Company research / ENPH

Enphase Energy, Inc. (ENPH)

CIK 0001463101 · Nasdaq · Semiconductors & Related Devices

  • Sector Manufacturing
  • Incorporated DE
  • Fiscal year ends Dec 31

For the year ended 2025-12-31, Enphase Energy, Inc. reported revenue of $1.47B. Revenue grew 10.7% from the prior annual period. Over the twelve months to 2026-03-31, revenue was $1.40B.

Key ratios (year ended 2025-12-31)

46.6%
Gross margin
10.7%
Operating margin
11.7%
Net margin
15.8%
Return on year-end equity
10.7%
Revenue growth (YoY)

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Latest selected filing: Form 4 (ownership change) · 2026-08-14

Headquarters locality: Petaluma · View on map

Annual financials

Annual flows and balances are grouped by their actual period end. Select a figure to open its SEC filing. n/a means a matching observation is unavailable. Free cash flow is operating cash flow minus capital expenditures, and EBITDA is operating income plus depreciation and amortization, for the same period, computed by TickerFacts.

The first column covers the twelve months to 2026-03-31 from the latest quarterly report: flows are the last fiscal year plus this year to date minus the same months a year earlier, and balances are as of that date. Per-share figures are annual only.

Period endedTTM to
2026-03-31
2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Revenue$1.40B$1.47B$1.33B$2.29B$2.33B$1.38B$774.42M$624.33M$316.16M$286.17M$322.59M
Cost of Revenue$780.64M$785.98M$701.25M$1.23B$1.36B$827.63M$428.44M$403.09M$221.71M$230.12M$264.58M
Gross Profit$619.16M$687.00M$629.14M$1.06B$974.60M$554.42M$345.98M$221.25M$94.44M$56.04M$58.01M
R&D Expense$183.77M$189.07M$201.31M$227.34M$168.85M$105.53M$55.92M$40.38M$32.59M$33.16M$50.70M
Operating Income$95.96M$157.53M$77.29M$445.74M$448.26M$215.83M$186.44M$102.73M$1.60M-$39.38M-$62.70M
Depreciation & Amortization$81.55M$80.64M$81.39M$74.71M$58.77M$30.85M$18.10M$14.12M$9.67M$9.00M$10.64M
EBITDA$177.51M$238.17M$158.68M$520.45M$507.04M$246.68M$204.54M$116.85M$11.26M-$30.37M-$52.06M
Net Income$135.00M$172.13M$102.66M$438.94M$397.36M$145.45M$134.00M$161.15M-$11.63M-$45.19M-$67.46M
EPS (Diluted)n/a$1.29$0.75$3.08$2.77n/an/an/an/an/an/a
Total Assets$2.72B$3.51B$3.25B$3.38B$3.08B$2.08B$1.20B$713.22M$339.94M$169.15M$163.58M
Total Liabilities$1.62B$2.42B$2.42B$2.40B$2.26B$1.65B$716.11M$441.01M$332.16M$178.27M$162.28M
Long-Term Debt$572.51M$1.20B$1.30B$1.29B$1.29B$1.04B$330.87M$105.54M$109.78M$49.75M$23.80M
Shareholders' Equity$1.10B$1.09B$833.02M$983.62M$825.57M$430.17M$483.99M$272.21M$7.78M-$9.13M$1.30M
Cash & Equivalents$497.55M$474.32M$369.11M$288.75M$473.24M$119.32M$679.38M$251.41M$106.24M$29.14M$17.76M
Operating Cash Flow$191.00M$136.54M$513.69M$696.78M$744.82M$352.03M$216.33M$139.07M$16.13M-$28.44M-$32.95M
Capital Expenditures$45.93M$40.64M$33.60M$110.40M$46.44M$52.26M$20.56M$14.79M$4.15M$4.12M$12.17M
Free Cash Flow$145.07M$95.90M$480.09M$586.38M$698.37M$299.77M$195.78M$124.28M$11.98M-$32.56M-$45.12M
Share Repurchases$29.99M$129.96M$391.36M$410.00M$0$500.00M$0$0n/an/an/a
Shares Outstanding131.78M131.08M132.45M135.72M136.44M133.89M128.96M123.11M107.03M85.91M62.27M
Weighted Average Diluted Sharesn/a134.89M140.00M143.29M144.39M142.88M141.92M131.64M99.62M82.94Mn/a
EPS (Basic)n/a$1.31$0.76$3.22$2.94n/an/an/an/an/an/a

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