Filing Flows › Enphase Energy (ENPH) › Q1 2026
Enphase Energy (ENPH) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
Enphase Energy (ENPH) reported revenue of $283M for the first quarter 2026 (Q1 2026), -21% from a year earlier and -18% from the quarter before. Operating margin was -10.5%, net loss $7.4M (2.6% of revenue).
Enphase Energy, Q1 2026: revenue $283M (-21% year over year), operating margin -10.5%, net loss $7.4M, operating cash flow $103M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $283M | -18% | -21% |
| Operating profit | −$29.6M | -232% | -193% |
| Net earnings | −$7.4M | -119% | -125% |
| Operating cash flow | $103M | +116% | +112% |
| Free cash flow | $83.0M | +119% | +145% |
What changed
Revenue was $282.9M in Q1 2026, down 21% year over year and down 18% from the previous quarter.
Gross margin was 35.5%, down 11.8 points from Q1 2025. Operating costs exceeded revenue by $29.6M, an operating margin of -10.5%. Operating expenses fell 5% while revenue fell 21%. The fastest-growing cost line was Other operating costs (+21%). The quarter ended with a net loss of $7.4M, after a profit of $38.7M the previous quarter. Non-operating items added $15.8M, -114% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $102.9M (up 112% year over year). Non-cash charges added back $20.8M of depreciation and amortization and $49.0M of share-based compensation. Working capital and other items added $40.5M. Capital expenditures of $19.9M left free cash flow of $83.0M.
Questions
What was Enphase Energy's revenue in the first quarter 2026?
Enphase Energy (ENPH) reported revenue of $283M for the first quarter 2026 (Q1 2026), -21% from a year earlier and -18% from the quarter before.
Was Enphase Energy profitable in the first quarter 2026?
Operating loss was $29.6M (-10.5% of revenue) and net loss $7.4M.
Source: Enphase Energy 10-Q on SEC EDGAR.