Plug Power Inc. (PLUG) financials

NASDAQ · Industrials · Electrical Equipment & Parts · 2,344 employees · CEO Jose Luis Crespo

Price: $1.37 -3.87%
Market cap: $1.91B
Enterprise value: $2.57B
Last report: Q2 '26 filed 2026-08-10
Next report: 2026-11-09 EPS est. -$0.07

Revenue (TTM)$744M+10.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-70.2%+203.5 pp vs a year agoOperating income -$522M

Net income (TTM)-$1.64B+16.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$536M+34.0% vs a year agoCapex $53.6M

Diluted EPS (TTM)-$1.36+35.8% vs a year agoSum of the last 4 quarters

Net cash-$661M+22.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $1.91B
Revenue: $744M
Revenue growth: +16%
Profit margin: -220.6%
P/E: -1.0×
P/S: 2.6×
EV / EBITDA: -1.6×
Free cash flow: -$536M
Net income: -$1.64B
Revenue estimate: $821M
Earnings: 2026-11-09
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-10): revenue beat by 5.4%, EPS missed by 80.1%Revenue $178M vs $169M expected (+5.4%); EPS -$0.14 vs -$0.08 (-80.1%).
Revenue growth slowing: 2.5% year on yearQ2 '26 revenue $178M, against an average of 15.8% over the four quarters before.
Operating margin -70.2% (TTM), +203.5 pp on a year agoOperating income grew 71.7% while revenue grew 10.6%.
Capex 7.2% of revenue (a year ago 31.0%)$53.6M invested in the last 4 quarters (-74.3% on a year earlier). Free cash flow -$536M.
Diluted share count up 23.5% in a year1.39B diluted shares in Q2 '26, 1.13B a year earlier.
Net debt $661MCash + short-term investments $162M, debt incl. leases $823M; a year ago net debt $851M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$178M	$174M	+2.5%
Gross margin	-0.9%	-30.7%	+29.8 pp
Operating income	-$64.1M	-$154M	+58.2%
Operating margin	-36.0%	-88.3%	+52.3 pp
Net income	-$188M	-$227M	+17.1%
Diluted EPS	-$0.14	-$0.20	+30.0%
Operating cash flow	-$94.1M	-$192M	+51.0%
Capex	$6.3M	$38.6M	-83.7%
Free cash flow	-$100M	-$230M	+56.4%
R&D	$13.4M	$12.2M	+10.1%
Stock-based compensation	$13M	$13.1M	-1.0%

Reported vs consensus

2026-08-10

	Actual	Consensus	vs consensus
Revenue	$178M	$169M	+5.4%
EPS (as estimated)	-$0.14	-$0.08	-80.1%

From the report of 2026-08-10 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Sale Of Electrolyzers	$13.2M	-70.5%	7.4%	$188M	+8.4%
Sales Of Fuel Cell Systems	$31.9M	+105.2%	17.9%	$65.5M	–
Services Performed On Fuel Cell Systems And Related Infrastructure	$29.8M	+82.3%	16.7%	$113M	+90.4%
Fuel Delivered To Customers	$39.5M	+14.7%	22.1%	$145M	–
Sale Of Hydrogen Infrastructure	$8.22M	-29.1%	4.6%	$30.3M	-50.1%
Power Purchase Agreements	$26.9M	+14.0%	15.1%	$114M	+31.4%
Sale of cryogenic equipment	$26.7M	-0.5%	15.0%	$77.6M	–
Sale Of Engineered Equipment	$1.84M	+510.0%	1.0%	$8.08M	-47.2%
Other Product And Services	$153K	-61.6%	0.1%	$2.96M	-44.1%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
United States	$415M	–	71.9%	–	–
North America	–	–	–	–	–
Non-US	$162M	–	28.1%	–	–
Europe	–	–	–	–	–
Asia	–	–	–	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$483M
Capex: -$53.6M
Buybacks: -$122K
Dividends: -$16.5M
Acquisitions: -$6.74M
Net debt issued: -$88.5M
Stock-based compensation: $23M
Free cash flow: -$536M
Returned to shareholders / FCF: -3.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-1.0×	–	–
EV / EBITDA	-1.6×	–	–
EV / Sales	3.5×	10.2×	3.8× – 28.0×
Price / FCF	-3.6×	–	–
Price / Book	3.3×	1.9×	0.9× – 3.4×
FCF yield	-28.1%	-34.6%	-67.3% – -3.5%
Return on invested capital	-29.6%	-29.8%	-65.5% – -7.5%
Return on equity	-176.2%	-72.6%	-166.8% – -10.0%

