Plug Power Inc. (PLUG) Income Statement
PLUG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPLUG revenue and net income
Where PLUG's revenue goes
2025Each bar shows an amount and its share of revenue. PLUG kept −229.8% of revenue as net income.
PLUG profit margins
PLUG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.9% | +0.4% | — | +21.3% |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PLUG quarterly EPS vs estimates
Plug Power beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.07).
PLUG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $709.9M | $628.8M | $891.3M | $701.4M | $502.3M | $0 | $230.0M | $174.2M | $132.9M | $85.9M |
| Cost of revenue | $952.0M | $1.25B | $1.40B | $895.8M | $673.7M | $376.2M | $202.3M | $172.0M | $131.4M | $82.0M |
| Gross profit | −$242.0M | −$624.9M | −$507.8M | −$194.4M | −$171.3M | −$469.4M | $27.7M | $2.2M | $1.6M | $3.9M |
| Research & development | $58.0M | $77.2M | $113.7M | $99.6M | $64.8M | $27.8M | $33.7M | $33.9M | $28.7M | $21.2M |
| Sales, general & admin | $379.6M | $376.1M | $422.5M | $380.4M | $179.9M | $44.3M | $44.3M | $38.2M | $45.0M | $34.3M |
| Total operating expenses | $437.5M | $1.39B | $835.7M | $485.2M | $266.0M | $107.2M | $78.0M | $72.1M | $103.4M | $55.5M |
| Operating income | −$679.6M | −$2.02B | −$1.34B | −$679.5M | −$437.3M | −$176.9M | −$50.0M | −$69.5M | −$101.8M | −$51.5M |
| Interest income | $19.4M | $30.7M | $55.8M | $37.3M | $4.0M | $58.4M | $35.4M | $17.8M | $25.3M | $6.4M |
| Interest expense | $65.1M | $46.6M | $45.2M | $39.0M | $43.2M | $60.5M | $35.5M | $22.8M | $10.1M | $10.7M |
| Income before taxes | −$1.69B | −$2.11B | −$1.38B | −$723.2M | −$476.2M | −$627.0M | −$85.5M | −$87.3M | −$127.1M | −$57.9M |
| Income taxes | $356,000 | −$2.7M | −$7.4M | $839,000 | −$16.2M | −$30.8M | $35.5M | −$9.2M | −$392,000 | −$392,000 |
| Net income | −$1.63B | −$2.10B | −$1.37B | −$724.0M | −$460.0M | −$596.2M | −$85.5M | −$78.1M | −$127.1M | −$57.5M |
| EBITDA | −$1.58B | −$1.98B | −$1.26B | −$632.5M | −$409.6M | −$550.9M | −$35.4M | −$59.6M | −$107.2M | −$41.9M |
| EPS (diluted) | −$0.56 | −$1.45 | −$1.77 | −$1.26 | −$0.72 | −$0.26 | −$0.38 | −$0.29 | −$0.50 | −$0.24 |
| Gross margin | −34.1% | −99.4% | −57.0% | −27.7% | −34.1% | — | 12.0% | 1.3% | 1.2% | 4.6% |
| Operating margin | −95.7% | −321.2% | −150.7% | −96.9% | −87.1% | — | −21.8% | −39.9% | −76.6% | −60.0% |
| Net margin | −229.8% | −334.7% | −153.6% | −103.2% | −91.6% | — | −37.2% | −44.8% | −95.6% | −66.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $178.3M | $163.5M | $225.2M | $177.1M | $174.0M | $133.7M | $191.5M | $173.7M | $143.3M | $120.3M | $222.2M | $198.7M |
| Cost of revenue | $180.0M | $185.1M | $219.8M | $297.2M | $227.4M | $207.5M | $426.0M | $273.8M | $274.6M | $263.6M | $413.9M | $336.7M |
| Gross profit | −$1.7M | −$21.6M | $5.5M | −$120.2M | −$53.5M | −$73.9M | −$234.5M | −$100.0M | −$131.3M | −$143.3M | −$191.7M | −$138.0M |
| Research & development | $13.4M | $12.1M | $12.3M | $16.1M | $12.2M | $17.4M | $13.3M | $19.7M | $18.9M | $25.3M | $30.3M | $27.7M |
| Sales, general & admin | $29.3M | $70.2M | $100.2M | $110.6M | $87.9M | $80.8M | $121.4M | $91.6M | $85.1M | $78.0M | $111.8M | $105.5M |
