Filing Flows

Filing Flows › Companies › Enphase Energy › Cash flow

Enphase Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$11.4M in Q3 2026 · $135M over twelve months

Operating cash flow$90K
Capital spending−$11.5M
Free cash flow−$11.4M
Cash / net income0.0×
Cash conversion cycle166 days

Analysis

In Q3 2026, Enphase Energy generated $90K of operating cash flow and spent $11.5M on capital projects, leaving free cash flow of −$11.4M. That is $17.3M less than in Q3 2025 ($5.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $191M; the largest uses were other financing ($632M), capital spending ($55.5M), taxes on employees’ shares ($25.3M); besides operations, cash came from other investing ($501M), shares issued ($7.3M); the cash balance fell by $21.5M.

Operating cash flow was $90K against net income of $23.4M — 0.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue −$56.1M, payables −$48.8M, prepaid and other assets −$44.8M.

Its cash conversion cycle was 166 days (receivables 82 + inventory 146 − payables 62).

Free cash flow

Enphase Energy: free cash flow by quarterEnphase Energy: free cash flow by quarter$159MQ4 2024$33.8MQ1 2025$18.4MQ2 2025$5.9MQ3 2025$37.8MQ4 2025$83.0MQ1 2026$25.9MQ2 2026−$11.4MQ3 2026
Operating cash flow less capital spending.
Enphase Energy: operating cash flow against capital spendingEnphase Energy: operating cash flow against capital spendingOperating cash flowCapital spending$167M$8.1MQ4 2024$48.4M$14.6MQ1 2025$26.6M$8.3MQ2 2025$13.9M$8.0MQ3 2025$47.6M$9.7MQ4 2025$103M$19.9MQ1 2026$40.3M$14.4MQ2 2026$90K$11.5MQ3 2026
Latest (Q3 2026): Operating cash flow $90K, Capital spending $11.5M.

Capital allocation, year by year

Enphase Energy: where the cash came from (up) and went (down), by fiscal yearEnphase Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $352MFY2021: Net borrowing −$1.7MFY2021: Shares issued $7.5MFY2021: Capital spending −$52.3MFY2021: Acquisitions −$236MFY2021: Buybacks −$500M$360MFY2021FY2022: Operating cash flow $745MFY2022: Shares issued $10.4MFY2022: Capital spending −$46.4MFY2022: Acquisitions −$62.2M$755MFY2022FY2023: Operating cash flow $697MFY2023: Shares issued $13.9MFY2023: Capital spending −$110MFY2023: Buybacks −$410M$711MFY2023FY2024: Operating cash flow $514MFY2024: Net borrowing −$7KFY2024: Shares issued $12.7MFY2024: Capital spending −$33.6MFY2024: Buybacks −$391M$526MFY2024FY2025: Operating cash flow $137MFY2025: Net borrowing −$102MFY2025: Shares issued $8.5MFY2025: Capital spending −$40.6MFY2025: Buybacks −$130M$145MFY2025
Over these 5 years operating cash flow totalled $2.4B; the largest uses were buybacks ($1.4B) and acquisitions ($298M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$932M
Debt$573M
Net cash$359M

Enphase Energy funds itself: free cash flow was $135M over the last twelve months, and $932M of cash and investments stands against $573M of debt.

Where the cash came from and went

Enphase Energy: sources (+) and uses (−) of cash, Q3 2026Enphase Energy: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$149MOther investing−$133MCapital spending−$11.5MTaxes on employees’ shares−$2.7MExchange rates−$1.7MOperating cash flow$90K
Enphase Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Enphase Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$632MOther investing$501MOperating cash flow$191MCapital spending−$55.5MTaxes on employees’ shares−$25.3MCash drawn (+) / kept (−)$21.5MExchange rates−$7.6MShares issued$7.3M

From profit to cash

Enphase Energy: net income to operating cash flow, Q3 2026Enphase Energy: net income to operating cash flow, Q3 2026Net income$23.4MDepreciation & amortization$20.1MStock-based pay$43.0MDeferred taxes−$28.6MImpairments$43KReceivables$21.8MInventory$41.3MPayables−$48.8MDeferred revenue−$56.1MPrepaid and other assets−$44.8MOperating cash flow$90K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20268214662166
Q2 20267322493205
Q1 20266814378132
Q4 2025661159487
Q3 202555787557
Q2 202556756665
Q1 202557744982
Q4 202455815085

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$90K−$11.5M———$149M−$11.4M
Q2 2026$40.3M−$14.4M——$4.2M−$31.8M$25.9M
Q1 2026$103M−$19.9M———−$23.2M$83.0M
Q4 2025$47.6M−$9.7M——$3.2M−$72.4M$37.8M
Q3 2025$13.9M−$8.0M———−$31.3M$5.9M
Q2 2025$26.6M−$8.3M−$30.0M—$5.3M$44.6M$18.4M
Q1 2025$48.4M−$14.6M−$100M−$102M$67K$49.0M$33.8M
Q4 2024$167M−$8.1M−$200M—$4.7M−$208M$159M

Enphase Energy: income statement and cash flow

Enphase Energy, Q3 2026: revenue $293M (-28% year over year), operating margin 2.2%. The chart follows the revenue to costs, profit and cash.

Enphase Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.