)
Visual
earnings real time
Enphase Energy
Enphase Energy (ENPH) investor relations material
Enphase Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Q4 2025 revenue was $343.3 million, down from $410.4 million in Q3 and $382.7 million in Q4 2024, with 1.55 million microinverters and 150 MWh of batteries shipped, and $37.8 million in free cash flow generated.
U.S. revenue made up 89% of the mix, with international at 11%; U.S. revenue fell 13% sequentially, while European revenue dropped 29%.
Gross margin reached 46.1% (non-GAAP), impacted by a 5.1 percentage point tariff effect, with operating income and expenses each at 23% of revenue (non-GAAP).
Q4 2025 GAAP net income was $38.7 million; non-GAAP net income was $93.4 million.
Customer service NPS improved to 79% in Q4, and average call wait time was 1.6 minutes.
Financial highlights
FY 2025 revenue reached $1.47 billion, up from $1.33 billion in FY 2024.
FY 2025 GAAP gross margin was 46.6%; non-GAAP gross margin was 48.2%.
FY 2025 GAAP net income was $172.1 million; non-GAAP net income was $389.8 million.
FY 2025 GAAP diluted EPS was $1.29; non-GAAP diluted EPS was $2.96.
Q4 2025 free cash flow was $37.8 million; FY 2025 free cash flow was $480.1 million.
Outlook and guidance
Q1 2026 revenue guidance is $270–$300 million, with about $35 million in safe harbor revenue.
Q1 2026 GAAP gross margin expected at 40–43%, non-GAAP at 42–45%, both including a 5% reciprocal tariff impact.
Q1 2026 non-GAAP operating expenses expected at $77–$81 million; GAAP at $137–$141 million.
Q1 is expected to be the low point for demand, with improvement anticipated through 2026, especially in the second half.
Headcount reduced by 6% to align costs with business needs.
Impact of Section 25D expiration on 2026 demand?
When will US manufacturing offset tariff impact?
How will PowerMatch boost IQ Battery sales?
Prepaid lease pilot: When broader rollout
IQ9 commercial: Scaling strategy for $400M TAM
Offsetting 5% reciprocal tariff impact
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Latest summaries
- TimeTickerHeadlineOpen
- 323410
Strong growth in customers, profits, and deposits, with stable asset quality and global milestones. - 3407
Net income rose 22.7% year-over-year, with improved financials and a revised upward forecast. - RYM
Refreshed strategy targets NZD 150m cash flow uplift, NZD 500m cash release, and resumed dividends by FY 2028. - 9101
Profits fell across most segments, but energy shipping and a major acquisition stood out. - 4626
Double-digit profit and sales growth, with strong segment results and a stock split impact. - 2371
Revenue up 21.5% YoY, but profit down on higher investments; LiPLUS Holdings acquired. - 3401
Major impairments and divestitures led to a net loss and lower revenue across all segments. - 8002
Profit forecast raised to ¥540.0B and annual dividend to ¥107.50 per share after strong results. - COF
Profit rebounded, NTA and occupancy rose, with strong leasing and premium divestment. - NUF
Statutory loss reported, seeds business repositioned, new CEO appointed, all resolutions passed.
Next Enphase Energy earnings date
Q1 202621 Apr, 2026
Enphase Energy
Next Enphase Energy earnings date
Q1 202621 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
)
Frequently asked questions
Enphase Energy, Inc., incorporated on January 25, 2006 and headquartered in Fremont, California designs, develops, manufactures and sells the Enphase Home Energy Solution. The company’s microinverters integrate with the Enphase Enlighten Solar Design Software to create a solar solution that provides homeowners with real-time feedback on their solar production.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage