Enphase Energy (ENPH) financial statements
Enphase Energy reported revenue of $1.5B in fiscal 2025, up 18.4% a year over 9 years.
Net income was $172M and the operating margin 10.7%, against -19.4% in 2016.
Free cash flow was $96M, and the company returned $130M in net buybacks.
The diluted share count rose 167% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Enphase Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $323M | $286M | $316M | $624M | $774M | $1.4B | $2.3B | $2.3B | $1.3B | $1.5B |
| Cost of revenue | $265M | $230M | $222M | $403M | $428M | $828M | $1.4B | $1.2B | $701M | $786M |
| Gross profit | $58M | $56M | $94M | $221M | $346M | $554M | $975M | $1.1B | $629M | $687M |
| Research and development | $51M | $33M | $33M | $40M | $56M | $106M | $169M | $227M | $201M | $189M |
| Selling, general and admin | $66M | $45M | $56M | $76M | $104M | $233M | $355M | $370M | $337M | $333M |
| Operating income | -$63M | -$39M | $2M | $103M | $186M | $216M | $448M | $446M | $77M | $158M |
| Interest expense | $3M | $8M | $11M | $10M | $21M | $45M | $9M | $9M | $9M | $5M |
| Pre-tax income | -$66M | -$45M | -$10M | $90M | $119M | $121M | $452M | $513M | $120M | $205M |
| Income tax | $1M | -$149,000 | $1M | -$71M | -$15M | -$25M | $55M | $74M | $18M | $33M |
| Net income | -$67M | -$45M | -$12M | $161M | $134M | $145M | $397M | $439M | $103M | $172M |
| EPS (diluted) | — | — | — | — | — | — | $2.77 | $3.08 | $0.75 | $1.29 |
| Diluted shares | 51M | 83M | 100M | 132M | 142M | 143M | 144M | 143M | 140M | 135M |
| Gross margin | 18.0% | 19.6% | 29.9% | 35.4% | 44.7% | 40.1% | 41.8% | 46.2% | 47.3% | 46.6% |
| Operating margin | -19.4% | -13.8% | 0.5% | 16.5% | 24.1% | 15.6% | 19.2% | 19.5% | 5.8% | 10.7% |
| Net margin | -20.9% | -15.8% | -3.7% | 25.8% | 17.3% | 10.5% | 17.0% | 19.2% | 7.7% | 11.7% |
Balance sheet
Fiscal years, from Enphase Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $18M | $29M | $106M | $251M | $679M | $1.0B | $1.6B | $1.7B | $1.6B | $1.5B |
| Receivables | $61M | $65M | $79M | $145M | $182M | $334M | $441M | $446M | $224M | $230M |
| Inventory | $32M | $26M | $16M | $32M | $42M | $74M | $150M | $214M | $165M | $288M |
| Total current assets | $118M | $130M | $222M | $500M | $933M | $1.5B | $2.3B | $2.4B | $2.3B | $2.6B |
| Property, plant and equipment | $31M | $26M | $21M | $29M | $43M | $82M | $111M | $168M | $148M | $137M |
| Goodwill | $4M | $4M | $25M | $25M | $25M | $181M | $214M | $215M | $212M | $215M |
| Total assets | $164M | $169M | $340M | $713M | $1.2B | $2.1B | $3.1B | $3.4B | $3.2B | $3.5B |
| Total current liabilities | $83M | $92M | $147M | $199M | $534M | $440M | $638M | $532M | $660M | $1.3B |
| Long-term debt | $21M | $32M | $82M | $103M | $5M | $952M | $1.2B | $1.3B | $1.2B | $572M |
| Total liabilities | $162M | $178M | $332M | $441M | $716M | $1.6B | $2.3B | $2.4B | $2.4B | $2.4B |
| Shareholders' equity | $1M | -$9M | $8M | $272M | $484M | $430M | $826M | $984M | $833M | $1.1B |
| Net debt | $6M | $21M | $4M | -$146M | -$349M | $918M | $817M | $1.0B | $933M | $730M |
Cash flow
Fiscal years, from Enphase Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$33M | -$28M | $16M | $139M | $216M | $352M | $745M | $697M | $514M | $137M |
| Capital spending | $12M | $4M | $4M | $15M | $21M | $52M | $46M | $110M | $34M | $41M |
| Free cash flow | -$45M | -$33M | $12M | $124M | $196M | $300M | $698M | $586M | $480M | $96M |
| Stock-based compensation | $10M | $7M | $11M | $20M | $43M | $114M | $217M | $213M | $211M | $214M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$500M | $0 | -$410M | -$391M | -$130M |
| Net borrowing | $24M | $26M | $58M | -$46M | -$3M | -$2M | $0 | $0 | -$7,000 | -$102M |
| Free cash flow margin | -14.0% | -11.4% | 3.8% | 19.9% | 25.3% | 21.7% | 30.0% | 25.6% | 36.1% | 6.5% |
Questions
What was Enphase Energy's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Enphase Energy generate?
$96M in fiscal 2025 (operating cash flow minus capital spending).
From Enphase Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.