Enphase Energy, Inc. (ENPH)

ENPH Income Statement

Revenue, expenses, and profitability analysis

ENPH Quarterly Income 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
Revenue	1.400B	282.900M	343.321M	410.427M	363.153M	356.084M	382.713M	380.873M	303.458M
Cost of Goods Sold	780.645M	182.507M	191.290M	214.188M	192.660M	187.843M	184.420M	202.702M	166.292M
Gross Profit	619.156M	100.393M	152.031M	196.239M	170.493M	168.241M	198.293M	178.171M	137.166M
Gross Profit Margin	35.5%	35.5%	44.3%	47.8%	46.9%	47.2%	51.8%	46.8%	45.2%
Total Operating Expenses	523.835M	130.036M	130.233M	130.080M	133.486M	136.319M	143.489M	128.383M	135.367M
Research & Development	183.768M	44.867M	46.214M	47.266M	45.421M	50.174M	50.390M	47.843M	48.871M
Selling, General & Administrative	331.631M	81.342M	84.019M	81.527M	84.743M	82.983M	83.700M	79.863M	85.325M
Operating Income (EBIT)	95.321M	-29.643M	21.798M	66.159M	37.007M	31.922M	54.804M	49.788M	1.799M
Operating Margin	-10.5%	-10.5%	6.3%	16.1%	10.2%	9.0%	14.3%	13.1%	0.6%
Income Before Tax (EBT)	144.061M	-13.860M	38.697M	77.019M	42.205M	46.893M	69.699M	50.743M	11.216M
Interest Income	58.315M	12.625M	15.350M	15.429M	14.911M	17.032M	18.417M	19.977M	19.203M
Interest Expense	3.107M	633K	829K	830K	815K	2.047M	2.252M	2.237M	2.220M
Other Income/Expense	48.740M	15.783M	16.899M	10.860M	5.198M	14.971M	14.895M	955K	9.417M
Net Income	134.997M	-7.406M	38.713M	66.638M	37.052M	29.730M	62.160M	45.762M	10.833M
Income Tax Expense	9.064M	-6.454M	-16K	10.381M	5.153M	17.163M	7.539M	4.981M	383K
Net Profit Margin	-2.6%	-2.6%	11.3%	16.2%	10.2%	8.3%	16.2%	12.0%	3.6%
EBITDA	206.629M	-12.497M	59.953M	96.068M	63.105M	68.855M	92.616M	73.083M	23.454M
EBITDA Margin	-4.4%	-4.4%	17.5%	23.4%	17.4%	19.3%	24.2%	19.2%	7.7%
Depreciation & Amortization	58.731M	0.00	20.427M	18.219M	20.085M	19.915M	20.665M	20.103M	20.484M
EPS Basic	1.03	-0.06	0.30	0.51	0.28	0.23	0.46	0.34	0.08
EPS Diluted	1.01	-0.06	0.29	0.50	0.28	0.22	0.46	0.33	0.08
Shares Outstanding	131.337M	131.337M	130.967M	130.797M	131.031M	131.869M	133.815M	135.329M	135.646M
Diluted Shares Outstanding	131.337M	131.337M	133.461M	132.995M	135.219M	136.208M	138.128M	139.914M	136.123M

ENPH Annual Income 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
Revenue	1.473B	1.330B	2.291B	2.331B	1.382B	774.425M	624.333M	316.159M
Cost of Goods Sold	785.981M	701.245M	1.232B	1.356B	827.627M	428.444M	403.088M	221.714M
Gross Profit	687.004M	629.138M	1.058B	974.595M	554.422M	345.981M	221.245M	94.445M
Gross Profit Margin	46.6%	47.3%	46.2%	41.8%	40.1%	44.7%	35.4%	29.9%
Total Operating Expenses	522.347M	551.846M	612.647M	526.334M	338.590M	159.542M	118.516M	92.849M
Research & Development	189.075M	201.315M	227.336M	168.846M	105.526M	55.921M	40.381M	32.587M
Selling, General & Administrative	333.272M	337.377M	369.627M	355.104M	233.064M	103.621M	75.536M	56.133M
Operating Income (EBIT)	164.657M	77.292M	445.741M	448.261M	215.832M	186.439M	102.729M	1.596M
Operating Margin	11.2%	5.8%	19.5%	19.2%	15.6%	24.1%	16.5%	0.5%
Income Before Tax (EBT)	204.814M	120.159M	513.139M	452.048M	120.928M	119.410M	90.114M	-10.229M
Interest Income	62.722M	77.306M	69.728M	13.656M	695K	2.156M	2.513M	—
Interest Expense	4.521M	8.905M	8.839M	9.438M	45.152M	21.001M	9.691M	9.635M
Other Income/Expense	40.157M	42.867M	67.398M	3.787M	-94.904M	-67.029M	-12.615M	-11.825M
Net Income	172.133M	102.658M	438.936M	397.362M	145.449M	133.995M	161.148M	-11.627M
Income Tax Expense	32.681M	17.501M	74.203M	54.686M	-24.521M	-14.585M	-71.034M	1.398M
Net Profit Margin	11.7%	7.7%	19.2%	17.0%	10.5%	17.3%	25.8%	-3.7%
EBITDA	289.980M	210.453M	596.686M	520.261M	196.926M	158.514M	113.924M	10.131M
EBITDA Margin	19.7%	15.8%	26.0%	22.3%	14.2%	20.5%	18.2%	3.2%
Depreciation & Amortization	80.645M	81.389M	74.708M	58.775M	30.846M	18.103M	14.119M	9.667M
EPS Basic	1.31	0.76	3.22	2.94	1.09	1.07	1.38	-0.12
EPS Diluted	1.29	0.75	3.08	2.77	1.02	0.95	1.23	-0.12
Shares Outstanding	131.162M	135.167M	136.376M	135.349M	134.025M	125.561M	116.713M	96.892M
Diluted Shares Outstanding	134.886M	140.004M	143.290M	144.390M	142.878M	141.918M	131.644M	99.619M

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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