Revenue
$1.47B
Fiscal year ended 2025-12-31Operating income
$157.53M
Fiscal year ended 2025-12-31Free cash flow
$95.90M
Fiscal year ended 2025-12-31Enphase Energy, Inc. (ENPH) reported revenue of $1.47B and net income of $172.13M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Enphase Energy, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Semiconductors & Related Devices.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.33B | $2.29B | $2.33B | $1.38B | $774.42M | $624.33M | $316.16M | $286.17M | $322.59M |
| Cost of revenue | $785.98M | $701.24M | $1.23B | $1.36B | $827.63M | $428.44M | $403.09M | $221.71M | $230.12M | $264.58M |
| Gross profit | $687.00M | $629.14M | $1.06B | $974.60M | $554.42M | $345.98M | $221.24M | $94.44M | $56.04M | $58.01M |
| Operating income | $157.53M | $77.29M | $445.74M | $448.26M | $215.83M | $186.44M | $102.73M | $1.60M | -$39.38M | -$62.70M |
| Net income | $172.13M | $102.66M | $438.94M | $397.36M | $145.45M | $134.00M | $161.15M | -$11.63M | -$45.19M | -$67.46M |
| Research & development | $189.08M | $201.32M | $227.34M | $168.85M | $105.53M | $55.92M | $40.38M | $32.59M | $33.16M | $50.70M |
| Weighted-average diluted shares | shares 134.89M | shares 140.00M | shares 143.29M | shares 144.39M | shares 142.88M | shares 141.92M | shares 131.64M | shares 99.62M | shares 82.94M | Unavailable |
| Pretax income | $204.81M | $120.16M | $513.14M | $452.05M | $120.93M | $119.41M | $90.11M | -$10.23M | -$45.34M | -$65.99M |
| Income tax expense | $32.68M | $17.50M | $74.20M | $54.69M | -$24.52M | -$14.58M | -$71.03M | $1.40M | -$149.00K | $1.48M |
| Diluted EPS | $1.29 | $0.75 | $3.08 | $2.77 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling, general & administrative | $333.27M | $337.38M | $369.63M | $355.10M | $233.06M | $103.62M | $75.54M | $56.13M | $45.35M | $66.23M |
| General & administrative | $135.77M | $130.82M | $137.84M | $140.00M | $104.09M | $50.69M | $38.81M | $29.09M | $22.22M | $27.42M |
| Selling & marketing | $197.50M | $206.55M | $231.79M | $215.10M | $128.97M | $52.93M | $36.73M | $27.05M | $23.13M | $38.81M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $474.32M | $369.11M | $288.75M | $473.24M | $119.32M | $679.38M | $251.41M | $106.24M | $29.14M | $17.76M |
| Total assets | $3.51B | $3.25B | $3.38B | $3.08B | $2.08B | $1.20B | $713.22M | $339.94M | $169.15M | $163.58M |
| Current assets | $2.61B | $2.33B | $2.44B | $2.26B | $1.46B | $933.06M | $499.66M | $222.30M | $130.45M | $117.86M |
| Total liabilities | $2.42B | $2.42B | $2.40B | $2.26B | $1.65B | $716.11M | $441.01M | $332.16M | $178.27M | $162.28M |
| Current liabilities | $1.26B | $660.09M | $532.45M | $638.22M | $439.80M | $534.04M | $199.31M | $147.16M | $91.74M | $82.77M |
| Total equity incl. NCI | $1.09B | $833.02M | $983.62M | $825.57M | $430.17M | $483.99M | $272.21M | $7.78M | -$9.13M | $1.30M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $288.05M | $165.00M | $213.60M | $149.71M | $74.40M | $41.76M | $32.06M | $16.27M | $26.00M | $31.96M |
