BLDP revenueFY2025$99.37M
- FY YoY
- +42.5%
- 5Y CAGR
- -0.9%
BLDP revenue was $99.37M for fiscal 2025 (ended Dec 31, 2025), up 42.5% from fiscal 2024. Compound annual growth was -0.9% over 5 years. It rose in 5 of the last 9 fiscal years.
Ballard Power Systems Inc. (BLDP) financials
For fiscal 2025 (ended Dec 31, 2025), Ballard Power Systems Inc. reported $99.37M of revenue and -$90.91M of net income.
- Revenue, FY2025
- $99.37M
- Revenue growth, YoY
- +42.5%
- Net income, FY2025
- -$90.91M
- Net margin
- -91.5%
- Free cash flow, FY2025
- -$66.01M
- EPS, diluted, FY2025
- -$0.30
- Cash
- $527.05M
- P/S
- 5.53
- Market cap
- $549.4M
FY2016FY2025
FY2016FY2025
FY2016FY2025
BLDP revenue and earnings growth
BLDP net incomeFY2025-$90.91M
BLDP net income was -$90.91M for fiscal 2025 (ended Dec 31, 2025), compared with -$324.25M in fiscal 2024.
BLDP EPSFY2025-$0.30
BLDP diluted EPS was -$0.30 for fiscal 2025 (ended Dec 31, 2025), compared with -$1.08 in fiscal 2024.
BLDP free cash flowFY2025-$66.01M
BLDP free cash flow was -$66.01M for fiscal 2025 (ended Dec 31, 2025), compared with -$133.95M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $99.37M | $69.73M | $102.37M | $81.86M | $104.50M | $103.88M | $105.72M | $96.59M | $121.29M | $85.27M |
| Cost of revenue | $93.91M | $91.71M | $124.20M | $95.17M | $90.49M | $82.89M | $83.39M | $66.91M | $79.69M | $61.09M |
| Gross profit | $5.46M | -$21.98M | -$21.83M | -$13.31M | $14.01M | $20.98M | $22.34M | $29.67M | $41.60M | $24.18M |
| Research and development | $58.74M | $94.49M | $98.31M | $89.72M | $62.16M | $35.52M | $25.26M | $27.04M | $25.02M | $19.83M |
| Selling, general and admin | $18.45M | $23.52M | $23.87M | $26.36M | $24.73M | $16.23M | $12.87M | $14.76M | $12.60M | $12.94M |
| Operating income | -$103.46M | -$183.30M | -$162.90M | -$145.33M | -$88.10M | -$39.76M | -$25.45M | -$20.80M | -$4.88M | -$18.07M |
| Interest expense | $1.91M | $2.15M | $1.10M | $1.26M | $1.29M | $1.30M | $1.43M | $503.0K | $732.0K | $686.0K |
| Pre-tax income | -$90.86M | -$323.41M | -$144.05M | -$160.33M | -$114.61M | -$49.34M | -$35.27M | -$26.95M | -$6.48M | -$21.31M |
| Income tax | $51.0K | $121.0K | $158.0K | $42.0K | -$216.0K | $130.0K | $20.0K | $370.0K | $1.57M | $381.0K |
| Net income | -$90.91M | -$324.25M | -$177.72M | -$173.49M | -$114.23M | -$51.38M | -$39.05M | -$27.32M | -$8.05M | -$21.11M |
| EPS, basic | -$0.30 | -$1.08 | -$0.59 | -$0.58 | -$0.39 | -$0.21 | - | - | - | - |
| EPS, diluted | -$0.30 | -$1.08 | -$0.59 | -$0.58 | -$0.39 | -$0.21 | - | - | - | - |
| Diluted shares | 300.2M | 299.3M | 298.7M | 298.1M | 295.3M | 248.5M | 232.8M | 185.8M | 176.3M | 163.4M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $527.05M | $603.95M | $751.13M | $913.73M | $1.12B | $763.43M | $147.79M | $192.24M | $60.26M | $72.63M |
| Receivables | $24.20M | $31.98M | $58.56M | $48.70M | $46.40M | $56.80M | $49.32M | $38.52M | $23.08M | $14.92M |
| Inventory | $43.77M | $56.42M | $45.87M | $58.05M | $51.52M | $28.52M | $30.10M | $29.31M | $17.29M | $17.23M |
| Current assets | $601.43M | $698.88M | $864.74M | $1.03B | $1.23B | $854.32M | $229.53M | $261.59M | $102.80M | $107.75M |
| Goodwill | - | $0 | $40.28M | $64.27M | $64.27M | $40.28M | $40.29M | $40.29M | $40.56M | $40.56M |
| Total assets | $682.39M | $777.31M | $1.08B | $1.25B | $1.44B | $975.60M | $340.32M | $346.10M | $177.66M | $183.45M |
| Current liabilities | $60.99M | $75.59M | $70.59M | $73.17M | $83.16M | $52.09M | $64.52M | $47.71M | $39.42M | $43.05M |
| Total debt | - | - | - | - | - | - | - | - | $0 | $521.0K |
| Total liabilities | $92.46M | $104.32M | $86.33M | $88.17M | $112.73M | $74.71M | $90.06M | $63.50M | $57.80M | $61.90M |
| Shareholders' equity | $589.93M | $672.99M | $991.22M | $1.16B | $1.33B | $900.89M | $250.26M | $282.60M | $119.86M | $121.54M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$56.17M | -$108.10M | -$104.57M | -$132.17M | -$80.48M | -$42.93M | -$14.23M | -$31.69M | -$9.77M | -$3.90M |
