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Enphase Energy

Enphase Energy (ENPH) Q1 2026 Earnings

Reported Apr 28, 2026 at 4:06 PM ET · SEC Source

Q1 26 EPS

$0.47

BEAT +5.15%

Est. $0.45

Q1 26 Revenue

$282.9M

BEAT +0.11%

Est. $282.6M

vs S&P Since Q1 26

+28.5%

BEATING MARKET

ENPH +37.1% vs S&P +8.7%

Market Reaction

Did ENPH Beat Earnings? Q1 2026 Results

Enphase Energy posted a narrow but clean beat in Q1 2026, with adjusted diluted EPS of $0.47 topping the $0.45 consensus by 5.15% and revenue of $282.90 million edging past estimates of $282.59 million, even as the top line fell 20.6% year-over-year … Read more Enphase Energy posted a narrow but clean beat in Q1 2026, with adjusted diluted EPS of $0.47 topping the $0.45 consensus by 5.15% and revenue of $282.90 million edging past estimates of $282.59 million, even as the top line fell 20.6% year-over-year under the weight of weakening U.S. Residential demand. The most consequential driver was the expiration of the federal Section 25D residential clean energy tax credit, which contributed to a 48% sequential drop in U.S. Sell-through demand and pushed quarterly revenue well below year-ago levels; European revenue, rising roughly 36% from Q4, provided a meaningful but incomplete offset. A one-time $235.00 million sale of Advanced Manufacturing Production Tax Credits at a discount compressed GAAP margins, though non-GAAP gross margin held at 43.9% excluding that adjustment. Free cash flow came in at $82.97 million, more than doubling from $33.81 million a year ago. Looking ahead, Enphase guided Q2 revenue to a range of $280.00 million to $310.00 million, with approximately $85.00 million in safe harbor shipments and non-GAAP gross margin expected between 44.0% and 47.0%.

Key Takeaways

  • • U.S. revenue decreased ~23% sequentially due to expiration of federal Section 25D residential clean energy tax credit and seasonality
  • • U.S. sell-through demand decreased 48% QoQ and 18% YoY
  • • European revenue increased approximately 36% sequentially
  • • Safe harbor revenue of $34.5 million in Q1 vs $20.3 million in Q4 2025
  • • Reciprocal tariffs negatively impacted non-GAAP gross margin by 4.3 percentage points
  • • AMPTC sale of $235.0 million at 93% of face value caused 6.7% GAAP gross margin drag
24/7 Wall St

ENPH YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

“We reported quarterly revenue of $282.9 million in the first quarter of 2026, along with 43.9% for non-GAAP gross margin. We shipped approximately 1.41 million microinverters, or 627.6 megawatts DC, and 103.1 megawatt hours (MWh) of IQ Batteries.”

— Badri Kothandaraman, Q1 2026 Earnings Press Release

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