Plug Power Inc income statement

In fiscal 2025, Plug Power Inc reported revenue of $710m, up 12.9% on the year before, operating income of −$1.47bn (a -206.7% margin) and net income of −$1.63bn, or −$1.42 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Plug Power Inc: income statement, 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
Revenue	12	19	28	26	27	64	103	83	100	174	230	−93	502	701	891	629	710	744
Cost of revenue	7	23	31	38	38	69	113	82	131	200	219	376	674	896	1,399	1,254	952	882
Gross profit	5	−4	−3	−12	−11	−5	−10	4	−28	−26	11	−469	−171	−194	−508	−625	−242	−138
Research and development	16	13	6	5	3	6	15	21	29	13	15	28	65	100	114	77	58	54
Selling, general and administrative	15	26	15	15	15	27	34	34	45	38	43	79	180	364	422	376	380	310
Operating income	−41	−48	−31	−37	−29	−38	−59	−52	−102	−76	−48	−584	−437	−680	−1,344	−2,020	−1,467	−1,286
Interest expense	—	—	—	—	—	—	—	—	—	—	37	61	43	39	45	47	65	72
Provision for credit losses	—	—	—	—	—	—	—	—	—	—	−0	—	72	—	—	—	—	—
Income before tax	—	−47	−27	−32	−63	−89	−56	−58	−127	−95	−84	−627	−476	−723	−1,376	−2,108	−1,693	−1,704
Income tax	—	—	0	0	−0	−0	—	−0	—	−9	—	−31	−16	1	−7	−3	0	1
Net income	−41	−47	−28	−32	−63	−88	−56	−57	−127	−86	−84	−596	−460	−724	−1,369	−2,105	−1,632	−1,641
Diluted EPS	−$1.57	−$1.79	−$0.73	−$0.47	−$0.41	−$0.56	−$0.32	−$0.32	−$0.60	−$0.39	−$0.36	−$1.68	−$0.82	−$1.25	−$2.30	−$2.68	−$1.42	−$1.24
Diluted shares (average)	—	26m	38m	69m	153m	159m	176m	181m	216m	219m	237m	355m	558m	580m	595m	785m	1,147m	1,324m
EBITDA	−38	−43	−29	−35	−27	−36	−57	−47	−93	−76	−36	−570	−416	−649	−1,292	−1,959	−1,430	−1,260

US$ millions unless shown otherwise. Fiscal quarters.

Plug Power Inc: income statement, 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
Revenue	174	191	134	174	177	225	164	178
Cost of revenue	274	426	208	227	297	220	185	180
Gross profit	−100	−235	−74	−53	−120	5	−22	−2
Research and development	20	13	17	12	16	12	12	13
Selling, general and administrative	92	121	81	88	111	100	70	29
Operating income	−216	−1,300	−178	−177	−349	−763	−109	−64
Interest expense	9	17	11	16	16	21	17	17
Income before tax	−211	−1,338	−197	−229	−363	−904	−246	−190
Income tax	0	−3	0	0	0	0	0	0
Net income	−211	−1,335	−197	−227	−362	−846	−245	−188
Diluted EPS	−$0.25	−$1.65	−$0.21	−$0.20	−$0.31	−$0.69	−$0.18	−$0.14
EBITDA	−199	−1,290	−166	−164	−341	−759	−103	−58

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

Compare with peers

Head to head: PLPC vs PLUG LYTS vs PLUG PLUG vs SHLS

More: Electrical Components & Equipment stocks compared, Industrials sector, rankings of US companies

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.