Plug Power Inc
PLUG- Exchange
- Nasdaq
- Industry
- Electrical Industrial Apparatus
- SEC CIK
- 0001093691
In the last 90 days, Plug Power Inc insiders filed 0 open-market purchases and 3 sales; 512 institutions reported holding it in 13F filings for Q2 2026, worth $2.20B in total; Coatue Management is the only superinvestor holding it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 10, 2026, 1:14 AM ET
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 2, 2026 | Mar 3, 2025 | – | Jan 25, 2023 | Jan 19, 2022 |
| Revenue | $709.9M | $628.8M | $891.3M | $701.4M | $502.3M |
| Cost of revenue | $952.0M | $1.25B | $1.40B | $895.8M | $673.7M |
| Gross profit | -$242.0M | -$624.9M | -$507.8M | -$194.4M | -$171.3M |
| Operating expenses | $1.23B | $1.39B | $835.7M | $485.2M | $266.0M |
| Research and development | $58.0M | $77.2M | $113.7M | $99.6M | $64.8M |
| Selling, general and administrative | $379.6M | $376.1M | $422.5M | $363.9M | $179.9M |
| Operating income | -$1.47B | -$2.02B | -$1.34B | -$679.5M | -$437.3M |
| Interest expense | $65.1M | $46.6M | $45.2M | $39.0M | $43.2M |
| Income tax | $356.0K | -$2.69M | -$7.36M | $839.0K | -$16.2M |
| Net income | -$1.63B | -$2.10B | -$1.37B | -$724.0M | -$460.0M |
| EPS, basic | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 |
| EPS, diluted | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 |
| Weighted shares, basic | 1.15B | 785.0M | 595.5M | 579.7M | 558.2M |
| Weighted shares, diluted | 1.15B | 785.0M | 595.5M | 579.7M | 558.2M |
| Margins and growth | |||||
| Gross margin | -34.1% | -99.4% | -57.0% | -27.7% | -34.1% |
| Operating margin | -206.7% | -321.2% | -150.7% | -96.9% | -87.1% |
| Net margin | -229.8% | -334.7% | -153.6% | -103.2% | -91.6% |
| Revenue growth, year over year | +12.9% | −29.5% | +27.1% | +39.6% | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 2, 2026 | Mar 3, 2025 | – | Jan 25, 2023 | Jan 19, 2022 |
| Cash and equivalents | $368.5M | $205.7M | $135.0M | $690.6M | $2.48B |
| Accounts receivable | $134.8M | $157.2M | $243.8M | – | – |
| Inventory | $521.0M | $682.6M | $961.3M | $645.6M | $269.2M |
| Total current assets | $1.41B | $1.48B | $1.79B | $3.31B | $4.45B |
| Property, plant and equipment | $281.0M | $866.3M | $1.44B | $719.8M | $255.6M |
| Goodwill | – | $0 | $0 | $248.6M | $220.4M |
| Intangible assets | $29.2M | $84.7M | $188.9M | $207.7M | $158.2M |
| Total assets | $2.59B | $3.60B | $4.90B | $5.76B | $5.95B |
| Accounts payable | $168.7M | $181.0M | $257.8M | $191.9M | $92.3M |
| Short-term debt | – | $200.0K | $2.72M | $5.14M | $15.3M |
| Total current liabilities | $610.6M | $748.5M | $964.8M | $635.3M | $420.6M |
| Long-term debt | – | – | $3.90M | $9.00M | – |
| Total liabilities | $1.59B | $1.80B | $2.00B | $1.70B | $1.34B |
| Shareholders' equity | $1.00B | $1.81B | $2.90B | $4.06B | $4.61B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 2, 2026 | Mar 3, 2025 | – | Jan 25, 2023 | Jan 19, 2022 |
| Operating cash flow | -$535.8M | -$728.6M | -$1.11B | -$828.6M | -$358.2M |
| Capital expenditures | $111.2M | $287.1M | $665.2M | $436.6M | $172.2M |
| Free cash flow | -$647.0M | -$1.02B | -$1.77B | -$1.27B | -$530.3M |
| Stock-based compensation | $50.5M | $82.2M | $162.9M | $179.6M | $76.5M |
| Investing cash flow | -$139.0M | -$402.4M | $728.1M | -$679.4M | -$1.74B |
| Financing cash flow | $630.0M | $983.2M | $6.12M | -$77.5M | $3.60B |
| Net change in cash | $162.8M | $70.7M | -$555.6M | -$1.79B | $1.50B |
| Ratio | |||||
| Stock-based compensation, % of revenue | 7.1% | 13.1% | 18.3% | 25.6% | 15.2% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Nov 4, 2026 | 1.40B | +0.5% | SEC |
| Aug 6, 2026 | 1.40B | +21.0% | SEC |
| May 6, 2026 | 1.40B | +29.4% | SEC |
| Feb 17, 2026 | 1.39B | +50.7% | SEC |
| Nov 5, 2025 | 1.39B | +52.7% | SEC |
| Aug 6, 2025 | 1.15B | +31.3% | SEC |
| May 6, 2025 | 1.08B | +45.2% | SEC |
| Apr 25, 2025 | 1.02B | +37.8% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.