Enphase Energy (ENPH) Q4 2025 Earnings
How Did ENPH Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −1.15%.
Did ENPH Beat Earnings? Q4 2025 Results
Yes. Enphase Energy reported Q4 2025 earnings of $0.71 a share on Feb 3, 2026, beating the $0.58 consensus estimate by 21.4%. Revenue was $343.3M against a $340.1M estimate.
Enphase Energy closed out fiscal 2025 with a stronger-than-expected fourth quarter, posting adjusted earnings of $0.71 per share against a consensus estimate of $0.58, a 22.63% beat, while revenue of $343.32 million edged past the $338.06 million estimate by 1.56%, even as the top line fell 10.3% year over year. The headline outperformance came despite real headwinds, most notably a sharp sequential drop in safe harbor revenue to $20.30 million from $70.90 million in Q3, which weighed on both U.S. and European results; the company partially offset that softness through a 21% sequential surge in U.S. sell-through demand, its strongest in over two years, as installers accelerated activity ahead of the Section 25D tax credit expiration. Non-GAAP gross margins compressed to 46.1% from 49.2%, with reciprocal tariffs accounting for roughly 5.1 percentage points of that pressure, a drag management expects to persist into Q1 2026, when guidance calls for revenue of $270.00 million to $300.00 million and non-GAAP margins in the 42.0% to 45.0% range.
- U.S. sell-through demand increased 21% QoQ to highest level in more than two years
- Increased solar and battery installations ahead of Section 25D tax credit expiration
- Channel inventory reduced to healthy levels exiting Q4
- 1.31 million microinverters shipped from U.S. manufacturing facilities qualifying for 45X production tax credits
“We reported quarterly revenue of $343.3 million in the fourth quarter of 2025, along with 46.1% for non-GAAP gross margin. We shipped approximately 1.55 million microinverters, or 682.6 megawatts DC, and 150.1 megawatt hours (MWh) of IQ Batteries.”
Enphase Energy CEO, on the earnings call
What Was Enphase Energy's Outlook in Q4 2025?
For Q1 2026, Enphase expects revenue of $270.0 million to $300.0 million, including shipments of 100-120 MWh of IQ Batteries and approximately $35.0 million of safe harbor shipments. GAAP gross margin is expected at 40.0%-43.0% and non-GAAP gross margin at 42.0%-45.0%, both including approximately five percentage points of reciprocal tariff impact. GAAP operating expenses are expected at $137.0-$141.0 million and non-GAAP operating expenses at $77.0-$81.0 million.
ENPH YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $343.3M | $382.7M | −10.3% |
| Gross Profit | $152.0M | $198.3M | −23.3% |
| Operating Income | $22.4M | $54.8M | −59.1% |
| Net Income | $38.7M | $62.2M | −37.7% |
Figures from SEC filings and company reports. Not investment advice.