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Enphase Energy, Inc. cash flow statement

In fiscal 2025, Enphase Energy, Inc.'s operations generated $137m of cash; it spent $40.6m on capital projects, leaving free cash flow of $95.9m. It returned $130m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations−18−0−45−124−21−33−2816139216352745697514137191
Depreciation and amortisation2367811119101418315975818182
Stock-based pay12571013107112043114217213211214189
Capital spending3151361313124415215246110344155
Free cash flow−21−15−58−711−34−45−331212419630069858648096135
Free cash flow after stock pay−22−17−62−141−46−55−391104153185482374269−118−53
Share buybacks—————————0050004103911300
Shares issued————0016262000——————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Enphase Energy, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Enphase Energy, Inc.