Plug Power Inc balance sheet

At the end of fiscal 2025, Plug Power Inc had total assets of $2.59bn, total liabilities of $1.59bn and shareholders' equity of $978m. It held $369m in cash against $434m of debt: net debt of $65.1m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Plug Power Inc: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	15	11	14	9	5	146	64	46	25	39	139	1,312	2,481	691	135	206	369	162
Receivables	—	4	13	4	—	—	—	—	—	—	—	—	—	129	244	157	135	126
Inventory	—	11	10	9	10	25	33	30	49	48	72	139	269	646	961	683	521	493
Total current assets	—	39	39	24	22	193	131	111	120	156	314	1,603	4,449	3,305	1,787	1,477	1,410	1,146
Goodwill	—	—	—	—	—	0	8	8	9	9	9	72	220	249	0	0	—	—
Total assets	—	59	56	39	35	204	209	241	271	390	660	2,251	5,950	5,764	4,903	3,603	2,595	2,193
Accounts payable	—	4	5	4	3	10	20	32	42	35	40	50	92	192	258	181	169	144
Deferred revenue (current)	—	4	3	3	2	3	4	6	9	12	12	23	116	132	204	144	67	60
Total current liabilities	—	15	17	17	11	26	43	66	116	146	134	222	421	635	965	748	611	494
Short-term debt	—	0	—	—	—	—	—	3	19	91	26	25	15	5	3	0	—	—
Long-term debt	—	—	—	—	—	—	—	21	13	0	110	86	193	9	4	321	431	578
Total debt	0	0	0	3	0	0	0	24	32	154	137	136	223	199	198	379	434	578
Total liabilities	—	16	27	24	51	45	84	146	196	356	528	784	1,344	1,704	2,005	1,795	1,591	1,605
Shareholders' equity	88	43	29	15	−18	158	125	85	70	−4	130	1,467	4,606	4,060	2,898	1,734	978	582
Non-controlling interests and other (assets − liabilities − equity)	—	—	—	—	2	—	—	10	—	38	—	—	—	—	—	74	—	—
Net debt (negative = net cash)	−15	−11	−14	−6	−5	−146	−64	−22	7	116	−3	−1,176	−2,258	−492	63	174	65	416
Shares outstanding	—	—	—	—	—	173m	180m	191m	228m	219m	—	—	578m	590m	—	—	—	—

US$ millions unless shown otherwise. Fiscal quarters.

Plug Power Inc: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	167	157	145	139	124	135	107	126
Inventory	886	683	693	644	555	521	516	493
Total current assets	1,634	1,477	1,534	1,330	1,191	1,410	1,275	1,146
Goodwill	—	0	—	—	—	—	—	—
Total assets	4,725	3,603	3,633	3,354	3,105	2,595	2,368	2,193
Accounts payable	207	181	192	152	162	169	144	144
Deferred revenue (current)	132	144	138	107	88	67	69	60
Total current liabilities	787	748	788	836	903	611	541	494
Short-term debt	—	0	—	—	—	—	—	—
Long-term debt	4	321	255	—	—	431	503	578
Total debt	4	321	255	—	—	431	503	578
Total liabilities	1,696	1,795	1,701	1,590	1,606	1,591	1,594	1,605
Shareholders' equity	3,029	1,734	1,857	1,681	1,417	978	750	582
Non-controlling interests and other (assets − liabilities − equity)	—	74	75	83	82	—	—	—

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Plug Power Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Plug Power Inc.