Q2 26 EPS
$0.46
MISS 0.76%
Est. $0.46
Q2 26 Revenue
$291.9M
BEAT +0.54%
Est. $290.3M
vs S&P Since Q2 26
+3.9%
BEATING MARKET
ENPH +9.9% vs S&P +6.0%
Market Reaction
Did ENPH Beat Earnings? Q2 2026 Results
Enphase Energy delivered a mixed second quarter, edging past revenue expectations while falling just short on earnings, as the solar microinverter maker navigates a prolonged demand slump. Revenue came in at $291.85 million, a thin 0.54% beat against… Read more Enphase Energy delivered a mixed second quarter, edging past revenue expectations while falling just short on earnings, as the solar microinverter maker navigates a prolonged demand slump. Revenue came in at $291.85 million, a thin 0.54% beat against the $290.30 million consensus, though the figure still represented a steep 19.6% decline from a year ago. Non-GAAP diluted EPS of $0.46 missed the $0.46 consensus by 0.76%, a modest shortfall that nonetheless kept investors watching closely for signs of a recovery. The quarter's most significant item was a roughly $45.40 million tariff refund from U.S. Customs and Border Protection, which lifted GAAP gross margin to 60.0%, though the benefit was stripped from non-GAAP results. Sequentially, non-GAAP gross margin improved to 46.8% from 43.9% as reciprocal tariff headwinds eased. Looking ahead, management guided Q3 revenue of $290 million to $320 million with non-GAAP gross margin of 44.0% to 47.0%, suggesting continued, if gradual, stabilization.
Key Takeaways
- • Safe harbor revenue of $84.3 million in Q2 2026, up from $34.5 million in Q1 2026
- • European revenue increased approximately 35% sequentially
- • Non-GAAP gross margin improved to 46.8% from 43.9% as reciprocal tariff impact narrowed to 2.0 percentage points from 4.3
- • Received approximately $41.0 million in tariff refunds from CBP following Supreme Court ruling, plus $11.0 million after quarter-end
- • Shipped 1.58 million microinverters and battery inverters from Texas and South Carolina facilities
ENPH Forward Guidance & Outlook
For Q3 2026, Enphase expects revenue of $290.0 million to $320.0 million, including approximately $75.0 million of safe harbor shipments and 130 to 150 MWh of IQ Battery shipments. GAAP gross margin is expected at 42.0% to 45.0% and non-GAAP gross margin at 44.0% to 47.0%, both including approximately 2 percentage points of reciprocal tariff impact. GAAP operating expenses are expected at $120.0 million to $124.0 million, and non-GAAP operating expenses at $76.0 million to $80.0 million.
ENPH YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“We reported quarterly revenue of $291.9 million in the second quarter of 2026 and shipped approximately 1.59 million IQ® Microinverters, or 725.2 megawatts DC, and 113.8 megawatt hours (MWh) of IQ® Batteries.”
— Badri Kothandaraman, Q2 2026 Earnings Press Release
ENPH Earnings Trends
ENPH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ENPH EPS Trend
Earnings per share: estimate vs actual
ENPH Revenue Trend
Quarterly revenue: estimate vs actual
ENPH Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.46 | $0.46 | -0.76% | $291.9M | +0.54% |
| Q1 26 BEAT | $0.45 | $0.47 | +5.15% | $282.9M | +0.11% |
| Q4 25 BEAT FY | $0.58 | $0.71 | +21.43% | $343.3M | +0.94% |
| FY Full Year | $2.77 | $2.96 | +6.92% | $1.47B | +0.36% |
| Q3 25 BEAT | $0.66 | $0.90 | +37.22% | $410.4M | +11.05% |
| Q2 25 BEAT | $0.63 | $0.69 | +9.00% | $363.2M | +1.11% |
| Q1 25 MISS | $0.72 | $0.68 | -5.96% | $356.1M | -1.26% |