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	858.75	1,286	1,356	827.63
Gross Profit	687	471.64	1,005	974.6	554.42
Selling, General & Admin	333.27	337.38	369.63	352.9	228.16
Research & Development	189.08	201.32	227.34	168.85	105.53
Other Operating Expenses	-	-157.5	-53.5	-	-
Operating Expenses	522.35	381.19	543.46	521.75	333.69
Operating Income	164.66	90.45	461.43	452.85	220.73
Interest Expense	-4.52	-8.91	-8.84	-9.44	-45.15
Interest & Investment Income	62.72	77.31	69.73	13.66	0.7
Currency Exchange Gain (Loss)	-	-5	-2.1	-	-
Other Non Operating Income (Expenses)	-10.91	0.27	0.01	-0.43	6.05
EBT Excluding Unusual Items	211.95	154.11	520.22	456.63	182.33
Merger & Restructuring Charges	-4.02	-13.15	-15.68	-4.58	-4.9
Gain (Loss) on Sale of Investments	-	-20.8	8.6	-	-
Asset Writedown	-3.11	-	-	-	-
Other Unusual Items	-	-	-	-	-56.5
Pretax Income	204.81	120.16	513.14	452.05	120.93
Income Tax Expense	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	71.77%	-75.63%	11.23%	171.79%	7.81%
Free Cash Flow	95.9	480.09	586.38	698.37	299.77
Free Cash Flow Per Share	0.71	3.43	4.09	4.84	2.10
Gross Margin	46.64%	35.45%	43.87%	41.81%	40.12%
Operating Margin	11.18%	6.80%	20.14%	19.43%	15.97%
Profit Margin	11.69%	7.72%	19.16%	17.05%	10.52%
Free Cash Flow Margin	6.51%	36.09%	25.60%	29.96%	21.69%
EBITDA	245.3	163.06	526.3	511.62	251.58
EBITDA Margin	16.65%	12.26%	22.98%	21.95%	18.20%
D&A For EBITDA	80.65	72.61	64.88	58.78	30.85
EBIT	164.66	90.45	461.43	452.85	220.73
EBIT Margin	11.18%	6.80%	20.14%	19.43%	15.97%
Effective Tax Rate	15.96%	14.56%	14.46%	12.10%	-
Advertising Expenses	-	1.7	3.8	3.8	16.2

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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