Enphase Energy, Inc. income statement

In fiscal 2025, Enphase Energy, Inc. reported revenue of $1.47bn, up 10.7% on the year before, operating income of $158m (a 10.7% margin) and net income of $172m, or $1.29 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Enphase Energy, Inc.: income statement, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	62	150	217	233	344	357	323	286	316	624	774	1,382	2,331	2,291	1,330	1,473	1,211
Cost of revenue	55	120	161	165	231	249	265	230	222	403	428	828	1,356	1,232	701	786	657
Gross profit	7	29	55	67	113	108	58	56	94	221	346	554	975	1,058	629	687	555
Research and development	14	25	36	35	45	51	51	33	33	40	56	106	169	227	201	189	182
Selling and marketing	7	17	26	31	41	46	39	23	27	37	53	129	215	232	207	198	188
General and administrative	6	15	25	24	31	31	27	22	29	39	51	104	140	138	131	136	130
Operating income	—	—	—	—	—	—	−63	−39	2	103	186	216	448	446	77	158	51
Interest expense	1	3	6	2	2	1	3	8	11	10	21	45	9	9	9	5	2
Income before tax	−22	−32	−38	−25	−7	−21	−66	−45	−10	90	119	121	452	513	120	205	83
Income tax	0	0	1	1	1	1	1	−0	1	−71	−15	−25	55	74	18	33	−8
Net income	−22	−32	−38	−26	−8	−22	−67	−45	−12	161	134	145	397	439	103	172	91
Diluted EPS	—	—	—	—	—	—	—	—	—	—	—	—	$2.77	$3.08	$0.75	$1.29	$0.68
Diluted shares (average)	—	1m	31m	42m	43m	45m	51m	83m	100m	132m	142m	143m	144m	143m	140m	135m	134m
EBITDA	—	—	—	—	—	—	−52	−30	11	117	205	247	507	520	159	238	132

US$ millions unless shown otherwise. Fiscal quarters.

Enphase Energy, Inc.: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	383	356	363	410	343	283	292	293
Cost of revenue	184	188	193	214	191	183	117	166
Gross profit	198	168	170	196	152	100	175	127
Research and development	50	50	45	47	46	45	46	45
Selling and marketing	52	49	51	48	49	48	46	45
General and administrative	32	34	34	33	35	33	31	30
Operating income	55	32	37	66	22	−30	52	6
Interest expense	2	2	1	1	1	1	0	0
Income before tax	70	47	42	77	39	−14	62	−4
Income tax	8	17	5	10	−0	−6	26	−27
Net income	62	30	37	67	39	−7	36	23
Diluted EPS	$0.45	$0.22	$0.28	$0.50	$0.28	−$0.06	$0.27	$0.17
EBITDA	75	52	57	86	43	−9	72	27

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.