Filing Flows › Enphase Energy (ENPH) › Q3 2026 › vs Q3 2025
Enphase Energy (ENPH) Q3 2026 vs Q3 2025 (year over year)
Enphase Energy's revenue fell $117M (-29%) from $410M in Q3 2025 to $293M in Q3 2026.
Enphase Energy, Q3 2026: revenue $293M (-28% year over year), operating margin 2.2%, net earnings $23.4M, operating cash flow $90K. The chart draws each line against Q3 2025, the increases inside each band.
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $293M | $410M | −$117M | -29% |
| Income tax benefit | $27.0M | −$10.4M | $37.3M | — |
| Costs & expenses | $320M | $421M | −$101M | -24% |
| Operating costs | $287M | $344M | −$57.4M | -17% |
| Interest & other, net | $10.0M | −$10.9M | $20.9M | — |
| Net earnings | $23.4M | $66.6M | −$43.3M | -65% |
| Cost of revenue | $166M | $214M | −$48.0M | -22% |
| Research & development | $45.2M | $47.3M | −$2.1M | -4% |
| Sales & marketing | $45.1M | $48.4M | −$3.3M | -7% |
| General & admin | $30.4M | $33.1M | −$2.7M | -8% |
| Operating cash sources | $86.5M | $138M | −$51.8M | -37% |
| Depreciation & amortization | $20.1M | $20.2M | −$113K | -0.6% |
| Share-based compensation | $43.0M | $51.5M | −$8.4M | -16% |
| Working capital & other | $86.4M | $124M | −$38.0M | -31% |
| Operating cash flow | $90K | $13.9M | −$13.8M | -99% |
| Capital expenditures | $11.5M | $8.0M | $3.4M | +43% |
| Negative free cash flow (OCF − capex) | $11.4M | −$5.9M | $17.3M | — |
Questions
How much did Enphase Energy's revenue grow year over year in Q3 2026?
Enphase Energy's revenue fell $117M (-29%) from $410M in Q3 2025 to $293M in Q3 2026.