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Enphase EnergyStock · Technology
$36.72−$2.17 (-5.59%)as of market close, Jul 24, 2026
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How Enphase Energy makes money

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How does Enphase Energy make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Enphase Energy · FY2025 · year ended 2025-12-31
Revenue$1.5BGross profit$687M · 47%Cost of revenue$786M · 53%Operating income$158M · 11%Operating expenses$529M · 36%R&D$189M · 13%SG&A$136M · 9%Selling & marketing$198M · 13%Other opex$7M · 0%Pre-tax income$205M · 14%Other income$47M · 3%Net income$172M · 12%Income tax$33M · 2%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.