The full income statement, balance sheet, and cash-flow statement for Enphase Energy (ENPH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 1.47B+10.7% | 1.33B-41.9% | 2.29B-1.7% | 2.33B+68.7% | 1.38B+78.5% | |
| 687M+9.2% | 629M-40.6% | 1.06B+8.6% | 975M+75.8% | 554M+60.2% | ||
| Cost of revenue | 786M+12.1% | 701M-43.1% | 1.23B-9.1% | 1.36B+63.9% | 828M+93.2% | |
| 529M-4.1% | 552M-9.9% | 613M+16.4% | 526M+55.4% | 339M+112.2% | ||
| Research & development | 189M-6.1% | 201M-11.4% | 227M+34.6% | 169M+60.0% | 106M+88.7% | |
| Selling, general & administrative | 333M-1.2% | 337M-8.7% | 370M+4.1% | 355M+52.4% | 233M+124.9% | |
| General & administrative | 136M+3.8% | 131M-5.1% | 138M-1.5% | 140M+34.5% | 104M+105.3% | |
| Selling & marketing | 198M-4.4% | 207M-10.9% | 232M+7.8% | 215M+66.8% | 129M+143.7% | |
| Restructuring | 7.13M-45.8% | 13.2M-16.1% | 15.7M+557.9% | 2.38M | 0.00 | |
| Amortization of intangibles | 20.2M-10.6% | 22.6M-17.0% | 27.2M+10.1% | 24.7M+160.0% | 9.50M+86.6% | |
| Provision for credit losses | -126K-101.9% | 6.68M+479.1% | 1.15M+868.9% | 119K-75.1% | 477K+12.2% | |
| Operating income | 158M+103.8% | 77.3M-82.7% | 446M-0.6% | 448M+107.7% | 216M+15.8% | |
| Interest expense | 4.52M-49.2% | 8.90M+0.7% | 8.84M-6.3% | 9.44M-79.1% | 45.2M+115.0% | |
| Other non-operating income | -10.9M+57.3% | -25.5M-492.3% | 6.51M+1610.2% | -431K-107.1% | 6.05M+857.2% | |
| Pre-tax income | 205M+70.5% | 120M-76.6% | 513M+13.5% | 452M+273.8% | 121M+1.3% | |
| Income tax | 32.7M+86.7% | 17.5M-76.4% | 74.2M+35.7% | 54.7M+323.0% | -24.5M-68.1% | |
| 172M+67.7% | 103M-76.6% | 439M+10.5% | 397M+173.2% | 145M+8.5% | ||
| Net income to common | 172M+67.7% | 103M-76.6% | 439M+10.5% | 397M+173.2% | 145M+8.5% | |
| $1.29+72.0% | $0.75-75.6% | $3.08+11.2% | $2.77+171.6% | $1.02+7.4% | ||
| EPS (basic) | $1.31+72.4% | $0.76-76.4% | $3.22+9.5% | $2.94+169.7% | $1.09+1.9% | |
| Weighted-avg shares (basic) | 131M-3.0% | 135M-0.9% | 136M+0.8% | 135M+1.0% | 134M+6.7% | |
| Weighted-avg shares (diluted) | 135M-3.7% | 140M-2.3% | 143M-0.8% | 144M+1.1% | 143M+0.7% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.61B+12.0% | 2.33B-4.8% | 2.44B+7.9% | 2.26B+54.8% | 1.46B+56.7% | ||
| Cash & equivalents | 474M+28.5% | 369M+27.8% | 289M-39.0% | 473M+296.6% | 119M-82.4% | |
| Short-term investments | 1.04B-17.1% | 1.25B-10.9% | 1.41B+23.4% | 1.14B+27.0% | 897M | |
| Accounts receivable | 230M+2.7% | 224M-49.8% | 446M+1.1% | 441M+32.2% | 334M+83.1% | |
| Inventory | 288M+74.6% | 165M-22.7% | 214M+42.7% | 150M+101.2% | 74.4M+78.1% | |
| Prepaid expenses | 576M+161.0% | 221M+148.2% | 88.9M+46.2% | 60.8M+61.0% | 37.8M+27.0% | |
