ENPH · Enphase Energy, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $282.90M | - | $410.43M | $363.15M | $356.08M | - | $380.87M | $303.46M | $263.34M | - |
| Cost of Revenue | $182.51M | - | $214.19M | $192.66M | $187.84M | - | $202.70M | $166.29M | $147.83M | - |
| Gross Profit | $100.39M | - | $196.24M | $170.49M | $168.24M | - | $178.17M | $137.17M | $115.51M | - |
| R&D | $44.87M | - | $47.27M | $45.42M | $50.17M | - | $47.84M | $48.87M | $54.21M | - |
| SG&A | $33.26M | - | $33.10M | $34.03M | $34.03M | - | $30.19M | $33.55M | $35.18M | - |
| Total Operating Expenses | $130.04M | - | $130.08M | $133.49M | $136.32M | - | $128.38M | $135.37M | $144.61M | - |
| D&A | $20.82M | - | - | - | $19.91M | - | - | - | $20.14M | - |
| Operating Income | ($29.64M) | - | $66.16M | $37.01M | $31.92M | - | $49.79M | $1.80M | ($29.10M) | - |
| Interest Expense | $633.0K | - | $830.0K | $815.0K | $2.20M | - | $2.24M | $2.22M | $2.20M | - |
| Income Tax | ($6.45M) | - | $10.38M | $5.15M | $17.16M | - | $4.98M | $383.0K | $4.60M | - |
| Net Income | ($7.41M) | - | $66.64M | $37.05M | $29.73M | - | $45.76M | $10.83M | ($16.10M) | - |
| EPS - Basic | ($0.06) | - | $0.51 | $0.28 | $0.23 | - | $0.34 | $1.15 | ($0.12) | - |
| EPS - Diluted | ($0.06) | - | $0.50 | $0.28 | $0.22 | - | $0.33 | $0.08 | ($0.12) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $497.55M | $474.32M | $401.88M | $370.54M | $350.08M | $369.11M | $256.32M | $252.10M | $253.65M | $288.75M |
| Accounts Receivable | $196.58M | $229.88M | $265.51M | $223.22M | $225.63M | $223.75M | $232.22M | $277.48M | $364.36M | $445.96M |
| Inventory | $290.70M | $288.05M | $188.65M | $173.02M | $144.03M | $165.00M | $158.84M | $176.07M | $207.89M | $213.59M |
| Accounts Payable | $113.46M | $203.04M | $188.57M | $162.70M | $115.37M | $90.03M | $112.42M | $79.65M | $71.75M | $116.16M |
| Current Assets | $1.83B | $2.61B | $2.39B | $2.29B | $2.20B | $2.33B | $2.36B | $2.24B | $2.30B | $2.44B |
| Total Assets | $2.72B | $3.51B | $3.32B | $3.18B | $3.11B | $3.25B | $3.26B | $3.17B | $3.23B | $3.38B |
| Current Liabilities | $481.78M | $1.26B | $1.17B | $1.16B | $1.16B | $660.09M | $567.48M | $529.63M | $554.10M | $532.45M |
| Long-term Debt | $572.51M | $572.19M | $571.87M | $571.54M | $571.21M | $1.20B | $1.20B | $1.20B | $1.20B | $1.29B |
| Total Liabilities | $1.62B | $2.42B | $2.33B | $2.30B | $2.30B | $2.42B | $2.33B | $2.28B | $2.31B | $2.40B |
| Stockholders' Equity | $1.10B | $1.09B | $995.02M | $880.64M | $810.70M | $833.02M | $931.37M | $884.52M | $922.72M | $983.62M |
| Retained Earnings | ($211.30M) | ($203.90M) | ($242.58M) | ($309.22M) | ($315.86M) | ($245.21M) | ($104.93M) | ($100.89M) | ($11.82M) | $46.27M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $102.87M | - | - | - | $48.41M | - | - | - | $49.20M | - |
| Investing Cash Flow | $576.38M | - | - | - | $113.06M | - | - | - | $17.73M | - |
| Financing Cash Flow | ($651.19M) | - | - | - | ($214.18M) | - | - | - | ($100.85M) | - |
| CapEx | $19.90M | - | - | - | $14.61M | - | - | - | $7.37M | - |
| Free Cash Flow | $82.97M | - | - | - | $33.81M | - | - | - | $41.83M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 35.5% | - | 47.8% | 46.9% | 47.2% | - | 46.8% | 45.2% | 43.9% | - |
| Operating margin | -10.5% | - | 16.1% | 10.2% | 9.0% | - | 13.1% | 0.6% | -11.1% | - |
| EBITDA margin | -3.1% | - | - | - | 14.6% | - | - | - | -3.4% | - |
| Net margin | -2.6% | - | 16.2% | 10.2% | 8.3% | - | 12.0% | 3.6% | -6.1% | - |