| Accounts receivable | $229.88M | $223.75M | $445.96M | $440.90M | $333.63M | $182.16M | $145.41M | $78.94M | $65.35M | $61.02M |
| Goodwill | $214.76M | $211.57M | $214.56M | $213.56M | $181.25M | $24.78M | $24.78M | $24.78M | $3.66M | $3.66M |
| Long-term debt | $572.19M | $1.20B | $1.29B | $1.20B | $951.59M | $4.90M | $102.66M | $81.63M | $32.32M | $20.77M |
| Accounts payable | $203.04M | $90.03M | $116.16M | $125.08M | $113.77M | $72.61M | $57.47M | $48.79M | $28.75M | $31.70M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $136.54M | $513.69M | $696.78M | $744.82M | $352.03M | $216.33M | $139.07M | $16.13M | -$28.44M | -$32.95M |
| Capital expenditures | $40.64M | $33.60M | $110.40M | $46.44M | $52.26M | $20.56M | $14.79M | $4.15M | $4.12M | $12.17M |
| Investing cash flow | $106.79M | $128.27M | -$366.36M | -$371.91M | -$1.22B | -$25.57M | -$14.79M | -$19.15M | -$4.12M | -$11.80M |
| Financing cash flow | -$241.62M | -$460.27M | -$516.77M | -$17.13M | $309.41M | $191.68M | $65.85M | $80.61M | $43.30M | $34.38M |
| Net change in cash | $10.20M | $175.37M | -$184.50M | $353.93M | -$560.06M | $383.27M | $189.87M | $77.09M | $11.38M | -$10.69M |
| Stock-based compensation | $214.09M | $211.36M | $212.86M | $216.80M | $114.29M | $42.50M | $20.18M | $11.43M | $6.73M | $10.33M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $129.96M | $391.36M | $410.00M | $0 | $500.00M | $0 | $0 | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $80.64M | $81.39M | $74.71M | $58.78M | $30.85M | $18.10M | $14.12M | $9.67M | $9.00M | $10.64M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $95.90M | $480.09M | $586.38M | $698.37M | $299.77M | $195.78M | $124.28M | $11.98M | -$32.56M | -$45.12M |
| Gross margin | 46.6% | 47.3% | 46.2% | 41.8% | 40.1% | 44.7% | 35.4% | 29.9% | 19.6% | 18.0% |
| Operating margin | 10.7% | 5.8% | 19.5% | 19.2% | 15.6% | 24.1% | 16.5% | 0.5% | -13.8% | -19.4% |
| FCF margin | 6.5% | 36.1% | 25.6% | 30.0% | 21.7% | 25.3% | 19.9% | 3.8% | -11.4% | -14.0% |
| SBC / revenue | 14.5% | 15.9% | 9.3% | 9.3% | 8.3% | 5.5% | 3.2% | 3.6% | 2.4% | 3.2% |
| Current ratio | 2.07x | 3.53x | 4.59x | 3.55x | 3.33x | 1.75x | 2.51x | 1.51x | 1.42x | 1.42x |
| Revenue YoY growth | 10.7% | -41.9% | -1.7% | 68.7% | 78.5% | 24.0% | 97.5% | 10.5% | -11.3% | Unavailable |
| Net margin | 11.7% | 7.7% | 19.2% | 17.0% | 10.5% | 17.3% | 25.8% | -3.7% | -15.8% | -20.9% |
| R&D / revenue | 12.8% | 15.1% | 9.9% | 7.2% | 7.6% | 7.2% | 6.5% | 10.3% | 11.6% | 15.7% |
| CapEx / revenue | 2.8% | 2.5% | 4.8% | 2.0% | 3.8% | 2.7% | 2.4% | 1.3% | 1.4% | 3.8% |
| Long-term debt / equity | 0.53x | 1.44x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 16.0% | 14.6% | 14.5% | 12.1% | -20.3% | -12.2% | -78.8% | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open ENPH in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-04-28View SEC filing
10-K · Filed 2026-02-17View SEC filing
10-Q · Filed 2025-10-28View SEC filing
10-Q · Filed 2025-07-22View SEC filing
10-Q · Filed 2025-04-22View SEC filing
10-K · Filed 2025-02-10View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.