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Plug Power and Occidental Petroleum highlight split energy-transition bets
Plug Power posted an FY 2025 net loss of about $1.6 billion and negative free cash flow of roughly $661.5 million, while Occidental reported FY 2025 net income of about $2.4 billion despite revenue down around 20.3%.
Plug Power and Occidental Petroleum stand as two contrasting ways to invest in the energy transition, one centered on green hydrogen and fuel-cell technology and the other on a traditional upstream oil and gas model with low-carbon efforts, according to The Motley Fool.
Plug Power builds green hydrogen and fuel-cell solutions for global industrial applications, focusing on large-scale logistics and serving the material handling and e-mobility sectors. The company’s exposure to a major customer is a key part of the risk picture, with Walmart cited as representing roughly 24.2% of consolidated revenues as of late 2025, and the outlet notes that the company recorded FY 2025 revenue near $709.9 million, up about 12.9% year over year.
Despite revenue growth, Plug Power reported an FY 2025 net loss of approximately $1.6 billion, which translates into a net margin of -229.8%. The outlet also points to substantial cash strain, with free cash flow reported at negative $661.5 million in FY 2025, while its December 2025 balance sheet showed a debt-to-equity ratio of 1.0x and a current ratio of 2.3x.
Occidental, meanwhile, runs an upstream oil and gas business with major production in the Permian Basin and the Middle East, and it has pivoted after selling its chemical business to Berkshire Hathaway. The outlet says Occidental generated FY 2025 revenue of nearly $21.6 billion, down about 20.3% year over year, but still produced net income of approximately $2.4 billion, resulting in a net margin of 11.0%, alongside expansion into low-carbon ventures through carbon capture projects.