Analysts

Consensus target $2.65 (+94.1%)
range $1.20 – $5.00 · rating Buy

Strong buy0

Buy17

Hold16

Sell5

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$821M	+15.7%	-$0.42	+70.4%	-3.3×	8
FY2027	$976M	+18.9%	-$0.16	+62.8%	-8.8×	9
FY2028	$1.16B	+18.8%	-$0.09	+43.1%	-15.5×	10
FY2029	$1.48B	+27.3%	-$0.02	+81.1%	-81.9×	4
FY2030	$1.94B	+31.2%	$0.05	+380.0%	29.2×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 258 figures Plug Power Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	-$14.2M	-$5.52M	-157.4%	–	–	–
Accounts Payable, Current	$144M	$152M	-5.1%	$169M	$181M	-6.8%
Accounts Receivable, after Allowance for Credit Loss, Current	$126M	$139M	-9.3%	$135M	$157M	-14.3%
Accounts Receivable, Allowance for Credit Loss, Current	$39.3M	–	–	$46.8M	$37.7M	+24.1%
Accounts Receivable, Credit Loss Expense (Reversal)	$0	$4.63M	-100.0%	$28.5M	$28.9M	-1.6%
Accrued Liabilities, Current	$106M	$105M	+0.5%	$128M	$103M	+24.1%
Accrued Salaries, Current	$34.2M2025-12-31	$14.6M	+133.8%	$34.2M	$14.6M	+133.8%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$24.1M2025-12-31	$41.8M	-42.3%	$24.1M	$41.8M	-42.3%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$2.45M	$3.48M	-29.6%	$6.8M	-$2.5M	+371.6%
Additional Paid in Capital	$9.23B	$8.79B	+5.0%	$9.19B	$8.43B	+9.0%
Amortization of Debt Issuance Costs and Discounts	$1.08M	$106K	+922.6%	$1.26M	-$2.83M	+144.4%
Amortization of Intangible Assets	$900K	$2M	-55.0%	$6.95M	$23.4M	-70.4%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8.86M	-82.4M	+110.7%	433M	233M	+85.4%
Asset Impairment Charges	$19.4M	$20.6M	-6.0%	$785M	$949M	-17.3%
Assets	$2.19B	$3.35B	-34.6%	$2.59B	$3.6B	-28.0%
Assets, Current	$1.15B	$1.33B	-13.8%	$1.41B	$1.48B	-4.5%
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$197K	-$168K	+217.3%	-$23.5M	-$15.8M	-48.2%
Business Combination, Contingent Consideration, Liability, Current	$59.9M	–	–	$86.4M	$93.9M	-8.0%
Business Combination, Contingent Consideration, Liability, Noncurrent	$35.8M	–	–	$57.7M	$136M	-57.5%
Capital Expenditures Incurred but Not yet Paid	-$3.78M	-$6.63M	+43.0%	$25.8M	$54.9M	-53.0%
Cash and Cash Equivalents, at Carrying Value	$162M	$141M	+15.0%	$369M	$206M	+79.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$672M	$877M	-23.4%	$994M	$1.04B	-4.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$61.3M	-$155M	+60.5%	$163M	$70.7M	+130.5%
Cash, FDIC Insured Amount	$250K2025-12-31	$250K	0.0%	$250K	$250K	0.0%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	3B	1.5B	+100.0%	1.5B	1.5B	0.0%
Common Stock, Shares, Issued	1.4B	1.17B	+19.9%	1.39B	934M	+49.3%
