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Enphase Energy (ENPH) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · Enphase Energy (ENPH) Q3 2026 earnings results →
Q3 2026 Revenue down 28% year over year to $293M · 8¢ of every $1 of revenue kept as net profit · operating margin 2.2%
Enphase Energy made $293M in Q3 2026 (-28% Y/Y). Operating margin 2.2%, net earnings $23.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $293.3M in Q3 2026, down 29% year over year and up 1% from the previous quarter.
Gross margin was 43.3%, down 4.5 points from Q3 2025. Operating profit was $6.5M, a 2.2% margin (down 13.9 points year over year). Operating expenses fell 7% while revenue fell 29%. Net earnings were $23.4M, down 65% year over year.
Operating cash flow was $90K (down 99% year over year), 0% of net earnings. Non-cash charges added back $20.1M of depreciation and amortization and $43.0M of share-based compensation. Working capital and other items used $86.4M. Capital expenditures of $11.5M exceeded it, leaving free cash flow of −$11.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 27, 2026 | $293M | -28% | 2.2% | $23.4M | $90K |
| Q2 2026 | 10-Q | Jul 28, 2026 | $292M | -20% | 17.7% | $36.1M | $40.3M |
| Q1 2026 | 10-Q | Apr 28, 2026 | $283M | -21% | -10.5% | −$7.4M | $103M |
| Q4 2025 | 10-K | Feb 17, 2026 | $343M | -10% | 6.5% | $38.7M | $47.6M |
| Q3 2025 | 10-Q | Oct 28, 2025 | $410M | +8% | 16.1% | $66.6M | $13.9M |
| Q2 2025 | 10-Q | Jul 22, 2025 | $363M | +20% | 10.2% | $37.1M | $26.6M |
| Q1 2025 | 10-Q | Apr 22, 2025 | $356M | +35% | 9.0% | $29.7M | $48.4M |
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Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Enphase Energy
We are a global energy technology company originally founded in March 2006. We deliver smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. Our intelligent microinverters work with virtually every solar panel made, and when paired with our smart technology, result in one of the industry’s best-performing clean energy systems. For the first time in the evolution of our centuries-old grid, people can get paid for the clean energy they produce and share with their communities, helping to build a new energy future that harnesses the sun. This clean, free, abundant source of energy can power our lives and ultimately help greatly reduce our dependence on fossil fuels.
In its own words, from its 10-K, filed Feb 17, 2026.
Enphase Energy against its Semiconductors & Related Devices peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -28% against the peers' median +40%. Operating margin: 2.2% against the peers' median 40.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ENPH Enphase Energy | Q3 2026 | $293M | -28% | 2.2% |
| NVDA NVIDIA | Q2 FY27 | $96.2B | +106% | 66.2% |
| MU Micron Technology | Q4 FY26 | $54.2B | +379% | 80.7% |
| AVGO Broadcom | Q3 FY26 | $29.6B | +86% | 53.9% |
| INTC Intel | Q3 2026 | $16.5B | +21% | 15.3% |
| AMD Advanced Micro Devices | Q3 2026 | $13.4B | +45% | 21.2% |
| AMAT Applied Materials | Q3 FY26 | $9.1B | +25% | 33.7% |
| TXN Texas Instruments | Q3 2026 | $6.1B | +28% | 47.5% |
| ADI Analog Devices | Q3 FY26 | $4.0B | +40% | 40.1% |
Source: Enphase Energy 10-Q on SEC EDGAR · CIK 1463101 · Semiconductors & Related Devices
Guidance and outlook
13F: who owns ENPH and who is buying
More on ENPH
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results