Enphase Energy, Inc. (ENPH) Income Statement
ENPH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsENPH revenue and net income
Where ENPH's revenue goes
2025Each bar shows an amount and its share of revenue. ENPH kept 11.7% of revenue as net income.
ENPH profit margins
ENPH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.7% | −14.2% | +13.7% | +15.2% |
| Gross profit | +9.2% | −11.0% | +14.7% | +20.3% |
| Operating income | +113.0% | −28.4% | −2.5% | — |
| Net income | +67.7% | −24.3% | +5.1% | — |
| EPS (diluted) | +25.7% | −13.6% | +17.0% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ENPH quarterly EPS vs estimates
Enphase Energy beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.18).
ENPH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.33B | $2.29B | $2.33B | $1.38B | $774.4M | $624.3M | $316.2M | $286.2M | $322.6M |
| Cost of revenue | $786.0M | $701.2M | $1.23B | $1.36B | $827.6M | $428.4M | $403.1M | $221.7M | $230.1M | $264.6M |
| Gross profit | $687.0M | $629.1M | $1.06B | $974.6M | $554.4M | $346.0M | $221.2M | $94.4M | $56.0M | $58.0M |
| Research & development | $189.1M | $201.3M | $227.3M | $168.8M | $105.5M | $55.9M | $40.4M | $32.6M | $33.2M | $50.7M |
| Sales, general & admin | $333.3M | $337.4M | $369.6M | $355.1M | $233.1M | $103.6M | $75.5M | $56.1M | $45.3M | $66.2M |
| Total operating expenses | $522.3M | $551.8M | $612.6M | $526.3M | $338.6M | $159.5M | $118.5M | $92.8M | $95.4M | $120.7M |
| Operating income | $164.7M | $77.3M | $445.7M | $448.3M | $215.8M | $186.4M | $102.7M | $1.6M | −$39.4M | −$62.7M |
| Interest income | $62.7M | $77.3M | $58.0M | $13.7M | $695,000 | $2.2M | $2.5M | $9.6M | $7.9M | $2.8M |
| Interest expense | $4.5M | $8.9M | $8.8M | $9.4M | $45.2M | $21.0M | $9.7M | $9.6M | $7.9M | $2.8M |
| Income before taxes | $204.8M | $120.2M | $513.1M | $452.0M | $120.9M | $119.4M | $90.1M | −$10.2M | −$45.3M | −$66.0M |
| Income taxes | $32.7M | $17.5M | −$74.2M | $54.7M | −$24.5M | −$14.6M | −$71.0M | $1.4M | −$149,000 | $1.5M |
| Net income | $172.1M | $102.7M | $438.9M | $397.4M | $145.4M | $134.0M | $161.1M | −$11.6M | −$45.2M | −$67.5M |
| EBITDA | $230.2M | $210.5M | $445.7M | $520.3M | $196.9M | $158.5M | $113.9M | $10.1M | −$28.1M | −$52.6M |
| EPS (diluted) | $2.98 | $2.37 | $4.40 | $4.62 | $2.42 | $1.36 | $0.95 | $0.09 | −$0.26 | −$1.07 |
| Gross margin | 46.6% | 47.3% | 46.2% | 41.8% | 40.1% | 44.7% | 35.4% | 29.9% | 19.6% | 18.0% |
| Operating margin | 11.2% | 5.8% | 19.5% | 19.2% | 15.6% | 24.1% | 16.5% | 0.5% | −13.8% | −19.4% |
| Net margin | 11.7% | 7.7% | 19.2% | 17.0% | 10.5% | 17.3% | 25.8% | −3.7% | −15.8% | −20.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $291.9M | $282.9M | $343.3M | $410.4M | $363.2M | $356.1M | $382.7M | $380.9M | $303.5M | $263.3M | $302.6M | $551.1M |
| Cost of revenue | $116.8M | $182.5M | $191.3M | $214.2M | $192.7M | $187.8M | $184.4M | $202.7M | $166.3M | $147.8M | $155.9M | $289.1M |
| Gross profit | $175.0M | $100.4M | $152.0M | $196.2M | $170.5M | $168.2M | $198.3M | $178.2M | $137.2M | $115.5M | $146.7M | $262.0M |
| Research & development | $45.7M | $44.9M | $46.2M | $47.3M | $45.4M | $50.2M | $50.4M | $47.8M | $48.9M | $54.2M | $55.3M | $54.9M |
| Sales, general & admin | $76.9M | $81.3M | $84.0M | $81.5M | $84.7M | $83.0M | $83.7M | $79.9M | $85.3M | $88.5M | $86.8M | $89.2M |
