15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $710M | -$1.6B | -34.1% | -206.7% | -$647M | — | $369M |
| 2024 | $629M | -$2.1B | -99.4% | -321.2% | -$1.0B | — | $206M |
| 2023 | $891M | -$1.4B | -57.0% | -150.7% | -$1.8B | $4M | $135M |
| 2022 | $701M | -$724M | -27.7% | -96.9% | -$1.3B | $9M | $691M |
| 2021 | $502M | -$460M | -34.1% | -87.1% | -$530M | — | $2.5B |
| 2020 | -$93M | -$596M | 503.5% | 626.6% | -$178M | — | $1.3B |
| 2019 | $230M | -$84M | 4.6% | -20.7% | -$59M | — | $139M |
| 2018 | $174M | -$86M | -14.9% | -43.9% | -$63M | $17M | $39M |
| 2017 | $100M | -$127M | -28.0% | -101.6% | -$64M | $32M | $25M |
| 2016 | $83M | -$57M | 4.8% | -62.2% | -$32M | $24M | $46M |
| 2015 | $103M | -$56M | -9.6% | -57.1% | -$51M | — | $64M |
| 2014 | $64M | -$88M | -7.6% | -59.1% | -$42M | — | $146M |
| 2013 | $27M | -$63M | -42.3% | -108.9% | -$27M | — | $5M |
| 2012 | $26M | -$32M | 0.0% | -140.5% | -$20M | — | $9M |
| 2011 | $28M | -$28M | 0.0% | -112.7% | -$32M | — | $14M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $164M | -$245M | -13.2% | -67.0% | -$152M | — | $223M |
| Dec '25 | $225M | -$846M | 2.4% | -338.9% | -$153M | — | $369M |
| Sep '25 | $177M | -$362M | -67.9% | -197.0% | -$118M | — | $166M |
| Jun '25 | $174M | -$227M | -30.7% | -101.7% | -$230M | — | $141M |
| Mar '25 | $134M | -$197M | -55.3% | -133.5% | -$146M | — | $296M |
| Dec '24 | $191M | -$1.3B | -122.5% | -678.7% | -$165M | — | $206M |
| Sep '24 | $174M | -$211M | -57.6% | -124.4% | -$234M | $4M | $94M |
| Jun '24 | $143M | -$262M | -91.6% | -170.7% | -$356M | $4M | $62M |
| Mar '24 | $120M | -$296M | -132.3% | -215.7% | -$260M | $4M | $173M |
| Dec '23 | $222M | -$642M | -100.1% | -281.7% | -$424M | $4M | $135M |
| Sep '23 | $199M | -$283M | -69.4% | -137.9% | -$404M | $4M | $111M |
| Jun '23 | $260M | -$236M | -30.0% | -89.9% | -$499M | $4M | $579M |
| Mar '23 | $210M | -$207M | -33.0% | -99.8% | -$445M | $9M | $475M |
| Dec '22 | $221M | -$223M | -36.5% | -105.9% | -$426M | $9M | $691M |
| Sep '22 | $189M | -$171M | -24.4% | -84.7% | -$277M | — | $1.7B |
| Jun '22 | $151M | -$173M | -21.5% | -97.1% | -$275M | — | $2.3B |
| Mar '22 | $141M | -$156M | -25.1% | -98.8% | -$288M | — | $2.5B |
| Dec '21 | $162M | -$193M | -54.2% | -124.0% | -$90M | — | $2.5B |
| Sep '21 | $144M | -$107M | -21.6% | -68.6% | -$160M | — | $3.4B |
| Jun '21 | $125M | -$100M | -32.4% | -72.0% | -$153M | — | $3.2B |
How the market has priced PLUG against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
See the revenue and net-income charts above for Plug Power Inc's multi-year trend.
As of FY2025, Plug Power Inc reported — of total debt against $369M of cash; operating income covered interest expense -22.5×.
In FY2025, gross margin was -34.1%, operating margin -206.7%, and net margin -229.9%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.