financial statements

The full income statement, balance sheet, and cash-flow statement for Enphase Energy (ENPH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	1.47B YoY+10.7%	1.33B YoY-41.9%	2.29B YoY-1.7%	2.33B YoY+68.7%	1.38B YoY+78.5%
	687M YoY+9.2%	629M YoY-40.6%	1.06B YoY+8.6%	975M YoY+75.8%	554M YoY+60.2%
Cost of revenue	786M YoY+12.1%	701M YoY-43.1%	1.23B YoY-9.1%	1.36B YoY+63.9%	828M YoY+93.2%
	529M YoY-4.1%	552M YoY-9.9%	613M YoY+16.4%	526M YoY+55.4%	339M YoY+112.2%
Research & development	189M YoY-6.1%	201M YoY-11.4%	227M YoY+34.6%	169M YoY+60.0%	106M YoY+88.7%
Selling, general & administrative	136M YoY+3.8%	131M YoY-5.1%	138M YoY-1.5%	140M YoY+34.5%	104M YoY+105.3%
General & administrative	136M YoY+3.8%	131M YoY-5.1%	138M YoY-1.5%	140M YoY+34.5%	104M YoY+105.3%
Selling & marketing	198M YoY-4.4%	207M YoY-10.9%	232M YoY+7.8%	215M YoY+66.8%	129M YoY+143.7%
Restructuring	7.13M YoY-45.8%	13.2M YoY-16.1%	15.7M YoY+553.5%	2.40M	0.00
Amortization of intangibles	20.2M YoY-10.6%	22.6M YoY-17.0%	27.2M YoY+10.1%	24.7M YoY+160.0%	9.50M YoY+86.6%
Provision for credit losses	-126K YoY-101.9%	6.68M YoY+479.1%	1.15M YoY+868.9%	119K YoY-75.1%	477K YoY+12.2%
Operating income	158M YoY+103.8%	77.3M YoY-82.7%	446M YoY-0.6%	448M YoY+107.7%	216M YoY+15.8%
Interest expense	4.52M YoY-49.2%	8.90M YoY+0.7%	8.84M YoY-6.3%	9.44M YoY-79.1%	45.2M YoY+115.0%
Other non-operating income	-10.9M YoY+57.3%	-25.5M YoY-492.3%	6.51M YoY+1610.2%	-431K YoY-107.1%	6.05M YoY+857.2%
Pre-tax income	205M YoY+70.5%	120M YoY-76.6%	513M YoY+13.5%	452M YoY+273.8%	121M YoY+1.3%
Income tax	32.7M YoY+86.7%	17.5M YoY-76.4%	74.2M YoY+35.7%	54.7M YoY+323.0%	-24.5M YoY-68.1%
Net income	172M YoY+67.7%	103M YoY-76.6%	439M YoY+10.5%	397M YoY+173.2%	145M YoY+8.5%
	$1.29 YoY+72.0%	$0.75 YoY-75.6%	$3.08 YoY+11.2%	$2.77	—
EPS (basic)	$1.31 YoY+72.4%	$0.76 YoY-76.4%	$3.22 YoY+9.5%	$2.94	—
Weighted-avg shares (basic)	131M YoY-3.0%	135M YoY-0.9%	136M YoY+0.8%	135M YoY+1.0%	134M YoY+6.7%
Weighted-avg shares (diluted)	135M YoY-3.7%	140M YoY-2.3%	143M YoY-0.8%	144M YoY+1.1%	143M YoY+0.7%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.61B YoY+12.0%	2.33B YoY-4.8%	2.44B YoY+7.9%	2.26B YoY+54.8%	1.46B YoY+56.7%
Cash & equivalents	474M YoY+28.5%	369M YoY+27.8%	289M YoY-39.0%	473M YoY+296.6%	119M YoY-82.4%
Short-term investments	1.04B YoY-17.1%	1.25B YoY-10.9%	1.41B YoY+23.4%	1.14B YoY+27.0%	897M
Accounts receivable	230M YoY+2.7%	224M YoY-49.8%	446M YoY+1.1%	441M YoY+32.2%	334M YoY+83.1%
Inventory	288M YoY+74.6%	165M YoY-22.7%	214M YoY+42.7%	150M YoY+101.2%	74.4M YoY+78.1%
Prepaid expenses	576M YoY+161.0%	221M YoY+148.2%	88.9M YoY+46.2%	60.8M YoY+61.0%	37.8M YoY+27.0%
