Q2 25 EPS
$0.69
BEAT +9.00%
Est. $0.63
Q2 25 Revenue
$363.2M
BEAT +1.11%
Est. $359.1M
vs S&P Since Q2 25
+5.3%
BEATING MARKET
ENPH +20.9% vs S&P +15.7%
Market Reaction
Did ENPH Beat Earnings? Q2 2025 Results
Enphase Energy posted a solid second quarter, beating Wall Street on both the top and bottom lines even as its stock lingered near a 52-week low, with revenue climbing 19.7% year over year to $363.15 million against a consensus estimate of $359.15 mi… Read more Enphase Energy posted a solid second quarter, beating Wall Street on both the top and bottom lines even as its stock lingered near a 52-week low, with revenue climbing 19.7% year over year to $363.15 million against a consensus estimate of $359.15 million, and non-GAAP diluted EPS of $0.69 clearing the $0.63 estimate by 9.00%. The standout operational driver was record IQ Battery shipments of 190.9 MWh, up from 170.1 MWh in Q1, paired with approximately 1.53 million microinverters shipped globally as European demand recovered sequentially. A $41.51 million net IRA benefit helped cushion non-GAAP gross margin to 48.6%, partially offsetting roughly two percentage points of headwind from reciprocal tariffs. Looking ahead, the company guided Q3 revenue to $330.00 million to $370.00 million, a range that fell slightly short of prior Street expectations, with tariffs expected to weigh three to five percentage points on margins; IRA benefits tied to roughly 1.2 million U.S.-manufactured microinverters are expected to provide meaningful relief there as well.
Key Takeaways
- • Seasonality driving U.S. revenue growth of approximately 3% sequentially
- • European revenue growth of approximately 11% sequentially from higher microinverter and battery sales
- • Record IQ Battery shipments of 190.9 MWh, up from 170.1 MWh in Q1
- • Net IRA benefit of $41.5 million from U.S. manufacturing tax credits
- • Approximately 1.41 million microinverters shipped from U.S. manufacturing facilities
ENPH YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“We reported quarterly revenue of $363.2 million in the second quarter of 2025, along with 48.6% for non-GAAP gross margin. We shipped approximately 1.53 million microinverters, or 675.4 megawatts DC, and 190.9 megawatt hours (MWh) of IQ Batteries.”
— Badri Kothandaraman, Q2 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| 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% |