| Capital expenditures | $9.84M | $25.85M | $41.21M | $33.93M | $13.16M | $12.62M | $13.93M | $9.85M | $3.07M | $2.78M |
| Free cash flow | -$66.01M | -$133.95M | -$145.78M | -$166.10M | -$93.63M | -$55.55M | -$28.16M | -$41.54M | -$12.84M | -$6.68M |
| Investing cash flow | -$20.94M | -$36.51M | -$54.28M | -$75.56M | -$85.63M | -$36.39M | -$32.75M | -$23.11M | -$6.48M | $5.19M |
| Financing cash flow | -$2.58M | -$1.53M | -$3.68M | -$2.41M | $526.91M | $696.53M | $2.57M | $186.14M | $5.02M | $31.00M |
| Stock-based compensation | $6.34M | $7.46M | $10.96M | $9.41M | $9.67M | $6.24M | $3.56M | $2.90M | $3.13M | $3.02M |
| Depreciation and amortization | $4.13M | $11.97M | $13.53M | $13.77M | $9.75M | $7.56M | $7.51M | $5.01M | $5.06M | $4.54M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 42.5% | -31.9% | 25.1% | -21.7% | 0.6% | -1.7% | 9.5% | -20.4% | 42.2% | - |
| Gross margin | 5.5% | -31.5% | -21.3% | -16.3% | 13.4% | 20.2% | 21.1% | 30.7% | 34.3% | 28.4% |
| Operating margin | -104.1% | -262.9% | -159.1% | -177.5% | -84.3% | -38.3% | -24.1% | -21.5% | -4.0% | -21.2% |
| Net margin | -91.5% | -465.0% | -173.6% | -211.9% | -109.3% | -49.5% | -36.9% | -28.3% | -6.6% | -24.8% |
| Free cash flow margin | -66.4% | -192.1% | -142.4% | -202.9% | -89.6% | -53.5% | -26.6% | -43.0% | -10.6% | -7.8% |
| Return on equity | -15.4% | -48.2% | -17.9% | -15.0% | -8.6% | -5.7% | -15.6% | -9.7% | -6.7% | -17.4% |
| Return on assets | -13.3% | -41.7% | -16.5% | -13.9% | -7.9% | -5.3% | -11.5% | -7.9% | -4.5% | -11.5% |
| Current ratio | 9.86 | 9.25 | 12.25 | 14.06 | 14.78 | 16.40 | 3.56 | 5.48 | 2.61 | 2.50 |
| Debt to equity | - | - | - | - | - | - | - | - | 0.00 | 0.00 |
Source: XBRL data Ballard Power Systems Inc. files with the SEC, latest filing dated Mar 12, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
BLDP peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| BLDP | $99.37M | +42.5% | -$90.91M | -91.5% | $549.4M |
| ASML | €32.67B | +15.6% | €9.61B | 29.4% | $583.23B |
| LRCX | $26.13B | +33.4% | $8.45B | 32.3% | $276.45B |
| TMO | $47.35B | +8.3% | $7.07B | 14.9% | $267.38B |
| DE | $47.98B | +8.0% | $4.87B | 10.2% | $186.39B |
| DHR | $25.61B | +5.5% | $4.33B | 16.9% | $165.41B |
| ETN | $31.98B | +20.1% | $3.90B | 12.2% | $139.59B |
| JCI | $24.43B | +5.1% | $3.53B | 14.5% | $85.71B |
| ITW | $16.65B | +4.8% | $3.23B | 19.4% | $81.49B |
BLDP FAQ
9 questionsWhat is BLDP revenue?
Ballard Power Systems Inc. (BLDP) reported $99.37M of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 42.5% from the year before.Is BLDP profitable?
No. Ballard Power Systems Inc. reported a net loss of $90.91M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does BLDP have?
Ballard Power Systems Inc. reported $527.05M in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is BLDP revenue growing?
Ballard Power Systems Inc.'s revenue changed +42.5% in fiscal 2025, to $99.37M. Its compound annual growth rate was -0.9% over 5 years.What is BLDP gross margin?
Ballard Power Systems Inc.'s gross profit was $5.46M on $99.37M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 5.5%.What is BLDP free cash flow?
Ballard Power Systems Inc. generated -$66.01M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -$56.17M less capital expenditures.What is BLDP earnings per share?
Diluted earnings per share were -$0.30 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did BLDP last report financial results?
The latest statements here come from Ballard Power Systems Inc.'s 40-F filed on Mar 12, 2026, covering the period ended Dec 31, 2025.Where does this BLDP financial data come from?
Quantisnow builds these statements from the structured XBRL data Ballard Power Systems Inc. files with the SEC. It is provided for information only and is not investment advice.