| Total operating expenses | $62.4M | $82.3M | $112.5M | $126.7M | $100.1M | $98.2M | $1.07B | $116.1M | $113.4M | $116.1M | $434.2M | $136.0M |
| Operating income | −$64.1M | −$103.9M | −$107.1M | −$246.9M | −$153.6M | −$172.1M | −$1.30B | −$216.2M | −$244.7M | −$259.4M | −$625.9M | −$274.0M |
| Interest income | $2.6M | $3.8M | $4.1M | $4.3M | $5.8M | $5.2M | $6.2M | $7.4M | $7.8M | $9.3M | $11.4M | $10.4M |
| Interest expense | $16.9M | $17.4M | $21.2M | $16.5M | $15.9M | $11.5M | $16.6M | $9.1M | $9.5M | $11.3M | $11.5M | $11.8M |
| Income before taxes | −$189.9M | −$246.0M | −$904.3M | −$363.4M | −$228.7M | −$196.9M | −$1.34B | −$211.1M | −$262.7M | −$295.6M | −$642.8M | −$288.2M |
| Income taxes | $207,000 | $41,000 | $252,000 | $92,000 | $12,000 | −$203,000 | −$2.6M | $95,000 | −$376,000 | $163,000 | −$448,000 | −$4.7M |
| Net income | −$188.2M | −$245.3M | −$846.0M | −$361.9M | −$227.1M | −$196.7M | −$1.34B | −$211.2M | −$262.3M | −$295.8M | −$642.4M | −$283.5M |
| EBITDA | −$158.3M | −$221.4M | −$877.6M | −$336.8M | −$198.0M | −$171.2M | −$1.30B | −$180.1M | −$235.5M | −$241.0M | −$355.0M | −$255.5M |
| EPS (diluted) | −$0.07 | −$0.18 | −$0.06 | −$0.12 | −$0.18 | −$0.20 | −$0.41 | −$0.24 | −$0.34 | −$0.46 | −$0.64 | −$0.45 |
| Gross margin | −0.9% | −13.2% | 2.4% | −67.9% | −30.7% | −55.3% | −122.5% | −57.6% | −91.6% | −119.2% | −86.3% | −69.4% |
| Operating margin | −36.0% | −63.6% | −47.5% | −139.4% | −88.3% | −128.7% | −678.7% | −124.4% | −170.7% | −215.7% | −281.7% | −137.9% |
| Net margin | −105.6% | −150.0% | −375.6% | −204.4% | −130.5% | −147.1% | −697.5% | −121.5% | −183.0% | −245.9% | −289.2% | −142.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PLUG's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PLUG financial results
In fiscal year 2025 (ended December 31, 2025), Plug Power reported revenue of $709.9 million, up 12.9% from the year before. It had a net loss of $1.6 billion, a net profit margin of −229.8%. Diluted earnings per share came to −$0.56.
See the PLUG stock overview for the latest quote and news, or the PLUG chart for price history and technical indicators.
PLUG income statement FAQ
What is Plug Power's annual revenue?
Plug Power reported total revenue of $709.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 12.9% from $628.8 million the previous year.
Is Plug Power profitable?
No. Plug Power reported a net loss of $1.6 billion in fiscal 2025, a net profit margin of −229.8%; its operating margin was −95.7%.
What is Plug Power's gross margin?
Plug Power's gross margin was −34.1% in fiscal 2025: for every $100 of revenue, Plug Power kept $-34 after the direct cost of its products and services.
How much does Plug Power spend on research and development?
Plug Power spent $58.0 million on research and development in fiscal 2025, 8.2% of revenue.
What are Plug Power's earnings per share?
Plug Power earned $-0.56 per diluted share in fiscal 2025, compared with $-1.45 a year earlier.
When will Plug Power report its next earnings?
Plug Power is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 after the market closes.
When does Plug Power's fiscal year end?
Plug Power's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.