What is Plug Power's earnings per share (EPS)?

Plug Power (PLUG) reported diluted earnings per share of $-1.42 for fiscal year 2025. This represents a 47.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Plug Power Financials

PLUG

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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).

Financial Health Signals

Financial Profile 28/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

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 0/100, suggesting thin profitability after operating expenses. This is up from -321.2% the prior year.

Growth

Plug Power's revenue grew 12.9% year-over-year to $709.9M, a solid pace of expansion. This earns a growth score of 55/100.

Leverage

Plug Power carries a low D/E ratio of 1.63, meaning only $1.63 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 69/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Plug Power's current ratio of 2.31 indicates adequate short-term liquidity, earning a score of 43/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

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 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Plug Power generates a -166.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -121.4% the prior year.

Piotroski F-Score Neutral

4/9

Plug Power passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.33x

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.

Interest Coverage At Risk

-22.5x

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

Export CSV

Earnings & Revenue

Revenue

$709.9M

YoY+12.9%

10Y CAGR+21.3%

Plug Power generated $709.9M in revenue in fiscal year 2025. This represents an increase of 12.9% from the prior year.

EBITDA

-$1.4B

YoY+26.5%

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.

Net Income

-$1.6B

YoY+22.5%

Plug Power reported -$1.6B in net income in fiscal year 2025. This represents an increase of 22.5% from the prior year.

EPS (Diluted)

$-1.42

YoY+47.0%

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

Free Cash Flow

-$647.0M

YoY+36.3%

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.

Cash & Debt

$368.5M

YoY+79.2%

5Y CAGR-22.4%

10Y CAGR+19.1%

Plug Power held $368.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

-34.1%

YoY+65.3pp

10Y CAGR-24.5pp

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.

Operating Margin

-206.7%

YoY+114.5pp

10Y CAGR-149.6pp

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.

Net Margin

-229.8%

YoY+104.9pp

10Y CAGR-175.9pp

Plug Power's net profit margin was -229.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 104.9 percentage points from the prior year.

Return on Equity

-166.8%

YoY-45.4pp

5Y CAGR-126.2pp

10Y CAGR-122.2pp

Plug Power's ROE was -166.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 45.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$58.0M

YoY-24.9%

5Y CAGR+15.8%

10Y CAGR+14.5%

Plug Power invested $58.0M in research and development in fiscal year 2025. This represents a decrease of 24.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$111.2M

YoY-61.3%

5Y CAGR+37.6%

10Y CAGR+41.2%

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	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$709.9M+12.9%	$628.8M-29.5%	$891.3M+27.1%	$701.4M+39.6%	$502.3M	N/A
Cost of Revenue	$952.0M-24.1%	$1.3B-10.4%	$1.4B+56.2%	$895.8M+33.0%	$673.7M+79.1%	$376.2M
Gross Profit	-$242.0M+61.3%	-$624.9M-23.1%	-$507.8M-161.3%	-$194.4M-13.5%	-$171.3M+63.5%	-$469.4M
R&D Expenses	$58.0M-24.9%	$77.2M-32.1%	$113.7M+14.2%	$99.6M+53.8%	$64.8M+132.6%	$27.8M
SG&A Expenses	$379.6M+0.9%	$376.1M-11.0%	$422.5M+16.1%	$363.9M+102.3%	$179.9M+126.7%	$79.3M
Operating Income	-$1.5B+27.4%	-$2.0B-50.3%	-$1.3B-97.7%	-$679.5M-55.4%	-$437.3M+25.1%	-$584.2M
Interest Expense	$65.1M+39.7%	$46.6M+3.1%	$45.2M+15.8%	$39.0M-9.7%	$43.2M-28.6%	$60.5M
Income Tax	$356K+113.3%	-$2.7M+63.5%	-$7.4M-977.7%	$839K+105.2%	-$16.2M+47.5%	-$30.8M
Net Income	-$1.6B+22.5%	-$2.1B-53.8%	-$1.4B-89.1%	-$724.0M-57.4%	-$460.0M+22.8%	-$596.2M
EPS (Diluted)	$-1.42+47.0%	$-2.68-16.5%	$-2.30-84.0%	$-1.25-52.4%	$-0.82+51.2%	$-1.68

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$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+19.2%	$120.3M
Cost of Revenue	$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-1.7%	$279.3M
Gross Profit	$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+17.5%	-$159.1M
R&D Expenses	$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-25.1%	$25.3M
SG&A Expenses	$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+9.2%	$78.0M
Operating Income	-$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+5.7%	-$259.4M
Interest Expense	$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-16.0%	$11.3M
Income Tax	$252K+173.9%	$92K+666.7%	$12K	$0+100.0%	-$2.6M-2803.2%	$95K+125.3%	-$376K-330.7%	$163K
Net Income	-$846.0M-133.8%	-$361.9M-59.3%	-$227.1M-15.5%	-$196.7M+85.3%	-$1.3B-532.4%	-$211.2M+19.5%	-$262.3M+11.3%	-$295.8M
EPS (Diluted)	N/A	$-0.31-55.0%	$-0.20+4.8%	$-0.21	N/A	$-0.25+30.6%	$-0.36+21.7%	$-0.46

