Q1 26 EPS
$N/A
Q1 26 Revenue
N/A
vs S&P Since Q1 26
-2.3%
TRAILING MARKET
ENPH +4.6% vs S&P +6.9%
Market Reaction
Did ENPH Beat Earnings? Q1 2026 Results
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 est… Read more 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.
Key Takeaways
- • 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
ENPH Forward Guidance & Outlook
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
Q1 2026 vs Q1 2025, source: SEC Filings
“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.”
— Badri Kothandaraman, Q1 2026 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% |