| 3.51B+8.0% | 3.25B-3.9% | 3.38B+9.7% | 3.08B+48.3% | 2.08B+73.3% | ||
| Property, plant & equipment | 137M-7.3% | 148M-12.3% | 168M+51.1% | 111M+35.5% | 82.2M+91.2% | |
| Operating lease right-of-use | 34.6M+40.4% | 24.6M+23.8% | 19.9M-7.0% | 21.4M+48.3% | 14.4M-18.5% | |
| Goodwill | 215M+1.5% | 212M-1.4% | 215M+0.5% | 214M+17.8% | 181M+631.4% | |
| Intangible assets | 22.3M-47.4% | 42.4M-38.1% | 68.5M-31.1% | 99.5M+1.8% | 97.8M+239.3% | |
| Deferred tax assets | 306M-2.9% | 316M+25.0% | 252M+23.2% | 205M+67.3% | 122M+31.8% | |
| Other non-current assets | 223M+8.3% | 206M-4.8% | 216M+27.5% | 169M+42.6% | 119M+98.3% | |
| 1.26B+91.2% | 660M+24.0% | 532M-16.6% | 638M+45.1% | 440M-17.6% | ||
| Accounts payable | 203M+125.5% | 90.0M-22.5% | 116M-7.1% | 125M+9.9% | 114M+56.7% | |
| Accrued liabilities | 217M+10.4% | 197M-24.8% | 262M-11.5% | 296M+87.4% | 158M+106.3% | |
| Deferred revenue | 181M-23.9% | 237M+100.5% | 118M+30.4% | 90.7M+44.8% | 62.7M+31.5% | |
| Short-term & current debt | 632M+524.1% | 101M | 0.00-100.0% | 90.9M+5.6% | 86.1M-73.6% | |
| Current lease liability | 8.21M+41.2% | 5.82M+11.4% | 5.22M-2.8% | 5.37M+40.2% | 3.83M-15.7% | |
| 2.42B+0.3% | 2.42B+0.7% | 2.40B+6.2% | 2.26B+37.0% | 1.65B+130.3% | ||
| Long-term debt | 572M-52.4% | 1.20B-7.2% | 1.29B+7.9% | 1.20B+26.0% | 952M+19328.2% | |
| Deferred revenue (non-current) | 338M-1.2% | 342M-7.4% | 369M+31.1% | 282M+50.4% | 187M+49.2% | |
| Non-current lease liability | 31.2M+35.4% | 23.0M+22.6% | 18.8M-1.4% | 19.1M+60.0% | 11.9M-21.6% | |
| Operating lease liability (total) | 39.4M+36.5% | 28.9M+20.1% | 24.0M-1.7% | 24.4M+55.2% | 15.8M-20.3% | |
| Other non-current liabilities | 65.5M+18.5% | 55.3M+8.3% | 51.0M+17.2% | 43.5M+163.3% | 16.5M-3.0% | |
| 1.09B+30.5% | 833M-15.3% | 984M+19.1% | 826M+91.9% | 430M-11.1% | ||
| Common stock | 1.00K+0.0% | 1.00K+0.0% | 1.00K+0.0% | 1.00K+0.0% | 1.00K+0.0% | |
| Additional paid-in capital | 1.29B+18.9% | 1.08B+15.5% | 939M+14.7% | 819M-2.2% | 838M+56.7% | |
| Retained earnings | -204M+16.8% | -245M-629.9% | 46.3M+166.9% | 17.3M+104.3% | -406M-692.7% | |
| Accumulated other comprehensive income | 1.75M+127.6% | -6.35M-219.5% | -1.99M+81.7% | -10.9M-438.7% | -2.02M-565.4% | |
| Total equity incl. non-controlling | 1.09B+30.5% | 833M-15.3% | 984M+19.1% | 826M+91.9% | 430M-11.1% | |
| Total liabilities & equity | 3.51B+8.0% | 3.25B-3.9% | 3.38B+9.7% | 3.08B+48.3% | 2.08B+73.3% | |
| Common shares issued | 131M-1.0% | 132M-2.4% | 136M-0.5% | 136M+1.9% | 134M+3.8% | |
| Common shares outstanding | 131M-1.0% | 132M-2.4% | 136M-0.5% | 136M+1.9% | 134M+3.8% | |
