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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	1,483	1,330	2,291	2,331	1,382	774.43
Revenue Growth (YoY)	4.39%	-41.93%	-1.72%	68.65%	78.46%	24.04%
Cost of Revenue	996.93	858.75	1,286	1,356	827.63	428.44
Gross Profit	485.9	471.64	1,005	974.6	554.42	345.98
Selling, General & Admin	331.29	337.38	369.63	352.9	228.16	103.62
Research & Development	193.83	201.32	227.34	168.85	105.53	55.92
Other Operating Expenses	-229.3	-157.5	-53.5	-	-	-
Operating Expenses	295.82	381.19	543.46	521.75	333.69	159.54
Operating Income	190.08	90.45	461.43	452.85	220.73	186.44
Interest Expense	-7.35	-8.91	-8.84	-9.44	-45.15	-21
Interest & Investment Income	70.34	77.31	69.73	13.66	0.7	2.16
Currency Exchange Gain (Loss)	-4.2	-5	-2.1	-	-	-
Other Non Operating Income (Expenses)	0.29	0.27	0.01	-0.43	6.05	-45.15
EBT Excluding Unusual Items	249.15	154.11	520.22	456.63	182.33	122.45
Merger & Restructuring Charges	-16.56	-13.15	-15.68	-4.58	-4.9	-
Gain (Loss) on Sale of Investments	-23.05	-20.8	8.6	-	-	-
Other Unusual Items	-	-	-	-	-56.5	-3.04
Pretax Income	209.54	120.16	513.14	452.05	120.93	119.41
Income Tax Expense	34.84	17.5	74.2	54.69	-24.52	-14.59
Net Income	174.7	102.66	438.94	397.36	145.45	134
Net Income to Common	174.7	102.66	438.94	397.36	145.45	134
Net Income Growth	34.79%	-76.61%	10.46%	173.20%	8.55%	-16.85%
Shares Outstanding (Basic)	133	135	136	135	134	126
Shares Outstanding (Diluted)	140	140	143	144	143	142
Shares Change (YoY)	1.16%	-2.29%	-0.76%	1.06%	0.68%	7.80%
EPS (Basic)	1.31	0.76	3.22	2.94	1.09	1.07
EPS (Diluted)	1.28	0.75	3.08	2.77	1.02	0.95
EPS Growth	37.10%	-75.63%	11.23%	171.79%	7.81%	-23.29%
Free Cash Flow	373.01	480.09	586.38	698.37	299.77	195.78
Free Cash Flow Per Share	2.67	3.43	4.09	4.84	2.10	1.38
Gross Margin	32.77%	35.45%	43.87%	41.81%	40.12%	44.68%
Operating Margin	12.82%	6.80%	20.14%	19.43%	15.97%	24.07%
Profit Margin	11.78%	7.72%	19.16%	17.05%	10.52%	17.30%
Free Cash Flow Margin	25.16%	36.09%	25.60%	29.96%	21.69%	25.28%
EBITDA	263.78	163.06	526.3	511.62	251.58	204.54
EBITDA Margin	17.79%	12.26%	22.98%	21.95%	18.20%	26.41%
D&A For EBITDA	73.7	72.61	64.88	58.78	30.85	18.1
EBIT	190.08	90.45	461.43	452.85	220.73	186.44
EBIT Margin	12.82%	6.80%	20.14%	19.43%	15.97%	24.07%
Effective Tax Rate	16.63%	14.56%	14.46%	12.10%	-	-
Advertising Expenses	-	1.7	3.8	3.8	16.2	0.8

Updated Jul 22, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q