Companies /Technology

Enphase Energy Inc

NASDAQ: ENPH Solar
$38.91
â–² $0.50 (+1.29%) today
Markets open · 12:40pm ET

Q2 2026 Earnings

Reported Jul 28, 2026, 4:06pm ET · SEC source
$0.46
Miss −0.76%
EPS · est. $0.46
$291.9M
Beat +0.54%
Revenue · est. $290.3M
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−8%−4%0+4%Jul 28Jul 29report 4:06pm ETearnings−1.1%−5.9%
−8%−4%0+4%Jul 28Jul 29earnings−1.1%−5.9%
ENPH −5.9%S&P 500 −1.1%
−8%−4%0+4%Jul 28Jul 29report 4:06pm ETearnings−1.3%−5.9%
−8%−4%0+4%Jul 28Jul 29earnings−1.3%−5.9%
ENPH −5.9%NASDAQ −1.3%
−6%0+6%+12%Jul 27Aug 5report 4:06pm ETearnings+4.0%+5.2%
−6%0+6%+12%Jul 27Aug 5earnings+4.0%+5.2%
ENPH +5.2%S&P 500 +4.0%
−6%0+6%+12%Jul 27Aug 5report 4:06pm ETearnings+6.0%+5.2%
−6%0+6%+12%Jul 27Aug 5earnings+6.0%+5.2%
ENPH +5.2%NASDAQ +6.0%
−3.44%
Day of report
+6.59%
Next session
+11.06%
One week

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 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 <a href="https://247wallst.com/investing/2026/07/28/live-will-enphase-energy-crush-tonights-q2-earnings-after-market-close/">investors watching closely</a> 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

“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.”

Enphase Energy CEO, on the earnings call

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 · SEC filings Q2 2025 Q2 2026
$0$100.0M$200.0M$300.0M$363.1M$291.9MRevenue$170.5M$175.0MGross Profit$37.0M$51.5MOperating Income$37.1M$36.1MNet Income
$0$100.0M$200.0M$300.0MRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.