| Shares outstanding (cover) | 131M-1.0% | 132M-2.4% | 136M-0.5% | 136M+1.9% | 134M+3.8% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 137M-73.4% | 514M-26.3% | 697M-6.4% | 745M+111.6% | 352M+62.7% | ||
| Depreciation & amortization | 80.6M-0.9% | 81.4M+8.9% | 74.7M+27.1% | 58.8M+90.5% | 30.8M+70.4% | |
| Intangible amortization | 20.2M-10.6% | 22.6M-17.0% | 27.2M+10.1% | 24.7M+160.0% | 9.50M+86.6% | |
| Share-based compensation | 214M+1.3% | 211M-0.7% | 213M-1.8% | 217M+89.7% | 114M+168.9% | |
| Deferred income taxes | 13.5M+122.1% | -61.2M-29.7% | -47.2M-34343.8% | -137K+99.6% | -31.2M-82.5% | |
| Change in receivables | -3.84M+98.2% | -212M-1796.1% | 12.5M-88.4% | 108M-28.8% | 151M+340.4% | |
| Change in inventory | 123M+353.2% | -48.6M-176.1% | 63.9M-15.1% | 75.3M+157.3% | 29.3M+201.4% | |
| 107M-16.7% | 128M+135.0% | -366M+1.5% | -372M+69.5% | -1.22B-4669.8% | ||
| Capital expenditure | 40.6M+20.9% | 33.6M-69.6% | 110M+137.7% | 46.4M-11.1% | 52.3M+154.2% | |
| Free cash flow | 95.9M-80.0% | 480M-18.1% | 586M-16.0% | 698M+133.0% | 300M+53.1% | |
| Acquisitions | 0.00 | 0.00 | 0.00-100.0% | 62.2M-73.6% | 236M | |
| -242M+47.5% | -460M+10.9% | -517M-2917.5% | -17.1M-105.5% | 309M+61.4% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| Long-term debt repaid | 102M+1459442.9% | 7.00K | 0.00 | 0.00-100.0% | 1.69M-34.2% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 130M-66.8% | 391M-4.5% | 410M | 0.00-100.0% | 500M | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| FX effect on cash | 8.49M+234.3% | -6.32M-441.2% | 1.85M+199.8% | -1.86M+5.0% | -1.96M-336.7% | |
| Net change in cash | 10.2M-94.2% | 175M+195.1% | -184M-152.1% | 354M+163.2% | -560M-246.1% | |
| Interest paid | 128K-49.8% | 255K-44.0% | 455K+0.0% | 455K-37.9% | 733K-60.9% | |
| Income taxes paid | 20.4M-37.4% | 32.7M-56.3% | 74.7M+125.2% | 33.2M+587.7% | 4.82M+39.7% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 4.20B-53.8% | 9.10B-49.6% | 18.0B-49.9% | 36.0B+47.0% | 24.5B+8.2% | |
| P/E | 24.4×-72.5% | 88.6×+180.8% | 31.6×-74.0% | 121.6×-27.8% | 168.4×-0.3% | |
| P/S | 2.9×-58.3% | 6.8×+2.8% | 6.7×-62.7% | 17.8×+0.6% | 17.7×-39.3% | |
| P/B | 3.9×-64.6% | 10.9×-38.6% | 17.8×-69.9% | 59.0×+3.7% | 56.9×+21.8% | |
| P/FCF | 43.8×+131.2% | 18.9×-15.1% | 22.3×-66.2% | 66.1×-19.1% | 81.7×-29.3% | |
| Earnings yield | 4.1%+263.1% | 1.1%-64.4% | 3.2%+285.3% | 0.82%+38.5% | 0.59%+0.3% | |
| FCF yield | 2.3%-56.7% | 5.3%+17.8% | 4.5%+196.0% | 1.5%+23.7% | 1.2%+41.5% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
Source: ENPH’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ENPH filings on SEC EDGAR → Not investment advice.
