Companies /Technology

Enphase Energy Inc

NASDAQ: ENPH Solar
$39.25
â–² $0.84 (+2.17%) today
Markets closed · 10:07pm ET

Q3 2025 Earnings

Reported Oct 28, 2025, 4:06pm ET · SEC source
$0.90
Beat +37.22%
EPS · est. $0.66
$410.4M
Beat +11.05%
Revenue · est. $369.6M
−7.2%
Trailing market
ENPH vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−15%−10%−5%0Oct 28Oct 29report 4:06pm ETearnings+0.0%−13.4%
−15%−10%−5%0Oct 28Oct 29earnings+0.0%−13.4%
ENPH −13.4%S&P 500 +0.0%
−15%−10%−5%0Oct 28Oct 29report 4:06pm ETearnings+0.3%−13.4%
−15%−10%−5%0Oct 28Oct 29earnings+0.3%−13.4%
ENPH −13.4%NASDAQ +0.3%
−14%−7%0+7%Oct 27Nov 5report 4:06pm ETearnings−1.4%−5.4%
−14%−7%0+7%Oct 27Nov 5earnings−1.4%−5.4%
ENPH −5.4%S&P 500 −1.4%
−14%−7%0+7%Oct 27Nov 5report 4:06pm ETearnings−1.6%−5.4%
−14%−7%0+7%Oct 27Nov 5earnings−1.6%−5.4%
ENPH −5.4%NASDAQ −1.6%
−15.15%
Day of report
−3.24%
Next session
+3.40%
One week
−8.22%
30 days

S&P 500 over the same 30 days: −1.04%.

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 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 <a href="https://247wallst.com/investing/2025/10/28/enphase-energy-down-8-after-earnings/">shares fell sharply</a> 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

“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.”

Enphase Energy CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Enphase expects revenue of $310.0 million to $350.0 million, including shipments of 140 to 160 MWh of IQ Batteries, with no safe harbor shipments included. GAAP gross margin is expected at 40.0% to 43.0% and non-GAAP gross margin at 42.0% to 45.0%, both including approximately five percentage points of reciprocal tariff impact. GAAP operating expenses are expected at $130.0 million to $134.0 million and non-GAAP operating expenses at $77.0 million to $81.0 million. For full year 2025, Enphase expects a GAAP tax rate of 18-20% and a non-GAAP tax rate of 14-16%. The company expects to begin U.S. shipments of its new IQ9N-3P Commercial Microinverter and IQ EV Charger 2 during Q4 2025.

ENPH YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$200.0M$400.0M$380.9M$410.4MRevenue$178.2M$196.2MGross Profit$49.8M$66.2MOperating Income$45.8M$66.6MNet Income
$0$200.0M$400.0MRevenueGross ProfitOperating IncomeNet Income

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