Enphase Energy financials
$31.83+2.98%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.33B | $2.29B | $2.33B | $1.38B | $774.4M | $626.8M | $317.2M | $286.4M | $322.6M |
| Gross profit | $687.0M | $629.1M | $1.06B | $974.6M | $555.1M | $346.0M | $223.8M | $95.5M | $56.3M | $58.0M |
| Gross margin | 46.6% | 47.3% | 46.2% | 41.8% | 40.1% | 44.7% | 35.7% | 30.1% | 19.7% | 18.0% |
| Operating income | $157.5M | $77.3M | $445.7M | $448.3M | $216.5M | $186.4M | $105.2M | $2.7M | -$39.1M | -$62.7M |
| Net income | $172.1M | $102.7M | $438.9M | $397.4M | $145.6M | $134.2M | $161.1M | -$11.6M | -$45.2M | -$67.5M |
| Net margin | 11.7% | 7.7% | 19.2% | 17.0% | 10.5% | 17.3% | 25.7% | −3.7% | −15.8% | −20.9% |
| Diluted EPS | $1.29 | $0.75 | $3.08 | $2.77 | $1.02 | $0.95 | $1.23 | $-0.12 | $-0.54 | $-1.34 |
| EBITDA | $245.3M | $171.8M | $536.1M | $509.4M | $247.4M | $204.5M | $122.0M | $16.4M | -$13.2M | -$48.3M |
| Operating cash flow | $136.5M | $513.7M | $696.8M | $744.8M | $352.0M | $216.3M | $139.1M | $16.1M | -$28.4M | -$33.0M |
| Free cash flow | $95.9M | $480.1M | $586.4M | $698.4M | $299.8M | $195.8M | $124.3M | $12.0M | -$32.6M | -$45.1M |
| Diluted shares | 134.9M | 140.0M | 143.3M | 144.4M | 142.9M | 141.9M | 131.6M | 99.6M | 82.9M | 50.5M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $474.3M | $369.1M | $288.7M | $473.2M | $119.3M | $679.4M |
| Short-term investments | $1.04B | $1.25B | $1.41B | $1.14B | $897.3M | $0.00 |
| Total debt | $1.20B | $1.30B | $1.29B | $1.29B | $1.04B | $330.9M |
| Total assets | $3.51B | $3.25B | $3.38B | $3.08B | $2.08B | $1.20B |
| Total liabilities | $2.42B | $2.42B | $2.40B | $2.26B | $1.65B | $716.1M |
| Shareholders' equity | $1.09B | $833.0M | $983.6M | $825.6M | $430.2M | $484.0M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology