Plug Power Inc (PLUG) financials
Plug Power revenue and earnings by year
Plug Power's revenue was $710 million in the fiscal year to December 31, 2025, up 12.9% from the year before. Net income was -$1.63 billion, -229.8% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 27.0% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 9 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.71 | 0.63 | 0.89 | 0.70 | 0.50 | 0.23 | 0.17 | 0.10 | 0.08 |
| Revenue growth | 12.9% | -29.5% | 27.1% | 39.6% | 118.4% | 32.0% | 73.9% | 20.9% | — |
| Gross profit | -0.24 | -0.62 | -0.51 | -0.19 | -0.17 | 0.01 | -0.03 | -0.03 | 0.00 |
| Gross margin | -34.1% | -99.4% | -57.0% | -27.7% | -34.1% | 4.6% | -14.9% | -28.0% | 4.8% |
| Operating income | -1.49 | -2.04 | -1.31 | -0.66 | -0.43 | -0.05 | -0.08 | -0.10 | -0.05 |
| Operating margin | -210.0% | -323.7% | -147.4% | -94.5% | -84.8% | -20.7% | -43.9% | -101.6% | -62.2% |
| Net income | -1.63 | -2.10 | -1.37 | -0.72 | -0.46 | -0.08 | -0.09 | -0.13 | -0.06 |
| Net margin | -229.8% | -334.7% | -153.6% | -103.2% | -91.6% | -36.4% | -49.1% | -126.9% | -69.4% |
| Diluted EPS | -$1.42 | -$2.68 | -$2.30 | -$1.25 | -$0.82 | -$0.37 | -$0.39 | -$0.58 | -$0.32 |
| Free cash flow | -0.66 | -1.06 | -1.80 | -1.29 | -0.55 | -0.07 | -0.08 | -0.10 | -0.09 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open PLUG in Markets.
How Plug Power makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Sales Of Equipment & Related Infrastructure | $81.9M | 45.9% |
| Fuel Delivered To Customers & Related Equipment | $39.5M | 22.1% |
| Services Performed On Fuel Cell Systems & Related Infrastructure | $29.8M | 16.7% |
| Power Purchase Agreements | $26.9M | 15.1% |
| Other Product & Services | $153K | 0.1% |
See also: PLUG returns
No forecast, no recommendation. This page describes Plug Power Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.