Common Stock, Value, Issued	$14M	$11.7M	+19.9%	$13.9M	$9.34M	+49.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	-$1.9M	-$1.63M	-16.4%	-$62.1M	-$204K	-30,328.4%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-$189M	-$218M	+13.4%	-$1.62B	-$2.1B	+22.8%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	-$191M	-$220M	+13.1%	-$1.68B	-$2.1B	+19.8%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$103M	$97.7M	+5.6%	$105M	$94.1M	+11.9%
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$18.5M	$23.1M	-20.0%	$24.1M	$24M	+0.7%
Contract with Customer, Asset, Allowance for Credit Loss, Writeoff	$28.1M2025-09-30	–	–	–	–	–
Contract with Customer, Asset, Reclassified to Receivable	$21M	–	–	$21.3M	–	–
Contract with Customer, Liability, Revenue Recognized	$21.7M	$29.4M	-26.1%	$128M	$161M	-20.5%
Contribution of Property	$492K2025-12-31	–	–	$2.83M	$10.5M	-73.0%
Convertible Notes Payable, Current	$2.5M2026-03-31	$58.4M	-95.7%	$2.58M	$58.3M	-95.6%
Convertible Notes Payable, Noncurrent	$578M	–	–	$431M	$321M	+34.2%
Cost of Revenue	$180M	$227M	-20.9%	$952M	$1.25B	-24.1%
Cost, Depreciation	–	–	–	$25.4M	$42.8M	-40.7%
Current Income Tax Expense (Benefit)	–	–	–	$346K	$469K	-26.2%
Debt Securities, Available-for-sale, Allowance for Credit Loss, Current	$48.7M2025-09-30	–	–	$02023-12-31	$0	–
Debt Securities, Available-for-sale, Realized Gain (Loss)	–	–	–	-$12.8M2023-12-31	-$1.4M	-818.0%
Deferred Income Tax Expense (Benefit)	–	–	–	-$165M	-$215M	+23.4%
Deferred Income Taxes and Other Liabilities, Noncurrent	$13K2025-12-31	$19K	-31.6%	$13K	$19K	-31.6%
Deferred Revenue, Current	$60.3M	$107M	-43.7%	$66.7M	$144M	-53.7%
Deferred Revenue, Noncurrent	$26.1M	$40.6M	-35.6%	$34.2M	$58.5M	-41.6%
Deferred Tax Assets, Capital Loss Carryforwards	$14.6M2025-12-31	$2.65M	+451.9%	$14.6M	$2.65M	+451.9%
Deferred Tax Assets, Deferred Income	$16.9M2025-12-31	$23.1M	-26.7%	$16.9M	$23.1M	-26.7%
Deferred Tax Assets, Goodwill and Intangible Assets	$4.65M2025-12-31	–	–	$4.65M	–	–
Deferred Tax Assets, Gross	$1.49B2025-12-31	$1.17B	+27.3%	$1.49B	$1.17B	+27.3%
Deferred Tax Assets, Net	$13K2025-12-31	$19K	-31.6%	$13K	$19K	-31.6%
Deferred Tax Assets, Net of Valuation Allowance	$42.7M2025-12-31	$61.1M	-30.2%	$42.7M	$61.1M	-30.2%
Deferred Tax Assets, Operating Loss Carryforwards	$846M2025-12-31	$672M	+25.9%	$846M	$672M	+25.9%
Deferred Tax Assets, Tax Credit Carryforwards	$26M2025-12-31	$24.8M	+5.1%	$26M	$24.8M	+5.1%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$43M2025-12-31	$42M	+2.5%	$43M	$42M	+2.5%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$77.9M2025-12-31	$70.2M	+11.0%	$77.9M	$70.2M	+11.0%
Deferred Tax Assets, Valuation Allowance	$1.45B2025-12-31	$1.11B	+30.5%	$1.45B	$1.11B	+30.5%
Deferred Tax Liabilities, Gross	$42.6M2025-12-31	$61.1M	-30.2%	$42.6M	$61.1M	-30.2%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02