Enphase Energy, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.5B | $1.3B | $2.3B | $2.3B | $1.4B |
| Cost of revenue | $786.0M | $701.2M | $1.2B | $1.4B | $827.6M |
| Gross profit | $687.0M | $629.1M | $1.1B | $974.6M | $554.4M |
| Research and development | $189.1M | $201.3M | $227.3M | $168.8M | $105.5M |
| Operating expenses | $529.5M | $551.8M | $612.6M | $526.3M | $338.6M |
| Operating income | $157.5M | $77.3M | $445.7M | $448.3M | $215.8M |
| Interest expense | $4.5M | $8.9M | $8.8M | $9.4M | $45.2M |
| Pretax income | $204.8M | $120.2M | $513.1M | $452.0M | $120.9M |
| Income tax expense | $32.7M | $17.5M | $74.2M | $54.7M | -$24.5M |
| Net income | $172.1M | $102.7M | $438.9M | $397.4M | $145.4M |
| Balance Sheet | |||||
| Cash and equivalents | $474.3M | $369.1M | $288.7M | $473.2M | $119.3M |
| Current assets | $2.6B | $2.3B | $2.4B | $2.3B | $1.5B |
| Total assets | $3.5B | $3.2B | $3.4B | $3.1B | $2.1B |
| Current liabilities | $1.3B | $660.1M | $532.4M | $638.2M | $439.8M |
| Total liabilities | $2.4B | $2.4B | $2.4B | $2.3B | $1.6B |
| Stockholders' equity | $1.1B | $833.0M | $983.6M | $825.6M | $430.2M |
| Cash Flow Statement | |||||
| Cash from operations | $136.5M | $513.7M | $696.8M | $744.8M | $352.0M |
| Depreciation and amortization | $80.6M | $81.4M | $74.7M | $58.8M | $30.8M |
| Stock-based compensation | $214.1M | $211.4M | $212.9M | $216.8M | $114.3M |
| Capital expenditure | $40.6M | $33.6M | $110.4M | $46.4M | $52.3M |
| Free cash flow | $95.9M | $480.1M | $586.4M | $698.4M | $299.8M |
| Share repurchases | $130.0M | $391.4M | $410.0M | $0 | $500.0M |
| Impairments | $3.1M | $28.8M | $10.6M | $1.2M | $0 |
Shares outstanding 131.8M · Free float 73.0%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.