PLUG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.6B-28.0%	$3.6B-26.5%	$4.9B-14.9%	$5.8B-3.1%	$6.0B+164.3%	$2.3B
Current Assets	$1.4B-4.5%	$1.5B-17.3%	$1.8B-45.9%	$3.3B-25.7%	$4.4B+177.5%	$1.6B
Cash & Equivalents	$368.5M+79.2%	$205.7M+52.3%	$135.0M-80.4%	$690.6M-72.2%	$2.5B+89.1%	$1.3B
Inventory	$521.0M-23.7%	$682.6M-29.0%	$961.3M+48.9%	$645.6M+139.9%	$269.2M+93.1%	$139.4M
Accounts Receivable	$134.8M-14.3%	$157.2M-35.5%	$243.8M+88.3%	$129.4M+39.7%	$92.7M+115.3%	$43.0M
Goodwill	N/A	$0	$0-100.0%	$248.6M+12.8%	$220.4M+204.5%	$72.4M
Total Liabilities	$1.6B-11.4%	$1.8B-10.5%	$2.0B+17.6%	$1.7B+26.8%	$1.3B+71.4%	$784.4M
Current Liabilities	$610.6M-18.4%	$748.5M-22.4%	$964.8M+51.9%	$635.3M+51.1%	$420.6M+89.1%	$222.4M
Long-Term Debt	N/A	N/A	$3.9M-56.7%	$9.0M	N/A	N/A
Total Equity	$978.1M-43.6%	$1.7B-40.2%	$2.9B-28.6%	$4.1B-11.8%	$4.6B+214.0%	$1.5B
Retained Earnings	-$8.2B-24.7%	-$6.6B-46.9%	-$4.5B-43.9%	-$3.1B-30.2%	-$2.4B-23.1%	-$1.9B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$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-1.4%	$4.8B
Current Assets	$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-5.3%	$1.8B
Cash & Equivalents	$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-63.9%	$172.9M
Inventory	$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-3.7%	$975.9M
Accounts Receivable	$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+27.6%	$148.8M
Goodwill	N/A	N/A	N/A	N/A	$0	N/A	N/A	N/A
Total Liabilities	$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-6.6%	$1.9B
Current Liabilities	$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-11.2%	$911.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$3.9M+5.4%	$3.7M-2.6%	$3.8M
Total Equity	$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+2.0%	$2.9B
Retained Earnings	-$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-5.5%	-$4.8B

PLUG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$535.8M+26.5%	-$728.6M+34.2%	-$1.1B-33.5%	-$828.6M-131.3%	-$358.2M-130.4%	-$155.5M
Capital Expenditures	$111.2M-61.3%	$287.1M-56.8%	$665.2M+52.4%	$436.6M+153.6%	$172.2M+664.3%	$22.5M
Free Cash Flow	-$647.0M+36.3%	-$1.0B+42.7%	-$1.8B-40.0%	-$1.3B-138.6%	-$530.3M-197.9%	-$178.0M
Investing Cash Flow	-$139.0M+65.5%	-$402.4M-155.3%	$728.1M+207.2%	-$679.4M+61.0%	-$1.7B-1726.1%	-$95.3M
Financing Cash Flow	$630.0M-35.9%	$983.2M+15972.7%	$6.1M+107.9%	-$77.5M-102.2%	$3.6B+137.4%	$1.5B
Dividends Paid	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

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$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-51.9%	-$167.7M
Capital Expenditures	$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+9.4%	$92.6M
Free Cash Flow	-$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-36.8%	-$260.3M
Investing Cash Flow	-$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-22.8%	-$120.6M
Financing Cash Flow	$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-13.9%	$283.1M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	-34.1%+65.3pp	-99.4%-42.4pp	-57.0%-29.3pp	-27.7%+6.4pp	-34.1%	N/A
Operating Margin	-206.7%+114.5pp	-321.2%-170.5pp	-150.7%-53.9pp	-96.9%-9.8pp	-87.1%	N/A
Net Margin	-229.8%+104.9pp	-334.7%-181.1pp	-153.6%-50.4pp	-103.2%-11.7pp	-91.6%	N/A
Return on Equity	-166.8%-45.4pp	-121.4%-74.1pp	-47.2%-29.4pp	-17.8%-7.8pp	-10.0%+30.6pp	-40.6%
Return on Assets	-62.9%-4.5pp	-58.4%-30.5pp	-27.9%-15.4pp	-12.6%-4.8pp	-7.7%+18.8pp	-26.5%
Current Ratio	2.31+0.3	1.97+0.1	1.85-3.4	5.20-5.4	10.58+3.4	7.21
Debt-to-Equity	1.63+0.6	1.04+1.0	0.000.0	0.00-0.3	0.29-0.2	0.53
FCF Margin	-91.1%+70.4pp	-161.5%+37.3pp	-198.8%-18.4pp	-180.4%-74.8pp	-105.6%	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	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%+40.7pp	-132.3%
Operating Margin	-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%+45.0pp	-215.7%
Net Margin	-375.6%-171.2pp	-204.4%-73.8pp	-130.5%+16.6pp	-147.1%+550.3pp	-697.5%-575.9pp	-121.5%+61.5pp	-183.0%+62.9pp	-245.9%
Return on Equity	-86.5%-60.9pp	-25.5%-12.0pp	-13.5%-2.9pp	-10.6%+66.4pp	-77.0%-70.0pp	-7.0%+1.8pp	-8.8%+1.3pp	-10.1%
Return on Assets	-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%+0.6pp	-6.1%
Current Ratio	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+0.1	1.94
Debt-to-Equity	1.63+0.5	1.13+0.2	0.95+0.0	0.92-0.1	1.04+1.0	0.000.0	0.000.0	0.00
FCF Margin	-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%-31.9pp	-216.5%

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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 -229.8%.

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 -229.8% 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 -166.8% 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 Piotroski F-Score?

Plug Power (PLUG) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 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 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.