Q3 25 EPS
$0.90
BEAT +37.22%
Est. $0.66
Q3 25 Revenue
$410.4M
BEAT +11.05%
Est. $369.6M
vs S&P Since Q3 25
+34.1%
BEATING MARKET
ENPH +40.8% vs S&P +6.7%
Market Reaction
Did ENPH Beat Earnings? Q3 2025 Results
Enphase Energy delivered a decisive earnings beat in Q3 2025, reporting revenue of $410.43 million, up 7.8% year over year, against a consensus estimate of $369.60 million, a gap of 11.05%. Non-GAAP diluted EPS of $0.90 cleared the $0.66 consensus by… Read more Enphase Energy delivered a decisive earnings beat in Q3 2025, reporting revenue of $410.43 million, up 7.8% year over year, against a consensus estimate of $369.60 million, a gap of 11.05%. Non-GAAP diluted EPS of $0.90 cleared the $0.66 consensus by 37.22%, driven in large part by a surge in U.S. Demand and $70.90 million in safe harbor shipments that won't repeat in Q4. The geographic story was sharply divided, with domestic revenue climbing roughly 29% sequentially while European revenue fell approximately 38% on continued demand softness. Record IQ Battery shipments of 195.0 MWh and a more than 66% jump in the global installer base to over 19,500 underscored broadening adoption, even as tariffs shaved 4.9 percentage points from non-GAAP gross margin. The forward outlook is notably more cautious; Q4 revenue guidance of $310.00 million to $350.00 million excludes safe harbor shipments entirely, and shares fell sharply on concerns about channel inventory and the looming expiration of residential solar tax credits in early 2026.
Key Takeaways
- • Higher U.S. demand and safe harbor revenue of $70.9 million drove 29% sequential U.S. revenue increase
- • Record IQ Battery shipments of 195.0 MWh
- • Highest revenue level in two years at $410.4 million
- • IRA advanced manufacturing production tax credit (AMPTC) net benefit of $42.5 million
- • Approximately 1.53 million microinverters shipped from U.S. manufacturing facilities
ENPH YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“We reported quarterly revenue of $410.4 million in the third quarter of 2025, along with 49.2% for non-GAAP gross margin. We shipped approximately 1.77 million microinverters, or 784.6 megawatts DC, and a record 195.0 megawatt hours (MWh) of IQ Batteries.”
— Badri Kothandaraman, Q3 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% |