Enphase Energy (ENPH)

Nasdaq Information Technology Semiconductor Materials & Equipment S&P SmallCap 600

$28.47

-0.50 (-1.74%)

Close of Nov 06, 2026 · end-of-day data

Source: Enphase Energy's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$322.59M	$286.17M	$316.16M	$624.33M	$774.42M	$1.38B	$2.33B	$2.29B	$1.33B	$1.47B
Cost of revenue	$264.58M	$230.12M	$221.71M	$403.09M	$428.44M	$827.63M	$1.36B	$1.23B	$701.25M	$785.98M
Gross profit	$58.01M	$56.04M	$94.44M	$221.25M	$345.98M	$554.42M	$974.60M	$1.06B	$629.14M	$687.00M
Research & development	$50.70M	$33.16M	$32.59M	$40.38M	$55.92M	$105.53M	$168.85M	$227.34M	$201.31M	$189.07M
Operating income	-$62.70M	-$39.38M	$1.60M	$102.73M	$186.44M	$215.83M	$448.26M	$445.74M	$77.29M	$157.53M
Interest expense	$2.77M	$8.21M	$10.69M	$9.69M	$21.00M	$45.15M	$9.44M	$8.84M	$8.90M	$4.52M
Pre-tax income	-$65.99M	-$45.34M	-$10.23M	$90.11M	$119.41M	$120.93M	$452.05M	$513.14M	$120.16M	$204.81M
Income tax	$1.48M	-$149.00K	$1.40M	-$71.03M	-$14.59M	-$24.52M	$54.69M	$74.20M	$17.50M	$32.68M
Net income	-$67.46M	-$45.19M	-$11.63M	$161.15M	$134.00M	$145.45M	$397.36M	$438.94M	$102.66M	$172.13M
EBITDA	-$52.06M	-$30.37M	$11.26M	$116.85M	$204.54M	$246.68M	$507.04M	$520.45M	$158.68M	$238.17M
EPS (basic)	—	—	—	—	—	—	$2.94	$3.22	$0.76	$1.31
EPS (diluted)	—	—	—	—	—	—	$2.77	$3.08	$0.75	$1.29
Diluted shares	50.52M	82.94M	99.62M	131.64M	141.92M	142.88M	144.39M	143.29M	140.00M	134.89M
Gross margin	18.0%	19.6%	29.9%	35.4%	44.7%	40.1%	41.8%	46.2%	47.3%	46.6%
Operating margin	-19.4%	-13.8%	0.5%	16.5%	24.1%	15.6%	19.2%	19.5%	5.8%	10.7%
Net margin	-20.9%	-15.8%	-3.7%	25.8%	17.3%	10.5%	17.0%	19.2%	7.7%	11.7%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$17.76M	$29.14M	$106.24M	$251.41M	$679.38M	$119.32M	$473.24M	$288.75M	$369.11M	$474.32M
Short-term investments	—	—	—	—	$0	$897.34M	$1.14B	$1.41B	$1.25B	$1.04B
Receivables	$61.02M	$65.35M	$78.94M	$145.41M	$182.16M	$333.63M	$440.90M	$445.96M	$223.75M	$229.88M
Inventory	$31.96M	$26.00M	$16.27M	$32.06M	$41.76M	$74.40M	$149.71M	$213.59M	$165.00M	$288.05M
Total current assets	$117.86M	$130.45M	$222.30M	$499.66M	$933.06M	$1.46B	$2.26B	$2.44B	$2.33B	$2.61B
Goodwill	$3.66M	$3.66M	$24.78M	$24.78M	$24.78M	$181.25M	$213.56M	$214.56M	$211.57M	$214.76M
Total assets	$163.58M	$169.15M	$339.94M	$713.22M	$1.20B	$2.08B	$3.08B	$3.38B	$3.25B	$3.51B
Total current liabilities	$82.77M	$91.74M	$147.16M	$199.31M	$534.04M	$439.80M	$638.22M	$532.45M	$660.09M	$1.26B
Short-term debt	$3.03M	$17.43M	$28.16M	$2.88M	$325.97M	$86.05M	$90.89M	$0	$101.29M	$632.18M
Long-term debt	$20.77M	$32.32M	$81.63M	$102.66M	$4.90M	$951.59M	$1.20B	$1.29B	$1.20B	$572.19M
