Filing Flows › Enphase Energy (ENPH) › Guidance history
Enphase Energy (ENPH) guidance history: what it guided and what it reported
Enphase Energy gave guidance in 12 earnings releases on file since Feb 6, 2024. Of 19 guided periods since reported, it met or beat its own guidance 19 times (100%). Revenue: 7 of 7, on average +2.2% against the guided midpoint.
Revenue
Met or beat 7 of 7 periods (1 above, 6 within, 0 below).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | $225M–$255M (Oct 27, 2026) | — | to be reported | — |
| Q3 2026 | $290M–$320M (Jul 28, 2026) | $293M | within the range | -3.8% |
| Q2 2026 | $280M–$310M (Apr 28, 2026) | $292M | within the range | -1.1% |
| Q1 2026 | $270M–$300M (Feb 3, 2026) | $283M | within the range | -0.7% |
| Q4 2025 | $310M–$350M (Oct 28, 2025) | $343M | within the range | +4.0% |
| Q3 2025 | $330M–$370M (Jul 22, 2025) | $410M | above the range | +17.3% |
| Q2 2025 | $340M–$380M (Apr 22, 2025) | $363M | within the range | +0.9% |
| Q1 2025 | $340M–$380M (Feb 4, 2025) | $356M | within the range | -1.1% |
| Q4 2024 | $360M–$400M (Oct 22, 2024) | — | — | — |
| Q3 2024 | $370M–$410M (Jul 23, 2024) | — | — | — |
GAAP gross margin
Met or beat 5 of 5 periods (4 above, 1 within, 0 below).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | 38.0%–41.0% (Oct 27, 2026) | — | to be reported | — |
| Q3 2026 | 42.0%–45.0% (Jul 28, 2026) | — | — | — |
| Q2 2026 | 42.0%–45.0% (Apr 28, 2026) | 60.0% | above the range | +16.5 pts |
| Q1 2026 | 40.0%–43.0% (Feb 3, 2026) | — | — | — |
| Q4 2025 | 40.0%–43.0% (Oct 28, 2025) | 44.3% | above the range | +2.8 pts |
| Q3 2025 | 41.0%–44.0% (Jul 22, 2025) | 47.8% | above the range | +5.3 pts |
| Q2 2025 | 42.0%–45.0% (Apr 22, 2025) | 46.9% | above the range | +3.5 pts |
| Q1 2025 | 46.0%–49.0% (Feb 4, 2025) | 47.2% | within the range | -0.2 pts |
| Q4 2024 | 47.0%–50.0% (Oct 22, 2024) | — | — | — |
| Q3 2024 | 45.0%–48.0% (Jul 23, 2024) | — | — | — |
Adjusted gross margin
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | 40.0%–43.0% (Oct 27, 2026) | — | to be reported | — |
| Q3 2026 | 44.0%–47.0% (Jul 28, 2026) | — | — | — |
| Q2 2026 | 44.0%–47.0% (Apr 28, 2026) | — | — | — |
| Q1 2026 | 42.0%–45.0% (Feb 3, 2026) | — | — | — |
| Q4 2025 | 42.0%–45.0% (Oct 28, 2025) | — | — | — |
| Q3 2025 | 43.0%–46.0% (Jul 22, 2025) | — | — | — |
| Q2 2025 | 44.0%–47.0% (Apr 22, 2025) | — | — | — |
| Q1 2025 | 48.0%–51.0% (Feb 4, 2025) | — | — | — |
| Q4 2024 | 49.0%–52.0% (Oct 22, 2024) | — | — | — |
| Q3 2024 | 47.0%–50.0% (Jul 23, 2024) | — | — | — |
GAAP operating expenses
Met or beat 5 of 5 periods (0 above, 2 within, 3 below).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | $119M–$123M (Oct 27, 2026) | — | to be reported | — |
| Q3 2026 | $120M–$124M (Jul 28, 2026) | — | — | — |
| Q2 2026 | $120M–$124M (Apr 28, 2026) | $123M | within the range | +1.2% |
| Q1 2026 | $137M–$141M (Feb 3, 2026) | — | — | — |
| Q4 2025 | $130M–$134M (Oct 28, 2025) | $130M | below the range | -1.8% |
| Q3 2025 | $130M–$134M (Jul 22, 2025) | $130M | within the range | -1.4% |
| Q2 2025 | $136M–$140M (Apr 22, 2025) | $133M | below the range | -3.3% |
| Q1 2025 | $143M–$147M (Feb 4, 2025) | $136M | below the range | -6.0% |
| Q4 2024 | $135M–$139M (Oct 22, 2024) | — | — | — |
| Q3 2024 | $138M–$142M (Jul 23, 2024) | — | — | — |
Adjusted operating expenses
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | $76.0M–$80.0M (Oct 27, 2026) | — | to be reported | — |
| Q3 2026 | $76.0M–$80.0M (Jul 28, 2026) | — | — | — |
| Q2 2026 | $75.0M–$79.0M (Apr 28, 2026) | — | — | — |
| Q1 2026 | $77.0M–$81.0M (Feb 3, 2026) | — | — | — |
| Q4 2025 | $77.0M–$81.0M (Oct 28, 2025) | — | — | — |
| Q3 2025 | $78.0M–$82.0M (Jul 22, 2025) | — | — | — |
| Q2 2025 | $78.0M–$82.0M (Apr 22, 2025) | — | — | — |
| Q1 2025 | $81.0M–$85.0M (Feb 4, 2025) | — | — | — |
| Q4 2024 | $81.0M–$85.0M (Oct 22, 2024) | — | — | — |
| Q3 2024 | $79.0M–$83.0M (Jul 23, 2024) | — | — | — |
GAAP tax rate
Met or beat 2 of 2 periods (0 above, 0 within, 2 below).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2025 | 17.0%–19.0% (Feb 4, 2025) → raised 21.0%–23.0% (Apr 22, 2025) → lowered 19.0%–21.0% (Jul 22, 2025) → lowered 18.0%–20.0% (Oct 28, 2025) | 16.0% | below the range | -3.0 pts |
| FY2024 | 19.0%–21.0% (Feb 6, 2024) → lowered 17.0%–19.0% (Apr 23, 2024) → reaffirmed 17.0%–19.0% (Jul 23, 2024) → reaffirmed 17.0%–19.0% (Oct 22, 2024) | 14.6% | below the range | -3.4 pts |
The latest quarter
Enphase Energy, Q3 2026: revenue $293M (-28% year over year), operating margin 2.2%, net earnings $23.4M, operating cash flow $90K. The chart follows the revenue to costs, profit and cash.
Questions
Does Enphase Energy beat its guidance?
Enphase Energy gave guidance in 12 earnings releases on file since Feb 6, 2024. Of 19 guided periods since reported, it met or beat its own guidance 19 times (100%). Revenue: 7 of 7, on average +2.2% against the guided midpoint.
Each guided period is held to the last guidance given before its figures were reported; a single figure counts as in line within 1% (0.25 pts for a rate). Reported figures are GAAP, from the company's filings; adjusted guidance shows its moves only.