	3.51B YoY+8.0%	3.25B YoY-3.9%	3.38B YoY+9.7%	3.08B YoY+48.3%	2.08B YoY+73.3%
Property, plant & equipment	137M YoY-7.3%	148M YoY-12.3%	168M YoY+51.1%	111M YoY+35.5%	82.2M YoY+91.2%
Operating lease right-of-use	34.6M YoY+40.4%	24.6M YoY+23.8%	19.9M YoY-7.0%	21.4M YoY+48.3%	14.4M YoY-18.5%
Goodwill	215M YoY+1.5%	212M YoY-1.4%	215M YoY+0.5%	214M YoY+17.8%	181M YoY+631.4%
Intangible assets	22.3M YoY-47.4%	42.4M YoY-38.1%	68.5M YoY-31.1%	99.5M YoY+1.8%	97.8M YoY+239.3%
Deferred tax assets	306M YoY-2.9%	316M YoY+25.0%	252M YoY+23.2%	205M YoY+67.3%	122M YoY+31.8%
Other non-current assets	223M YoY+8.3%	206M YoY-4.8%	216M YoY+27.5%	169M YoY+42.6%	119M YoY+98.3%
	1.26B YoY+91.2%	660M YoY+24.0%	532M YoY-16.6%	638M YoY+45.1%	440M YoY-17.6%
Accounts payable	203M YoY+125.5%	90.0M YoY-22.5%	116M YoY-7.1%	125M YoY+9.9%	114M YoY+56.7%
Accrued liabilities	217M YoY+10.4%	197M YoY-24.8%	262M YoY-11.5%	296M YoY+87.4%	158M YoY+106.3%
Deferred revenue	181M YoY-23.9%	237M YoY+100.5%	118M YoY+30.4%	90.7M YoY+44.8%	62.7M YoY+31.5%
Short-term & current debt	632M YoY+524.1%	101M	0.00 YoY-100.0%	90.9M YoY+5.6%	86.1M YoY-73.6%
Current lease liability	8.21M YoY+41.2%	5.82M YoY+11.4%	5.22M YoY-2.8%	5.37M YoY+40.2%	3.83M YoY-15.7%
	2.42B YoY+0.3%	2.42B YoY+0.7%	2.40B YoY+6.2%	2.26B YoY+37.0%	1.65B YoY+130.3%
Long-term debt	572M YoY-52.4%	1.20B YoY-7.2%	1.29B YoY+7.9%	1.20B YoY+26.0%	952M YoY+19328.2%
Deferred revenue (non-current)	338M YoY-1.2%	342M YoY-7.4%	369M YoY+31.1%	282M YoY+50.4%	187M YoY+49.2%
Non-current lease liability	31.2M YoY+35.4%	23.0M YoY+22.6%	18.8M YoY-1.4%	19.1M YoY+60.0%	11.9M YoY-21.6%
Other non-current liabilities	65.5M YoY+18.5%	55.3M YoY+8.3%	51.0M YoY+17.2%	43.5M YoY+163.3%	16.5M YoY-3.0%
Total non-current liabilities	46.5M YoY+0.0%	46.5M YoY+0.0%	46.5M YoY+0.0%	46.5M YoY+0.0%	46.5M YoY+0.0%
	1.09B YoY+30.5%	833M YoY-15.3%	984M YoY+19.1%	826M YoY+91.9%	430M YoY-11.1%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.00K YoY+0.0%	1.00K YoY+0.0%	1.00K YoY+0.0%	1.00K YoY+0.0%	1.00K YoY+0.0%
Additional paid-in capital	1.29B YoY+18.9%	1.08B YoY+15.5%	939M YoY+14.7%	819M YoY-2.2%	838M YoY+56.7%
Retained earnings	-204M YoY+16.8%	-245M YoY-629.9%	46.3M YoY+166.9%	17.3M YoY+104.3%	-406M YoY-692.7%
Treasury stock	0.00	0.00	0.00	0.00	—
Accumulated other comprehensive income	1.75M YoY+127.6%	-6.35M YoY-219.5%	-1.99M YoY+81.7%	-10.9M YoY-438.7%	-2.02M YoY-565.4%
Total liabilities & equity	3.51B YoY+8.0%	3.25B YoY-3.9%	3.38B YoY+9.7%	3.08B YoY+48.3%	2.08B YoY+73.3%
Common shares issued	131M YoY-1.0%	132M YoY-2.4%	136M YoY-0.5%	136M YoY+1.9%	134M YoY+3.8%
