Filing Flows › Enphase Energy (ENPH) › Q2 2026
Enphase Energy (ENPH) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 28, 2026
Enphase Energy (ENPH) reported revenue of $292M for the second quarter 2026 (Q2 2026), -20% from a year earlier and +3% from the quarter before. Operating margin was 17.7%, net earnings $36.1M (12.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $292M | +3% | -20% |
| Gross profit | $175M | +74% | +3% |
| Operating profit | $51.5M | — | +39% |
| Net earnings | $36.1M | — | -3% |
| Operating cash flow | $40.3M | -61% | +51% |
| Free cash flow | $25.9M | -69% | +41% |
What changed
Revenue was $291.9M in Q2 2026, down 20% year over year and up 3% from the previous quarter.
Gross margin was 60.0%, up 13.0 points from Q2 2025. Operating profit was $51.5M, a 17.7% margin (up 7.5 points year over year). Operating expenses fell 7% while revenue fell 20%. Net earnings were $36.1M, down 3% year over year. The effective tax rate was 41.7%.
Operating cash flow was $40.3M (up 51% year over year), 112% of net earnings. Non-cash charges added back $20.2M of depreciation and amortization and $43.6M of share-based compensation. Working capital and other items used $59.5M. Capital expenditures of $14.4M left free cash flow of $25.9M.
Questions
What was Enphase Energy's revenue in the second quarter 2026?
Enphase Energy (ENPH) reported revenue of $292M for the second quarter 2026 (Q2 2026), -20% from a year earlier and +3% from the quarter before.
Was Enphase Energy profitable in the second quarter 2026?
Operating profit was $51.5M (17.7% of revenue) and net earnings $36.1M.
Source: Enphase Energy 10-Q on SEC EDGAR.