Enphase Energy, Inc. (ENPH)
NASDAQ: ENPH · Real-Time Price · USD
25.65
-0.21 (-0.81%)
At close: Oct 30, 2026, 4:00 PM EDT
25.66
+0.01 (0.04%)
After-hours: Oct 30, 2026, 7:59 PM EDT
Enphase Energy Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 | 90.77 | 172.13 | 102.66 | 438.94 | 397.36 | 145.45 |
Depreciation & Amortization | 76.12 | 74.24 | 72.61 | 74.71 | 58.78 | 30.85 |
Other Amortization | 9.58 | 10.57 | 17.43 | 8.38 | 8.17 | 44.39 |
Asset Writedown & Restructuring Costs | 1.67 | 3.11 | 28.84 | 10.6 | 1.2 | - |
Loss (Gain) From Sale of Investments | 31.6 | 10.61 | -10.57 | -23.64 | -3.37 | -8.02 |
Stock-Based Compensation | 188.68 | 214.09 | 211.36 | 212.86 | 216.8 | 114.29 |
Provision & Write-off of Bad Debts | 0.43 | -0.13 | 6.68 | 1.15 | 0.12 | 0.48 |
Other Operating Activities | 1.59 | 4.8 | -58.32 | -43.35 | 3.63 | 9.54 |
Change in Accounts Receivable | 37.54 | 3.84 | 211.64 | -12.48 | -107.56 | -151.16 |
Change in Inventory | -55.06 | -123.04 | 48.59 | -63.89 | -75.27 | -29.26 |
Change in Accounts Payable | -142.26 | 139.14 | -85.54 | -22.15 | 133.42 | 117.18 |
Change in Unearned Revenue | 72.2 | -75.43 | 98.85 | 117.78 | 122.19 | 78.17 |
Change in Other Net Operating Assets | -122.02 | -297.4 | -130.54 | -2.14 | -10.65 | 0.13 |
Operating Cash Flow | 190.86 | 136.54 | 513.69 | 696.78 | 744.82 | 352.03 |
Operating Cash Flow Growth | -25.52% | -73.42% | -26.28% | -6.45% | 111.58% | 62.72% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Capital Expenditures | -55.49 | -40.64 | -33.6 | -110.4 | -46.44 | -52.26 |
Cash Acquisitions | - | - | - | - | -62.16 | -235.65 |
Sale (Purchase) of Intangibles | - | - | - | - | - | -0.25 |
Investment in Securities | 509.03 | 195.93 | 161.87 | -255.95 | -263.3 | -931.39 |
Other Investing Activities | -24.4 | - | - | - | - | - |
Investing Cash Flow | 445.73 | 106.79 | 128.27 | -366.36 | -371.91 | -1,220 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Long-Term Debt Issued | - | - | - | - | - | 1,188 |
Total Debt Issued | - | - | - | - | - | 1,188 |
Long-Term Debt Repaid | - | -102.17 | -0.01 | - | - | -291.94 |
Total Debt Repaid | -632.5 | -102.17 | -0.01 | - | - | -291.94 |
Net Debt Issued (Repaid) | -632.5 | -102.17 | -0.01 | - | - | 896.5 |
Issuance of Common Stock | 7.33 | 8.53 | 12.69 | 13.87 | 10.37 | 7.48 |
Repurchase of Common Stock | -25.31 | -147.98 | -472.95 | -530.64 | -27.5 | -529.14 |
Other Financing Activities | - | - | - | - | - | -65.44 |
Financing Cash Flow | -650.48 | -241.62 | -460.27 | -516.77 | -17.13 | 309.41 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Foreign Exchange Rate Adjustments | -7.59 | 8.49 | -6.32 | 1.85 | -1.86 | -1.96 |
Net Cash Flow | -21.48 | 10.2 | 175.37 | -184.5 | 353.93 | -560.06 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Free Cash Flow | 135.37 | 95.9 | 480.09 | 586.38 | 698.37 | 299.77 |
Free Cash Flow Growth | -37.70% | -80.02% | -18.13% | -16.04% | 132.97% | 53.12% |
Free Cash Flow Margin | 11.18% | 6.51% | 36.09% | 25.60% | 29.96% | 21.69% |
Free Cash Flow Per Share | 0.99 | 0.71 | 3.43 | 4.09 | 4.84 | 2.10 |
Levered Free Cash Flow | 105.2 | 37.6 | 388.5 | 356.63 | 500.85 | 201 |
Unlevered Free Cash Flow | 102.36 | 36.27 | 385.42 | 353.77 | 498.59 | 184.84 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Cash Interest Paid | 0.13 | 0.13 | 0.26 | 0.46 | 0.46 | 0.73 |
Cash Income Tax Paid | 20.45 | 20.45 | 32.66 | 74.71 | 33.17 | 4.82 |
Change in Working Capital | -209.59 | -352.89 | 143 | 17.13 | 62.13 | 15.06 |