Enphase Energy, Inc. (ENPH)

Enphase Energy Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	1,512	1,330	2,291	2,331	1,382	774.43
Revenue Growth (YoY)	20.97%	-41.93%	-1.72%	68.65%	78.46%	24.04%
Cost of Revenue	936.61	858.75	1,286	1,356	827.63	428.44
Gross Profit	575.77	471.64	1,005	974.6	554.42	345.98
Selling, General & Admin	332.95	337.38	369.63	352.9	228.16	103.62
Research & Development	193.25	201.32	227.34	168.85	105.53	55.92
Other Operating Expenses	-157.5	-157.5	-53.5	-	-	-
Operating Expenses	368.7	381.19	543.46	521.75	333.69	159.54
Operating Income	207.06	90.45	461.43	452.85	220.73	186.44
Interest Expense	-5.94	-8.91	-8.84	-9.44	-45.15	-21
Interest & Investment Income	65.79	77.31	69.73	13.66	0.7	2.16
Currency Exchange Gain (Loss)	-5	-5	-2.1	-	-	-
Other Non Operating Income (Expenses)	11.88	0.27	0.01	-0.43	6.05	-45.15
EBT Excluding Unusual Items	273.79	154.11	520.22	456.63	182.33	122.45
Merger & Restructuring Charges	-17.17	-13.15	-15.68	-4.58	-4.9	-
Gain (Loss) on Sale of Investments	-20.8	-20.8	8.6	-	-	-
Other Unusual Items	-	-	-	-	-56.5	-3.04
Pretax Income	235.82	120.16	513.14	452.05	120.93	119.41
Income Tax Expense	40.24	17.5	74.2	54.69	-24.52	-14.59
Net Income	195.58	102.66	438.94	397.36	145.45	134
Net Income to Common	195.58	102.66	438.94	397.36	145.45	134
Net Income Growth	218.45%	-76.61%	10.46%	173.20%	8.55%	-16.85%
Shares Outstanding (Basic)	132	135	136	135	134	126
Shares Outstanding (Diluted)	138	140	143	144	143	142
Shares Change (YoY)	0.92%	-2.29%	-0.76%	1.06%	0.68%	7.80%
EPS (Basic)	1.48	0.76	3.22	2.94	1.09	1.07
EPS (Diluted)	1.44	0.75	3.08	2.77	1.02	0.95
EPS Growth	231.76%	-75.63%	11.23%	171.79%	7.81%	-23.29%
Free Cash Flow	217.29	480.09	586.38	698.37	299.77	195.78
Free Cash Flow Per Share	1.58	3.43	4.09	4.84	2.10	1.38
Gross Margin	38.07%	35.45%	43.87%	41.81%	40.12%	44.68%
Operating Margin	13.69%	6.80%	20.14%	19.43%	15.97%	24.07%
Profit Margin	12.93%	7.72%	19.16%	17.05%	10.52%	17.30%
Free Cash Flow Margin	14.37%	36.09%	25.60%	29.96%	21.69%	25.28%
EBITDA	279.17	163.06	526.3	511.62	251.58	204.54
EBITDA Margin	18.46%	12.26%	22.98%	21.95%	18.20%	26.41%
D&A For EBITDA	72.1	72.61	64.88	58.78	30.85	18.1
EBIT	207.06	90.45	461.43	452.85	220.73	186.44
EBIT Margin	13.69%	6.80%	20.14%	19.43%	15.97%	24.07%
Effective Tax Rate	17.06%	14.56%	14.46%	12.10%	-	-
Advertising Expenses	-	1.7	3.8	3.8	16.2	0.8

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q