Enphase Energy (ENPH) Q1 2026 Earnings
How Did ENPH Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +6.60%.
Did ENPH Beat Earnings? Q1 2026 Results
Yes. Enphase Energy reported Q1 2026 earnings of $0.47 a share on Apr 28, 2026, beating the $0.45 consensus estimate by 5.1%. Revenue was $282.9M against a $282.6M estimate.
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%.
- 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
“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.”
Enphase Energy CEO, on the earnings call
What Was Enphase Energy's Outlook in Q1 2026?
For Q2 2026, Enphase estimates revenue of $280.0 million to $310.0 million, including approximately $85.0 million of safe harbor shipments and 100–110 MWh of IQ Batteries. GAAP gross margin is expected to be 42.0%–45.0% and non-GAAP gross margin 44.0%–47.0%, each including approximately 3 percentage points of reciprocal tariff impact. GAAP operating expenses are expected at $120.0–$124.0 million and non-GAAP operating expenses at $75.0–$79.0 million.
ENPH YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $282.9M | $356.1M | −20.6% |
| Gross Profit | $100.4M | $168.2M | −40.3% |
Figures from SEC filings and company reports. Not investment advice.