Filing Flows › Enphase Energy (ENPH) › Q2 2026 › vs Q2 2025
Enphase Energy (ENPH) Q2 2026 vs Q2 2025 (year over year)
Enphase Energy's revenue fell $71.3M (-20%) from $363M in Q2 2025 to $292M in Q2 2026. Gross margin 60.0% against 46.9% (+13.0 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 60.0% | 46.9% | +13.0 pts |
| Operating margin | 17.7% | 10.2% | +7.5 pts |
| Net margin | 12.4% | 10.2% | +2.2 pts |
| Free cash flow margin | 8.9% | 5.1% | +3.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $292M | $363M | −$71.3M | -20% |
| Gross profit | $175M | $170M | $4.5M | +3% |
| Cost of revenue | $117M | $193M | −$75.8M | -39% |
| Other income, net | $10.4M | $5.2M | $5.2M | +100% |
| Operating profit | $51.5M | $37.0M | $14.5M | +39% |
| Operating expenses | $123M | $133M | −$10.0M | -7% |
| Pre-tax earnings | $61.9M | $42.2M | $19.7M | +47% |
| Research & development | $45.7M | $45.4M | $237K | +0.5% |
| Sales & marketing | $45.5M | $50.7M | −$5.2M | -10% |
| General & admin | $31.3M | $34.0M | −$2.7M | -8% |
| Other operating costs | $958K | $3.3M | −$2.4M | -71% |
| Net earnings | $36.1M | $37.1M | −$973K | -3% |
| Income tax | $25.8M | $5.2M | $20.7M | +401% |
| Operating cash sources | $99.8M | $111M | −$11.2M | -10% |
| Depreciation & amortization | $20.2M | $20.1M | $111K | +0.6% |
| Share-based compensation | $43.6M | $53.9M | −$10.3M | -19% |
| Working capital & other | $59.5M | $84.4M | −$24.9M | -29% |
| Operating cash flow | $40.3M | $26.6M | $13.7M | +51% |
| Free cash flow (OCF − capex) | $25.9M | $18.4M | $7.6M | +41% |
| Capital expenditures | $14.4M | $8.3M | $6.1M | +74% |
Questions
How much did Enphase Energy's revenue grow year over year in Q2 2026?
Enphase Energy's revenue fell $71.3M (-20%) from $363M in Q2 2025 to $292M in Q2 2026. Gross margin 60.0% against 46.9% (+13.0 pts).