Total debt	$23.80M	$49.75M	$109.78M	$105.54M	$330.87M	$1.04B	$1.29B	$1.29B	$1.30B	$1.20B
Total liabilities	$162.28M	$178.27M	$332.16M	$441.01M	$716.11M	$1.65B	$2.26B	$2.40B	$2.42B	$2.42B
Shareholders' equity	$1.30M	-$9.13M	$7.78M	$272.21M	$483.99M	$430.17M	$825.57M	$983.62M	$833.02M	$1.09B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	-$32.95M	-$28.44M	$16.13M	$139.07M	$216.33M	$352.03M	$744.82M	$696.78M	$513.69M	$136.54M
Capital expenditures	$12.17M	$4.12M	$4.15M	$14.79M	$20.56M	$52.26M	$46.44M	$110.40M	$33.60M	$40.64M
Free cash flow	-$45.12M	-$32.56M	$11.98M	$124.28M	$195.78M	$299.77M	$698.37M	$586.38M	$480.09M	$95.90M
Investing cash flow	-$11.79M	-$4.12M	-$19.15M	-$14.79M	-$25.57M	-$1.22B	-$371.91M	-$366.36M	$128.27M	$106.79M
Financing cash flow	$34.38M	$43.30M	$80.61M	$65.85M	$191.68M	$309.41M	-$17.13M	-$516.77M	-$460.27M	-$241.62M
Share buybacks	—	—	—	$0	$0	$500.00M	$0	$410.00M	$391.36M	$129.96M
Stock-based compensation	$10.33M	$6.73M	$11.43M	$20.18M	$42.50M	$114.29M	$216.80M	$212.86M	$211.36M	$214.09M
Depreciation & amortization	$10.64M	$9.00M	$9.67M	$14.12M	$18.10M	$30.85M	$58.77M	$74.71M	$81.39M	$80.64M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$302.57M	$263.34M	$303.46M	$380.87M	$382.71M	$356.08M	$363.15M	$410.43M	$343.32M	$282.90M	$291.85M	$293.33M
Cost of revenue	$155.91M	$147.83M	$166.29M	$202.70M	$184.42M	$187.84M	$192.66M	$214.19M	$191.29M	$182.51M	$116.84M	$166.21M
Gross profit	$146.66M	$115.51M	$137.17M	$178.17M	$198.29M	$168.24M	$170.49M	$196.24M	$152.03M	$100.39M	$175.01M	$127.12M
Research & development	$55.29M	$54.21M	$48.87M	$47.84M	$50.39M	$50.17M	$45.42M	$47.27M	$46.21M	$44.87M	$45.66M	$45.20M
Operating income	-$10.23M	-$29.10M	$1.80M	$49.79M	$54.80M	$31.92M	$37.01M	$66.16M	$22.44M	-$29.64M	$51.52M	$6.47M
Interest expense	$2.27M	$2.20M	$2.22M	$2.24M	$2.25M	$2.05M	$815.00K	$830.00K	$829.00K	$633.00K	$327.00K	$327.00K
Pre-tax income	$12.23M	-$11.50M	$11.22M	$50.74M	$69.70M	$46.89M	$42.20M	$77.02M	$38.70M	-$13.86M	$61.90M	-$3.57M
Income tax	-$8.69M	$4.60M	$383.00K	$4.98M	$7.54M	$17.16M	$5.15M	$10.38M	-$16.00K	-$6.45M	$25.82M	-$26.96M
Net income	$20.92M	-$16.10M	$10.83M	$45.76M	$62.16M	$29.73M	$37.05M	$66.64M	$38.71M	-$7.41M	$36.08M	$23.39M
EBITDA	$10.61M	-$8.96M	$22.28M	$69.89M	$75.47M	$51.84M	$57.09M	$86.38M	$42.87M	-$8.83M	$71.72M	$26.57M
EPS (basic)	$0.16	$-0.12	$0.08	$0.34	$0.46	$0.23	$0.28	$0.51	$0.29	$-0.06	$0.27	$0.18
EPS (diluted)	$0.16	$-0.12	$0.08	$0.33	$0.45	$0.22	$0.28	$0.50	$0.28	$-0.06	$0.27	$0.17
Diluted shares	-1.79M	135.89M	136.12M	139.91M	3.77M	136.21M	135.22M	133.00M	1.45M	131.34M	135.12M	135.20M
Gross margin	48.5%	43.9%	45.2%	46.8%	51.8%	47.2%	46.9%	47.8%	44.3%	35.5%	60.0%	43.3%
