Plug Power, Inc.: financial statements
Price
$1.11
November 13, 2026Market cap $1.5B
What Ploutos Investor adds for Plug Power
Part of Ploutos Investor, €9.99 a month
- The full history: 17 fiscal years, from 2009
- The estimated fair value, with its range and its certainty
- The full analysis, 18 a month
- More questions to the chat on its filings
- Excel with every year
- An email when it reports, changes its dividend or an officer buys
Sign in with a free account to see the last 5 fiscal years.
Notes on these figures
- The share price has fallen 26% since Nov 9, 2026, when the 10-Q these figures come from was filed ($1.50 then, $1.11 on Nov 13, 2026). The figures date from before that move.10-Q
- The interest the company pays is far more than the debt we can read would cost, so part of its borrowing is missing from the figures. We leave out the debt, net cash, enterprise value and the multiples built on them.
Financial statements
Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.
Click a line to see it on the chart.
Revenue
-10.7% a year over 2 years
Financial statements
PLUG's revenue, profits and cash flows from 2009 to 2022, 14 more fiscal years
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By segment
Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.
- 2023: United States $741M, Non Us $150M
- 2024: United States $428M, Non Us $201M
- 2025: United States $536M, Non Us $174M
By segment
PLUG's revenue by region from 2019 to 2022, 4 more fiscal years
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Sign in with a free account to see the last 5 fiscal years.
From the XBRL of 14 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.
Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.
Debt and obligations
What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.
The interest the company pays is far more than the debt we can read would cost, so part of its borrowing is missing from the figures. We leave out the debt, net cash, enterprise value and the multiples built on them.
When the debt falls due
Dec 31, 2024Due within 2 years
$2.1M
Principal of loans and bonds falling due, from the annual report dated December 31, 2024, without leases and interest. The filing
- 2025: $1.2M
- 2026: $900.0K
Leases
Dec 31, 2025Operating leases
$265M
Finance leases
$29M
The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing
From the statutory to the effective tax rate, 2025
Dec 31, 2025Statutory rate
21.0%
Effective rate
0.0%
The company paid 0.0% in tax on its profit, 21.0 points below the US federal rate (21.0%). Below, the reasons it gives.
Statutory rate
21.0%
Change in valuation allowance
-18.6 pts
Difference the filing does not itemize
-2.4 pts
Effective rate
0.0%
One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing
Claims ahead of shareholders
What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.
Other than debt, no claim large enough to list ranks ahead of the shares.
On the other side, it holds $60M of long-term securities and stakes in other companies, at the value in its accounts, about 3.9% of the market value.
On the other side
- at Sep 30, 2026
- $60M
From the balance sheet of September 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.
Earnings quality
How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.
Receivables and inventory against sales
In the quarter to Sep 30, 2026, sales were +13.3% on the same quarter a year earlier, and receivables +37.2%. Inventory was -14.9%, against -30.7% for the cost of sales.
- Days of sales in receivables rose more than at nine in ten S&P 500 companies.
- a year earlier 64 days
- 77 days
- a year earlier 170 days
- 209 days
Balances at Sep 30, 2026 and Sep 30, 2025, against the sales and cost of sales of the quarter ending on each date; a fourth quarter is the fiscal year less its first nine months. Same quarter against same quarter, so the season is the same.
Taxes: deferred and paid
The deferred part was -46,254.2% of the tax charge in the year to Dec 31, 2025.
Cash taxes paid were 173.4% of the current tax charge in the year to Dec 31, 2025.
- Deferred share, year to Dec 31, 2025-$165M of $356.0K
- -46,254.2%
- $600.0K paid, $346.0K current
- 173.4%
When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.
The earnings per share split is not shown: it needs a profit before tax in both years, since a tax rate on a loss has no meaning as a source.
The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.
A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.
The full analysis
What do Plug Power's filings show?
These are Plug Power's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.
- A fair value range built from the filings
- Earnings quality, debt and red flags
- Insider and institutional moves
- The case for and the case against
How much revenue did PLUG have in 2025?
Plug Power had revenue of $710M and net income of -$1.6B in fiscal 2025, a net margin of -229.8%.
How much debt does PLUG have?
On December 31, 2025 Plug Power had total assets of $2.6B, debt of $434M and shareholders' equity of $978M.
How much free cash flow does PLUG have?
In fiscal 2025 Plug Power had cash from operations of -$536M and spent $111M on capital expenditure, leaving -$647M of free cash flow.
Where are the figures from?
From Plug Power, Inc.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.
Related pages
The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.
The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.