Filing Flows › Enphase Energy (ENPH) › Q2 2026 › vs Q1 2026
Enphase Energy (ENPH) Q2 2026 vs Q1 2026 (quarter over quarter)
Enphase Energy's revenue rose $9.0M (+3%) from $283M in Q1 2026 to $292M in Q2 2026. Gross margin 60.0% against 35.5% (+24.5 pts).
Enphase Energy, Q2 2026: revenue $292M (-20% year over year), operating margin 17.7%, net earnings $36.1M, operating cash flow $40.3M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 60.0% | 35.5% | +24.5 pts |
| Operating margin | 17.7% | -10.5% | +28.1 pts |
| Net margin | 12.4% | -2.6% | +15.0 pts |
| Free cash flow margin | 8.9% | 29.3% | -20.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $292M | $283M | $9.0M | +3% |
| Gross profit | $175M | $100M | $74.6M | +74% |
| Cost of revenue | $117M | $183M | −$65.7M | -36% |
| Other income, net | $10.4M | $15.8M | −$5.4M | -34% |
| Operating profit | $51.5M | −$29.6M | $81.2M | — |
| Operating expenses | $123M | $130M | −$6.5M | -5% |
| Pre-tax earnings | $61.9M | −$13.9M | $75.8M | — |
| Research & development | $45.7M | $44.9M | $791K | +2% |
| Sales & marketing | $45.5M | $48.1M | −$2.5M | -5% |
| General & admin | $31.3M | $33.3M | −$1.9M | -6% |
| Other operating costs | $958K | $3.8M | −$2.9M | -75% |
| Net earnings | $36.1M | −$7.4M | $43.5M | — |
| Income tax | $25.8M | −$6.5M | $32.3M | — |
| Operating cash sources | $99.8M | $62.4M | $37.4M | +60% |
| Depreciation & amortization | $20.2M | $20.8M | −$619K | -3% |
| Share-based compensation | $43.6M | $49.0M | −$5.4M | -11% |
| Working capital & other | $59.5M | −$40.5M | $100M | — |
| Operating cash flow | $40.3M | $103M | −$62.5M | -61% |
| Free cash flow (OCF − capex) | $25.9M | $83.0M | −$57.0M | -69% |
| Capital expenditures | $14.4M | $19.9M | −$5.5M | -28% |
Questions
How much did Enphase Energy's revenue grow quarter over quarter in Q2 2026?
Enphase Energy's revenue rose $9.0M (+3%) from $283M in Q1 2026 to $292M in Q2 2026. Gross margin 60.0% against 35.5% (+24.5 pts).