Enphase Energy Cash Flow 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
Net Income	172.13	102.66	438.94	397.36	145.45
Depreciation & Amortization	80.65	81.39	74.71	58.78	30.85
Stock-Based Compensation	214.09	211.36	212.86	216.8	114.29
Other Adjustments	22.57	-24.72	-46.85	9.75	46.38
Change in Receivables	3.84	211.64	-12.48	-107.56	-151.16
Changes in Inventories	-123.04	48.59	-63.89	-75.27	-29.26
Changes in Accounts Payable	139.14	-85.54	-22.15	133.42	117.18
Changes in Unearned Revenue	-75.43	98.85	117.78	122.19	78.17
Changes in Other Operating Activities	-297.4	-130.54	-2.14	-10.65	0.13
Operating Cash Flow	136.54	513.69	696.78	744.82	352.03
Operating Cash Flow Growth	-73.42%	-26.28%	-6.45%	111.58%	62.72%
Capital Expenditures	-40.64	-33.6	-110.4	-46.44	-52.26
Purchases of Intangible Assets	-	-	-	-	-0.25
Purchases of Investments	-765.83	-1,185	-2,096	-923.43	-992.96
Proceeds from Sale of Investments	961.76	1,347	1,840	660.13	61.57
Payments for Business Acquisitions	-	-	-	-62.16	-235.65
Other Investing Activities	-48.5	-	-	-	-
Investing Cash Flow	106.79	128.27	-366.36	-371.91	-1,220
Long-Term Debt Issued	-	-	-	-	1,188
Long-Term Debt Repaid	-102.17	-0.01	-	-	-291.94
Net Long-Term Debt Issued (Repaid)	-102.17	-0.01	-	-	896.5
Issuance of Common Stock	8.53	12.69	13.87	10.37	7.48
Repurchase of Common Stock	-147.98	-472.95	-530.64	-27.5	-529.14
Net Common Stock Issued (Repurchased)	-139.46	-460.26	-516.77	-17.13	-521.65
Other Financing Activities	-	-	-	-	-65.44
Financing Cash Flow	-241.62	-460.27	-516.77	-17.13	309.41
Effect of Exchange Rate Changes on Cash and Cash Equivalents	8.49	-6.32	1.85	-1.86	-1.96
Net Cash Flow	10.2	175.37	-184.5	353.93	-560.06
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%
FCF Margin	6.51%	36.09%	25.60%	29.96%	21.69%
Free Cash Flow Per Share	0.71	3.43	4.09	4.84	2.10
Levered Free Cash Flow	-246.76	81.8	432.85	579.38	1,187
Unlevered Free Cash Flow	-184.34	45.18	375.2	576.05	404.41

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