Filing Flows › Enphase Energy (ENPH) › Q4 2025
Enphase Energy (ENPH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Enphase Energy (ENPH) reported revenue of $343M for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and -16% from the quarter before. Operating margin was 6.5%, net earnings $38.7M (11.3% of revenue).
Enphase Energy, Q4 2025: revenue $343M (-10% year over year), operating margin 6.5%, net earnings $38.7M, operating cash flow $47.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $343M | -16% | -10% |
| Gross profit | $152M | -23% | -23% |
| Operating profit | $22.4M | -66% | -59% |
| Net earnings | $38.7M | -42% | -38% |
| Operating cash flow | $47.6M | +242% | -72% |
| Free cash flow | $37.8M | +543% | -76% |
What changed
Revenue was $343.3M in Q4 2025, down 10% year over year and down 16% from the previous quarter.
Gross margin was 44.3%, down 7.5 points from a year earlier. Operating profit was $22.4M, a 6.5% margin (down 7.8 points year over year). Operating expenses fell 10% while revenue fell 10%. Net earnings were $38.7M, down 38% year over year. The effective tax rate was 0.0%. Non-operating items added $16.3M, 42% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $47.6M (down 72% year over year), 123% of net earnings. Non-cash charges added back $20.4M of depreciation and amortization and $53.1M of share-based compensation. Working capital and other items used $64.7M. Capital expenditures of $9.7M left free cash flow of $37.8M.
Questions
What was Enphase Energy's revenue in the fourth quarter 2025?
Enphase Energy (ENPH) reported revenue of $343M for the fourth quarter 2025 (Q4 2025), -10% from a year earlier and -16% from the quarter before.
Was Enphase Energy profitable in the fourth quarter 2025?
Operating profit was $22.4M (6.5% of revenue) and net earnings $38.7M.
Source: Enphase Energy 10-K on SEC EDGAR.