| Free cash flow margin | 29.3% | - | - | - | 9.5% | - | - | - | 15.9% | - |
| FCF / Net income | -11.20 | - | - | - | 1.14 | - | - | - | -2.60 | - |
| R&D / Revenue | 15.9% | - | 11.5% | 12.5% | 14.1% | - | 12.6% | 16.1% | 20.6% | - |
| SG&A / Revenue | 11.8% | - | 8.1% | 9.4% | 9.6% | - | 7.9% | 11.1% | 13.4% | - |
| Effective tax rate | - | - | 13.5% | 12.2% | 36.6% | - | 9.8% | 3.4% | - | - |
| Return on assets | -0.3% | - | 2.0% | 1.2% | 1.0% | - | 1.4% | 0.3% | -0.5% | - |
| Return on equity | -0.7% | - | 6.7% | 4.2% | 3.7% | - | 4.9% | 1.2% | -1.7% | - |
| Return on invested capital | -1.4% | - | 3.7% | 2.2% | 1.5% | - | 2.1% | 0.1% | -1.1% | - |
| Liquidity | ||||||||||
| Current ratio | 3.80 | 2.07 | 2.04 | 1.97 | 1.90 | 3.53 | 4.16 | 4.23 | 4.16 | 4.59 |
| Quick ratio | 3.20 | 1.84 | 1.88 | 1.82 | 1.77 | 3.28 | 3.88 | 3.90 | 3.78 | 4.19 |
| Cash ratio | 1.03 | 0.38 | 0.34 | 0.32 | 0.30 | 0.56 | 0.45 | 0.48 | 0.46 | 0.54 |
| Leverage | ||||||||||
| Debt / Equity | 0.52 | 0.53 | 0.57 | 0.65 | 0.70 | 1.44 | 1.29 | 1.36 | 1.30 | 1.32 |
| Debt / Assets | 0.21 | 0.16 | 0.17 | 0.18 | 0.18 | 0.37 | 0.37 | 0.38 | 0.37 | 0.38 |
| Debt / EBITDA | - | - | - | - | 11.02 | - | - | - | - | - |
| Interest coverage | -46.8x | - | 79.7x | 45.4x | 14.5x | - | 22.3x | 0.8x | -13.3x | - |
| Equity multiplier | 2.47 | 3.23 | 3.34 | 3.61 | 3.83 | 3.90 | 3.50 | 3.58 | 3.50 | 3.44 |
| Liabilities / Assets | 0.60 | 0.69 | 0.70 | 0.72 | 0.74 | 0.74 | 0.71 | 0.72 | 0.71 | 0.71 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | - | 0.12 | 0.11 | 0.11 | - | 0.12 | 0.10 | 0.08 | - |
| Inventory turnover | 0.63 | - | 1.14 | 1.11 | 1.30 | - | 1.28 | 0.94 | 0.71 | - |
| Days sales outstanding | 254d | - | 236d | 224d | 231d | - | 223d | 334d | 505d | - |
| Days inventory outstanding | 581d | - | 321d | 328d | 280d | - | 286d | 386d | 513d | - |
| Days payable outstanding | 227d | - | 321d | 308d | 224d | - | 202d | 175d | 177d | - |
| Cash conversion cycle | 608d | - | 236d | 244d | 287d | - | 306d | 545d | 841d | - |
| Valuation | ||||||||||
| P / E | - | - | 70.8x | 141.6x | 282.0x | - | 342.5x | 1246.4x | - | - |
| P / B | 4.5x | - | 4.7x | 6.1x | 10.4x | - | 17.0x | 15.3x | 17.8x | - |
| P / S | 17.6x | - | 11.5x | 14.8x | 23.7x | - | 41.5x | 44.7x | 62.4x | - |
| EV / EBITDA | - | - | - | - | 167.3x | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -20.6% | - | 7.8% | 19.7% | 35.2% | - | -30.9% | -57.3% | -63.7% | - |
| Revenue CAGR (3y) | -27.0% | - | -13.5% | -11.9% | - | - | 2.7% | -1.3% | -4.4% | - |
| Revenue CAGR (5y) | -1.3% | - | 18.1% | 23.7% | 11.6% | - | 16.2% | 17.7% | 21.3% | - |
| Gross profit growth (YoY) | -40.3% | - | 10.1% | 24.3% | 45.7% | - | -32.0% | -57.6% | -64.6% | - |
| Operating income growth (YoY) | - | - | 32.9% | 1957.1% | - | - | -57.8% | -98.9% | - | - |
| Net income growth (YoY) | - | - | 45.6% | 242.0% | - | - | -59.8% | -93.1% | - | - |
| EPS growth (YoY) | - | - | 51.5% | 250.0% | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 145.4% | - | - | - | -19.2% | - | - | - | -81.3% | - |
| FCF CAGR (5y) | 4.7% | - | - | - | -1.2% | - | - | - | 20.6% | - |
| Book value growth (YoY) | 36.0% | 30.5% | 6.8% | -0.4% | -12.1% | -15.3% | -8.2% | -9.1% | -4.9% | 19.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.47B totalReportable Segment$1.47B · 100.0%
Geographic
$1.47B totalUS$1.19B · 80.7%
International$284.27M · 19.3%
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing Enphase Energy against the 5 most active filers in the same SIC group.