Filing Flows › Enphase Energy (ENPH) › Q2 2025
Enphase Energy (ENPH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 22, 2025
Enphase Energy (ENPH) reported revenue of $363M for the second quarter 2025 (Q2 2025), +20% from a year earlier and +2% from the quarter before. Operating margin was 10.2%, net earnings $37.1M (10.2% of revenue).
Enphase Energy, Q2 2025: revenue $363M (+20% year over year), operating margin 10.2%, net earnings $37.1M, operating cash flow $26.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $363M | +2% | +20% |
| Gross profit | $170M | +1% | +24% |
| Operating profit | $37.0M | +16% | 21× |
| Net earnings | $37.1M | +25% | +242% |
| Operating cash flow | $26.6M | -45% | -79% |
| Free cash flow | $18.4M | -46% | -84% |
What changed
Revenue was $363.2M in Q2 2025, up 20% year over year and up 2% from the previous quarter.
Gross margin was 46.9%, up 1.7 points from a year earlier. Operating profit was $37.0M, a 10.2% margin (up 9.6 points year over year). Of the extra revenue versus a year earlier, 59% reached operating profit, above the 1% margin then. Operating expenses fell 1% while revenue rose 20%. The fastest-growing cost line was Other operating costs (+184%). Net earnings were $37.1M, up 242% year over year. The effective tax rate was 12.2%.
Operating cash flow was $26.6M (down 79% year over year), 72% of net earnings. Non-cash charges added back $20.1M of depreciation and amortization and $53.9M of share-based compensation. Working capital and other items used $84.4M. Capital expenditures of $8.3M left free cash flow of $18.4M.
Questions
What was Enphase Energy's revenue in the second quarter 2025?
Enphase Energy (ENPH) reported revenue of $363M for the second quarter 2025 (Q2 2025), +20% from a year earlier and +2% from the quarter before.
Was Enphase Energy profitable in the second quarter 2025?
Operating profit was $37.0M (10.2% of revenue) and net earnings $37.1M.
Source: Enphase Energy 10-Q on SEC EDGAR.