| Total operating expenses | $123.5M | $130.0M | $130.2M | $130.1M | $133.5M | $136.3M | $143.5M | $128.4M | $135.4M | $144.6M | $156.9M | $144.0M |
| Operating income | $51.5M | −$29.6M | $21.8M | $66.2M | $37.0M | $31.9M | $54.8M | $49.8M | $1.8M | −$29.1M | −$10.2M | $118.0M |
| Interest income | $12.2M | $12.6M | $15.3M | $15.4M | $14.9M | $17.0M | $18.4M | $20.0M | $19.2M | $19.7M | $20.5M | $19.7M |
| Interest expense | $1.6M | $633,000 | $829,000 | $830,000 | $815,000 | $2.0M | $2.3M | $2.2M | $2.2M | $2.2M | $2.3M | $2.2M |
| Income before taxes | $61.9M | −$13.9M | $38.7M | $77.0M | $42.2M | $46.9M | $69.7M | $50.7M | $11.2M | −$11.5M | $12.2M | $137.3M |
| Income taxes | $25.8M | −$6.5M | −$16,000 | $10.4M | $5.2M | $17.2M | $7.5M | $5.0M | $383,000 | $4.6M | −$8.7M | $23.4M |
| Net income | $36.1M | −$7.4M | $38.7M | $66.6M | $37.1M | $29.7M | $62.2M | $45.8M | $10.8M | −$16.1M | $20.9M | $114.0M |
| EBITDA | $54.6M | $8.3M | $60.0M | $98.1M | $63.1M | $68.9M | $92.6M | $73.1M | $23.5M | $10.8M | $35.3M | $159.0M |
| EPS (diluted) | $0.14 | $0.47 | $0.71 | $0.90 | $0.69 | $0.68 | $0.94 | $0.65 | $0.43 | $0.35 | $0.54 | $1.02 |
| Gross margin | 60.0% | 35.5% | 44.3% | 47.8% | 46.9% | 47.2% | 51.8% | 46.8% | 45.2% | 43.9% | 48.5% | 47.5% |
| Operating margin | 17.7% | −10.5% | 6.3% | 16.1% | 10.2% | 9.0% | 14.3% | 13.1% | 0.6% | −11.1% | −3.4% | 21.4% |
| Net margin | 12.4% | −2.6% | 11.3% | 16.2% | 10.2% | 8.3% | 16.2% | 12.0% | 3.6% | −6.1% | 6.9% | 20.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ENPH's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ENPH financial results
In fiscal year 2025 (ended December 31, 2025), Enphase Energy reported revenue of $1.5 billion, up 10.7% from the year before. It had net income of $172.1 million (up 67.7%), a net profit margin of 11.7%. Diluted earnings per share came to $2.98. Over five years revenue grew at an average rate of 13.7% a year.
See the ENPH stock overview for the latest quote and news, or the ENPH chart for price history and technical indicators.
ENPH income statement FAQ
What is Enphase Energy's annual revenue?
Enphase Energy reported total revenue of $1.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.7% from $1.3 billion the previous year.
Is Enphase Energy profitable?
Yes. Enphase Energy reported net income of $172.1 million in fiscal 2025, a net profit margin of 11.7%; its operating margin was 11.2%.
What is Enphase Energy's gross margin?
Enphase Energy's gross margin was 46.6% in fiscal 2025: for every $100 of revenue, Enphase Energy kept $47 after the direct cost of its products and services.
How much does Enphase Energy spend on research and development?
Enphase Energy spent $189.1 million on research and development in fiscal 2025, 12.8% of revenue.
How fast is Enphase Energy growing?
Revenue grew 13.7% a year on average over the last five fiscal years, from $774.4 million to $1.5 billion.
What are Enphase Energy's earnings per share?
Enphase Energy earned $2.98 per diluted share in fiscal 2025, compared with $2.37 a year earlier.
When will Enphase Energy report its next earnings?
Enphase Energy is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does Enphase Energy's fiscal year end?
Enphase Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.