Enphase Energy Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,473	1,330	2,291	2,331	1,382
Revenue Growth (YoY)	10.72%	-41.93%	-1.72%	68.65%	78.46%
Cost of Revenue	785.98	701.25	1,232	1,356	827.63
Gross Profit	687	629.14	1,058	974.6	554.42
Selling, General & Admin	333.27	337.38	369.63	355.1	233.06
Research & Development	189.08	201.32	227.34	168.85	105.53
Other Operating Expenses	7.13	13.15	15.68	2.38	-
Operating Income	157.53	77.29	445.74	448.26	215.83
Interest Income	62.72	77.31	69.73	13.66	0.7
Interest Expense	-4.52	-8.91	-8.84	-9.44	-45.15
Other Non-Operating Income (Expense)	-10.91	-25.53	6.51	-0.43	-50.45
Total Non-Operating Income (Expense)	47.29	42.87	67.4	3.79	-94.9
Pretax Income	204.81	120.16	513.14	452.05	120.93
Provision for Income Taxes	32.68	17.5	74.2	54.69	-24.52
Net Income	172.13	102.66	438.94	397.36	145.45
Net Income to Common	172.13	102.66	438.94	397.36	145.45
Net Income Growth	67.68%	-76.61%	10.46%	173.20%	8.55%
Shares Outstanding (Basic)	131	135	136	135	134
Shares Outstanding (Diluted)	135	140	143	144	143
Shares Change (YoY)	-3.66%	-2.29%	-0.76%	1.06%	0.68%
EPS (Basic)	1.31	0.76	3.22	2.94	1.09
EPS (Diluted)	1.29	0.75	3.08	2.77	1.02
EPS Growth	72.00%	-75.65%	11.19%	171.57%	7.37%
Free Cash Flow	95.9	480.09	586.38	698.37	299.77
Free Cash Flow Growth	-80.02%	-18.13%	-16.04%	132.97%	53.12%
Free Cash Flow Per Share	0.71	3.43	4.09	4.84	2.10
Gross Margin	46.64%	47.29%	46.20%	41.81%	40.12%
Operating Margin	10.69%	5.81%	19.46%	19.23%	15.62%
Profit Margin	11.69%	7.72%	19.16%	17.05%	10.52%
FCF Margin	6.51%	36.09%	25.60%	29.96%	21.69%
EBITDA	238.17	158.68	520.45	507.04	246.68
EBITDA Margin	16.17%	11.93%	22.72%	21.75%	17.85%
EBIT	157.53	77.29	445.74	448.26	215.83
EBIT Margin	10.69%	5.81%	19.46%	19.23%	15.62%
Effective Tax Rate	15.96%	14.56%	14.46%	12.10%	-20.28%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.