Enphase Energy, Inc. (ENPH)

ENPH Cash Flow Statement

Operating, investing, and financing cash flow analysis

ENPH Quarterly Cash Flow Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Cash from Operations (CFO)	190.997M	102.871M	47.579M	13.918M	26.629M	48.414M	167.292M	170.138M	127.062M
Net Income	134.997M	-7.406M	38.713M	66.638M	37.052M	29.730M	62.160M	45.762M	10.833M
Depreciation & Amortization	79.546M	20.815M	20.427M	18.219M	20.085M	19.915M	20.665M	20.103M	20.484M
Stock-Based Compensation	207.448M	48.991M	53.092M	51.469M	53.896M	55.633M	0.00	45.940M	52.757M
Change in Accounts Receivable	993.546M	196.578M	265.857M	265.513M	265.598M	225.625M	265.750M	232.225M	319.211M
Change in Inventory	—	—	—	—	—	—	—	—	—
Change in Accounts Payable	—	—	—	—	—	—	—	—	—
Change in Working Capital	-247.123M	35.389M	-61.190M	-125.789M	-95.533M	-70.381M	65.403M	43.327M	45.868M
Cash from Investing	—	—	—	—	—	—	—	—	—
Capital Expenditures (CapEx)	-45.929M	-19.898M	-9.740M	-8.032M	-8.259M	-14.608M	-8.064M	-8.533M	-9.636M
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash from Financing	—	—	—	—	—	—	—	—	—
Debt Repayment	—	—	—	—	—	—	—	—	—
Stock Repurchased (Buybacks)	-50.358M	-18.686M	0.00	-1.679M	-29.993M	-99.964M	-199.666M	-49.794M	-99.908M
Dividends Paid	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow (FCF)	145.068M	82.973M	37.839M	5.886M	18.370M	33.806M	159.228M	161.605M	117.426M
Net Change in Cash	82.456M	23.228M	72.438M	31.344M	-44.554M	-49.026M	207.791M	4.223M	-1.550M

ENPH Annual Cash Flow Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Cash from Operations (CFO)	136.540M	513.693M	696.780M	744.817M	352.028M	216.334M	139.067M	16.132M
Net Income	172.133M	102.658M	438.936M	397.362M	145.449M	133.995M	161.148M	-11.627M
Depreciation & Amortization	80.645M	81.389M	74.708M	58.775M	30.846M	18.103M	14.119M	9.667M
Stock-Based Compensation	214.090M	211.360M	212.857M	0.00	114.286M	42.503M	20.176M	11.432M
Change in Accounts Receivable	265.857M	223.749M	445.959M	440.896M	357.134M	200.044M	145.413M	78.938M
Change in Inventory	—	—	—	—	—	—	—	—
Change in Accounts Payable	—	—	—	—	—	—	—	—
Change in Working Capital	-352.893M	143.001M	17.130M	62.126M	15.063M	-24.653M	1.425M	1.524M
Cash from Investing	—	—	—	—	—	—	—	—
Capital Expenditures (CapEx)	-40.639M	-33.604M	-110.401M	-46.443M	-52.508M	-20.558M	-14.788M	-4.151M
Acquisitions	0.00	0.00	-15.000M	-62.162M	-293.652M	-5.010M	0.00	-15.000M
Cash from Financing	—	—	—	—	—	—	—	—
Debt Repayment	—	—	—	—	—	—	—	—
Stock Repurchased (Buybacks)	-129.957M	-391.364M	-409.998M	0.00	-500.000M	0.00	0.00	0.00
Dividends Paid	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow (FCF)	95.901M	480.089M	586.379M	698.374M	299.520M	195.776M	124.279M	11.981M
Net Change in Cash	10.202M	175.368M	-184.496M	353.928M	-560.063M	383.270M	189.872M	77.093M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Enphase Energy, Inc.

Enphase Energy, Inc., along with its subsidiaries, is dedicated to developing, manufacturing, and distributing home energy solutions for the global solar photovoltaic industry. Their core offering is a semiconductor-based microinverter, designed to convert energy at the individual solar module level. This technology seamlessly integrates with their proprietary networking and software, providing advanced energy monitoring and control capabilities. The company's product portfolio also includes AC battery storage systems, the Envoy communications gateway, the cloud-based Enlighten monitoring service, and various related accessories. Enphase sells its offerings through multiple channels, reaching solar distributors, large installers directly, original equipment manufacturers (OEMs), strategic partners, and individual homeowners, as well as through its legacy product upgrade program and online store. Established in 2006, Enphase Energy, Inc. is headquartered in Fremont, California.

Fremont, CA

2,781 employees

www.enphase.com

Energy / Solar

Sector: Energy
Industry: Solar
CEO: Badrinarayanan Kothandaraman

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