Common shares outstanding	131M YoY-1.0%	132M YoY-2.4%	136M YoY-0.5%	136M YoY+1.9%	134M YoY+3.8%
Shares outstanding (cover)	131M YoY-3.1%	135M YoY-1.1%	137M YoY+0.5%	136M YoY+0.7%	135M YoY+6.8%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	137M YoY-73.4%	514M YoY-26.3%	697M YoY-6.4%	745M YoY+111.6%	352M YoY+62.7%
Depreciation & amortization	80.6M YoY-0.9%	81.4M YoY+8.9%	74.7M YoY+27.1%	58.8M YoY+90.5%	30.8M YoY+70.4%
Share-based compensation	214M YoY+1.3%	211M YoY-0.7%	213M YoY-1.8%	217M YoY+89.7%	114M YoY+168.9%
Deferred income taxes	13.5M YoY+122.1%	-61.2M YoY-29.7%	-47.2M YoY-34343.8%	-137K YoY+99.6%	-31.2M YoY-82.5%
Change in receivables	-3.84M YoY+98.2%	-212M YoY-1796.1%	12.5M YoY-88.4%	108M YoY-28.8%	151M YoY+340.4%
Change in inventory	123M YoY+353.2%	-48.6M YoY-176.1%	63.9M YoY-15.1%	75.3M YoY+157.3%	29.3M YoY+201.4%
	107M YoY-16.7%	128M YoY+135.0%	-366M YoY+1.5%	-372M YoY+69.5%	-1.22B YoY-4669.8%
Capital expenditure	40.6M YoY+20.9%	33.6M YoY-69.6%	110M YoY+137.7%	46.4M YoY-11.1%	52.3M YoY+154.2%
Acquisitions	—	0.00	0.00 YoY-100.0%	62.2M YoY-73.6%	236M
	-242M YoY+47.5%	-460M YoY+10.9%	-517M YoY-2917.5%	-17.1M YoY-105.5%	309M YoY+61.4%
Long-term debt repaid	102M YoY+1459442.9%	7.00K	0.00	0.00 YoY-100.0%	1.69M YoY-34.2%
Common stock repurchased	130M YoY-66.8%	391M YoY-4.5%	410M	0.00 YoY-100.0%	500M
FX effect on cash	8.49M YoY+234.3%	-6.32M YoY-441.2%	1.85M YoY+199.8%	-1.86M YoY+5.0%	-1.96M YoY-336.7%
Net change in cash	10.2M YoY-94.2%	175M YoY+195.1%	-184M YoY-152.1%	354M YoY+163.2%	-560M YoY-246.1%
Interest paid	128K YoY-49.8%	255K YoY-44.0%	455K YoY+0.0%	455K YoY-37.9%	733K YoY-60.9%
Income taxes paid	20.4M YoY-37.4%	32.7M YoY-56.3%	74.7M YoY+125.2%	33.2M YoY+587.7%	4.82M YoY+39.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	4.19B YoY-54.8%	9.28B YoY-48.6%	18.0B YoY-49.9%	36.0B YoY+45.9%	24.7B YoY+11.3%
P/E	24.4× YoY-73.0%	90.4× YoY+186.8%	31.5× YoY-74.0%	121.2× YoY-28.6%	169.7× YoY+2.6%
P/S	2.8× YoY-59.2%	7.0× YoY+5.0%	6.6× YoY-62.6%	17.8× YoY-0.5%	17.9× YoY-37.6%
P/B	3.9× YoY-65.4%	11.1× YoY-37.3%	17.8× YoY-69.8%	58.8× YoY+2.5%	57.4× YoY+25.3%
P/FCF	43.7× YoY+126.3%	19.3× YoY-13.3%	22.3× YoY-66.1%	65.8× YoY-20.0%	82.3× YoY-27.3%
Earnings yield	4.1% YoY+271.0%	1.1% YoY-65.1%	3.2% YoY+284.5%	0.8% YoY+40.0%	0.6% YoY-2.5%
FCF yield	2.3% YoY-55.8%	5.2% YoY+15.3%	4.5% YoY+195.4%	1.5% YoY+25.0%	1.2% YoY+37.5%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ENPH's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ENPH filings on SEC EDGAR → Not investment advice.

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financial statements