Plug Power annual free cash flow
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2025
Plug Power Free Cash Flow (FCF) History (PLUG)
Plug Power reported −$647.0M in free cash flow for fiscal 2025, an increase of $368.7M from the previous fiscal year, with a free cash flow margin of −91.14%.
View full Plug Power company overviewPlug Power free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | −$647.0M | $368.7M | — | −91.14% |
| 2024 | 2024-12-31 | −$1.02B | $756.0M | — | −161.53% |
| 2023 | 2023-12-31 | −$1.77B | −$506.5M | — | −198.78% |
| 2022 | 2022-12-31 | −$1.27B | −$734.9M | — | −180.38% |
| 2021 | 2021-12-31 | −$530.3M | −$352.3M | — | −105.57% |
| 2020 | 2020-12-31 | −$178.0M | −$119.0M | — | — |
| 2019 | 2019-12-31 | −$59.0M | $4.5M | — | −25.66% |
| 2018 | 2018-12-31 | −$63.5M | $780,000 | — | −36.44% |
| 2017 | 2017-12-31 | −$64.3M | −$31.9M | — | −64.17% |
| 2016 | 2016-12-31 | −$32.4M | $18.4M | — | −39.10% |
| 2015 | 2015-12-31 | −$50.8M | −$8.6M | — | −49.18% |
| 2014 | 2014-12-31 | −$42.2M | −$15.2M | — | −65.69% |
| 2013 | 2013-12-31 | −$27.0M | −$6.7M | — | −101.47% |
| 2012 | 2012-12-31 | −$20.2M | $14.4M | — | −77.53% |
| 2011 | 2011-12-31 | −$34.6M | $7.2M | — | −125.38% |
| 2010 | 2010-12-31 | −$41.9M | −$3.1M | — | −215.02% |
| 2009 | 2009-12-31 | −$38.8M | — | — | −315.32% |
Plug Power quarterly free cash flow
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Q2.13
Q3.13
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Q1.14
Q2.14
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Q3.15
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Q2.16
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Q1.17
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Q4.17
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Q2.18
Q3.18
Q4.18
Q1.19
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Q2.22
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Q3.23
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Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | −$100.4M | $130.1M | — | −56.29% |
| Q1 2026 | 2026-03-31 | −$152.4M | −$6.4M | — | −93.23% |
| Q4 2025 | 2025-12-31 | −$153.0M | $12.2M | — | −67.95% |
| Q3 2025 | 2025-09-30 | −$117.5M | $116.6M | — | −66.37% |
| Q2 2025 | 2025-06-30 | −$230.4M | $125.6M | — | −132.45% |
| Q1 2025 | 2025-03-31 | −$146.0M | $114.3M | — | −109.24% |
| Q4 2024 | 2024-12-31 | −$165.2M | $258.6M | — | −86.28% |
| Q3 2024 | 2024-09-30 | −$234.2M | $169.5M | — | −134.78% |
| Q2 2024 | 2024-06-30 | −$356.0M | $142.8M | — | −248.37% |
| Q1 2024 | 2024-03-31 | −$260.3M | $185.1M | — | −216.48% |
| Q4 2023 | 2023-12-31 | −$423.8M | $1.8M | — | −190.78% |
| Q3 2023 | 2023-09-30 | −$403.6M | −$127.0M | — | −203.12% |
| Q2 2023 | 2023-06-30 | −$498.8M | −$224.2M | — | −191.73% |
| Q1 2023 | 2023-03-31 | −$445.5M | −$157.2M | — | −211.85% |
| Q4 2022 | 2022-12-31 | −$425.6M | −$335.2M | — | −192.82% |
