420.55M | $222.37M | $133.96M | $146.37M | $115.72M | $66.48M |
| Total equity incl. NCI | $1.00B | $1.81B | $2.90B | $4.06B | $4.61B | $1.47B | $129.90M | -$3.59M | $70.23M | $85.09M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $709.00K | Unavailable |
| Inventory | $520.97M | $682.64M | $961.25M | $645.64M | $269.16M | $139.39M | $72.39M | $47.91M | $48.78M | $29.94M |
| Accounts receivable | $134.76M | $157.24M | $243.81M | $129.45M | $92.68M | $43.04M | $25.77M | $37.35M | $24.18M | $11.92M |
| Goodwill | Unavailable | $0 | $0 | $248.61M | $220.44M | $72.39M | $8.84M | $9.02M | $9.44M | $8.29M |
| Long-term debt | Unavailable | Unavailable | $3.90M | $9.00M | Unavailable | Unavailable | Unavailable | $133.00K | $13.37M | $20.83M |
| Accounts payable | $168.74M | $180.97M | $257.83M | $191.90M | $92.31M | $50.20M | $40.38M | $34.82M | $42.36M | $32.11M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$535.84M | -$728.64M | -$1.11B | -$828.62M | -$358.18M | -$155.48M | -$53.32M | -$58.35M | -$60.18M | -$29.64M |
| Capital expenditures | $111.16M | $287.10M | $665.21M | $436.61M | $172.17M | $22.53M | $5.68M | $5.14M | $4.09M | $2.74M |
| Investing cash flow | -$139.01M | -$402.36M | $728.05M | -$679.37M | -$1.74B | -$95.33M | -$14.24M | -$19.57M | -$44.36M | -$58.08M |
| Financing cash flow | $629.95M | $983.17M | $6.12M | -$77.46M | $3.60B | $1.52B | $326.97M | $120.08M | $71.62M | $76.67M |
| Net change in cash | $162.85M | $70.66M | -$555.60M | -$1.79B | $1.17B | $1.17B | $259.35M | $42.10M | -$32.58M | -$11.16M |
| Stock-based compensation | $50.54M | $82.20M | $162.91M | $179.63M | $76.47M | $17.14M | $10.89M | $8.77M | $9.21M | $9.29M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $182.00K |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $300.00K | $9.19M | $4.65M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$647.00M | -$1.02B | -$1.77B | -$1.27B | -$530.34M | -$178.00M | -$59.01M | -$63.49M | -$64.27M | -$32.38M |
| Gross margin | -34.1% | -99.4% | -57.0% | -27.7% | -34.1% | Unavailable | 4.6% | -14.9% | -28.0% | 4.8% |
| Operating margin | -206.7% | -321.2% | -150.7% | -96.9% | -87.1% | Unavailable | -20.7% | -43.9% | -101.6% | -62.2% |
| FCF margin | -91.1% | -161.5% | -198.8% | -180.4% | -105.6% | Unavailable | -25.7% | -36.4% | -64.2% | -39.1% |
| SBC / revenue | 7.1% | 13.1% | 18.3% | 25.6% | 15.2% | Unavailable | 4.7% | 5.0% | 9.2% | 11.2% |
| Current ratio | 2.31x | 1.97x | 1.85x | 5.20x | 10.58x | 7.21x | 2.34x | 1.06x | 1.03x | 1.67x |
| Revenue YoY growth | 12.9% | -29.5% | 27.1% | 39.6% | Unavailable | -140.5% | 32.0% | 73.9% | 20.9% | Unavailable |
| Net margin | -229.8% | -334.7% | -153.6% | -103.2% | -91.6% | Unavailable | -36.4% | -49.1% | -126.9% | -69.4% |
| R&D / revenue | 8.2% | 12.3% | 12.8% | 14.2% | 12.9% | Unavailable | 6.5% | 7.3% | 28.6% | 25.6% |
| CapEx / revenue | 15.7% | 45.7% | 74.6% | 62.2% | 34.3% | Unavailable | 2.5% | 3.0% | 4.1% | 3.3% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open PLUG in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-10View SEC filing
10-Q · Filed 2026-05-11View SEC filing
10-K · Filed 2026-03-02View SEC filing
10-Q · Filed 2025-11-10View SEC filing
10-Q · Filed 2025-08-11View SEC filing
10-Q · Filed 2025-05-12View SEC filing
Reconciliation checks needing review
10 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
cash flow reconciliationreview2024-12-31
Operating, investing and financing flows differ from the reported change in cash by 199095000, beyond tolerance 9831700.00.
cash flow reconciliationreview2023-12-31
Operating, investing and financing flows differ from the reported change in cash by 175397000, beyond tolerance 11065700.00.
cash flow reconciliationreview2022-12-31
Operating, investing and financing flows differ from the reported change in cash by 207789000, beyond tolerance 8286230.00.
cash flow reconciliationreview2021-12-31
Operating, investing and financing flows differ from the reported change in cash by 329045000, beyond tolerance 35977790.00.
cash flow reconciliationreview2020-12-31
Operating, investing and financing flows differ from the reported change in cash by 91876000, beyond tolerance 15155290.00.
balance equationreview2019-12-31
Difference 1150000 exceeds tolerance 1000000. Presentation or filing-vintage differences need review.
balance equationreview2018-12-31
Difference 37944000 exceeds tolerance 1000000. Presentation or filing-vintage differences need review.
balance equationreview2017-12-31
Difference 3417000 exceeds tolerance 1000000. Presentation or filing-vintage differences need review.
balance equationreview2016-12-31
Difference 9622000 exceeds tolerance 1000000. Presentation or filing-vintage differences need review.