Filing Flows › Enphase Energy (ENPH) › Q3 2025
Enphase Energy (ENPH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Enphase Energy (ENPH) reported revenue of $410M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +13% from the quarter before. Operating margin was 16.1%, net earnings $66.6M (16.2% of revenue).
Enphase Energy, Q3 2025: revenue $410M (+8% year over year), operating margin 16.1%, net earnings $66.6M, operating cash flow $13.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $410M | +13% | +8% |
| Gross profit | $196M | +15% | +10% |
| Operating profit | $66.2M | +79% | +33% |
| Net earnings | $66.6M | +80% | +46% |
| Operating cash flow | $13.9M | -48% | -92% |
| Free cash flow | $5.9M | -68% | -96% |
What changed
Revenue was $410.4M in Q3 2025, up 8% year over year and up 13% from the previous quarter.
Gross margin was 47.8%, up 1.0 points from a year earlier. Operating profit was $66.2M, a 16.1% margin (up 3.0 points year over year). Of the extra revenue versus a year earlier, 55% reached operating profit, above the 13% margin then. Operating expenses grew 1% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+90%). Net earnings were $66.6M, up 46% year over year. The effective tax rate was 13.5%.
Operating cash flow was $13.9M (down 92% year over year), 21% of net earnings. Non-cash charges added back $20.2M of depreciation and amortization and $51.5M of share-based compensation. Working capital and other items used $124.4M. Capital expenditures of $8.0M left free cash flow of $5.9M.
Questions
What was Enphase Energy's revenue in the third quarter 2025?
Enphase Energy (ENPH) reported revenue of $410M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +13% from the quarter before.
Was Enphase Energy profitable in the third quarter 2025?
Operating profit was $66.2M (16.1% of revenue) and net earnings $66.6M.
Source: Enphase Energy 10-Q on SEC EDGAR.