| Q3 2022 | 2022-09-30 | −$276.7M | −$116.5M | — | −146.66% |
| Q2 2022 | 2022-06-30 | −$274.6M | −$121.9M | — | −181.56% |
| Q1 2022 | 2022-03-31 | −$288.3M | −$161.3M | — | −204.76% |
| Q4 2021 | 2021-12-31 | −$90.5M | −$80.2M | — | −55.87% |
| Q3 2021 | 2021-09-30 | −$160.2M | −$109.3M | — | −111.30% |
| Q2 2021 | 2021-06-30 | −$152.7M | −$98.7M | — | −122.61% |
| Q1 2021 | 2021-03-31 | −$127.0M | −$64.1M | — | −176.46% |
| Q4 2020 | 2020-12-31 | −$10.2M | −$7.7M | — | — |
| Q3 2020 | 2020-09-30 | −$50.9M | −$45.8M | — | −47.52% |
| Q2 2020 | 2020-06-30 | −$54.0M | −$40.4M | — | −79.40% |
| Q1 2020 | 2020-03-31 | −$62.9M | −$25.2M | — | −154.12% |
| Q4 2019 | 2019-12-31 | −$2.6M | $16.0M | — | −2.81% |
| Q3 2019 | 2019-09-30 | −$5.1M | −$7.7M | — | −8.58% |
| Q2 2019 | 2019-06-30 | −$13.6M | $8.9M | — | −23.64% |
| Q1 2019 | 2019-03-31 | −$37.7M | −$12.7M | — | −174.85% |
| Q4 2018 | 2018-12-31 | −$18.6M | −$37.4M | — | −35.71% |
| Q3 2018 | 2018-09-30 | $2.6M | $26.3M | — | +4.91% |
| Q2 2018 | 2018-06-30 | −$22.5M | $12.8M | — | −56.27% |
| Q1 2018 | 2018-03-31 | −$25.1M | −$892,000 | — | −86.16% |
| Q4 2017 | 2017-12-31 | $18.8M | $19.1M | — | +63.78% |
| Q3 2017 | 2017-09-30 | −$23.7M | −$9.8M | — | −68.57% |
| Q2 2017 | 2017-06-30 | −$35.2M | −$25.7M | — | −169.51% |
| Q1 2017 | 2017-03-31 | −$24.2M | −$15.4M | — | −158.60% |
| Q4 2016 | 2016-12-31 | −$246,000 | $10.3M | — | −0.83% |
| Q3 2016 | 2016-09-30 | −$14.0M | $586,000 | — | −79.55% |
| Q2 2016 | 2016-06-30 | −$9.5M | $2.3M | — | −46.34% |
| Q1 2016 | 2016-03-31 | −$8.8M | $5.1M | — | −57.43% |
| Q4 2015 | 2015-12-31 | −$10.6M | −$628,000 | — | −27.57% |
| Q3 2015 | 2015-09-30 | −$14.6M | −$2.8M | — | −46.31% |
| Q2 2015 | 2015-06-30 | −$11.8M | −$484,461 | — | −49.02% |
| Q1 2015 | 2015-03-31 | −$13.9M | −$4.7M | — | −147.34% |
| Q4 2014 | 2014-12-31 | −$10.0M | −$997,993 | — | −46.46% |
| Q3 2014 | 2014-09-30 | −$11.8M | −$4.7M | — | −59.19% |
| Q2 2014 | 2014-06-30 | −$11.3M | −$6.2M | — | −65.15% |
| Q1 2014 | 2014-03-31 | −$9.2M | −$3.2M | — | −164.56% |
| Q4 2013 | 2013-12-31 | −$9.0M | −$1.6M | — | −111.68% |
| Q3 2013 | 2013-09-30 | −$7.1M | $9.6M | — | −153.14% |
| Q2 2013 | 2013-06-30 | −$5.1M | $998,985 | — | −67.66% |
| Q1 2013 | 2013-03-31 | −$5.9M | $119,696 | — | −92.09% |
| Q3 2012 | 2012-09-30 | −$7.4M | $789,191 | — | −154.81% |
| Q4 2011 | 2011-12-31 | −$16.6M | — | — | −140.22% |
| Q3 2011 | 2011-09-30 | −$6.1M | — | — | −110.99% |
| Q2 2011 | 2011-06-30 | −$6.1M | — | — | −139.30% |
| Q1 2011 | 2011-03-31 | −$8.2M | — | — | −137.71% |
Plug Power free cash flow growth trends
Over the last five reported fiscal years, free cash flow declined from −$178.0M to −$647.0M, a net decrease of $469.0M. Plug Power's latest reported quarter, Q2 2026, generated −$100.4M in free cash flow, an increase of $130.1M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Plug Power filings at SEC.gov ↗