Operating margin	-3.4%	-11.1%	0.6%	13.1%	14.3%	9.0%	10.2%	16.1%	6.5%	-10.5%	17.7%	2.2%
Net margin	6.9%	-6.1%	3.6%	12.0%	16.2%	8.3%	10.2%	16.2%	11.3%	-2.6%	12.4%	8.0%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$288.75M	$253.65M	$252.10M	$256.32M	$369.11M	$350.08M	$370.54M	$401.88M	$474.32M	$497.55M	$529.34M	$380.40M
Short-term investments	$1.41B	$1.38B	$1.39B	$1.51B	$1.25B	$1.12B	$1.16B	$1.08B	$1.04B	$433.10M	$408.36M	$551.45M
Receivables	$445.96M	$364.36M	$277.48M	$232.22M	$223.75M	$225.62M	$223.22M	$265.51M	$229.88M	$196.58M	$273.61M	$249.94M
Inventory	$213.59M	$207.89M	$176.07M	$158.84M	$165.00M	$144.03M	$173.02M	$188.65M	$288.05M	$290.70M	$285.02M	$243.71M
Total current assets	$2.44B	$2.30B	$2.24B	$2.36B	$2.33B	$2.20B	$2.29B	$2.39B	$2.61B	$1.83B	$1.95B	$1.88B
Goodwill	$214.56M	$213.62M	$213.24M	$214.29M	$211.57M	$212.36M	$214.89M	$214.41M	$214.76M	$213.74M	$213.23M	$213.09M
Total assets	$3.38B	$3.23B	$3.17B	$3.26B	$3.25B	$3.11B	$3.18B	$3.32B	$3.51B	$2.72B	$2.92B	$2.88B
Total current liabilities	$532.45M	$554.10M	$529.63M	$567.48M	$660.09M	$1.16B	$1.16B	$1.17B	$1.26B	$481.78M	$565.16M	$460.10M
Short-term debt	$0	$97.26M	$98.59M	$99.93M	$101.29M	$630.68M	$631.18M	$631.68M	$632.18M	$0	$0	$0
Long-term debt	$1.29B	$1.20B	$1.20B	$1.20B	$1.20B	$571.21M	$571.54M	$571.87M	$572.19M	$572.51M	$572.84M	$573.16M
Total debt	$1.29B	$1.30B	$1.30B	$1.30B	$1.30B	$1.20B	$1.20B	$1.20B	$1.20B	$572.51M	$572.84M	$573.16M
Total liabilities	$2.40B	$2.31B	$2.28B	$2.33B	$2.42B	$2.30B	$2.30B	$2.33B	$2.42B	$1.62B	$1.74B	$1.64B
Shareholders' equity	$983.62M	$922.72M	$884.52M	$931.37M	$833.02M	$810.70M	$880.64M	$995.02M	$1.09B	$1.10B	$1.18B	$1.24B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$35.45M	$49.20M	$127.06M	$170.14M	$167.29M	$48.41M	$26.63M	$13.92M	$47.58M	$102.87M	$40.32M	$90.00K
Capital expenditures	$20.07M	$7.37M	$9.64M	$8.53M	$8.06M	$14.61M	$8.26M	$8.03M	$9.74M	$19.90M	$14.39M	$11.46M
Free cash flow	$15.38M	$41.83M	$117.43M	$161.60M	$159.23M	$33.81M	$18.37M	$5.89M	$37.84M	$82.97M	$25.93M	-$11.37M
Investing cash flow	$76.04M	$17.73M	-$27.63M	-$112.48M	$250.64M	$113.06M	-$51.19M	$21.41M	$23.51M	$576.38M	-$9.54M	-$144.63M
Financing cash flow	-$114.99M	-$100.85M	-$100.61M	-$56.07M	-$202.73M	-$214.18M	-$27.55M	-$1.68M	$1.78M	-$651.19M	$1.63M	-$2.71M
Share buybacks	$100.00M	$42.00M	$99.91M	$49.79M	$199.67M	$99.96M	$29.99M	$0	$0	$0	$0	$0
Stock-based compensation	$55.22M	$60.83M	$52.76M	$45.94M	$51.83M	$55.63M	$53.90M	$51.47M	$53.09M	$48.99M	$43.55M	$43.04M
Depreciation & amortization	$20.84M	$20.14M	$20.48M	$20.10M	$20.66M	$19.91M	$20.09M	$20.22M	$20.43M	$20.82M	$20.20M	$20.11M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.